The Philadelphia Semiconductor Index hits a new high again, and this wave of the global "chip" surge is especially strong!

Coming back from the holiday, the A-shares are strongly recovering, with no sign of “holiday syndrome,” soaring all the way with a momentum as bright as a rainbow!

Looking at the global markets, the AI-driven super cycle is reshaping industry patterns. U.S. tech stocks are collectively exploding, with numerous earnings reports exceeding expectations, continuously confirming: the global chip industry chain still maintains high growth expectations.

Interestingly, high-growth investments represented by chips are gradually breaking out of their niche. Recently, the Korean matchmaking market has seen the emergence of the “Hynix Effect”—thanks to promising future performance incentives, SK Hynix employees have become top trending figures in dating, with their signature workwear now serving as “singlehood battle robes.”

From industry, stock markets, to even the dating scene, behind this wave of “chip fever” lies the strong momentum of the semiconductor super cycle. From CPUs, storage, to cloud providers and optical modules, core sectors are all gaining strength, truly “standing in the light”!

The Science and Technology Innovation Chip Design Index “Standing in the Light”

Data source: Wind Information, statistical period from 2024.9.24 to 2026.5.7. Past performance of the index does not predict future results. “924” refers to September 24, 2024.

May Starts with a Bang, SOX Index Hits New High

This time, it’s a resonance across the global tech sector, a double boost from risk appetite recovery and companies’ earnings surpassing expectations.

First, looking at the U.S. stock market, several leading stocks have experienced explosive growth since the holiday:

CPU Sector: AMD (AMD.O) has increased by 112.5% this year, with a 353.6% rise over the past year; Intel (INTC.O) has surged 238.5% this year, with a 515% increase over the past year. The success of AI business transformation continues to validate, becoming the core driver of stock price soaring.

Storage Sector: Sandisk (SNDK.O) up 558.2% this year, with a 4367.7% increase over the past year; Micron Technology (MU.O) up 161.8% this year, with an 806% rise over the past year; Seagate Technology (STX.O) up 184.7% this year, with a 730.5% increase over the past year. The storage chip sector benefits from explosive AI computing power demand, leading the current tech rally.

Cloud Providers & Optical Modules: Google (GOOGL.O) up 28.1% this year, with a 165.7% increase over the past year; Amazon (AMZN.O) up 18.1% this year, with a 44.5% rise over the past year. The steady rise in cloud stocks reflects market confidence in long-term AI infrastructure investment. In optical modules, Lumentum Holdings (LITE.O) surged 1264.4% over the past year; Applied Optoelectronics (AAOI.O) up 965.4% this year. The optical communication industry chain benefits fully from global expansion of computing networks, with related stocks achieving double-digit gains in both performance and share prices.

Alongside the strong performance of core stocks, the Philadelphia Semiconductor Index (SOX) has increased by 66.25% year-to-date, firmly standing above 11,000 points, marking a new milestone for the global semiconductor sector.

(Data source: Wind Information, as of 2026.5.8)

Behind the Phenomenal Heat: The Hard-Core Logic of the Semiconductor Super Cycle

As we have always emphasized, the current high prosperity of the semiconductor industry chain is not a single bloom but a garden full of vibrant colors.

The high prosperity is driven by the continuous exceeding of expectations by leading companies in various sub-sectors, and further supported by longer order backlogs and rising price expectations.

Specifically:

1. Storage Super Cycle

The “Hynix Effect” as the “dating top influencer” essentially reflects the wealth effect spillover from the storage chip super cycle. In Q1 2026, SK Hynix’s operating profit reached 37.6 trillion won, a year-on-year surge of 405.5%, with an operating margin soaring to 72%, surpassing Nvidia to become the industry’s “money printer.”

The core of this phenomenon is the extreme imbalance between supply and demand driven by AI:

? Demand side: AI server memory usage is 8 times that of ordinary servers. By 2026, 70% of global memory capacity will be consumed by data centers, with most capacity booked by 2028.

? Supply side: The three major memory manufacturers strictly control capacity expansion, with inventories sufficient for only about 4 weeks. Production capacity is prioritized for high-end products like HBM and DDR5, leading to a persistent supply gap in general storage.

2. CPU Counterattack: Reconstructing the Computing Power Center in the Era of Intelligent Agents

Long overshadowed by GPUs, CPUs are making a strong comeback in the era of Agentic AI. The high-frequency demand for logic judgment, task scheduling, and low-latency response in intelligent agents is shifting the CPU-to-GPU ratio from traditional 1:4-1:8 to 1:1-1:2.

