--- title: "During the performance disclosure period, why do semiconductor equipment companies always manage to be \"top performers\"?" type: "News" locale: "en" url: "https://longbridge.com/en/news/279895585.md" description: "During the annual report season each year, the semiconductor equipment sector performs exceptionally well, surpassing other industries for three consecutive years during the earnings disclosure period. From 2023 to 2025, the excess returns of the semiconductor equipment ETF E Fund (159558), which tracks the CSI Semiconductor Material & Equipment Index, are 2.8%, 3.1%, and 2.0% respectively during the earnings period. The core reason lies in the high certainty of performance and strong stability of growth, as the demand for semiconductor equipment is driven by AI computing power and localization, making it a \"top student\" favored by capital" datetime: "2026-03-20T06:29:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279895585.md) - [en](https://longbridge.com/en/news/279895585.md) - [zh-HK](https://longbridge.com/zh-HK/news/279895585.md) --- # During the performance disclosure period, why do semiconductor equipment companies always manage to be "top performers"? Every year in March and April, the A-shares enter the annual report season, and companies with high performance uncertainty often see their stock prices fluctuate dramatically. However, there is one sector that has consistently performed well during the earnings period for three consecutive years: semiconductor equipment. From 2023 to 2025, the semiconductor equipment ETF E Fund (159558) tracking the CSI Semiconductor Material & Equipment Index has shown excess returns during the earnings disclosure period relative to the Sci-Tech Innovation 50 Index of 2.8%, 3.1%, and 2.0%, respectively. Now that we are back in the earnings window, can this trend continue? First, let's clarify what this index is. The CSI Semiconductor Material & Equipment Index selects 40 companies from the A-share market that are involved in semiconductor materials and equipment, with the equipment sector accounting for a significant portion, about 63%, and materials accounting for 24%. The top ten weighted stocks collectively account for over 60%, showing clear leading characteristics. Another similar index is the Sci-Tech Semiconductor Material & Equipment Index, with the difference being that the latter only selects stocks from the Sci-Tech Innovation Board. In simple terms, the CSI index has a broader coverage, including leading equipment companies like Northern Huachuang and Changchuan Technology that are not on the Sci-Tech Innovation Board, making it more representative of the industry. As of March 19, the CSI Semiconductor Material & Equipment Index has risen by 8.8% this year, while the other index has risen by 6.6%. What makes semiconductor equipment the "top student" during the earnings period? There are two core reasons. First, the performance certainty is high. Semiconductor equipment is the "shovel seller" for chip expansion, and the order cycle is very clear. When chip manufacturers want to expand production, they must first place orders and pay deposits to equipment manufacturers, who then produce, deliver, and accept the equipment before revenue can be recognized. This entire process makes the rhythm from orders to performance basically predictable, avoiding situations of "sudden surges or sudden drops," thus naturally reducing the risk of performance falling significantly short of expectations. Second, the growth stability is strong. The prosperity of semiconductor equipment is not driven by short-term speculation but is supported by solid industrial demand. On one hand, the explosion of AI computing power drives the expansion of storage chips, which requires purchasing equipment; on the other hand, the long-term logic of domestic production remains unchanged regardless of external factors, with domestic wafer manufacturers like Changxin and Changcun continuing to expand their production lines, providing sustained demand for equipment companies. Therefore, when the market enters the earnings disclosure period and funds begin to seek assets that have "orders, performance, and stable growth," the semiconductor equipment sector becomes that rare "top student." 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