Source: Glonui.
Hardcore technology stocks are expected to reshape their valuations.
At the time of the tired market, the chip and semiconductor sectors have risen against the trend.
Today, Hong Kong A-chip and semiconductor concepts have seen a strong outbreak. As of the close of A shares,$Hangzhou SDIC Microelectronics Inc. (688130.SH)$, $Suzhou Convert Semiconductor (688693.SH)$rose by 20cm limit.$Zhejiang East Crystal Electronic (002199.SZ)$rose for 7 straight days.$GLORIA (831641.BJ)$and many other stocks rose by the limit. As of the time of publication, Hong Kong stocks$HG SEMI (06908.HK)$rose more than 12%,$SOLOMON SYSTECH (02878.HK)$rose more than 4%,$SMIC (00981.HK)$, $SHANGHAI FUDAN (01385.HK)$Follow the trend.
Looking at the capital trend, the A-share semiconductor and component sector currently has a net inflow of 2.311 billion yuan, which is the sector with the most net inflows of funds; followed by national large funds holding shares and SMIC concepts, which are 911 million yuan and 788 million yuan respectively.
under the drive of the semiconductor industry chain, the SSE Science and Technology Innovation Board market is hot, and today$SSE Science and Technology Innovation Board 50 Index (000688.SH)$rose against the trend, up 0.46%, while other major A-share indices were all in a downward trend.
The wind of "Kota Estimation" has come.
Recently, "Kota Estimation" has continued to receive market attention.
Yesterday, technological innovation welcomed two major favorable policies. The China Securities Regulatory Commission released the “8 Key Points of Science and Technology Innovation Board,” which further highlights the characteristics of hardcore science and technology, serves technological innovation and improves the development of new productive forces.
China Securities Regulatory Commission chairman Wu Qing stated that they must actively create conditions to attract more medium and long-term funds to enter the capital market, optimize and support policy for the entire chain of entrepreneurship and private equity investment including fundraising, investment and management outsourcing, guide better investment in early, small and hardcore technology, and promote a benign “technology-industry-finance” cycle.
On the same day, the General Office of the State Council issued the “17 Key Points of Venture Capital,” which puts forward relevant measures related to multi-channel expansion of investment sources for venture capital, optimization of the venture capital market environment, and other aspects of the entire chain of entrepreneurship and private equity investment including fundraising, investment, and management outsourcing.
"Nvidia stock market (Nvidia market storm)" has blown from the Americas to Asia.
As a crucial area of cutting-edge technology, semiconductors have become the focus of market attention.
On the other hand, the semiconductor market has been increasing in recent days.
$NVIDIA (NVDA.US)$In the past two days, it has become the company with the highest global market capitalization, and semiconductor manufacturers have become the main beneficiaries of this “artificial intelligence revolution.”
The “NVIDIA trend” storm has blown from the Americas to Asia, and semiconductor stocks in Japan and Korea as well as chip stocks in Taiwan have all soared.$Taiwan Semiconductor (TSM.US)$and others
And Hong Kong A stock's semiconductor chip stock is no exception. A-share semiconductor sector has risen more than 20% cumulatively since early February, while the Hong Kong semiconductor sector has been rising all the way since late April and has accumulated more than a 42% hike.
Excavate the "Kote Estimation"?
Currently, the semiconductor boom is in full swing. The rapid growth of AI is significantly increasing the sales of semiconductors and chips.
According to data from the Semiconductor Industry Association (SIA) of the United States, global semiconductor sales in April increased by 15.8% year-on-year and increased by 1.1% month-on-month, reaching 46.43 billion U.S. dollars.
This is the first time since December 2023 that there has been a monthly growth trend, which shows progress in destocking in the industry and further recovery in sales.
In addition, according to WSTS's latest forecast, global semiconductor sales will maintain double-digit growth for two consecutive years: the growth rate is expected to reach 16% in 2024 and 12.5% in 2025.
But supply shortages and tight production capacity have also become the current situation of the industry, and the price increase trend of the industrial chain is spreading.
Earlier, news of price increases by Nvidia, AMD, and Taiwan Semiconductor had already been released.$Advanced Micro Devices (AMD.US)$, $Qualcomm (QCOM.US)$The news of planned price increases for Taiwan Semiconductor has already been reported.
It is reported that Taiwan Semiconductor will increase prices for its 3nm and 5nm advanced processes and advanced packaging. Among them, Taiji 3nm foundry quotes may rise by more than 5%, and advanced packaging next year will have an annual quote increase of 10%-20%.
Qualcomm's Snapdragon 8 Gen4, developed with Taiji N3E, is also expected to increase significantly by about 25%-30%.
$HUA HONG SEMI (01347.HK)$It is rumored that Hua Hong Semiconductor may increase the wafer prices by 10% in the second half of the year due to the current utilization rate of its wafer factory exceeding 100%, according to Morgan Stanley.
Regarding this, GTJA stated that with the bottom of the semiconductor cycle being reached and inventory returning to a reasonable level, the price increase has gradually spread from electronic components to the wafer foundry end, and the marginal repair of prices continues to strengthen.
For the A-share market, as the "Kote Estimation" concept continues to heat up, the valuation of the technology industry may be reshaped shortly.
Everbright Securities said that the core industries of the "Key Technology Estimate" can be divided into three categories: independent and controllable, cutting-edge technology, and high-end manufacturing.
The firm pointed out that "Kote Estimation" conforms to the support of policies for new quality productivity. The overall valuation of domestic technology industry is significantly lower than that overseas. There is significant room for revaluation in the medium term.
At present, whether it is PS valuation or PB valuation, the valuation of China's science and technology sectors is significantly lower than that of the US science and technology sectors. As the development maturity of domestic science and technology industry is lower than that of the United States, this valuation inversion is not a normal phenomenon. The lack of incremental funds may be another influencing factor in the game of stock volume caused by the supply shortage.
With the continuous promotion and strengthening of the new quality production capacity policy, China's hard-core technology stocks are expected to usher in a wave of valuation reshaping.
Editor/tolk