Summary content
The semiconductor ETF (512480) was established early, coinciding with an inflection point in the industry. The fund was established on May 8, 2019, and listed on June 12. It is the earliest technology-themed ETF established in China. The performance benchmark is the China Securities Full Index Semiconductor Products and Equipment Index, index code H30184.CSI. The number of constituent stocks is 38, and the weight of a single sample does not exceed 15%. The timing of the product launch coincided with the inflection point of the semiconductor sector's boom in 2019, and the wealth effect of product listing was obvious. 60% of the product is weighted in the semiconductor design sub-sector. On March 9, PE was valued 36 times based on anticipated net profit in 2022.
The semiconductor sector is booming. Since the second half of last year, the semiconductor industry has been out of stock and rising prices. The production capacity of 8-inch fabs has reached the upper limit, and the products of OEM, design, and assembly and testing companies have risen. Oversupply has driven the upward trend in the industry. Shipments from North American equipment vendors reached a record high in January, and the year-on-year growth rate of silicon chip shipments has expanded quarterly.
Currently, product prices are lower than this year's fundamental value. Judging from product pricing, the fundamental values of semiconductor ETFs from 2020 to 2022 are 1.253 yuan/copy, 1.874 yuan/share, and 2.514 yuan/copy, respectively. The highest closing price of semiconductor ETFs was on July 14, 2020, close to the 2022 fundamental value. On March 9, 2021, it closed at 1.801 yuan/share, falling below the 2021 fundamental value.
Semiconductor ETFs are managed by the National Union Security Fund and are worth 10 billion dollars. The semiconductor ETF is a product managed by the quantitative investment department of Guolian Security Fund. The fund managers are Huang Xin and Mr. Zhang Shanyuan. The fund share continued to grow. By March 9, 2021, the fund share had increased to 5.368 billion shares, and the fund size was close to 10 billion yuan.
Risk warning: Failing to meet expectations in 2020 will lead to valuation adjustments, and strained international relations will affect the future development space of the industry, leading to profit forecasts and revisions in valuation levels.