The Electronics ETF (515260), which has nearly 28% exposure to the NVIDIA supply chain, saw a volatile uptrend today (February 26), with its intraday price rising nearly 2.3% and currently up 2.01%, aiming for a fifth consecutive day of gains.
Leading the gains among constituent stocks were PCB (Printed Circuit Board) giants. Wus Printed Circuit(Kunshan)Co.,Ltd. and Shennan Circuits hit the daily limit-up, Dongshan Precision rose over 9%, and Shenghong Technology climbed more than 8%. Additionally, Cambricon Technologies Corporation Limited surged over 8%, with companies like VeriSilicon Microelectronics and Jiangsu Changjiang Electronics following the upward trend.
In terms of capital flow, the electronics sector attracted a net inflow of 28.2 billion yuan in main funds, ranking first among the 31 primary Shenwan industries in terms of capital absorption. Cambricon Technologies Corporation Limited alone attracted 3.2 billion yuan, topping the A-share capital inflow chart.
On the news front, NVIDIA reported strong earnings, with CEO Jensen Huang emphasizing that computing power remains in high demand. NVIDIA disclosed quarterly revenue of $68 billion and provided robust guidance, with Huang stating that proxy AI has reached an inflection point and computing power will directly translate into revenue. The shift in computing infrastructure from single-point computing power to overall network and interconnect upgrades is catalyzing growth in CPO/silicon photonics, DCI optical fiber cables, high-end PCBs, and advanced packaging.
PCBs are considered the "skeleton and blood vessels" of AI servers. While the PCB value in a regular server is around 800 yuan, it can reach 6,000–12,000 yuan in AI servers, representing a 5–10 fold increase in value. The stronger NVIDIA performs, the more downstream cloud providers need to expand production, leading to tighter PCB supply.
CITIC Securities believes that the PCB industry's growth momentum will continue in the cloud and gradually extend to end-user devices. From the cloud perspective, the PCB markets for AI servers, switches, and optical modules are expanding rapidly, with HDI trends becoming clear. There is significant room for domestic substitution in packaging substrates, and manufacturers with leading technology and capacity that actively collaborate with major clients are expected to benefit first. On the end-user side, as AI applications accelerate, the PCB segment is likely to see both volume and price increases, with leading companies in the Apple supply chain poised to fully release profit elasticity. As a key A-share market segment closely tied to AI with strong sustainability, PCBs remain a focus.
The benchmark index tracked by the Electronics ETF (515260) covers popular technology themes. As of the end of January, the weightings of the Apple, NVIDIA, and Google supply chains were 45.19%, 27.87%, and 21.85%, respectively, deeply linking to the growth dividends of global tech giants and poised to benefit from their industrial expansion and technological innovation.
For investment tools, the Electronics ETF (515260) and its feeder funds (Class A: 012550 / Class C: 012551) passively track the Electronic 50 Index, heavily weighting semiconductor and consumer electronics industries. It aggregates popular sectors such as AI chips, automotive electronics, 5G, and PCBs, with top holdings including Luxshare Precision, Cambricon Technologies Corporation Limited, Industrial Fulian, and SMIC. Additionally, this ETF is eligible for margin trading and Stock Connect, making it an efficient tool for accessing core assets in the electronics sector.
ETF fee information: When subscribing or redeeming fund shares, subscription and redemption agents may charge a commission of up to 0.5%, which includes fees collected by stock exchanges and registration institutions. The ETF does not charge a sales service fee. For the Huabao CSI Electronic 50 ETF Feeder Fund (Class A), the subscription fee is 1,000 yuan per transaction for amounts of 2 million yuan or more, 0.6% for amounts between 1 million yuan and 2 million yuan, and 1% for amounts below 1 million yuan. The redemption fee is 1.5% for holdings under 7 days and 0% for holdings of 7 days or more. No sales service fee is charged. For the Huabao CSI Electronic 50 ETF Feeder Fund (Class C), no subscription fee is charged. The redemption fee is 1.5% for holdings under 7 days and 0% for holdings of 7 days or more. A sales service fee of 0.2% applies.
Risk warning: The Electronics ETF and its feeder funds passively track the CSI Electronic 50 Index, which has a base date of December 31, 2008, and was published on July 22, 2009. The index constituents are adjusted according to its compilation rules, and its historical performance does not indicate future results. The stocks and index constituents mentioned in this article are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form and do not represent the holdings or trading动向 of any fund managed by the management company. The fund manager rates the risk level of the Electronics ETF as R3-medium risk, suitable for balanced (C3) and above investors. Suitability matching opinions should be based on sales institutions. Any information appearing in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investments carry risks. Past performance of a fund does not indicate its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Investors should exercise caution when investing in funds.
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