On April 2, the A-share market experienced a volatile pullback, with the technology sector under pressure. The China Universal SSE STAR Chip ETF (588750) fell over 2.8%, while funds continued to flow against the trend, with the China Universal SSE STAR Chip ETF (588750) attracting over 93 million yuan for two consecutive days.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O3ZO8Y3D9tZflJpiIy8iAqcp2c7JmgoaXJ32d4vrBicskAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O3ZO8Y3D9tZflJpiIy8iAqcp2c7JmgoaXJ32d4vrBicskAA/641"/>
Most of the constituent stocks of the China Universal SSE STAR Chip ETF (588750) index experienced a pullback, with Cambricon and AMEC dropping over 4%. Tuojing Technology, Haiguang Information, and SMIC fell over 3%, while Yuanjie Technology and Baiwei Storage dropped over 2%, and Lanqi Technology and Chipone also retreated.
【Top Ten Constituent Stocks of the China Universal SSE STAR Chip ETF (588750) Index】
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ov57MioybY0m0fP0FWe2UtXT24UQLFk0nE4z1OkM99YGYAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Ov57MioybY0m0fP0FWe2UtXT24UQLFk0nE4z1OkM99YGYAA/641"/>
In terms of constituent stock news, on the evening of March 30, the domestic semiconductor equipment leader AMEC disclosed its 2025 annual report, showing that the company achieved an annual operating income of 12.385 billion yuan, a year-on-year increase of 36.62%, setting a historical high; the net profit attributable to shareholders was 2.111 billion yuan, a year-on-year increase of 30.69%.
Additionally, South Korea's exports in March increased by 48.3% year-on-year, reaching a record 86.13 billion USD, marking the strongest growth since August 1988. Driven by rising memory chip prices and increased AI investment, semiconductor exports surged 151.4% year-on-year, reaching a record 32.83 billion USD.
【AI demand may drive a trillion-dollar market to arrive four years early, with storage as the main increment】
Huatai Securities pointed out that SEMI expects global semiconductor sales to grow by 23% to 975 billion USD by 2026, approaching the trillion-dollar milestone four years ahead of schedule. The simultaneous rise in storage volume and price is one of the main drivers of the semiconductor industry's unexpected growth. TrendForce predicts that DRAM contract prices will increase by 90-95% quarter-on-quarter in Q1 2026. According to Digitimes, DRAM prices may further rise by 70% in Q2 2026, and IDC believes that shortages may persist until 2027. Huatai Securities believes that unless there is a significant decline in consumer electronics demand, the price increase and supply-demand imbalance in storage are expected to continue throughout the year. (Source: Huatai Securities 20260401 &#34;SEMICON China 2026: Advanced Packaging and Optical Interconnect Leading the New AI Semiconductor Cycle&#34;)
【How to view the prosperity pattern of storage chips?】
Aijian Securities is optimistic about the continued prosperity of storage chips. In Q4 2025, storage chips will enter a new round of price increases. The three major storage giants, Micron, Samsung, and SK Hynix, have successively raised the contract prices for DRAM and NAND Flash products, with related spot prices continuing to rise. Reviewing historical cycles, the price increase of storage chips from 2016 to 2018 was directly driven by the upgrade of smartphone configurations; from 2020 to 2023, benefiting from the online economy and the increase in PC shipments due to remote work scenarios, coupled with the demand for inventory in the supply chain during the pandemic, the storage market experienced a phase of upward movement. Unlike previous storage cycles that relied on a single driving logic, the third round of the storage cycle starting in 2024 shows a multi-faceted characteristic driven by the increased capital expenditure of cloud vendors, which has spurred explosive demand for AI servers, and the continuous upgrade of smartphone configurations. Summarizing historical patterns, we find that the average memory capacity of the iPhone completes an iterative upgrade every 2-4 years; storage capacity is upgraded every 4 years. After the iPhone completes its storage capacity upgrade in 2025, we anticipate that its memory capacity will also see another upgrade. Such a dense and continuous upgrade is expected to drive the global storage chip market price increase cycle to continue in 2026. (Source: Aijian Securities 20260401 &#34;Balancing Cycles and Growth, Optimistic About the Continued Prosperity of Storage Chips - 2026 Electronic Industry Spring Strategy Report&#34;)
With the dual catalysts of AI demand and domestic substitution, the sci-tech chip sector can focus on index-based investment methods to address the complexities of the supply chain and the high difficulty of investment analysis!
There are many chip-related indices in the market. By comparing currently popular indices such as sci-tech chips and semiconductors, we can find that although they all focus on the chip sector, there are significant differences in index compilation. In summary: The sci-tech chip index focuses on the core segments of chips, has a higher &#34;chip content,&#34; strong elasticity, and high growth potential.
【Sci-tech Chips: Higher &#34;Chip Content&#34;】
From the sample space perspective, compared to other indices that sample across the entire market, the sample space for the sci-tech chip 50 ETF (588750) is the Sci-Tech Innovation Board, which focuses on the &#34;hard technology&#34; sector and is the home base for A-share chip companies. Over the past three years, more than 90% of chip listed companies have chosen to list on the Sci-Tech Innovation Board, with an average market capitalization share reaching 96%.
From the industry distribution perspective, the $Sci-tech Chip ETF China Universal (588750) focuses on the upstream and midstream segments of &#34;high-precision&#34; chips, with the core segment accounting for as much as 95%, higher than other indices.
