On Friday, May 29th, all three major A-share indices closed in the red. Huabao's Electronic ETF (515260), which aggregates core leaders in the electronics sector, followed the market in a consolidation and correction. Its intraday price plummeted by 3.91%, with a full-day turnover of 90.67 million yuan, showing a slight increase in volume compared to the previous session. Data from the Shanghai Stock Exchange shows that the Electronic ETF (515260) has seen continuous capital inflows for six consecutive trading days, amassing a total of 231 million yuan. This reflects capital's optimistic outlook on the electronics sector's future performance and active positioning. Among its constituent stocks, PCB leaders Shennan Circuits and Shengyi Technology led gains, rising over 3%. Apple supply chain leaders Luxshare Precision, Lens Technology, and Huaqin Technology bucked the downtrend to close in the green. The remaining 44 stocks declined, with BOE A and Silan Microelectronics hitting the daily limit down, and Empyrean Technology falling nearly 11%, dragging down the index performance.

What happened? Why did the semiconductor sector experience a significant decline? On the news front, the National Integrated Circuit Industry Investment Fund's (Big Fund) reduction plans are progressing, involving multiple semiconductor stocks like SMIC and Simgui. Industry insiders point out that the Big Fund's reductions are routine, market-driven exit actions with defined investment exit cycles. However, the timing of the reduction news, during a sensitive market period, served as a catalyst for profit-taking, triggering concentrated selling by some short-term speculative capital and weighing on the sector's performance. On another front, market discussion is heating up regarding whether PCB (Printed Circuit Board) could become the next "optical module." A key catalyst is Morgan Stanley's bill of materials (BOM) breakdown for Nvidia's next-generation Rubin rack. The value contribution from the PCB segment is notably significant, showing a 233% increase compared to the previous GB300 generation. Guojin Securities believes this is not merely a routine engineering optimization but represents a fundamental leap in PCB's value positioning within the AI industry chain—from a "supporting component" to a "computing power foundation." Regarding the Apple supply chain, Apple's price cuts have ignited the domestic smartphone market. With multiple subsidies, the price of the iPhone 17 series has dropped significantly, stimulating a consumption boom. In the short term, sales have impressively exceeded 30 million units, with high-end models being particularly favored by consumers. Concurrently, Apple's first foldable smartphone has entered the mass production preparation phase and is expected to be officially released this autumn. Under the resonance of these dual positive catalysts, the consumer electronics industry's sentiment is expected to receive a boost, and the entire supply chain may usher in new development opportunities. Looking ahead, CITIC Securities is optimistic that "price increases + AI + self-reliance/controllability" could become strong themes for the electronics sector throughout the year. The electronics industry's upward trend is expected to continue, with AI remaining the primary driving force. Overseas and domestic computing power are expected to grow in tandem, reinforcing a positive outlook for the overall electronics sector's future performance.

Over a longer horizon, the underlying index (S&P/CITIC Electronic 50 Index) of the Electronic ETF (515260) has surged 123.13% over the past year, outperforming peer indices like the CSI Electronic Index (114.65%), as well as major broad-based indices such as the ChiNext 50 (122.94%), the STAR 50 (80.43%), and the CSI 300 (27.52%).

Data Period: May 29, 2025 to May 29, 2026. The S&P/CITIC Electronic 50 Index's full-year performance for the past five years is: 2021, +3.27%; 2022, -38.63%; 2023, +1.03%; 2024, +27.45%; 2025, +43.49%. The index composition is adjusted according to its rules, and its historical back-tested performance does not indicate future results. [Embracing Tech Giants, Seizing Development Opportunities] Huabao's Electronic ETF (515260) and its feeder funds (Class A: 012550 / Class C: 012551) passively track the S&P/CITIC Electronic 50 Index. It is heavily weighted in the semiconductor and consumer electronics sectors, aggregating exposure to hot industries like AI chips, automotive electronics, 5G, and PCB. Its top holdings include stocks like Luxshare Precision, Cambricon, Foxconn Industrial Internet, and SMIC. Additionally, this ETF is eligible for margin trading, securities lending, and Stock Connect programs, serving as an efficient tool for a one-stop investment in the core assets of the electronics sector. Notably, the underlying index of the Electronic ETF (515260) covers popular tech themes. As of the end of April, the weightings for the Apple, Nvidia, and Google supply chains were 47.34%, 28.56%, and 24.57% respectively, deeply linking its performance to the growth of global tech giants, potentially benefiting from their industrial expansion and technological innovation.

*Reference sources for institutional views: ① Guojin Securities report "The Semiconductorization of PCB" released May 10; ② CITIC Securities report "Q1 2026 Earnings Summary for the Electronics Industry—Sector Sentiment Continues Upward, Firmly Optimistic on Four Directions" released May 7. Risk Disclosure: Huabao Electronic ETF passively tracks the S&P/CITIC Electronic 50 Index. The index base date is December 31, 2008, and its release date is July 22, 2009. The index composition is adjusted according to its rules. Its historical back-tested performance does not indicate future results. Individual stocks and index constituents mentioned herein are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading intentions of any fund managed by the fund manager. The fund manager assesses the risk level of the Electronic ETF as R3-Medium Risk, suitable for Balanced (C3) and above investors. Suitability matching opinions are subject to the sales institution. All information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are responsible for their own independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to the reader, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks. The past performance of a fund does not guarantee its future results. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Invest in funds with caution.

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