The Electronics ETF (515260), which had previously risen for seven consecutive trading days, experienced a pullback with the broader market today (March 3), with its intraday price currently down 4.02%. This may present an opportunity for funds optimistic about the future performance of core leading stocks in the electronics sector to establish positions during the dip.
Regarding constituent stocks, consumer electronics leader Anker Innovation rose nearly 5%, PCB leader Dongshan Precision gained over 4%, and semiconductor leader Changjiang Electronics Technology advanced more than 2%. Huagong Tech and Jingjia Microelectronics both rose over 1%. In contrast, the remaining 45 stocks declined, with VeriSilicon Holdings dropping over 10%, Sanan Optoelectronics falling more than 8%, and Sugon down over 7%, leading the losses and weighing on the index performance.
On the news front, driven by strong AI demand, the price increase trend in the PCB (Printed Circuit Board) industry chain continues. Japanese semiconductor materials giant Resonac raised prices for CCL (Copper Clad Laminate) and adhesive films by 30%, effective March 1. Industry expectations are that Resonac's price hikes will be passed on to high-end manufacturing segments such as MLCCs (Multi-Layer Ceramic Capacitors), HDI boards (High-Density Interconnect), IC substrates, and high-frequency, high-speed PCBs.
Furthermore, the PCB sector is poised for a major catalyst - Nvidia's LPU inference chips. Market observers believe that with the deployment and rapid scaling of AI applications, the market for dedicated AI inference chips will grow swiftly. This is expected to bring profound impacts to the PCB industry, including simultaneous increases in volume and price, process upgrades, material innovations, and greater industry concentration. Consequently, the value and importance of PCBs within AI chips are set to rise, opening up a new market size frontier for the PCB industry.
Regarding industry scale, consulting firm Prismark forecasts that the global PCB industry output value will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, exceeding USD 900 billion by 2028. Specifically, the HDI board market is expected to reach USD 145.8 billion by 2027, with a CAGR of 6.2% from 2023 to 2028, outpacing the industry average growth rate of 5.4%.
Looking ahead at PCB industry demand and price trends, Goldman Sachs suggests that AI is driving the industry into a super-cycle, leading to higher volumes and prices for PCBs. Price increases are expected to persist through 2026-2027, with a sustained supply-demand gap for high-end products.
The underlying index of the Electronics ETF (515260) covers popular technology themes. As of the end of January, the weightings for the Apple, Nvidia, and Google supply chains were 45.19%, 27.87%, and 21.85% respectively, deeply linking the fund to the growth dividends of global tech leaders and positioning it to potentially benefit from the industrial expansion and technological innovation of these major companies.
For investment access, the Electronics ETF (515260) and its feeder fund track the CSI Electronics 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 PCBs. Its top holdings include Luxshare Precision, Cambricon, Industrial Fulian, and SMIC. Additionally, this ETF is eligible for margin trading and is a Stock Connect security, making it an efficient tool for gaining targeted exposure to core assets in the electronics sector.