Xin Lang Cai Jing·2025-12-30 00:44Core Viewpoint - The "14th Five-Year Plan" emphasizes extraordinary measures to drive breakthroughs in key technologies across various sectors, including integrated circuits and artificial intelligence, positioning China's chip industry for significant growth opportunities [1][14]. Industry Overview - The semiconductor industry is a core battleground for major powers, with the newly launched Huabao Science and Technology Chip ETF tracking the Shanghai Stock Exchange's Chip Index, which includes 50 companies involved in semiconductor materials, design, manufacturing, packaging, and testing [2][14]. - As of November 2025, the Shanghai Stock Exchange Chip Index has a significant focus on upstream and midstream sectors, with chip design and semiconductor materials and equipment accounting for 80.48% of the index [15][16]. Performance Metrics - The Shanghai Stock Exchange Chip Index has shown strong performance, with an annualized return of 17.43% from December 31, 2019, to November 30, 2025, outperforming similar indices [5][18]. - The index's maximum drawdown during the same period was -56.81%, which is better than other comparable indices [5][18]. Financial Highlights - The net profit of the index's constituent companies surged by 94.22% in the first three quarters of 2025, leading among similar indices [20]. - Research and development investment for these companies reached 119.7 billion yuan, with a research intensity of 11.22%, significantly higher than the overall A-share market level of 2.16% [20]. Key Holdings - The top three companies in the index by weight are Haiguang Information (10.86%), Cambricon (9.84%), and SMIC (8.87%), with the index capping individual stock weights at 10% [17][16].