The market rebounded after opening lower today, with the GEM index leading the gains, with more than 2,300 stocks rising. The turnover of the two cities was 871.9 billion, an increase of 2.8 billion from the previous trading day.
In terms of sectors, semiconductors, non-ferrous metals, batteries, industrial machinery and other sectors were among the top gainers, while media, mobile games, agriculture, retail and other sectors were among the top losers.
Semiconductor explosive equipment leader leads the rally
Today, the semiconductor sector, with a market value of 7 trillion, rose 2.4%. The 160 billion chip equipment giant North Huachuang closed up more than 8%, and the cumulative increase in the past four trading days was more than 12%.
From a performance perspective, semiconductor equipment has become the most prosperous sector in the electronics industry in the first half of 2022. Benefiting from the active expansion of wafer fabs and the increase in the localization rate of semiconductor equipment, the sector's total revenue and net profit, after deducting non-deductible expenses, increased year-on-year. Increases of 58.1% and 192.7% respectively.
Northern Huachuang's 2022 semi-annual report shows that net profit and non-net profit attributable to the parent company increased significantly by 143% and 187% respectively year-on-year.
Oriental Fortune data shows that since the market adjustment on July 5, main funds and northbound funds have bucked the trend and increased their holdings of many semiconductor stocks, with a total amount exceeding 22 billion yuan.
Main capital: 10.4 billion to buy, only optimistic about Northern Huachuang
Let’s look at the main funds first. Oriental Fortune data shows that since July 5, main funds have purchased a total of 36 chip concept stocks, with a total amount of more than 10.4 billion yuan.
Specifically, the equipment leader Northern Huachuang is the most popular, with net purchases of nearly 1.5 billion yuan by main funds; the second-ranked EDA concept sub-new stock Guangliwei, with main net purchases of more than 1 billion yuan.
The main net purchases of stocks such as Jingsheng Electromechanical, Haiguang Information, Zhenhua Technology, Zhenhua Fengguang, Ziguang Guowei, Fudan Microelectronics, China Microelectronics, and Shengbang Shares ranged from 1 billion to 430 million yuan.
From the perspective of segmented sectors, we mainly focus on equipment stocks such as Northern Huachuang and Jingsheng Mechanical and Electrical; as well as special chip stocks such as Zhenhua Technology and Ziguang Guowei; and popular chip sub-new stocks such as Guangli Micro and Haiguang Information.
Northbound Capital: Bucking the trend, it increased its holdings of 12.4 billion shares of Favorite
Looking at northbound funds, Oriental Wealth data shows that since the market adjustment on July 5, northbound funds have bucked the trend and increased their holdings of 53 chip concept stocks, with a total amount exceeding 12.4 billion yuan.
Specifically, Northbound funds love Vail shares the most, bucking the trend and increasing their holdings by more than 2.8 billion yuan; ranking second is Ziguang Guowei, which has increased its holdings by more than 2.1 billion yuan.
Individual stocks such as China Micro, Starlight Semiconductor, BYD, BOE A, Dinglong, Huafon Measurement and Control, Deye, Leon Micro, Shennan Circuit, and Sreep went north to increase their holdings by 1 billion to 200 million. between yuan.
From the perspective of segmented fields, the key configurations for northbound increment include consumer electronics and automotive chip leaders such as Vail and BYD; leading IGBT companies such as Star Semiconductor and Lyon Microelectronics; and etching machine equipment such as China Microelectronics.
Fund manager: There is still room for improvement in the three major segments of semiconductors
Liu Bin, manager of Harvest CSI Semiconductor Enhancement Fund, said that the domestic semiconductor market is in the midst of a structural boom. On the one hand, as production capacity is released and downstream demand slows down, there will be marginal relief. Consumer-related chips have begun to reduce prices to digest inventory, and they need to wait for downstream demand to pick up. But on the other hand, from the perspective of the three subdivisions of semiconductor equipment materials, analog chips, and automotive semiconductors, the market is still in short supply.
Specifically, the first is the semiconductor equipment and materials track: the existing production capacity of local wafer production lines still has a lot of room for improvement compared with the planned production capacity, and the demand for semiconductor equipment materials will be stable in the future. Under the trend of domestic substitution, the growth of domestic semiconductor equipment and materials companies has become prominent. Equipment manufacturers that have laid out major tracks such as etching and deposition have broader revenue potential.
The second is the analog chip track. Due to the wide variety of analog chip products and wide range of downstream applications, the overall market space is huge. At the same time, trade frictions and tight supply and demand are accelerating domestic substitution. Domestic manufacturers are seizing the opportunity to continue product expansion and expand application fields such as consumer electronics, home appliances, industry, and automobiles.
The third one is automotive semiconductors. As automobile electrification and intelligence continue to deepen, the market demand for automotive-grade chips continues to grow rapidly. At the same time, the trend of automotive intelligence will also drive the demand for automotive CIS, storage, MCU and other chips. At the same time, the vigorous development of local automobile brands has created broad growth space for domestic semiconductor companies.
Well-known private equity Yongjin Investment believes that “current investment in the semiconductor field has evolved from the logic of the business cycle to the logic of domestic substitution.” Compared with the upward trend in the industry's overall beta in previous years, the semiconductor industry will still see differentiation in the current and coming quarters. Judging from the market situation, varieties with low localization rate, high barriers and strong scarcity are more likely to be sought after by the market. In the past few years, the revenue of domestic semiconductor equipment companies has been relatively small, and they have all been valued using PS. With revenue growing rapidly, profitability has begun to emerge. At the same time, after experiencing a decline in industry prosperity and a decline in stock prices, the overall valuation has now reached a relatively high level. Great value for money.
A research report from Great Wall Securities on September 6 pointed out that the valuation of the electronics sector has reached a low level and profitability is expected to improve. In the semiconductor equipment and components sector, it is recommended to pay attention to Northern Huachuang, China Micro Semiconductor, Huahai Qingke, Hanbell Precision Machinery, and New Materials; in the power semiconductor sector, it is recommended to pay attention to Star Semiconductor, China Resources Micro, Xinjie Energy, and Yangjie Technology ; For the MCU sector, it is recommended to pay attention to Zhongying Electronics; For the PCB sector, it is recommended to pay attention to Pengding Holdings, Dongshan Precision, Hongxin Electronics, Yidong Electronics, and Yutong Electronics; For the EMS sector, it is recommended to pay attention to Guanghong Technology and Huanxu Electronics; For the PCB sector, it is recommended to pay attention Woge Optoelectronics, Hongxu Electronics, Lizhihui, Jufei Optoelectronics; in the semiconductor materials sector, it is recommended to pay attention to Leon Micro.
标签： #Semiconductor #Sector #Chip #Overweight #Main force
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