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A shares pulled up in the afternoon, and the pushing force was "it"!
Author: Niu Zhongyi
At critical moments, the semiconductor sector is the most popular one.
This morning, the cyclical industry strengthened, with power, shipping, coal and other sectors leading the gainers, but at the index level, they were divided. At the close of the morning, only the Shanghai Composite Index rose slightly. In the afternoon, the semiconductor sector suddenly exerted strength, driving the index to continue to rise, and the Shenzhen Stock Exchange Index and the GEM Index turned red one after another.
The semiconductor industry chain rose across the board. Benefiting from news about the establishment of the third phase of the National Fund, photoresists, and SMIC concepts were among the top gainers. Leading stocks such as SMIC, Northern Huachuang, Lanqi Technology, and Huahong Company all rose sharply.
From the perspective of industry fundamentals, affected by poor demand for consumer electronics, high inventory in the industry, and overcapacity, the global semiconductor industry has experienced two years of proactive destocking processes in 2022 and 2023. Industry insiders believe that the semiconductor industry will gradually start in 2024. Step out of the trough and officially enter the upward channel of the cycle.
From the supply side, the inventory of the global and domestic semiconductor industry chain has gradually bottomed out, and the production rate of wafer mills is expected to gradually bottom out (the second quarter of 2024 is expected to increase month-on-month); on the demand side, AI has brought new vitality and vitality to the industry. In the second half of 2023, new machines released by Xiaomi, vivo, etc. are selling well, folding mobile phones have maintained rapid growth, electronics are the first to welcome a recovery in demand, and demand for AI servers continues to be strong.
Some institutions said that the current valuation of the semiconductor equipment sector is still at a relatively low position in history, and leading platform companies are also cost-effective when benchmarking against overseas companies. Overall, the revenue and profits of listed semiconductor equipment companies are expected to continue to maintain high growth rates in the second quarter and the second half of the year, which deserves special attention.
In terms of cyclical industries, the power industry chain performed the strongest today, with virtual power plants, power Internet of Things, UHV and other sectors rising sharply.
Driven by the news, the market's expectations for the power system reform policy have been further strengthened recently. Debon Securities said that the reform of the power system is expected to be further deepened, the construction of new power market systems will continue to accelerate, and power operators and power IT are expected to benefit first. Huaxi Securities said that State Grid disclosed that it will increase investment in power grids in 2024, and the total construction investment is expected to exceed 500 billion yuan. The increase in power grid construction has also helped the power stock market.
After two consecutive trading days of adjustments, the three major A-share stock indexes collectively rose today. As of the close, the Shanghai Composite Index rose 1.5%.crashbandicootpspgames.14%, the Shenzhen Component Index rose 0.0%crashbandicootpspgames.88%, and the GEM index rose 0.68%.