Future Asset Global Investment (Hong Kong) Limited ("Future Asset") has published a quarterly performance update for Global X China Semiconductor ETF (03191). Future Asset believes that artificial intelligence equipment's higher semiconductor content, increasing AI adoption rates in data centers, and growing penetration of edge and on-device AI will serve as key drivers for the next semiconductor industry upward cycle. Future Asset anticipates that terminal device shipment growth will drive a comprehensive semiconductor industry recovery in 2025.
The latest TrendForce survey indicates that global DRAM industry revenue reached $31.63 billion in Q2 2025, representing a 17.1% quarter-over-quarter increase. This growth was primarily driven by rising traditional DRAM contract prices, robust shipment growth, and expanded HBM capacity. As PC OEMs, smartphone manufacturers, and chip suppliers (CSPs) strengthened their procurement momentum, DRAM suppliers accelerated inventory depletion, pushing contract prices for most products back into positive territory. SK Hynix held the highest share of Q2 DRAM bit shipments, followed by Samsung.
Q2 Performance Review:
Cambricon-U (688256.SH) +110% - The company reported strong Q2 2025 results with revenue increasing 59% quarter-over-quarter to RMB 1.8 billion and net profit of RMB 683 million, far exceeding expectations. Cambricon remains Huawei's best alternative supplier and benefits from "localization" trends. (Company data, August 2025)
SMIC (688981.SH, 00981) +18% - The company provided optimistic Q3 performance guidance. SMIC's Q3 2025 revenue guidance shows 5-7% quarter-over-quarter growth, benefiting from increases in both wafer shipments and blended average selling prices. Management noted that due to strong orders, particularly on power discrete device platforms, the company will maintain high utilization rate (UTR) operations. As unit prices are expected to remain elevated, the depreciation burden from capacity expansion should be alleviated. Therefore, SMIC expects Q3 2025 gross margin to be 18-20%. (Company data, August 2025)
Global X China Semiconductor ETF (03191) is an exchange-traded fund focused on investing in China's core semiconductor assets. The ETF's constituent stocks include industry leaders such as AI chip design pioneer Cambricon-U, memory and MCU specialist GigaDevice, foundry leader SMIC, and equipment suppliers Naura and Advanced Micro-Fabrication Equipment. Benefiting from robust growth in China's semiconductor industry, the ETF has demonstrated excellent investment returns. Data shows its three-year annualized return reached 15.69%, providing investors with an efficient tool to capture industry growth potential.