On Wednesday, June 17th, leading technology stocks demonstrated sustained strength, with a powerful three-pronged market surge. The pioneering domestic tech-focused ETF, the Huabao Technology ETF (515000), surged 4.52% intraday, setting a new record high since its listing on August 16, 2019.

The rally was broad-based across its constituent stocks. The leading PCB manufacturer extended its explosive run, with Shennan Circuits hitting the daily limit-up to a historic high. The memory chip leader showed robust performance, as GigaDevice also reached the limit-up, achieving a new record. Semiconductor equipment stocks rallied sharply, with ACM Research (Shanghai) surging 20% to the limit, TJ Tech gaining over 12%, and AMEC rising 10%.

Key Catalysts for the Tech Sector

Currently, sectors like electronics and communications are benefiting from multiple catalysts. Leading PCB manufacturers are raising prices, driven by converging demand from AI computing infrastructure, high-speed optical module upgrades, and automotive electronics, which is lifting profit margins. Expansion plans by major memory manufacturers confirm robust AI-driven demand, with the price increase trend expected to persist. Upstream equipment and materials suppliers are benefiting from wafer fab expansion, indicating sustained positive demand. This closed-loop resonance within the industry chain suggests promising earnings potential for tech leaders.

PCB Sector Momentum

Fundamental tailwinds continue to fuel the PCB sector. Industry leaders have announced another price hike for copper-clad laminates, this time by 15%, marking the fourth increase this year. Analysts note this round of price increases is driven by the combined forces of AI computing infrastructure build-out, high-speed optical module iteration, and automotive electronics demand. Coupled with tight upstream raw material supply and effective cost pass-through, profit margins are steadily improving. This suggests the current PCB price hikes have strong sustainability, differing from the short-term adjustments typical of past consumer electronics cycles.

Storage Chip Sector Ignited

Global memory leader SK Hynix saw its share price continue to hit record highs, igniting the storage chip segment. SK Hynix plans to triple its wafer production capacity by 2034 to meet the growing demand for memory chips driven by artificial intelligence. Analysis suggests that strong AI demand is likely to sustain the upward price trend for memory. With robust demand anticipated in both the short and medium term for AI, the core companies in AI computing hardware are expected to see sequential acceleration in earnings for the second and third quarters, highlighting areas where performance may exceed expectations.

Upstream Equipment Demand

The AI-driven high growth in the storage industry is fueling strong demand for upstream semiconductor equipment, with signs of rising equipment prices already emerging. This positive trend extends to the domestic market, where the wafer manufacturing industry, including memory, is flourishing, with significant potential for fab capacity expansion. Consequently, fab expansions are expected to drive sustained positive demand for equipment, equipment components, and materials.

Investing in the Tech Bull Run

For exposure to the technology bull market, focusing on leading companies is a key strategy. The Huabao Technology ETF (515000) and its feeder funds (Feeder A: 007873, Feeder C: 007874) select 50 large-cap, high-market-share, high-growth, and high-R&D-investment listed companies from technology sectors such as electronics, computer, communications, and biotechnology within the Shanghai and Shenzhen markets. This portfolio represents the core assets of A-share technology leaders, offering a more balanced risk-return profile compared to single-sector technology products.

Performance and Value Proposition

In terms of performance, the Huabao Technology ETF (515000) has seen its market price frequently reach new highs recently, with its underlying index showing strong momentum, underscoring its ongoing value for allocation. As of June 17, 2026, the underlying technology leaders index has surged 132% over the past year, significantly outperforming other technology indices like the STAR 50 over the same period, positioning it as a quality instrument for investing in the primary technology trend.

Note: The Huabao Technology ETF passively tracks the CSI Technology Leaders Index. The index base date is June 29, 2012, and its release date is March 20, 2019. The index's annual historical returns for 2021-2025 were: -3.92%, -34.84%, 0.81%, 11.50%, and 51.54% respectively. The index's constituent stocks are adjusted according to its compilation rules, and its back-tested historical performance does not indicate future results. Data source: Shanghai and Shenzhen Stock Exchanges, etc. Note: "Pioneering domestic" refers to being the first ETF to track the CSI Technology Leaders Index.

ETF Fund Fee Information: When investors subscribe for or redeem fund shares, subscription/redemption agents may charge a commission of up to 0.5%. On-exchange trading fees are subject to the actual charges by securities firms. No sales service fee is charged.

Feeder Fund Fee Information: For the Huabao Technology ETF Feeder A, the subscription fee is 1.00% for amounts below 1 million yuan, 0.60% for amounts between 1 million (inclusive) and 2 million yuan, and 1,000 yuan per transaction for amounts of 2 million yuan (inclusive) and above. The redemption fee is 1.50% for holdings under 7 days, 0.50% for holdings between 7 days (inclusive) and 180 days, and 0.00% for holdings of 180 days (inclusive) and above. No sales service fee is charged. For the Huabao Technology ETF Feeder C, no subscription fee is charged. The redemption fee is 1.50% for holdings under 7 days and 0.00% for holdings of 7 days (inclusive) and above. The sales service fee is 0.40% per annum. ETF subscription/redemption agents may charge a commission of up to 0.5%. On-exchange trading fees are subject to the actual charges by securities firms.

Risk Disclosure: The Huabao Technology ETF passively tracks the CSI Technology Leaders Index. The index base date is June 29, 2012, and its release date is March 20, 2019. The index's constituent stocks are adjusted according to its compilation rules, and its back-tested historical performance does not indicate future results. The index constituents mentioned herein are for illustrative purposes only. Descriptions of individual stocks do not constitute any form of investment advice and do not represent the holdings or trading动向 of any fund managed by the manager. The fund manager assesses this fund's risk等级 as R3-Medium Risk, suitable for Balanced (C3) and above investors. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of表述) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice of any kind to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment involves risks. The past performance of a fund does not indicate its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds with caution.