TSMC(US:TSM) Xin Lang Cai Jing·2026-01-19 10:27Core Viewpoint - The semiconductor sector is experiencing heightened trading activity driven by AI-related growth narratives, with significant capital inflow into the semiconductor equipment ETF (588710) and strong demand for semiconductor materials and equipment [1][5][6]. Group 1: Trading Activity - The semiconductor equipment ETF (588710) saw a rapid increase in trading volume, surpassing 2 billion yuan within 30 minutes of opening on January 19, 2026, and reaching 4.06 billion yuan by 11:30 AM [1][5]. - From January 15 to 16, 2026, the ETF recorded daily trading volumes exceeding 4.2 billion yuan, attracting a total of 2.48 billion yuan in capital [6][7]. Group 2: Capital Expenditure and Demand Drivers - TSMC, a leading global foundry, announced a capital expenditure (capex) forecast of up to 56 billion USD for 2026, a 37% increase from the 40.9 billion USD spent in 2025, marking a historical high for the company [2][7]. - The domestic semiconductor industry is witnessing a price surge in advanced packaging and testing equipment, driven by high demand from major DRAM and NAND Flash manufacturers, with price increases of approximately 30% expected [2][8]. Group 3: ETF Composition and Management - The semiconductor equipment ETF (588710) closely tracks the Shanghai Stock Exchange's semiconductor materials and equipment index, with semiconductor equipment and materials comprising 84.8% of its holdings [3][8]. - The ETF is managed by Huatai-PB Fund, one of the first ETF managers in China, which also manages the largest ETF in the A-share market, the Huatai-PB CSI 300 ETF [3][8].