Overseas memory giants, including SK Hynix, Samsung Electronics, Micron Technology, SanDisk (Western Digital), and Seagate Technology, have collectively surged to record highs, boosting the performance of A-share memory concept stocks. On May 11th, domestic chip stocks rallied strongly, with the memory sector leading the gains. 澜起科技 (MONTAGE TECH) approached a 20% daily limit up, 佰维存储 rose over 10%, and 东芯股份 gained nearly 9%. Other top gainers included 中船特气, 天岳先进, and 杰华特.

The 科创芯片ETF华宝 (HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND) (589190), which provides comprehensive exposure to the chip industry, opened higher and continued to climb. Its intraday price rose over 6%, reaching a new all-time high since its listing. Its underlying index, the SSE STAR Market Chip Index, has surged over 41% since April, demonstrating a powerful upward trend.

Industry analysis suggests the global memory market is currently experiencing a historically significant supply-demand imbalance, with the gap expected to widen. A Goldman Sachs research report from February indicated the market is on the brink of the most severe memory chip supply shortage in the past 15 years. Projections for 2026 show a DRAM market supply-demand gap of 4.9%, a NAND Flash gap of 4.2%, and a critical gap of 5.1% for HBM (High Bandwidth Memory), a key component for AI. These figures represent the highest levels since 2011.

Bocom International believes the global memory chip industry is undergoing its most robust upcycle this century, with greater intensity than previous cycles. This upcycle is expected to last at least until Q1 2027. Following a prolonged period of industry consolidation, supply is now highly concentrated. Coupled with structural demand growth driven by AI, this cycle is anticipated to exhibit significantly greater sustainability and strength compared to past cycles.

For investors seeking exposure to this "super cycle" in the chip industry, high-beta instruments are a key consideration. Public information shows that the 科创芯片ETF华宝 (589190) and its feeder funds (Class A: 021224, Class C: 021225) passively track the SSE STAR Market Chip Index. While offering balanced and comprehensive exposure across the chip industry chain, the fund maintains a weight of over 90% in core sectors like integrated circuits and semiconductor equipment, reflecting its high concentration in hard-tech companies with strong technological barriers.

Data sources include the Shanghai and Shenzhen Stock Exchanges.

ETF fee note: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%, which includes related fees charged by the stock exchanges and registration institutions. Feeder fund fee note: For the 科创芯片ETF华宝 Class A Feeder Fund, the upfront subscription fee is 0.5% for amounts below 1 million RMB, 0.2% for amounts between 1 million and 2 million RMB, and a flat fee of 1,000 RMB per transaction for amounts of 2 million RMB and above. The redemption fee is 1.5% for holdings under 7 days and 0% for holdings of 7 days or more. The Class C Feeder Fund does not charge a subscription fee. Its redemption fee is 1.5% for holdings under 7 days and 0% for holdings of 7 days or more, with a sales service fee of 0.2% per annum.

Risk Disclosure: The 科创芯片ETF华宝 passively tracks the SSE STAR Market Chip Index. The index base date is December 31, 2019, and its release date is June 13, 2022. This product is issued and managed by Huabao Fund. Selling agencies do not assume responsibility for the product's investment, payment, or risk management. Investors should carefully read the Fund Contract, Prospectus, Product Key Facts Statement, and other legal fund documents to understand the fund's risk-return characteristics and select a product suitable for their own risk tolerance. The fund manager assesses this fund's risk rating as R4 (Medium-High Risk), suitable for investors with a suitability rating of C4 and above. The performance of other funds managed by the fund manager does not guarantee this fund's future performance. Past performance is not indicative of future results. Funds carry risks; investment requires caution. Selling agencies (including the fund manager's direct sales channels and other selling agencies) assess this fund's risk according to relevant laws and regulations. Investors should pay attention to the suitability opinions issued by the fund manager in a timely manner. Suitability opinions from different selling agencies may not be entirely consistent. The fund product risk rating results issued by fund selling agencies shall not be lower than the risk rating results made by the fund manager. The description of the fund's risk-return characteristics in the fund contract and its risk rating may differ due to different consideration factors. Investors should understand the fund's risk-return profile and choose fund products cautiously based on their own investment objectives, horizon, experience, and risk tolerance, bearing the associated risks themselves. The China Securities Regulatory Commission's registration of this fund does not indicate a substantive judgment or guarantee of its investment value, market prospects, or returns. Funds carry risks; investment requires caution.

MACD golden cross signals have formed for several stocks, indicating positive momentum.