当β遇见半导体！暴涨行情，藏在“芯”里？

Core Viewpoint - The article highlights the significant transformation occurring in China's semiconductor industry, driven by technological advancements and increased domestic support for local chip manufacturers, marking a shift from mere usability to practicality and performance [1][2][15]. Group 1: Industry Developments - Shanghai Microelectronics has validated its 28nm immersion lithography machine, breaking ASML's monopoly in mid-process technology [1] - SMIC is testing domestically produced DUV lithography machines, indicating progress in local manufacturing capabilities [1] - The CCP etching machine from Zhongwei has entered the 5nm advanced process, with domestic RF power supply surpassing 60% for the first time [1] - Tencent has completed compatibility with major domestic chips, while other tech giants like Alibaba Cloud and Baidu are increasing their procurement of domestic computing power [2][15]. Group 2: Market Performance - From September 10 to October 9, SMIC's stock price reached new highs six times, with other leading equipment companies like Zhongwei and Tuojing Technology seeing stock price increases of over 40% [1] - The STAR semiconductor materials and equipment index rose over 30% during the same period, significantly outperforming the broader market [1]. Group 3: Investment Opportunities - The article suggests that professional investors may find value in the semiconductor sector, particularly through the STAR semiconductor ETF (588170), which focuses on critical segments of the industry [2][18]. - The semiconductor materials and equipment index has a higher concentration of key segments compared to mainstream semiconductor indices, indicating a strategic investment opportunity [18]. Group 4: Future Projections - UBS forecasts that global wafer fab equipment spending will reach $119 billion by 2027, with China accounting for $39 billion of that [6]. - The global semiconductor revenue is expected to nearly double from 2024 to 2030, exceeding $1 trillion [7]. - The STAR semiconductor materials and equipment index is projected to show significant revenue growth, outperforming other indices [19]. Group 5: Challenges and Strategic Shifts - The article emphasizes that the path to domestic replacement is not linear but involves overcoming significant technological barriers and dependencies [16]. - The "Big Fund Phase III" has been established with a registered capital of 344 billion yuan, focusing on key segments like equipment and materials, which is expected to boost market confidence [12][14]. - The shift in focus from policy-driven growth to market-driven demand is seen as a crucial turning point for the semiconductor industry [16].