Sou Hu Cai Jing·2025-08-08 06:08Core Viewpoint - The A-share market experienced a pullback on August 8, with the Sci-Tech Chip 50 ETF (588750) declining by 2.17% and a trading volume exceeding 61 million yuan [1]. Group 1: Market Performance - The majority of the constituent stocks of the Sci-Tech Chip 50 ETF showed a downward trend, with notable declines in companies like SMIC, which fell over 3%, and Chipone, which also dropped more than 3% [3]. - The top ten constituent stocks of the Sci-Tech Chip 50 ETF displayed mixed performance, with Cambricon Technologies experiencing a slight decrease of 0.86% and SMIC reporting a significant drop of 3.55% [4]. Group 2: Company Financials - SMIC reported a second-quarter revenue of $2.209 billion, a decrease of 1.7% quarter-on-quarter, with a gross margin of 20.4%, down by 2.1 percentage points. The company’s first-half revenue reached $4.46 billion, marking a 22% increase year-on-year [5]. - The company provided guidance for the third quarter, expecting revenue growth of 5% to 7% and a gross margin between 18% and 20% [5]. Group 3: Industry Trends - The global semiconductor industry is entering an upcycle, with a projected 17% growth in global semiconductor sales in 2024. The chip sector is expected to see a net profit growth of 15.1% year-on-year in Q1 2025 [8]. - AI is identified as the primary driver for the semiconductor industry, with significant growth anticipated in AI chip markets, projected to exceed $150 billion by 2025 and reach $400 billion by 2027 [8]. Group 4: Domestic Developments - The trend towards domestic substitution in the semiconductor sector is accelerating, with the domestic equipment localization rate rising from 21% in 2021 to 35% in 2023 [9]. - The Sci-Tech Chip 50 ETF is positioned to capture the core of the computing power sector, offering high elasticity and low barriers for investors looking to engage in AI computing core segments [9].