--- title: "NAURA, SMIC, and Cambricon all fell sharply, latest interpretation from the fund manager of the semiconductor equipment ETF China Merchants (561980)" type: "News" locale: "en" url: "https://longbridge.com/en/news/288002670.md" description: "On May 29th, the Semiconductor Equipment ETF China Merchants (561980) fell by 3.89%, with multiple stocks including NAURA and SMIC experiencing declines. Fang Jun from China Merchants Fund pointed out that the IPO process is the core emotional anchor for the semiconductor sector, and the risk of short-term pullback has increased, but the long-term upward trend of the industry remains unchanged. It is recommended to focus on the self-controllable semiconductor equipment field, which is expected to benefit from increased capital expenditure and the excess returns brought about by industrial upgrades" datetime: "2026-05-29T03:12:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288002670.md) - [en](https://longbridge.com/en/news/288002670.md) - [zh-HK](https://longbridge.com/zh-HK/news/288002670.md) generator: "portal-rs" --- # NAURA, SMIC, and Cambricon all fell sharply, latest interpretation from the fund manager of the semiconductor equipment ETF China Merchants (561980) On May 29, the "seesaw" effect of dividends - technology reappeared, with high-dividend assets such as electricity and coal strengthening, while multiple stocks in the chip semiconductor industry chain fell. As of 11:06, the Semiconductor Equipment ETF China Merchants (561980) was down 3.89% during trading, with NAURA, SMIC, Cambricon, Tuojing Technology, and DR Zhongwei (ex-dividend) all in the red. Fang Jun from China Merchants Fund pointed out that the IPO process of the two storage companies is the current core sentiment anchor for the semiconductor sector. On one hand, with the approval and guidance filing window for the two storage companies being established, it has led to a rational return of expectations in the sector; on the other hand, the sector has accumulated gains due to previous market sentiment being overly heated, leading to the risk of short-term corrections. It is suggested not to be blindly optimistic due to short-term gains, nor overly pessimistic due to periodic corrections. The industry itself has both high volatility and high growth, and short-term price deviations do not change the long-term upward trend. Looking ahead, the self-controllable semiconductor equipment is one of the market's medium to long-term main lines. With the two storage companies starting a large-scale capacity expansion cycle, upstream core equipment and key material suppliers are expected to directly benefit from their capital expenditure growth, gaining certainty in performance growth during the industry's upward cycle. By focusing on key process equipment fields such as etching machines and thin-film deposition, benefiting from the implementation of Moore's Law in leading wafer fabs, as well as breakthroughs in the research and industrialization of high-end general-purpose core chips like CPUs and GPUs, there is potential to share excess returns brought by industrial upgrades through long-term value investment while effectively avoiding short-term industry volatility risks. According to data from the China Securities Index official website, the Semiconductor Equipment ETF China Merchants (561980) tracks the China Securities Semiconductor Index, with 80% of its portfolio allocated to equipment and materials, and 20% to CPUs/GPUs and advanced manufacturing: the "Changxin Storage" concept accounts for as much as 53%, NAURA + Zhongwei Company together account for 27%, Cambricon + Haiguang Information together account for 15%, and SMIC accounts for 6%, with the top ten concentration reaching 77%, expected to benefit simultaneously from Moore's Law, the expansion of the two storage companies, and the domestic substitution process. Data shows that as of May 28, the China Securities Semiconductor Index has accumulated a rise of over 434% since 2020, with a near one-year increase of 163%. 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