AMD’s data center business revenue in Q1 reached $5.8 billion, a year-on-year increase of 57%, surpassing client-side business for the first time, becoming the company’s largest revenue source. Based on this, AMD raised its 2030 server CPU market size forecast from $60 billion to $120 billion, with an expected CAGR of over 35%. Major CPU giants are also entering a price increase cycle, with hikes up to 16-17%, officially initiating a price rise across the entire computing chain.

3. Rise of Domestic Computing Power: From Policy Substitution to Order Fulfillment

Global AI demand has shifted from “storytelling” to “real orders,” ushering in a historic opportunity for domestic computing power. Domestic large models like DeepSeek-V4 have achieved closed-loop technology, releasing simultaneously with adaptation for 10 domestic chip manufacturers, with token call volume growing exponentially, and revenue of representative companies surpassing $250 million with three price hikes.

Q1 data from A-shares show that domestic computing power companies are performing explosively: a leading domestic AI chip company’s revenue grew 160% YoY in Q1, with net profit soaring 185%, and operating cash flow turning positive for the first time; another CPU+DCU dual-driven leader’s revenue broke 4 billion yuan, up 68% YoY; a domestic GPU company became the first to achieve quarterly profit as a “new star.” (Data source: Wind Information, as of 2026.3.31)

Mid-2026: How to Invest in This Wave of “Chip Power”?

Actually, since last year, every time the semiconductor sector hits a new high, similar doubts arise: it’s already risen so much, can the rally continue?

We believe that whether it can keep rising should not only be judged by how much it has already gained, but more importantly, whether the industry prosperity can be sustained and whether current valuations are excessively bubble-like.

Below are some leading sell-side views for reference.

CITIC Securities states that the demand-supply gap for storage chips will last at least until the end of 2027, and the price increase trend will continue throughout 2026. On the demand side, U.S. tech giants’ AI “battle” for funds is intensifying. Amazon, Meta, Microsoft, and Google’s parent company Alphabet plan to spend up to $725 billion this year, further elevating from the previous epic scale of about $650 billion. This provides strong support for sustained storage chip demand.

CITIC Construction Investment explicitly states that the construction boom of computing infrastructure is far from over, and maintains a firm optimistic view on the investment value of the entire AI industry chain. Under the dual effects of overseas demand transmission and accelerated domestic substitution, the domestic computing power industry is experiencing demand-side and policy-side benefits simultaneously.

In essence, returning to the core of investment: this AI computing power-driven industry cycle is more likely a long-term journey spanning several years rather than a short-distance sprint for quick gains.

If this investment aligns with your risk tolerance and you firmly believe in the industry’s development logic behind it, then rather than being swayed by emotions and frequently chasing or selling, choosing more stable and measured investment tools and strategies will better help you seize the long-term opportunities brought by industry trends.

The Largest and Most Liquid Science and Technology Innovation Chip Design ETF: Guolian An (588780)

Since the “924” A-share rally, the Science and Technology Innovation Chip Index has performed outstandingly, leading among semiconductor indices, especially in the past six months, earning the reputation of the “pioneer” in chip market trends.

Data source: Wind Information, from 2024.9.24 to 2026.5.7. Past index performance does not predict future results. “924” refers to September 24, 2024.

Among ETFs tracking the Science and Technology Innovation Chip Design Index, Guolian An (588780) was established earliest, with the largest scale and best liquidity, making it a convenient choice for investors to quickly allocate high-quality assets in the chip design sector.

Recently, Guolian An 588780’s scale exceeded 1 billion yuan, entering a new phase of product lifecycle. (Data source: Wind Information, as of 2026.5.7)

Behind the 1-billion-yuan scale are a series of impressive trading data. As of May 7, 2026, Guolian An 588780 has an average daily trading volume of 150 million yuan this year, with an average daily turnover rate exceeding 20% since inception, featuring active intra-day trading and leading liquidity, highly recognized by investors. (Data source: Wind Information, as of 2026.5.7)

The Science and Technology Innovation Chip Design Index focuses heavily on core chip design links, covering leading companies in core technological innovation. Among them, digital chip design accounts for 77.36%, analog chip design for 16.74%, totaling over 94%.

Benefiting from surging AI chip demand, domestic computing power advancement, and the sector’s high-growth attributes on the STAR Market, the index exhibits strong growth potential, helping investors fully enjoy the high-growth prospects in chip design.

Therefore, this index is suitable for investors with a need to allocate in high-prosperity sub-sectors of semiconductors, enabling diversified exposure, reducing individual stock risks, and efficiently capturing the historic opportunities of domestic substitution and industry prosperity in chip design.

