VGT(SZ:300476) Xin Lang Cai Jing·2025-12-09 11:31Core Viewpoint - The electronic ETF (515260) has shown resilience against market corrections, achieving a price increase of over 1.8% at one point and closing up 1.37%, marking a four-day winning streak and recovering above the 60-day moving average [1][10]. Group 1: Performance of Electronic ETF and Key Stocks - The electronic ETF's index saw significant gains, with printed circuit board (PCB) stocks dominating the top performers, occupying 6 out of the top 10 positions [3][10]. - Key stocks include Shenghong Technology, which surged over 10%, and other notable performers like Shengyi Technology and Pengding Holdings, which rose by over 7% and 6% respectively [3][10]. - Industrial Fulian, a leader in consumer electronics, also saw a rise of over 7%, while AI chip leader Cambricon Technologies increased by 1.28%, surpassing Kweichow Moutai to become the highest stock in A-shares [3][10]. Group 2: Capital Inflows and Market Trends - The electronic sector experienced a net inflow of over 15.4 billion yuan in a single day, with cumulative inflows over the past 5, 20, and 60 days reaching approximately 53 billion yuan, 126.3 billion yuan, and 331.7 billion yuan respectively, maintaining the highest inflow among 31 sectors [4][11]. - Shenghong Technology led the A-share inflow rankings with over 3.1 billion yuan in net inflows [4][11]. Group 3: Future Outlook for PCB Industry - The approval for Nvidia to sell H200 chips to China is expected to benefit the PCB sector, as the high bandwidth demand will drive the need for high-frequency, high-layer PCBs, leading to a dual benefit of volume and price increases [5][10]. - According to Zheshang Securities, the global PCB market is projected to reach approximately 94.66 billion USD by 2029, indicating a vast market potential [6][12]. - The current domestic high-end PCB equipment localization rate is below 30%, suggesting opportunities for domestic replacements, with leading companies gradually gaining global competitiveness in drilling, lithography, and electroplating [6][12]. Group 4: Policy and Industry Support - The external environment is pushing China to achieve self-sufficiency in the semiconductor supply chain, while AI is reshaping consumer electronics, enhancing user experiences [6][12]. - National policies and industry support are expected to bolster the electronic sector's growth [6][12].