Why is it not as good as a new energy source in the semiconductor fund of the track stock?

Recently, many track stocks have rebounded, such as new energy, liquor, medicine, etc., but in 2019, the star track semiconductor sector of the fire is still in the slow recovery after deep adjustment, and the rebound is relatively weak.

At the same time, from the recent fund performance, the fund performance of the heavy warehouse's new energy sector leads the same kind, and the fund performance of the heavy position semiconductor sector is slightly inferior.

Several industry insiders told the International Financial News reporter that the semiconductor sector has encountered great adjustments due to excessive valuation, but it is not too expensive at present. Uniform.

Is the semiconductor fund not fragrant?

"The new energy is really fragrant, the first to rebound is this sector." Seeing such comments, many of the people with a heavy warehouse semiconductor fund may be envious. Although the semiconductor sector has also rebounded recently, it is also the once -hot track stock, which has high growth attributes, but the intensity of semiconductor rebound is slightly inferior to new energy.

Fund with new energy -related themes has recently led the same kind. According to the Flush iFind data, as of June 17, taking the stock ETF as an example, multiple battery themes, photovoltaic themes, and new energy theme ETFs have increased by more than 20%in the past month. fund. In contrast, the net value increase in the net value of the theme ETF interval of semiconductor and chip is large. The net value of the two types of theme ETF interval rose mostly 2%to 3%. Nuo'an, the heavy warehouse, has grown in the last month of the recent month.

Why is it the same as the track stock and the semiconductor -related sector rebound is not as good as new energy?

Qin Hong, chief analyst of Jin Bailin Consultation, said in an interview with the International Financial News that the main reasons for the early adjustment of the semiconductor sector were two points: First, there was a certain fatigue at the downstream application level, which was mainly represented by mobile phones. Consumer product sales have fallen, which is a bad news for chips in advanced process fields as the core. Second, because of high valuation and inflation expectations, it will inevitably bring pressure on killing valuation.

Compared with the rebound of new energy and semiconductor sectors, Qin Hong analyzed that "the difference in downstream demand is the core factor that leads to the absence of these main line rebounds." Specifically, the main lines such as new energy vehicles and photovoltaic lines are still due to downstream demand. Strong, a certain difference between the semiconductor sector forms a certain difference. But as far as follow -up markets are concerned, semiconductors applied in the field of photovoltaic, automotive electrification, and intelligent fields still have certain investment opportunities, including the performance of those semiconductor equipment that replaces imported semiconductor equipment.

The biggest opportunity or replacement in domestic

In the opinion of Wang Guizhong, the research director of the Great Science and Technology of the Castle Fund, the semiconductor sector that has experienced a rapid decline "is no longer expensive." However, Wang Guizhong told the reporter of the International Financial News that after the rise of the past three years, the development of the entire industry will gradually slow down, so it is necessary to find a link with low domestic rate, such as semiconductor materials and equipment zero. Components, etc.

"Core substitution is also reasonable, but the semiconductor seventeen years of industry history cannot be completely replaced in five years. At the same time, the opportunity of semiconductors should not think of breaking through the core areas of GPU and CPU. , Simulation circuit, MCU of biased switches in radio frequency, "Wang Guizhong further said.

On the whole, Wang Guizhong said that after the major development and stock price of the past three years, the industry will gradually enter the stage from 1 to N. At this stage, the company's own competitiveness will be more important, and the competitiveness will reflect In terms of profitability and market share. In specific segments, semiconductors have different business models in different links and different products, and they will also have different competitive patterns. For example, simulation, naturally scattered, the leading company can only make 20%of the market share, while the CPU and GPUs are high barriers to the protection of Moore's law. %Or even above.

In the first quarter report of Noon's growth report, the Nuoan Fund manager mentioned that "From the perspective of the semiconductor industry itself, although the industry supply and demand will be affected to a certain extent, although the industry supply and demand will be affected in the short term. The prosperity will not change easily. In addition, we have always emphasized that the biggest opportunity for my country's semiconductor industry to be replaced by domestic. At this time, we should not be affected by the decline in the short -term market, and we should not see the development of the industry. "

Great Wall Fund Manager You Guoliang said in a live broadcast last week that he is more optimistic about the long -term prospects of the semiconductor industry. You Guoliang believes that the semiconductor industry is the foundation of the information industry, with a wide range of downstream applications, while continuous innovation, and there are always investment opportunities.

You Guoliang also mentioned the "domestic replacement" of the semiconductor industry in his point of view. He believes that "especially the blockade of sanctions from foreign companies such as Huawei and other companies, which has strengthened my country's determination to develop in the semiconductor field. This domestic replacement process may go through 5 to 10 years. In the process, a number of international competitive semiconductor companies will emerge in the future, and a large number of investment opportunities will emerge. "

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