Sou Hu Cai Jing·2025-12-23 03:57Core Viewpoint - The A-share market experienced fluctuations with the hard technology sector showing resilience, particularly the Kexin Chip 50 ETF (588750), which rose by 1.38% and achieved a trading volume exceeding 79 million yuan [1][3]. Group 1: Kexin Chip 50 ETF Performance - The Kexin Chip 50 ETF (588750) saw most of its constituent stocks rise, with Haiguang Information and Cambricon both increasing over 3%, while companies like Tuojing Technology and Yuanjie Technology rose over 1% [3]. - The top ten constituent stocks of the Kexin Chip 50 ETF include Haiguang Information and Cambricon, both of which are in the electronics sector and showed significant gains [4]. Group 2: Global Semiconductor Trends - Nvidia's stock rose nearly 2%, with plans to export H200 series chips to China in mid-February, with an expected shipment of 5,000 to 10,000 modules, corresponding to approximately 40,000 to 80,000 H200 chips [5]. - The global AI server cabinet shipments from Nvidia are projected to reach 55,000 units in the next year, marking a 129% year-on-year increase, driven by major companies like Microsoft and Meta [5]. Group 3: AI and Semiconductor Market Outlook - The AI wave is driving strong demand for chips and related hardware, with expectations for the global AI computing chip market to exceed $370 billion by 2026 and $460 billion by 2027 [7]. - The semiconductor supply chain's self-sufficiency in China is seen as a core theme with long-term investment value, supported by domestic policy and strong internal demand [6]. Group 4: Domestic AI Chip Development - China's domestic AI chip market is characterized by a diverse range of manufacturers, with significant advancements in technology and production capabilities [13]. - By 2028, China's local chip self-sufficiency rate is expected to rise to 93%, up from 58% in 2025, indicating a substantial increase in domestic production capacity [13]. Group 5: Kexin Chip Index Characteristics - The Kexin Chip 50 ETF focuses on the core segments of the semiconductor industry, with a high concentration of 96% in upstream and midstream sectors, indicating strong growth potential [17][20]. - The index's quarterly rebalancing allows it to respond quickly to trends in the semiconductor industry, enhancing its performance compared to other indices [18]. Group 6: Investment Opportunities - The Kexin Chip 50 ETF is highlighted as a high-elasticity investment option, with a maximum increase of 173% since September, outperforming peers in risk-adjusted returns [21][22]. - Investors are encouraged to consider index-based investment strategies in the Kexin Chip sector to capitalize on the ongoing demand for semiconductor technology [16].