On May 20, the three major A-share indices showed mixed results. On the market, the semiconductor equipment sector surged again, with the chip industry chain continuing to strengthen. The computing power chip sector led the gains, with Cambrian rising over 5%, reaching a new historical high, and its total market value surpassing 860 billion. The semiconductor equipment ETF GF Fund (560780), which tracks the CSI Semiconductor Material Equipment Theme Index, rose 2.23%, continuously setting new historical highs.
The IPO process of the storage giants has reached another milestone. Changxin Technology's IPO prospectus review status on the STAR Market has been restored from &#34;suspended&#34; to &#34;inquired.&#34; This domestic DRAM leader is expected to achieve revenue of 50.8 billion yuan in the first quarter of 2026 (up 719% year-on-year) and a net profit attributable to shareholders of 24.762 billion yuan, showing explosive growth, with its global market share increasing to 7.67%. This fundraising plan aims to raise 29.5 billion yuan, making it the second-largest fundraising project since the STAR Market was established, primarily for capacity expansion and technological upgrades.
Meanwhile, Yangtze Memory Technologies is also steadily advancing its IPO preparations and large-scale capacity expansion efforts. On May 19, the official website of the China Securities Regulatory Commission announced that Yangtze Memory Technologies has officially initiated the IPO guidance filing, with CITIC Securities and CITIC Jinshi as the guiding brokers. Coupled with the Wuhan municipal government's announcement of a 2026 plan, which clearly states an investment of 38 billion USD for storage expansion plans, this directly benefits leading domestic semiconductor equipment manufacturers. Changxin Technology has already started bidding in the second quarter of 2026, planning to expand production by 50,000 to 60,000 wafers for the year, with equipment procurement demand reaching 5 to 6 billion USD; the procurement project for the equipment pipeline of Yangtze Memory's second factory has also officially started bidding on May 14. The expansion of the semiconductor industry is highly certain, and the domestic storage industry chain is entering an epic expansion cycle.
Orders for leading equipment manufacturers are being revised upward intensively, with continuous verification of positive signals. Driven by the two storage giants and domestic advanced processes, as well as the expansion of wafer fabs, the expected growth rate of domestic semiconductor equipment parts orders has been adjusted to over 60%, far exceeding the previous year's level of 20%-30%. On May 15, Zhongwei Company significantly revised its expected growth rate for intended orders for the entire year of 2026 from about 30% to over 50%. The performance shows that profits in the semiconductor industry are accelerating, with the net profit attributable to shareholders in the semiconductor equipment sector increasing by 39% year-on-year in the first quarter of 2026, Zhongwei Company's net profit attributable to shareholders soaring by 197.20%, and Northern Huachuang's quarterly revenue surpassing 10 billion for the first time.
Galaxy Securities analysis believes that under the dual drivers of domestic advanced processes and storage expansion, as well as the overflow of orders from overseas/Taiwan, the capacity for advanced packaging remains tight. As equipment is the leading link in expansion, the order fullness and delivery rhythm will become key observation indicators for the transmission of prosperity in the industry chain.
According to data from Bank of China Securities, the semiconductor equipment industry achieved operating revenue of 25.5 billion yuan in the first quarter of 2026, a year-on-year increase of 39%, with a gross profit margin of 40.6%, up 2.9 percentage points quarter-on-quarter. The report pointed out that the high revenue growth in this sector is mainly benefited from the accelerated demand for wafer fab expansion driven by global AI infrastructure, especially in the logic and storage sectors, where the priority for equipment procurement has significantly increased
At the same time, the significant outflow of investment cash flow reflects that the industry is actively laying out future capacity and technology upgrades, demonstrating medium to long-term growth certainty.
As of 10:19, the semiconductor equipment ETF GF Fund (560780) rose by 1.75%, marking a four-day consecutive increase and reaching a historical high! The intraday turnover rate exceeded 9%, with a transaction amount of 420 million yuan; among the top ten weighted stocks, Zhongwei Company fell by 0.74%, Northern Huachuang rose by 2.89%, Tuojing Technology rose by 4.19%, Changchuan Technology rose by 4.99%, Huahai Qingshi rose by 4.26%, Zhongke Feice rose by 13.68%, Hu Silicon Industry fell by 0.2%, Nanda Optoelectronics rose by 0.36%, Jiangfeng Electronics fell by 1.94%, and Anji Technology rose by 2.95%.
As of the previous trading day, the semiconductor equipment ETF GF Fund (560780) had a one-month increase of 41.62%, a six-month increase of 75.47%, and a one-year increase of 151.03%, showing outstanding past performance. The fund has seen net inflows for three consecutive days, totaling over 150 million yuan, with a total net inflow of 1.381 billion yuan over the past six months and a total net inflow of 2.725 billion yuan over the past year.
The semiconductor equipment ETF GF Fund (560780) tracks the CSI Semiconductor Material Equipment Theme Index, selecting 40 listed company securities involved in semiconductor materials and semiconductor equipment from the Shanghai and Shenzhen markets as index samples, with the top ten component stocks accounting for over 60% of the weight, primarily focusing on leading semiconductor material equipment, serving as an important engine in the semiconductor industry chain.
Offshore investors can pay attention to the linked funds (Class A: 020639, Class C: 020640)

560780

588170

588780

SOXL

159325

512760

512480

159995

On May 20th, the A-share semiconductor equipment sector erupted again, with the GF Fund Semiconductor Equipment ETF rising over 41%. Changxin Technology's IPO review status has been restored, with an expected fundraising of 29.5 billion yuan and significant performance growth. Yangtze Memory Technologies is also advancing its IPO, with the Wuhan municipal government planning to invest 38 billion USD to expand production. The domestic semiconductor equipment order growth forecast has been revised upward to over 60%, accelerating the industry's expansion cycle and significantly increasing the order growth of leading equipment manufacturers

同壁财经

GF Fund CSI Semiconductor Material Equipment Theme ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

Direxion Semicon Bull 3X

China Southern CSI Semiconductor Industry Custom ETF

Guotai CES Semiconductor Chip Industry ETF

SPDR S&P Semicon

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

ChinaAMC Guozheng Semiconductor Chip ETF

Invesco Semiconductors ETF

Cambricon

CITIC Securities Co., Ltd.

CITIC SEC

AMEC

NAURA

Piotech

CCTech

HWATSING

Skyverse

NSIG

NATA OPTO-ELECT

KFMI

Anji Technology

The dual storage giants' IPO news is frequent, with several semiconductor equipment orders' growth rate revised up to 60%! The semiconductor equipment ETF GF Fund (560780) hit a historical high during trading, aiming for a fourth consecutive rise, with an increase of over 41% in the past month!