From the rebalancing frequency perspective, the $Sci-tech Chip ETF China Universal (588750) selects quarterly rebalancing, allowing it to more agilely reflect the development trends of the chip supply chain.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O6H794zkxX383b6KSnNGWxADES4lHCbBtVhYBSbAf-7JUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O6H794zkxX383b6KSnNGWxADES4lHCbBtVhYBSbAf-7JUAA/641"/>
As of 2026/2/27
【STAR Chip Index: Stronger Growth Potential】
Due to the STAR Chip 50 ETF (588750) underlying index focusing on the upstream and midstream segments of the &#34;high-precision&#34; chip industry, it demonstrates strong growth potential under the acceleration of cyclical growth and domestic substitution.
The net profit growth rate of the STAR Chip 50 ETF (588750) underlying index in the first three quarters of 2025 reached as high as 94%, and the full-year net profit growth rate for 2026 is expected to reach as high as 100%, significantly leading its peers, with stronger growth potential!
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ODbHzlaHntdQcZIrYci6Z-XJgLl_QtCyBFRmBl6A_EMmMAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ODbHzlaHntdQcZIrYci6Z-XJgLl_QtCyBFRmBl6A_EMmMAA/641"/>
As of 2026/02/27
【STAR Chip Index: Strong Upward Elasticity】
The STAR Chip 50 ETF (588750) has a 20cm long leg, allowing for quicker rebounds, with stronger upward recovery elasticity compared to industry peers. From September 24, 2024, to the present, the maximum increase has reached as high as 229%! In terms of Sharpe ratio and maximum drawdown, the STAR Chip Index not only shows better risk-adjusted returns but also demonstrates relatively stable performance.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O_wFRjEyyxVm9U6bi27USF23Gyq5GmrnGIOa3XU22aFJwAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/O_wFRjEyyxVm9U6bi27USF23Gyq5GmrnGIOa3XU22aFJwAA/641"/>
Statistical period: 2024/9/24-2026/02/27
Optimistic about core chip technology, you may pay attention to $STAR Chip ETF China Universal (588750), which tracks and replicates the STAR Chip Index, with a price fluctuation elasticity of up to 20%, covering core segments of the chip industry chain, with high purity, high sharpness, and high elasticity! Low-threshold layout of core segments of STAR chips, efficiently grasping the &#34;new quality productivity&#34; big market, rebounding faster than others! Off-market investors may pay attention to the connecting funds (A: 020628; C: 020629), which can be subscribed and redeemed 7*24.
Risk Warning: Funds carry risks, and investment should be cautious. This material is for promotional purposes only and does not constitute any legal document. Investment involves risks; the fund manager promises to manage and utilize fund assets with principles of honesty, credit, and diligence, but does not guarantee that the fund will definitely make a profit, nor does it guarantee minimum returns. Past performance of the fund does not indicate future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Investors should carefully read the &#34;Fund Contract,&#34; &#34;Prospectus,&#34; and &#34;Product Information Summary&#34; and other legal documents to understand product information in detail. The underlying index does not fully represent the entire stock market. The average return rate of the underlying index constituents may deviate from the average return rate of the entire stock market. Investors should pay attention to the risks of index investment and the holding risks concentrated in index constituent stocks, as well as the risks of certain index constituent stocks having large weights and high concentration, and the risks of index investment, ETF operation risks, and specific investment risks
The fund's assets invested in stocks on the STAR Market may face unique risks arising from differences in investment targets, market systems, and trading rules under the STAR Market mechanism, including but not limited to market risk, liquidity risk, delisting risk of STAR Market companies, policy risk, etc. The fund may choose to invest part of its assets in STAR Market stocks or choose not to invest in STAR Market stocks based on investment strategy needs or changes in market conditions; the fund's assets are not necessarily invested in STAR Market stocks. This fund belongs to a medium-high risk level (R4) product, suitable for investors whose risk tolerance assessment results are growth-oriented (C4) or above after evaluation. The customer-product risk level matching rules can be found on the China Universal official website. When subscribing through distribution agencies, the risk rating rules of the distribution agency shall prevail. When investors subscribe/redeem ETF fund shares, the subscription and redemption agent broker may charge a commission not exceeding 0.50%, which includes relevant fees charged by securities exchanges, registration agencies, etc. For the sales fees of other funds, please refer to the corresponding fund's prospectus, product information summary, and other legal documents

588750

688012

688256

On April 2nd, the A-share market experienced a volatile pullback, with the technology sector under pressure. The China Universal SSE STAR Chip ETF (588750) fell over 2.8%, but attracted over 93 million yuan in capital for two consecutive days. Several constituent stocks, including Cambricon and AMEC, saw a pullback. AMEC's 2025 annual report shows that its operating revenue reached a historical high. South Korea's export value in March increased by 48.3% year-on-year, with semiconductor exports soaring by 151.4% year-on-year. Huatai Securities predicts that global semiconductor sales will grow by 23% in 2026, with memory being the main increment

腾讯新闻 - 财经

China Universal SSE STAR Chip ETF

AMEC

Cambricon

The technology sector is under pressure, with Cambricon falling over 4%! The China Universal SSE STAR Chip ETF (588750) dropped over 2.8%, attracting more than 93 million yuan in two consecutive days! The volume and price of storage chips have risen, driving the trillion-dollar semiconductor market