Market analysis suggests August may present a repair window for A-shares, with portfolios shifting back to fundamental valuation logic.

The world's most popular memory-focused ETF, the Roundhill Memory ETF (DRAM), completed its portfolio rebalancing at the end of July, once again adding A-share listed company CXMT Corporation with a 2.52% weight, making it the eighth-largest holding in the ETF. Meanwhile, Gigadevice Semiconductor Inc. saw its weight reduced to 1.51% in this rebalancing, ranking as the tenth-largest holding. Gigadevice Semiconductor Inc. was first included in the ETF's portfolio in June 2026, at which time it held a 2.91% weight, also ranking as the eighth-largest holding.

The Roundhill Memory ETF, issued by Roundhill Investments, was listed on the Cboe BZX Exchange in the United States on April 2, 2026, and is the world's first ETF with a pure memory chip investment theme. As of August 2, the ETF's top three holdings were Samsung Electronics, Micron Technology, and SK Hynix, with weights of 26.39%, 24.54%, and 22.77%, respectively.

Roundhill also reduced its position in Samsung Electronics this week, selling approximately 1 million shares daily from Monday to Wednesday, totaling 3 million shares for the three days, valued at about $4.32 billion (approximately 29.2 billion yuan based on current exchange rates). The current top ten holdings of DRAM include global memory chip leaders such as Samsung Electronics, Micron Technology, SK Hynix, Seagate Technology, Western Digital, SanDisk, Kioxia Holdings, CXMT Corporation, Nanya Technology, and Gigadevice Semiconductor Inc..

CXMT Corporation is China's largest integrated DRAM research, development, and manufacturing enterprise. According to Omdia's sales estimates for the fourth quarter of 2025, its global market share reached 7.67%, ranking fourth worldwide and first domestically in China.