However, industries supported by policies are still favored by funds. Some investors are optimistic about the long-term value of the chip industry. On the day of 10, the net inflow of funds of Huaxia Guozhen semiconductor chip ETF (hereinafter referred to as chip ETF) exceeded 200 million yuan, and some institutional investors arranged on dips.
According to industry insiders, the investment opportunity in the semiconductor industry lies in the logic of domestic substitution, and there is a vast space for domestic substitution.
Net inflow of chip ETF
10 On June 5438+00, the overall market was lower. The data shows that except for the energy, telecommunications and public utilities sectors, all other industries have fallen, with the semiconductor sector falling by more than 5%, ranking first.
Related ETF funds fell sharply. For example, semiconductor ETF fell by 7.2%, chip 50ETF, chip leading ETF and chip ETF fell by more than 6%.
However, from the data point of view, many investors are optimistic about the long-term investment value of the chip sector and the bargain-hunting layout. The data shows that the net inflow of chip ETF exceeded 200 million yuan on June 10.
According to the data, the chip sector has been continuously adjusted since August 19, but the share of chip ETF has continued to increase, from152.7 billion shares to177/kloc-0.0 billion shares on September 30, with an increase of more than 2.4 billion shares, which shows that investors' long-term optimism about the chip sector still exists.
Judging from the industry valuation level, as of June 10, the price-earnings ratio of CSI semiconductor chip index was 30.9 times, the lowest quantile since 20 19, and the lowest valuation in history.
Another data also reflects that institutional investors have a long-short melee in chip investment, and some institutional investors think this is a good opportunity for layout. According to the data of the Dragon and Tiger List, the three institutional seats sold a total of 98.26 million yuan from North Huachuang, the Shenzhen Stock Connect sold a net of 654.38+0.23 billion yuan, and the four institutional seats bought 654.38+0.92 billion yuan. Changchuan Technology was sold by four institutions for a total of 269 million yuan, but two institutions bought 65.438+34 million yuan, while the net purchase of Shenzhen Stock Connect reached 26.5438+million yuan. Zhongwei Company was sold by three institutions for 237 million yuan, sold by Shanghai Stock Connect for150,000 yuan and bought by three institutions for 57.9 million yuan.
Domestic substitution is expected to accelerate.
Chip is at the top of the whole electronic information industry chain, and it is the foundation of various electronic terminal products. In recent years, the chip industry has been strongly supported by national policies. In the eyes of many people in the industry, domestic substitution technology is helpful to improve the semiconductor boom.
Zhao Zongting, director of the quantitative investment department of Huaxia Fund and fund manager of chip ETF, said that the long-term investment opportunities in the semiconductor chip industry still mainly lie in domestic substitution and independent and controllable logic, which has been strengthened recently.
He said that in the long run, with the accelerated development of artificial intelligence, Internet of Things, 5G, new energy and autonomous driving, and the meta-universe, semiconductor chip products will continue to innovate under the drive of electrification, intelligence and networking, with greater capacity, faster speed and lower power consumption. The global demand for semiconductor chips will grow rapidly in the medium and long term, and the growth investment value of semiconductor chips is very significant.
Ma Liang, an analyst at Essence Securities, also mentioned the logic of "domestic substitution". He said that semiconductor equipment is the core link that restricts the expansion of domestic wafer production at present. At present, domestic equipment manufacturers have the domestic substitution ability in etching, thin film deposition, ion implantation, cleaning, gluing, development and other aspects, which can meet the needs of domestic chip factories for expansion. "Considering that overseas equipment manufacturers are constantly lengthening the delivery time due to the shortage of spare parts, superimposing the United States will further raise the threshold for the control of semiconductor equipment. We believe that the domestic substitution of upstream equipment is expected to accelerate. "
Another brokerage analyst pointed out that listed companies in the semiconductor field have strong profitability and are optimistic about the main line of semiconductor equipment parts. According to the analysis teacher of Huaxin Securities, according to the disclosure in the interim report, the newly signed orders of a number of semiconductor listed companies increased year-on-year, which fully laid the foundation for the performance growth of semiconductor equipment companies throughout the year and next year. At the same time, the profitability of semiconductor equipment companies improved in the first half of the year, and domestic semiconductor equipment companies are entering an accelerated profit release period. "We expect that the future expansion plans of domestic manufacturers are relatively clear. Under the further squeeze of US sanctions, the verification of new domestic machines is expected to be actively promoted in the future. At the same time, with the active research and development of equipment companies, the product line is constantly enriched and the market space is further opened. In the future, it will be affected or weakened by the global capital expenditure boom of fabs, and it is expected to continue to fulfill its performance and show its growth resilience. "
From the performance point of view, in June, the semiconductor concept stocks that plunged 10 and 10, in fact, many companies have better growth ability. For example, Ziguang Guowei's operating income in the first half of the year was 2.905 billion yuan, a year-on-year increase of 27%; The net profit returned to the mother11980,000 yuan, a year-on-year increase of 36%; Anji technology's net profit returned to its mother in the first half of the year increased by more than 70% year-on-year; Guangliwei and Lan Qi Science and Technology both doubled their net profit in the first half of the year.
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