On May 20th, the STAR 50 index surged over 3%, reaching a new high since its listing, with the semiconductor industry chain continuing its strong performance. Stocks such as Cambricon, SMIC, Northern Huachuang, Zhongwei Company, Tuojing Technology, Huahai Qingshi, China Shipbuilding Special Gas, and Zhongke Feicai reached new highs, with Shanghai Hejing hitting the daily limit of 20cm, and Jinhaitong and Huafeng Measurement Control hitting the daily limit of 10cm.
In terms of ETFs, Semiconductor Equipment ETF CMBI (561980) rose 5.43% throughout the day, with the fund's net value reaching a new high 18 times this year, and the underlying index increasing over 65% this year. This ETF tracks the CSI index, with Northern Huachuang and Zhongwei Company accounting for a combined 29%, Cambricon and Haiguang Information accounting for a combined 15%, and SMIC accounting for 5%, indicating a higher concentration of leading companies compared to similar indices.
On the news front, according to the Shanghai Stock Exchange website, Changxin Technology's IPO on the STAR Market will be reviewed on May 27th, aiming to raise 29.5 billion yuan. The company previously estimated that it would achieve operating revenue of 110-120 billion yuan in the first half of 2026, a year-on-year increase of 612.53%-677.31%; and a net profit attributable to shareholders of 50-57 billion yuan, a year-on-year increase of 2244.03%-2544.19%.
At the same time, following Changxin Storage's update of its IPO prospectus and resumption of listing review, Yangtze Memory Technologies has initiated IPO counseling. Overseas, Citigroup has significantly raised Micron Technology's target price, nearly doubling it, suggesting that the DRAM boom cycle will continue until the natural year of 2027.
Galaxy Securities pointed out that driven by the expansion of storage capacity and the expectation of wafer fabs expanding under high capacity utilization, companies like Zhongwei Company, Huahai Qingshi, Northern Huachuang, and Xinyuan Micro have recently raised their order expectations for this year, boosting the semiconductor equipment sector's prosperity. Additionally, due to rising wafer foundry costs and the demand driven by AI power management and new energy vehicles, many overseas giants have raised prices multiple times, while the domestic analog chip industry is gradually entering a cyclical reversal phase.
In the wafer foundry sector, SMIC has released significant industry signals. On May 19th, SMIC stated during a survey that global capacity is currently tight, with strong demand and high profits related to AI, making it difficult to continue producing mobile phones, computers, IoT, and networking products that were originally outsourced overseas, resulting in a large number of overseas customer orders shifting to domestic manufacturing. Considering the rapid and large-scale construction of local capacity in China, the company believes this trend is likely to continue until 2027.
According to CITIC Construction Investment, SMIC has made breakthroughs in DUV lithography machines and innovative solutions. Currently, the 9050 chip used in Huawei's next-generation Mate 90 is processed by SMIC, which is almost comparable in performance to TSMC's 3nm process N31 chip.
Data shows that Semiconductor Equipment ETF CMBI (561980) tracks the CSI index and is one of the few A-share indices that fully covers the four core semiconductor industry chains of equipment, materials, design, and manufacturing, with layouts in leading companies such as Zhongwei Company, Northern Huachuang, SMIC, Cambricon, and Haiguang Information. Since 2020, it has accumulated a rise of over 447%, ranking first among similar indices in the STAR chip and semiconductor materials and equipment sectors
Looking ahead, fund manager Fang Jun believes that AI-driven capacity expansion is highly prosperous, coupled with the continuous advancement of the listing rhythm of the two storage companies. Semiconductor equipment and materials have strong beta + localization + broad demand, and the overall industry center has significantly shifted upward. The technology self-controllable sector may continue to perform well, and currently, the product validation and business expansion of related companies are ongoing

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Changxin Technology's STAR Market IPO will be reviewed on May 27, aiming to raise 29.5 billion yuan. The semiconductor industry chain continues to be strong, with multiple stocks reaching new highs. SMIC stated that global capacity is tight, AI demand is strong, and overseas orders are shifting to domestic manufacturing. The ETF Semiconductor Equipment Fund rose 5.43% throughout the day, with its net value hitting new highs 18 times this year, and the underlying index has increased by over 65% this year

同壁财经

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

China Southern CSI Semiconductor Industry Custom ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC Guozheng Semiconductor Chip ETF

Guotai CES Semiconductor Chip Industry ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

SMIC

A trillion-dollar leader is about to emerge! Changxin Technology's STAR Market IPO will be reviewed on May 27, with multiple semiconductor equipment stocks reaching new highs