STAR Market Integrated Circuit Companies' First-Half Net Profit Up More Than Tenfold as the "15th Five-Year Plan" for the Electronic Information Manufacturing Industry Lands; Premia China STAR50 ETF (03151.HK) Gains 20.31% Year to Date, Beating the SSE ST

NewTimeSpace News:Wind data show that Premia China STAR50 ETF (03151.HK) closed at HKD 11.03 as of 28 September, down 3.49%, with turnover of about HKD 2.07 million that day; as of 28 September, the fund's size stood at about RMB 763 million, with 80.7 million units in issue and net asset value per unit of HKD 11.0435, a discount of about 0.12% to net asset value. It rose 4.04% in a single day on 18 September, then declined for three consecutive sessions from 24 to 28 September, falling 2.53%, 0.86% and 3.49% respectively.

On performance, the product rose 20.31% year to date, 22.66% over the past six months, 13.83% over the past year and 115.64% over the past two years, while its tracking index (SSE STAR 50 Index) returned +15.76%, +19.62%, +7.25% and +110.26% over the same periods, leaving the ETF ahead of its benchmark by about 4.6, 3.0, 6.6 and 5.4 percentage points respectively; the Hang Seng Index returned -3.85%, -1.24%, -5.69% and +19.44% and peer funds returned -0.24%, +3.10%, -0.34% and +27.07%, so the product's lead over the Hong Kong market and peers was even more pronounced. STAR 50 heavyweights corrected sharply on 28 September: CAMBRICON fell 6.55%, AMEC 4.36%, HYGON 3.14%, SMIC's A-shares 2.85% and MONTAGE TECH 2.75%; on 29 September the SSE STAR 50 Index rebounded 1.12% intraday to 1,573.38 points.

On the news front, the positives: the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the "15th Five-Year Plan" for the electronic information manufacturing industry, targeting revenue of more than RMB 30 trillion for above-scale enterprises by 2030 and an R&D intensity of 3.5%, and specifying breakthroughs in edge intelligent computing chips and high-end memory chips plus the development of new architectures such as near-memory and in-memory computing; integrated circuits are listed as a pillar industry with an emphasis on full-chain breakthroughs. On earnings, as of September 2026 the STAR Market had gathered 135 integrated circuit supply chain companies, more than 60% of all A-share semiconductor companies; in the first half of 2026 STAR Market integrated circuit companies generated combined revenue of RMB 383.1 billion, up 107% year on year, and net profit attributable to shareholders of RMB 114.3 billion, up 1,020%, with 117 companies (87%) posting revenue growth; CXMT CORPORATION recorded first-half revenue of RMB 150.31 billion, up 874%, and net profit of RMB 77.605 billion, turning profitable, with its latest-generation low-power LPDDR6 in mass production, while five AI computing chip companies posted combined first-half revenue of RMB 19.275 billion, up 88%, and net profit of RMB 4.078 billion, up 248%. Industry momentum is corroborated upstream: TSMC will raise wafer foundry prices by about 3%-6% in January next year, JPMorgan raised its forecast for foundry equipment market growth to an average of 28% a year from 2025 to 2028, global semiconductor sales reached USD 403.3 billion in the second quarter of 2026, up 124% year on year, and the sector's gross margin of 50.8% and net margin of 38.8% both hit quarterly records, with SMIC's second-quarter capacity utilization at 93.7% and HUA HONG GRACE's at 102.8%. On the downside: A-share and Hong Kong semiconductor names corrected across the board on 28 September, with profit-taking pressure after strong gains and elevated crowding (the SSE STAR Chip Design Theme Index trades at a price-earnings ratio of about 116 times, a low percentile since launch but still not cheap); on 16 September the Federal Reserve raised rates by 25 basis points to 3.75%-4.00% and the 10-year US Treasury yield rose to about 4.95%, weighing on rate-sensitive growth sectors; and risks also include slower-than-expected domestic substitution, fluctuating downstream demand, intensifying competition and changes in international relations.

Managed by Premia Partners Company Limited and listed in Hong Kong on 28 July 2021 with a total expense ratio of 0.58%, the product tracks the SSE STAR 50 Index, published jointly by China Securities Index Co., Ltd. and the Shanghai Stock Exchange: the index selects the 50 largest and most liquid securities on the STAR Market, is weighted by adjusted free-float market capitalization and rebalanced quarterly, with a 10% cap on any single constituent and a 40% cap on the top five combined. The product combines physical and synthetic representative sampling: it invests directly in index securities mainly through the manager's QFI status and/or Shanghai-Hong Kong Stock Connect (50%-100% of net asset value, up to 100%), supplemented by non-funded total return swaps of up to 50% of net asset value, giving cost-effective exposure to STAR Market names not yet eligible for Stock Connect. As of 31 August, the index's top ten constituents accounted for about 58.8%: CAMBRICON 8.41%, AMEC 8.18%, SMIC 7.90%, HYGON 7.11%, MONTAGE TECH 7.08%, YUANJIE SEMICONDUCTOR TECHNOLOGY 5.29%, PIOTECH 4.64%, HUA HONG GRACE 3.61%, HWATSING 3.57% and SKYVERSE 3.11%, heavily concentrated in AI computing chips, wafer manufacturing and semiconductor equipment. The product suits investors bullish on domestic computing power and semiconductor self-sufficiency who can tolerate the high volatility of the STAR Market. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 29 September 2026)

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