Core Summary: After the index dipped below the 20-day moving average, it held its ground, and the STAR Market surged. The expansion of domestic semiconductors and the certainty of domestic computing power construction are not affected by short-term overseas macro disturbances, occupying the C position. Overseas computing power is being salvaged. Macro panic is temporarily still a buying point for technology, but the rebound exceeding expectations reflects the market's extreme fear of missing out. Geopolitically, Israel is on high alert, and Iran plans to implement control over the submarine cables in the Strait.
[Macro]
Israel: The military has entered the highest level of alert.
Iran: Based on its sovereignty over the seabed and subsoil of its territorial waters, it will implement management measures such as licensing, supervision, and charging for submarine cables passing through the Strait of Hormuz.
Related ETFs: A500ETF (560610), Nonferrous Mining ETF (159690), Oil ETF (159197)
[Artificial Intelligence &amp; Computing Power]
Talent Dynamics: Andrej Karpathy joins Anthropic.
Models: Gemini 3.5 Pro will be launched next month, priced 30 times higher than 1.5.
Hardware Bottlenecks:
Lumentum emphasizes that indium phosphide is the core bottleneck, with an imbalance in supply and demand for EML (electro-absorption modulated laser) exceeding 30%; 3.2T may need to revert to the EML solution due to noise characteristics.
AMD's Lisa Su: The development of AI has given rise to a new positioning for CPUs, with the ratio of CPU to GPU expected to become 1:1.
Domestic Computing Power:
China's Computing Power Platform (Beijing) has officially launched, featuring core functions for computing power situational awareness monitoring and supply-demand matching.
It is required that the localization rate for major projects included in the computing power network list be ≥80%.
Industry Chain:
Dongshan has revised its chip expansion plan, with optical module orders expected to reach 30 million units, and sellers have raised their targets to 700 billion.
Calendar: The Kunpeng Ascend Developer Conference will be held on May 22-23.
Related ETFs: Cloud Computing ETF (159890), ChiNext Artificial Intelligence ETF (159243)
[Semi-conductors]
Yangtze Memory Technologies: Completed IPO (Initial Public Offering) guidance filing.
Related ETF: Semiconductor Equipment ETF (561980)
[New Energy &amp; Lithium Batteries]
Lithium Mines:
Bald Hill lithium mine is resuming production, with shipments scheduled for the third and fourth quarters of 2026; combined with the simultaneous resumption of Core mines, the space for low-priced Australian lithium mines to resume production is basically cleared, with limited new supply increments.
Seller's View: The decline in leading production scheduling and industry prices in May does not represent an industry trend; it is merely an issue of inventory rhythm in the interim.
Related ETFs: New Energy Vehicle ETF (159183), Battery ETF (561910)
[Nonferrous Metals]
Aluminum: Citigroup expects aluminum prices to rise to $4,000/ton within the next three months, with an average price potentially reaching $5,350 in a bullish scenario by 2027.
Nickel: Indonesia has suspended operations for over 50 mining companies, including 34 nickel mining projects
Related ETFs: Non-ferrous Metals Mining ETF (159690)
【Strategy Observation】
Market Performance: Yesterday's trading volume was 2.89 trillion, a decrease of 7.4 billion. The index dipped below the 20-day moving average but held its ground, with a significant rise in the STAR Market—clear industrial trends + emotional support, certainty in domestic and international tech demand exploded, and funding costs were overshadowed by long-term yield expectations.
Sectors and Themes:
Leading Directions: Utilities (computing power synergy + domestic computing network construction), Electronics (semiconductors + computing power), Computers (domestic computing power construction).
Domestic Semiconductor Expansion + Domestic Computing Power Construction: Extremely high certainty, unaffected by short-term overseas macro disturbances, occupying the C position.
Overseas Computing Power: Selectively being salvaged.
Various Small Stocks: Taking advantage of active sentiment.
Operational Thoughts:
Macroeconomic panic is still a temporary buying point for technology, but the rebound exceeded expectations, reflecting the market's extreme fear of missing out. It is not difficult to predict buying technology on dips; maintain flexible positions, focusing on domestic computing power, semiconductor expansion, and indium phosphide and other hardcore directions.
Related ETFs: Semiconductor Equipment ETF (561980), Cloud Computing ETF (159890), ChiNext Artificial Intelligence ETF (159243)
Risk Warning: The above content is only a summary of market information and does not constitute any investment advice. Mentioned individual stocks and ETFs are for analytical reference only and are not recommendations. The market carries risks, and investments should be made cautiously

002384

512480

159995

588170

512760

159325

588780

The pre-market overview on May 20 shows a significant rise in the STAR Market, with high certainty in the expansion of domestic semiconductors and computing power construction. Israel has entered a state of highest alert, and Iran plans to implement control over undersea optical cables. Andrej Karpathy has joined Anthropic, and Gemini 3.5 Pro will be launched next month. Domestic computing power platforms are going online, DSBJ has revised its chip expansion plan, Yangtze Memory Technologies has completed its IPO counseling filing, and the resumption of Bald Hill lithium mine production is imminent

同壁财经

DSBJ

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

ChinaAMC Guozheng Semiconductor Chip ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Guotai CES Semiconductor Chip Industry ETF

China Southern CSI Semiconductor Industry Custom ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

China Merchants CSI A500 ETF

China Merchants CSI Nonferrous Metal Mining ETF

China Merchants CNI Oil&Gas ETF

Lumentum

HALEAD

China Merchants CSI Cloud Computing and Big Data Theme ETF

China Merchants SZSE ChiNext Artificial Intelligence ETF

China Merchants CSI Semiconductor Industry ETF

Citigroup

China Merchants CSI New Energy Vehicles ETF

China Merchants CSI Battery Theme ETF

CITIGROUP INC 6.250 NON CUM SER II PFD WI

5.20 Pre-market Overview | Domestic computing power and semiconductor expansion lead the rise, with the STAR Market's significant increase confirming industry trends