Group 1 - The core viewpoint of the article highlights a significant inflow of capital into the semiconductor equipment sector, with the semiconductor equipment ETF (159516) seeing a net inflow of 21 million units and over 120 million yuan in the past five days, indicating strong investor interest in semiconductor assets [1] - From a macro perspective, the domestic production and self-sufficiency of chips remain the main development line, despite temporary easing in US-China relations and Nvidia's H20 supply recovery, the potential risks of being constrained by key technologies should not be overlooked [1] - The semiconductor equipment ETF tracks the semiconductor materials and equipment index (931743), which includes listed companies involved in semiconductor materials and equipment manufacturing, reflecting the level of domestic semiconductor industry's self-sufficiency in core materials and equipment [1] Group 2 - The index components cover critical upstream areas of the semiconductor industry chain, including silicon wafers, photoresists, and etching machines, indicating a focus on enhancing the domestic production rate of computing chips [1] - Investors without stock accounts can consider the Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF Initiated Link C (019633) and A (019632) for exposure to this sector [1]

Group 1 - The semiconductor sector showed strong performance on July 23, with the semiconductor equipment ETF (159516) rising by 2.46% and the chip ETF (512760) increasing by 0.78%, indicating a favorable market sentiment [1] - Global and domestic semiconductor sales have significantly increased, with domestic sales data in May showing a year-on-year increase of 20.5%, driven primarily by strong demand for AI chips [3] - TSMC, the world's largest chip foundry, reported record high revenue and net profit in Q2, with net profit increasing by 61%, exceeding analyst expectations, and the management remains optimistic about future growth prospects [3] Group 2 - The trend of domestic chip localization and self-sufficiency remains a key development theme, with efforts across the semiconductor supply chain to enhance the localization rate of computing power chips, coinciding with a global semiconductor cycle upturn [6] - Investors are advised to continue monitoring the semiconductor equipment ETF (159516) and chip ETF (512760) for potential opportunities in the sector [6]

Market Overview - A-shares experienced a slight increase with the Shanghai Composite Index rising by 0.01% to 3582.30 points, while the Shenzhen Component Index fell by 0.37% and the ChiNext Index remained flat [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.86 trillion yuan, a decrease of 28.4 billion yuan compared to the previous trading day [1] - Semiconductor equipment, chips, finance, and healthcare sectors led the gains, while sectors related to anti-involution and the Yarlung Tsangpo River project, such as building materials, infrastructure, photovoltaic, and coal, saw declines [1] Hong Kong Market Performance - The Hong Kong stock market showed strong performance, with the Hong Kong Technology ETF (513020) rising by 2.02% in a single day and a 20-day increase of 7.73%, closely mirroring the A-share indices but with greater magnitude [1] - The Hong Kong Stock Connect 50 ETF (159712) also saw a daily increase of 1.45% and a 20-day increase of 3.37% [1] Liquidity and Investment Trends - The strong performance of the Hong Kong stock market is closely linked to the current liquidity situation, characterized by a low domestic interest rate environment and a scarcity of high-return assets, leading to significant inflows of domestic capital into undervalued Hong Kong stocks [3] - The People's Bank of China continues to maintain a loose liquidity stance, with M2 reaching 330 trillion yuan, 2.4 times the GDP, indicating a strong demand for asset allocation [3] Sector Analysis - The recent rally in the Hong Kong market is driven by two main factors: a strong rebound in the internet sector and the simultaneous catalysis of anti-involution and water-electricity trends affecting both A and H shares, benefiting sectors like building materials and construction [4] - The semiconductor sector showed strong performance, with the Semiconductor Equipment ETF (159516) rising by 2.46% and the Chip ETF (512760) increasing by 0.78% [7] Semiconductor Industry Insights - Global and domestic semiconductor sales have shown significant increases, with domestic sales in May rising by 20.5% year-on-year, driven by strong demand for AI chips [9] - Taiwan Semiconductor Manufacturing Company (TSMC) reported record high revenue and net profit in Q2, with net profit increasing by 61%, exceeding analyst expectations [9][11] - The long-term trend towards domestic chip production remains a key focus, despite potential risks associated with reliance on foreign technology [12]