Institutional Research Report: Domestic computing power chain offers significant allocation value Semiconductor Equipment ETF by E Fund (159558) has continuously received capital inflows over the past two trading days

On April 7, the entire chip industry chain rebounded across the board, with the semiconductor equipment sector oscillating at high levels. As of the close, the CSI Chip Industry Index surged by 1.8%, the CSI Semiconductor Materials and Equipment Theme Index rose by 0.5%, the CSI Cloud Computing and Big Data Theme Index edged down by 0.2%, and the hard-tech direction became the core main line for market funds’ deployment. According to Wind data, the E Fund Semiconductor Equipment ETF (159558, Link Fund A/C: 021893/021894) has seen continuous fund accumulation over the past two trading days, with total net inflows exceeding 75 million yuan.

From the perspective of industry fundamentals, the growth logic of the domestic computing power chain continues to be strengthened. A research report from BOC Securities clearly states that, against the backdrop of constraints on overseas computing chip supply, domestic cloud service providers will be more inclined to deploy domestic computing power clusters with higher cost performance. Driven by both “performance going overseas” and “price going overseas,” it is expected to help domestic large models continue to grow. The domestic computing power chain has significant allocable value in terms of cost performance, and semiconductor equipment, as the core hard-technology foundation of the computing power industry chain, will directly benefit from the accelerated rollout of domestic computing power infrastructure.

From the perspective of index characteristics and investment positioning (data source: Wind, as of April 7, 2026):

CSI Semiconductor Materials and Equipment Theme Index (E Fund Semiconductor Equipment ETF 159558): Up 0.5% today, with a price-to-book ratio of 7.0x, and a valuation percentile of 65.8% since its launch in 2018. The index is made up of 40 stocks of companies whose businesses involve semiconductor materials and semiconductor equipment.

CSI Chip Industry Index (E Fund Chip ETF 516350): Up 1.8% today, with a price-to-book ratio of 6.4x, and a valuation percentile of 77.5% since its launch in 2015. The index consists of 50 stocks of companies whose businesses involve chip design, manufacturing, packaging and testing, as well as semiconductor materials and semiconductor production equipment.

CSI Cloud Computing and Big Data Theme Index (E Fund Cloud Computing ETF 516510): Down 0.2% today, with a trailing price-to-sales ratio of 4.7x, and a valuation percentile of 94.2% since its launch in 2016. The index consists of 50 stocks of companies whose businesses involve providing cloud computing services, big data services, and related hardware equipment.

Among the “Future Computing” series ETFs under E Fund, the Cloud Computing ETF E Fund (516510) and the Chip ETF E Fund (516350) both adopt a low-fee strategy of 0.2% per year (management fee + custody fee). See the chart below:

Risk alert: Funds involve risks; invest with caution.