Sou Hu Cai Jing·2025-12-24 07:19Core Viewpoint - The semiconductor equipment industry continues to show strong performance, with significant gains in related stocks and ETFs, reflecting a robust market environment for semiconductor companies [1][3]. Group 1: Market Performance - The semiconductor equipment ETF (561980) has seen a year-to-date increase of 64.76%, outperforming other major semiconductor indices [3]. - Key stocks such as Huahai Chengke and Tianyue Advanced have experienced notable price increases, with Huahai Chengke rising over 12% and Tianyue Advanced increasing over 7% [1]. Group 2: Market Capitalization Insights - As of mid-December 2025, 35 of the top 100 semiconductor companies globally are from Greater China, indicating a significant presence in the market [3]. - The market capitalization of semiconductor companies is subject to fluctuations, reflecting a complex interplay of industry variables rather than just short-term market sentiment [3]. Group 3: Valuation Changes - The valuation framework for semiconductor companies is evolving, particularly in the storage chip sector, where demand for HBM is surging, and in the GPU sector with companies like Moer Thread and Muxi entering the market [4]. - The shift from price-to-earnings (PE) to price-to-sales (PS) ratios indicates a market reassessment of growth potential and technological barriers [4]. Group 4: Future Growth Projections - The global semiconductor manufacturing equipment sales are projected to reach $133 billion in 2025, marking a 13.7% year-on-year increase, with continued growth expected in the following years [5]. - The semiconductor equipment ETF (561980) has a composition where nearly 60% is focused on equipment, with over 90% of the index comprising semiconductor equipment, materials, and integrated circuit design sectors [5].