Report Summary: China Securities All Indices Semiconductor Index Characteristics China Securities Index is an index that tracks the semiconductor industry compiled by China Securities Index Co., Ltd. The scope of stock selection covers the entire industry chain of upstream materials, midstream design, manufacturing, sealing and testing processes, and downstream terminal products in the semiconductor industry. From a return perspective, since 2010, the index's yield has been 58%, while the yield of the Shanghai and Shenzhen 300 Index and the China Securities 500 Index during the same period was only about 7% and 12%. The index's performance is also relatively more stable. Since 2010, the Sharpe ratio of the index was about 1.63, while the Sharpe ratio of the Shanghai and Shenzhen 300 Index and the China Securities 500 Index during the same period was only about 0.31 and 0.44. Compared with the large-cap blue-chip market in 2017 and the market rebound phase in 2019, the performance of the China Securities All Index Semiconductor Index was significantly superior to the performance of the China Securities 500 Index. From a fundamental perspective, the Philadelphia Semiconductor Index has continued to rise for the past 10 years, and industry sentiment has continued to grow. At the same time, the overall net profit of the constituent stocks of the China Securities All Index Semiconductor Index grew rapidly, and the China Securities All Index Semiconductor Index benefited. Compared with the China Securities 500 Equal Broad Base Index, they received excess income. In terms of style, since the semiconductor industry is still in a stage of rapid development, the China Securities Index indicates that the overall semiconductor index is biased towards the small-market growth style, but the valuation level is higher than that of the China Securities 500 equal-broad-based index. Characteristics of the CCIC Semiconductor ETF Guolianan Semiconductor ETF was established in May 2019. It is currently one of the few ETF funds in the market that tracks the theme of the semiconductor industry. It is also the only ETF index fund that tracks the entire China Securities Semiconductor Index. The investment method can be to use ETF index funds to directly invest in the index ETF on the market, or through off-market linked funds to share the semiconductor industry's growth dividends. According to Wind data, the fund manager of the fund, Mr. Huang Xin, has more than 9 years of fund management experience, a rich management product line, and a total management scale of close to 3 billion yuan. Risk warning: This report only provides objective statistics and analysis of the indices, funds, etc. mentioned in this report, and does not constitute a recommendation for this product.