The chip ETF is strong, and the trend still needs to wait

On July 28, the three major indexes increased in early trading, and the market rose in the afternoon. The performance of the GEM index was relatively weak. As of the close, the Shanghai Composite Index rose 0.21%, the Shenzhen Stock Exchange Index rose 0.23%, and the GEM finger fell 0.31%. From the perspective of the disk, chips, coal, military industry and other sectors have risen before, and new energy and medical sectors have fallen first on July 28. In terms of individual stocks, it rose more on July 28, rose more than 2,900, and the number of declines was about 1,700.

In terms of volume, the transaction volume of the two cities on July 28 was significantly enlarged compared to yesterday, with a total transaction exceeding 1 trillion. In terms of funds in the north, a small net inflow of 2.734 billion yuan on July 28 was 1.242 billion yuan, and the deep shares were 1.492 billion yuan.

Recently, the flow of funds in the north direction, the data comes from Wind

The market rebound on July 28 and the inflow of the north or the influence of the US interest rate hike overnight. Overnight, the United States raised interest rates 75 basis points again, and the resolution met market expectations. At the subsequent press conference, the relevant personnel stated that "slowing down the rate hike rhythm at a certain time may be appropriate, but it has not decided when to start slowing down the pace of interest rate hikes. Action ".". This statement also released a positive signal to the market. The US dollar index fell high, and the US stocks and US bond markets ushered in a strong rebound. The performance of the Asia -Pacific market and the commodity market in the early days has also been boosted.

From the perspective of the market, the e -sector performed well on July 28. The chip ETF (512760) rose 2.44%, with a transaction value exceeding 445 million yuan. On the basis of the previous "chip bill", the United States passed a "chip and science bill" on Tuesday. In addition to subsidizing the chip industry, the bill will also allocate the research and development of cutting -edge technology, involving about $ 280 billion in funds. For example, some terms restricting normal scientific and technological cooperation in China and the United States. Domestic alternatives and autonomous controlling are the main line of long -term development of the chip sector, and it is also one of the driving factors for the continuous maintenance of chip listed companies to maintain high -speed growth.

According to the research report of CICC, looking forward to the third quarter of 2022, the structured characteristics of the global chip industry are obvious. Electric vehicles and new energy are booming, and the demand for simulation devices is strong. 5G, cars, and cloud games such as high -performance chips have increased demand for high -performance chips. Taken together, as a highly flexible, high -growth sector, the demand of new energy vehicles can gradually make up for the decline in mobile phone consumption in the future, and the proportion of domestic equipment in demand and share will continue to increase. It is worthy of attention.

We also mentioned in "The chip continues to be short in short empty" that in the short term, we can pay attention to the adjustment of the decline in consumer electronics. Driven by new needs such as Intelligent, Industrial Internet and Yuan Universe, the investment value of chip ETF (512760).

In addition to the chip, the consumer electronics sector is also good, and the ED ETF (561310) rose 2.83%. From the fundamental point of view, due to global inflation and other reasons, the consumer electronics shipments have declined to varying degrees this year, and consumers generally declined due to the above macro factors' purchase of non -necessary products. AVIC Securities pointed out that consumer electronics was weak in the first half of this year, and the panels in the relevant sector were severely damaged. About two -thirds have disclosed that the listed company Q2's net profit pre -losing losses. Standing at the current point, the bottom of the consumer electronics demand is clear, the valuation is at a low level, and the opportunity of the left side layout is outstanding. Follow -up can continue to pay attention to EDC ETF (561310).

On July 28, the coal sector performed well. Coal ETF (515220) closed up 2.14%. With the recovery of industrial electricity, the demand for coal has continued to increase the prosperity of the sector. However, the energy safety problem of summer in summer is prominent, and the subsequent production growth may be limited.

In the past, the civil load is rapidly increasing. Considering the advantages of high -use electricity and the stability of thermal power adjustment, the peak is expected to increase the demand for electric coal in summer. At the same time, re -work and policies are accelerating landing, and the increase in electricity consumption in the country is also expected to drive coal consumption.

According to the calculation of Minsheng Securities, from the perspective of the daily consumption of power plants, the daily consumption of 25 provinces decreased by 2.83%, and the daily decrease was narrowed. Among them, the daily consumption of the eight coastal provinces rose rapidly. As of July 14th Heaven, only 0.27%year -on -year, and the number of days of coal depository in eight coastal provinces has fallen below 13 days, which is lower than the low point since November last year.

This year, the subtropical high -voltage has been relatively strong, resulting in repeated high temperatures in many places in the south; the high temperature power consumption period in the summer since the entrance has come, the economic "" economic "" policy landing, and the demand for coal is expected to improve. From the perspective of the supply side, the main production area has recently carried out supply -increased production, but in summer, energy safety supervision may increase, and the overall protection of security supply still exists. With the continuous advancement of Russia's energy, the uncertainty of overseas coal trade or increased, imports are still sluggish. The fundamentals of coal are in the stage of tightening. Interested investors can pay attention to investment opportunities of coal ETF (515220), but to prevent the risk of adjustment of fluctuations caused by policy influence.

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