Semiconductors are a general term for a class of materials. Integrated circuits are a large collection of circuits made of semiconductor materials, and chips are products formed by different types of integrated circuits or single types of integrated circuits. After decades of development, the global integrated circuit market has formed a mature industrial chain. The upper, middle and lower reaches are divided into: upstream silicon wafer manufacturers, midstream chip manufacturing and downstream use industries;
The division of labor in the global semiconductor industry has basically taken shape, and the upstream design link is dominated by the United States; Japan leads in material contact; South Korea came from behind in the manufacturing process; China, Taiwan Province Province and Chinese mainland Province have comparative advantages in the contract testing process. To put it bluntly, the semiconductor manufacturing industry in Chinese mainland is in the early stage of development, and the industry mainly involves the middle and lower reaches of semiconductors.
With the support of a series of national policies and terminal manufacturers, we can see that China's integrated circuit industry has entered an accelerated development stage since 20 14. According to the data of China Semiconductor Industry Association, the compound growth rate of IC sales has reached 2 1.3 1% from 20 14 to 20 19 years after the establishment of the Big Fund. Especially in 20 19, the global semiconductor market sales reached 4 12 1 billion dollars, down 12. 1% year-on-year. In 20 19, the sales of China's integrated circuit industry reached 756.23 billion yuan, a year-on-year increase of 15.8%. This shows that the internal market demand in China is still strong, and the domestic substitution process is smooth.
Judging from the development status of the industry, the domestic semiconductor industry is in the initial stage of development, which is far from the international advanced level, resulting in a low domestic self-sufficiency rate, especially for high-end chips. Except for Huawei Hisilicon, the market is in a blank state. According to IC insights data, the self-sufficiency rate of integrated circuits in China was 14% in 438+09 in 2065, and it is expected to reach 15% in 2020.
Semiconductor is a typical technology-intensive industry. At present, there is a big gap with developed countries such as the United States and Japan. The domestic semiconductor industry, which is in the early stage of development, has inherent market advantages and huge growth space in the future.
Of course, it is the investment in early research and development. The semiconductor industry is large, and the profits of enterprises are slightly insufficient. Investors need patience. Over time, product development will be successful. Due to the high industry barriers, the moat of enterprises is wider, and the profits of the industry are very considerable.
In 2020, 5G will be commercialized on a large scale. Compared with 4G mobile phones, the value of chips such as RF front-end of 5G smart phones will be greatly improved. Driven by the shipment of 5G smartphones, the capacity utilization rate of semiconductor manufacturing, packaging and testing is expected to be greatly improved.
In addition, the second phase of the National Integrated Circuit Industry Investment Fund (Large Fund) established to promote the development of the integrated circuit industry has been established, with a capital scale of more than 204 1 billion yuan, focusing on investing in the upstream equipment and materials of semiconductors.
1. semiconductor core index combing
At present, there are three mainstream semiconductor related indexes in the market, and there are related index funds. China CNY, a semiconductor company, compiled this index: China Stock Exchange Service Co., Ltd., which may not be familiar to you. It is a joint venture of Hong Kong Exchanges and Clearing Limited (HKEx), Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). At present, China index series is mainly compiled. In terms of industry weight distribution, referring to Shenwan secondary industry index, CSI refers to the semiconductor index with the highest proportion, the narrowest industry distribution and of course the purest; China's semiconductor index industry is the most widely distributed, followed by semiconductor concentration; The CSI Chip Index focuses on semiconductors, electronic manufacturing and power supply equipment, further highlighting the industry-leading concentration effect.
Zhang Yidong, chief analyst of Industrial International, said in an interview that the biggest risk of technology stocks is not valuation, but "it is not a technology stock". This sentence is more suitable for the semiconductor industry in the early stage of development. Some pseudo-chip companies are mixed.
Up to now, there are 9 semiconductor index funds * * * in operation in the market (calculated by on-site and off-site), namely Guolian CSI Semiconductor ETF(5 12480) and its off-site connection fund, Guotai CES Semiconductor ETF(5 12760) and its off-site connection fund, and Guangfa SZSE Semiconductor Chip ETF (/kloc-0).
Suggestions on chip ETF configuration;
(1)ETF has no redemption fee and no sales fee, and the rate is lower than that of OTC funds;
(2) The main difference between linked funds A and C is that A has subscription fee but no sales fee, and C has no subscription fee but sales fee. Choose A for long-term holding and C for short-term holding;
(3) The larger the fund, the better its liquidity, and the less likely it is to run away after centralized redemption;
(4) The top ten heavyweights in the national securities chip index account for the highest proportion, and the leading effect is obvious. The strength remains unchanged, and the margin of safety is high, followed by the CSI semiconductor index;
(5) Historical performance shows that the CSI chip index is the best, followed by the CSI semiconductor index.
In short, from the investment perspective of chip index funds, Huaxia Zhengguo semiconductor chip ETF( 159995) is the first choice. If you want to divide several chips, you can consider the Guolian Securities General Index Semiconductor ETF(5 12480) and Cathay CES Semiconductor ETF(5 12760). If only OTC funds are considered, we can consider the connection A(007300) of Guolian's CSI Quanzhi semiconductor ETF.
Generally speaking, the semiconductor industry has entered a period of rapid development, and the concept sector has ushered in a wave of investment. With the realization of 5G use in the next few years, the rapid rise of new energy and artificial intelligence industries, and the promotion of relevant national dividend policies, the layout of the semiconductor industry is just the right time.
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Related Q&A: What's the difference between a semiconductor etf and a chip etf? Semiconductor is the floorboard of a material, integrated circuit is a large collection of circuits made of semiconductor materials, and chip is a product formed by different types of integrated circuits or a single type of integrated circuits. Corresponding to the well-known daily necessities, semiconductors are all kinds of papermaking fibers, integrated circuits are a stack of paper, and chips are books or notebooks. The overlap between semiconductor 50ETF and chip ETF is very high, and chip ETF tracks the semiconductor chip index. Semiconductor 50ETF is the largest and most liquid ETF in the field of semiconductor chips.