消息面上，10月18日，国家金融监督管理总局局长李云泽在2024金融街论坛年会上指出，鼓励金融资产投资公司在支持科技创新方面发挥更大作用。支持符合条件的保险机构新设私募证券投资基金，加大入市稳市力度。How do institutions view the sudden surge of the technology frenzy in the market? Which bullish factors are fermenting as Hong Kong semiconductor stocks across the board surge?
Financial news on October 18th (Editor Feng Yi), today the sudden surge of the technology frenzy swept the market, with Hong Kong semiconductor stocks leading the gains.
As of press time, HG Semiconductor (06908.HK) surged more than 18%, Semiconductor Manufacturing International Corporation (00981.HK) rose over 13%, Shanghai Fudan (01385.HK), Hua Hong Semi (01347.HK), CE Huada Tech (00085.HK) also saw double-digit increases.
On October 18th, Li Yunze, director of the China Banking and Insurance Regulatory Commission, pointed out at the 2024 Financial Street Forum Annual Conference that financial asset management companies are encouraged to play a greater role in supporting technological innovation. Support eligible insurance institutions in establishing private equity securities investment funds to increase market entry and stabilization efforts.
Furthermore, Wu Qing, chairman of the China Securities Regulatory Commission, also stated that the focus will be on supporting high-quality innovative enterprises, leading and driving various advanced production factors towards the development of new quality productive forces.
Overall, the short-term policy support is favoring the technology industry, with active funds in the market quickly grabbing concept stocks related to it.
Benefiting from the surge in demand for AI, the industry trend, the semiconductor and chip sectors can be said to be the more prosperous tracks among current technology stocks, also receiving early market attention.
Coinciding with October 17th, semiconductor giant Taiwan Semiconductor announced its new quarterly financial report, with performance significantly exceeding market expectations, net income in the third quarter surged by 54%, stimulating market speculation on chip stocks. It is worth noting that Taiwan Semiconductor expects revenue to continue to grow in the last three months of this year.
Tianfeng Securities' electronic team stated in its report on October 16 that reviewing the history of semiconductors, the start of a major cycle often accompanies the occurrence of unpredictable significant events. If the domestic incremental policy effectively stimulates the consumer end, it is expected to increase the semiconductor demand expectations across the entire industry chain, becoming one of the driving forces for the current cycle uptrend.
On the other hand, analysts Wang Kai and Chen Rui from Guosen Securities have stated in previous strategy reports that technology companies, as the main body of technological innovation, focus on the development of hard technology and play an important role in promoting the development of new quality productivity.
Specifically, as of August 2024, the top 100 technology stocks in China with the largest market capitalization account for 19.3% of the total market capitalization of the CSI A500 constituents. Over the past decade, the ROE of Chinese technology stocks has continued to grow, with profitability gradually surpassing traditional companies. As of 2023, the ROE of technology stocks was 2.1 percentage points higher than other stocks.
Guosen Securities believes that as China's position in the global technology industry chain improves, the medium to long-term return potential of Chinese technology stocks is increasing, demonstrating strong growth momentum and investment attractiveness.
