NAURA(SZ:002371) Shanghai Securities·2025-08-18 08:11Group 1 - The core viewpoint of the report is to select converging constituent stocks for ETF allocation based on data as of July 31, 2025, and to regularly track the effectiveness of the allocation strategy [1] - The best converging stock for the Chip ETF (159995.SZ) at the end of July 2025 is Northern Huachuang (002371), which is also a weighted stock in the Chip ETF with a weight of 23.7% [2][7] - Northern Huachuang's bottom valuation at the beginning of 2025 was 5 times PS, and its stock price has remained below the expected fundamental value for 2027 since then [2][7] Group 2 - The earnings forecast for Northern Huachuang in 2025 is stable, with the closing price on August 14 being slightly above the expected fundamental value for 2026, indicating it is in the middle of the fundamental value range [8] - From July 31 to August 14, 2025, the average closing position was 57.16%, with a closing position of 50.09% on August 14 [8] - The allocation strategy based on Northern Huachuang's dynamic position achieved a Sharpe ratio slightly better than buy-and-hold, with a final return of 3.16% and a maximum drawdown of 0.97% during the period from August 1 to August 14, 2025 [2][8]