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1. Review of the Securities Market

According to data from Tonghuashun, yesterday (August 1), the Shanghai Composite Index fell 0.22% to close at 2932.39 points, with a high of 2947.88 points; the Shenzhen Component Index fell 0.92% to close at 8673.58 points, with a high of 8799.09 points; the ChiNext Index fell 1.31% to close at 1665.97 points, with a high of 1694.59 points.

II. ETF Market Performance 1. Overall Market Performance of Stock ETFs

The median return rate of stock ETFs yesterday was -0.64%. According to different classifications, among the scale indexes, the return rate of Huitianfu CSI 2000 ETF was the highest, at 0.33%; among the industry indexes, the return rate of Southern China Securities Transportation Industry ETF was the highest, at 0.53%; among the strategy indexes, the return rate of Southern China FTSE China State-owned Enterprises Open Win-Win ETF was the highest, at 0.8%; among the style indexes, the return rate of SSE 180 Value ETF was the highest, at 0.23%; and among the theme indexes, the return rate of China Tai CSI Semiconductor Materials Equipment Theme ETF was the highest, at 1.25%.

2. Stock ETF price increase and decrease ranking

The top three stock ETFs with the highest gains yesterday and their yields were:Cathay CSI Semiconductor Materials and Equipment Thematic ETF (1.25%), GF CSI Semiconductor Materials and Equipment ETF (1.25%), Huaxia CSI Semiconductor Materials and Equipment Thematic ETF (1.22%)The top 10 stocks with the highest growth rates are listed in the table below:

The three ETFs with the largest declines yesterday and their yields were:Huabao CSI 800 Real Estate ETF (-2.51%), Real Estate ETF (-2.47%), Wine ETF (-2.45%)The top 10 decliners are detailed in the table below:

3. ETF fund flows

The three ETFs with the largest inflows of equity ETFs yesterday and their inflow amounts were:Southern CSI 1000 ETF (inflow of 320 million yuan), Harvest SSE STAR Market Chip ETF (inflow of 272 million yuan), GF CSI 300 ETF (inflow of 258 million yuan)The top 10 funds inflow details are shown in the table below:

The three ETFs with the largest outflows of equity ETFs yesterday and their inflows were:Huatai-PineBridge CSI 300 ETF (outflow of 1.466 billion yuan), E Fund CSI 300 ETF (outflow of 1.047 billion yuan), Huaxia SSE 50 ETF (outflow of 874 million yuan)The top 10 funds outflow details are shown in the table below:

3. Institutional Views 1. Wanlian Securities: Profitability of companies in the industry has improved, and the semiconductor industry cycle is expected to bottom out and rebound

Wanlian Securities pointed out that according to the disclosure of the electronic industry's H1 2024 performance forecast, the industry's overall profitability has improved, mainly due to the recovery of downstream terminals and the accelerated construction of the AI ​​industry chain, which boosted the demand for the semiconductor industry. The semiconductor industry cycle is expected to bottom out and rebound, and the profitability of companies in the industry has improved. About 80% of the companies have improved their profits. It is recommended to focus on target companies with year-on-year net profit growth and turn losses into profits. In terms of sub-sectors, it is recommended to seize the dual main line opportunities of computing power construction and terminal innovation under the AI ​​wave, and pay attention to targets with good performance.

2. Huaan Securities: The semiconductor market is gradually recovering, and local semiconductor material manufacturers are expected to achieve steady growth in performance

Huaan Securities pointed out that semiconductor materials are located in the upstream of the semiconductor industry chain and are the link with the most subdivisions in the semiconductor industry chain. Although the downstream market was slightly weak in 2023, it has gradually recovered in 2024, and the utilization rate of foundries has gradually increased, which is expected to drive the expansion of the global semiconductor manufacturing materials market. In addition, the migration of semiconductor production capacity to China is also beneficial to local semiconductor material manufacturers to carry out domestic innovation. It is expected that stable growth will become the performance growth model of domestic companies' semiconductor materials business. It is recommended to pay attention to: silicon wafers, electronic special gases, CMP polishing liquid/pads, photoresists, wet electronic chemicals, and targets.