“Science and Technology Innovation Board Daily”, August 1 — According to statistics from the “Science and Technology Innovation Board Daily”, as of press release, 169 companies on the Science and Technology Innovation Board had been surveyed in July alone. Of these, 20 companies received more than 100 responses.

Among the 10 companies with the highest reception volume, Lanqi Technology ranked first with 400 visits, while Lexin Technology and Lianying Medical ranked second and third respectively.

It is worth noting that the scope of statistics was extended to the entire A-share market. Of the 5 companies with the highest reception volume in July, with the exception of Crystal Optoelectronics (366 receptions), the remaining 4 were all science and technology innovation board companies.

Lanqi Technology disclosed the research minutes on July 11. In the survey, the company was asked, “In a mainstream AI server, what products can the company provide now and in the future? How much has the value increased?” Lanqi Technology said that in today's mainstream AI servers, the main products the company can provide include memory interface chips, memory module supporting chips, PCIe Retimer chips, etc.; in the future, it will also include MXC chips, etc., which have greatly increased in terms of product type and product value.

Lexin Technology revealed in the research notes disclosed on July 30 that the demand side is currently mainly driven by overseas. The domestic growth rate in the second quarter was faster; however, in July, the overseas growth rate was higher than the domestic growth rate, and the direct overseas share began to increase. The company believes that the increase in performance was more due to the increase in the penetration rate of downstream digital intelligence.

According to the research notes released by Lianying Medical, the questions mainly revolved around its consideration of taking a stake in Jiuyiyuan, future mergers and acquisitions, and expectations for overseas product sales.

According to industry division, among these 10 companies, companies in the pharmaceutical and medical industry (medical equipment, medical consumables, chemical preparations, other biological products, etc.) occupy the largest number of seats, including 4 companies Lianying Healthcare, Cardiac Healthcare, Maiwei Biology, and Rongchang Biotech; followed by chip semiconductors, there are 3 companies, namely Lanqi Technology, Lexin Technology, and Jingchen Co., Ltd.

Judging from the reception frequency, there were 6 companies that received 5 times (including 5 times) in July. Among them, central control technology took the lead with 10 times, followed by Yutawei and Starway.

It is worth noting that both Yutaiwei and Steway are semiconductor companies. The former specializes in automotive Ethernet physical layer chips, while the latter is engaged in CIS R&D, design, and sales.

As can be seen from the above data (number of requests received by companies and frequency of surveys), institutions still pay more attention to the semiconductor sector. According to the Donghai Securities Research Report, in the newly announced share of public fund holdings, the electronics sector occupied the first place, while the market value of semiconductors almost accounted for about 60% of electronics in the past 10 quarters. The market value of semiconductor holdings in the second quarter was 202.244 billion yuan, accounting for 8.39% of the total public offering position. Judging from the current valuation quantiles of A-share semiconductors, the PB valuation quantile is low. Furthermore, the overall valuation of A-shares is far lower than that of the US Philadelphia Index, and overseas market trends are significantly superior to A-share trends. Although semiconductors are a global market, factors such as structural differentiation and macroeconomic development among different economies can also significantly influence different market trends.

Brokers suggest focusing on four directions in the semiconductor sector: (1) the AIOT sector, which benefits from strong overseas demand; (2) computing power chips and optical devices driven by AI innovation; (3) the semiconductor equipment, components, and materials industry, which is expected to be localized in the upstream supply chain; and (4) sectors that are expected to rebound with the consumer electronics cycle.

According to the July 22 report of Zhongtai Securities, the valuations of many outstanding leading companies in the Science and Technology Innovation Board were reasonably low after experiencing valuation digestion. Take the Science Innovation 50 Index as an example. As of July 12, 2024, its price-earnings ratio was 44 times, at the historical level of 43%. After the implementation of the “Eight Rules of the Science and Technology Innovation Board”, the Science and Technology Innovation Board once again established its mission to support the development of hard technology, and the technology sector's investment risk appetite may take the lead in picking up.