On May 20, Shanghai Stock Exchange and China Securities Index Co., Ltd. officially announced that they would release the Shanghai Stock Exchange’s scientific innovation board chip index (hereinafter referred to as “scientific innovation chip”) on June 13. After liquidity screening, Kechuang chip selects no more than 50 securities of Listed Companies in the fields of semiconductor materials and equipment, chip design, chip manufacturing, chip packaging and testing with large market value as the index sample. The top five heavyweights are Semiconductor Manufacturing International Corporation(688981) , Montage Technology Co.Ltd(688008) , Advanced Micro-Fabrication Equipment Inc.China(688012) , Amlogic (Shanghai) Co.Ltd(688099) and National Silicon Industry Group Co.Ltd(688126) , with a total weight of 44%.
Integrated circuit industry is the core of information technology industry. It is a strategic, basic and leading industry to support economic and social development and ensure national security. It is of great significance to realize the self-reliance of science and technology and support the transformation of economy to high-quality development. Chip is the main carrier of integrated circuit. As one of the key support fields, 57 scientific and technological innovation enterprises in chip related industries have been listed on the science and innovation board, accounting for about 60% of similar A-share companies. Four of the top ten companies in the total market value of Kechuang board are chip industry companies, covering the industrial chain links such as chip design, manufacturing, materials, equipment and sealing and testing, forming a development pattern with complete industrial functions.
The growth of enterprises related to Kechuang board chips is outstanding. In 2021, the annual net profit and operating revenue increased by 181% and 43% respectively year-on-year, and all companies achieved positive growth in operating revenue; R & D investment continued to increase, with an annual R & D investment of 17.66 billion yuan, a year-on-year increase of 15.4%. R & D investment accounted for 15.1% of operating revenue. R & D efforts ranked among the forefront of A-share companies in the same industry, providing strong support for the high-quality development of the industrial chain.
Kechuang chip is another major index characterizing the market of Kechuang board after Kechuang 50, Hunan Creator Information Technologies Co.Ltd(300730) , Kechuang biology, which will further enrich the dimensions of market observation and analysis. In the future, the Shanghai Stock Exchange will continue to improve the index system of the science and innovation board and provide diversified performance benchmarks and investment targets for the market.
Xu Xingjun, general manager of Gf Securities Co.Ltd(000776) Development Research Center and chief analyst of electronic industry, said that the localization of semiconductor chips is the general trend, which requires the coordinated development of the whole industry chain, complementing the relatively weak short board fields such as chip equipment, materials and advanced manufacturing, and playing the leading role in advantageous fields such as design and packaging. The release of Kechuang chip index not only provides an important market observation angle, but also provides the market with a tool to share the development achievements of China’s chip industry.
The relevant person in charge of huitianfu believes that the index preparation scheme of Shanghai Science and technology innovation board chip index is transparent and clear, and the preparation scheme elements such as sample selection method, weighting method and sample adjustment frequency adopt the mainstream mode outside China, with high market acceptance. The index has the attributes of undervaluation, high growth and high R & D, and the investment value is prominent. At present, the overall P / E ratio is only 30 times (excluding losses), which is at a low level since the opening of the science and innovation board. After the release of Kechuang chip index, it is expected that relevant index products such as Kechuang chip ETF will be launched in the future. When there is a threshold for individual investors to participate in Kechuang board transactions, it can provide investors with tools for value investment, long-term investment and rational investment.
