Major Breakthrough! National Fund's New Heavy Investments Revealed

Before the Mid-Autumn Festival, the A-share market once again tested lower, but at the same time, some sectors also showed resilience, and the semiconductor industry is one of them.

In terms of news, the strength of the semiconductor sector in this round is backed by the continuous development of technology and the ongoing recovery of the industry.

Historically, the semiconductor industry has been a hotbed for high-performing stocks, with some companies even achieving a tenfold increase in value over a decade, and the state's major funds have made a fortune by delving into it.

Looking at the latest changes in holdings, the state's major funds have recently been actively increasing their positions (reply "State Major Fund" in the background to receive the full list of holdings).

Recently, the long-awaited "Strawberry" model has finally been released!

According to reports, on the evening of September 13th, Beijing time, the artificial intelligence research company OpenAI officially unveiled a series of new AI large models.

The new models focus on complex task reasoning and can solve more difficult problems in fields such as science, programming, and mathematics than previous models.

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OpenAI stated that for complex reasoning tasks, the new model represents a new level of artificial intelligence capability, so they reset the count to 1 and gave it a new name different from the "GPT-4" series, the o1 model.

Compared to the "GPT-4" series, the o1 series models are slower and more expensive, but they will spend more time thinking like humans before answering questions, generate a long internal thought chain, and explain the reasoning process to users.

In this regard, some industry insiders have said that the o1 series models are a significant advancement for intelligent systems that handle code, and some have pointed out that OpenAI's newly released o1 model heralds the official entry into the next era.

As an important support for AI technology, the market demand for semiconductors has also increased accordingly.

Taking this year's announced data as an example, on February 15th, OpenAI released the Sora text-to-video model; in March, the dark side of the moon released the Kimi AI assistant; in May, Microsoft launched Copilot+PC...

Correspondingly, the global semiconductor sales in the first half of the year totaled $286.05 billion, a year-on-year increase of 17.06%.

In July this year, the market demand for semiconductors expanded again, with global semiconductor industry sales reaching $51.3 billion, a year-on-year increase of 18.7%, among which the Chinese semiconductor market performed well, with a year-on-year increase of 19.5%.

In the view of industry insiders, the significant breakthrough in the technology of the o1 series models will once again boost the market demand for semiconductors.

Perhaps stimulated by this positive news, many stocks in the semiconductor sector of the A-share market have risen significantly in the continuously adjusted market.

Among them, as of the midday closing on the 13th, Xinxiang Micro rose nearly 9%, and Fulede, Cambricon, Yuanjie Technology, Zhongke Feice, and others followed suit.

Of course, looking at the semi-annual reports of listed companies, the semiconductor market itself is also in the process of continuous recovery.

According to Wind statistics, there are currently 159 stocks included in the Shenwan semiconductor industry, with 113 making a profit in the first half of the year, and more than half of the stocks achieving year-on-year growth in profits.

Among them, the performance growth rate of the mixed-signal chip design company, Injoinic, is the fastest at 1776.17%.

In this regard, Injoinic stated in the semi-annual report that during the reporting period, influenced by the gradual recovery of consumer terminal demand, the company's overall operating performance has steadily increased.

In addition, there are also 35 semiconductor companies such as Changchuan Technology, Allwinner Technology, and Will Semiconductor that have achieved faster performance growth during the same period, with growth rates all above 100% (see Table 1).

They generally also stated that the performance growth is related to the continuous recovery of the semiconductor market.

For example, Changchuan Technology stated in the semi-annual report that during the reporting period, the domestic integrated circuit industry has generally recovered mildly, the demand of customers in the sub-segments has significantly increased, the company's product coverage in the field of integrated circuit testing has continued to expand, the market share has continued to steadily rise, and the operating income has increased significantly compared to the same period last year.

In the view of industry insiders, this recovery trend in the semiconductor industry is expected to continue in the future.

The International Semiconductor Industry Association (SEMI) predicts that global semiconductor sales will grow by 13% to 16% in 2024, possibly reaching $600 billion, and will continue to grow in the next few years, with a hope to achieve $1 trillion by 2030.

The relevant listed companies also basically hold this view.

For example, in recent institutional research, Changdian Technology stated, "In the second half of the year, the peak season for communication customers, coupled with the further deployment of high-performance advanced packaging and new applications.

For 2025, it is expected that the semiconductor market will continue to recover, promoting the company's business to grow further."

In fact, the semiconductor sector has also been a hotbed for the production of high-performing stocks in the history of A-shares.

Taking the data of the past ten years as an example, according to Wind statistics, there are currently 134 Shenwan sub-industries (third level) in the industry; in terms of individual stocks, there are 24 stocks in the Shanghai and Shenzhen markets whose closing prices have increased by more than 1000% during the period.

Among them, there are as many as 5 semiconductor companies with a tenfold increase, namely North Micro, Changchuan Technology, GigaDevice, Shengbang Shares, and Will Semiconductor.

Looking at the fundamentals of these high-performing stocks, their bullish foundations are mostly related to factors such as the continuous increase in performance.

In addition, many of these high-performing stocks have common major shareholders - the National Integrated Circuit Industry Investment Fund Co., Ltd. and the National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. (hereinafter collectively referred to as the "National Major Fund").

For example, North Micro, the National Major Fund has been on the list of the top ten circulating shareholders of the company since the end of the third quarter of 2019, and has been heavily invested for 20 consecutive quarters.

Changchuan Technology, the National Major Fund has been on the list since the end of the second quarter of 2018 and has been heavily invested for 25 consecutive quarters...

The latest holdings as of the end of the second quarter this year show that the National Major Fund has newly invested heavily in several related stocks during the second quarter.