Top 10 Constituents of the Science and Technology Innovation Chip Design Index

Data source: Wind Information, as of 2026.5.6. Only for index component display, not a stock recommendation.

Guolian An Fund: Deep Cultivator of the Tech Sector, Sharing the Red Tech Dividend with Investors

As a deep player in domestic index investment, Guolian An Fund launched the “National Level” hard tech product—the Semiconductor ETF Guolian An (512480)—in 2019. Since then, it has focused on genuine investor needs, leveraging professional research and meticulous management to deepen its investment in the hard tech sector.

In the tech growth field, Guolian An has formed a comprehensive, multi-segment product layout. Besides the Semiconductor ETF Guolian An (512480) and the Chip Design ETF Guolian An (588780), it has also strategically deployed products in Hong Kong stocks and the ChiNext market, based on investment value. The Hong Kong Tech 30 ETF Guolian An (159120) covers the entire tech industry chain including semiconductors, hardware, software, cloud computing, and AI; the STAR Market 50 ETF Guolian An (588180) focuses on “Kechuang” concept stocks, core assets on the STAR Market, with holdings in semiconductors, PV equipment, medical devices, and software development, serving as an important tool for long-term asset allocation by insurance funds and other major investors; the Chuangke Technology ETF Guolian An (159777) is one of the first domestic Chuangke ETFs, covering batteries, medical devices, communications equipment, and PV equipment. Multiple products work together to provide investors with diverse options to capture the era’s technological growth opportunities.

For Guolian An Fund, index investing is not just passive tracking but active empowerment based on deep industry chain research, with meticulous daily management and a solemn commitment to millions of holders. In the future, Guolian An Fund will continue to manage each product with professionalism, focus, and dedication, sharing in the dividends of China’s hard tech industry development.

Guolian An Tech Sector ETF Tools

| Related Products |
|—|—|
| Semiconductor ETF Guolian An (512480) | Connect A: 007300, Connect C: 007301 |
| Chip Design ETF Guolian An (588780) |

Covering the entire industry chain, capturing AI computing power, storage cycles, packaging and testing price hikes, and domestic substitution industry chain dividends, these tools precisely seize industry prosperity opportunities. Focused on the chip design segment of the STAR Market, covering core technological innovation leaders, benefiting from surging AI chip demand, domestic computing power promotion, and high-growth attributes, with prominent growth elasticity.

Related products:

| Hong Kong Stock Connect Tech ETF Guolian An (159120) |
|—|—|
| Tracks the Hang Seng Hong Kong Stock Connect Tech Theme Index, covering leading internet tech stocks, fully capturing industry catalysts and valuation recovery opportunities in Hong Kong tech sector. It is an efficient way for investors to quickly allocate core Hong Kong tech assets, balancing long-term industry growth and short-term valuation recovery. |

Product Risk Level: The Semiconductor ETF Guolian An, the Guolian An CSI All-Share Semiconductor Products & Equipment ETF Connect, the Chip Design ETF Guolian An, and the Hong Kong Stock Connect Tech ETF Guolian An all have a risk level of R3 (medium risk). This risk level is solely based on the fund manager’s assessment; the sales institutions’ evaluations may differ. Investors should independently make investment decisions based on the risk assessments and suitability evaluations provided by the sales channels.

Risk Reminder: Funds carry risks; investment should be cautious. This material is for promotional purposes and not a legal document. The information provided is based on or sourced from reliable sources and is for reference only, not constituting substantive investment advice. The fund manager commits to honest, diligent, and responsible management but does not guarantee profits or minimum returns. Past performance does not predict future results. Performance of other funds managed by the fund manager does not guarantee specific fund performance. Investing in the STAR Market involves risks related to market mechanisms, trading rules, and company-specific factors such as stock price volatility, liquidity, and delisting risks. The Hong Kong market’s T+0 trading mechanism involves specific risks related to trading environment, targets, and rules. The China Securities Regulatory Commission’s registration of the fund does not imply endorsement or guarantee of its risks or returns. The fund’s operation period is relatively short and may not reflect all market phases. Please read the fund’s prospectus, legal documents, and related materials carefully. Investors should bear the investment risks independently, as the fund’s performance and net asset value fluctuations are their own responsibility. The fund manager, custodian, sales agencies, and related institutions do not make any promises or guarantees regarding investment returns. These products are issued and managed by Guolian An Fund Management Co., Ltd., with the distributors not responsible for investment, redemption, or risk management.

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