The semiconductor ETF Penghua saw a net subscription of 88 million shares today. Institutions say that demand for AI infrastructure is surging, and the storage supply-demand gap will continue for 1–2 years.

The market is choppy and consolidating today. Funds are positioning at lower levels to lay out the semiconductor sector. The PENGHUA Semiconductor ETF (159813) has seen net subscriptions of 88 million units today, marking 4 consecutive days of net inflows.

Institutional research points out that it is still too early to be bearish on the memory industry. Demand for AI infrastructure is surging, and the supply-demand gap will likely persist for 1–2 years.

Key market concerns: 1) Media reports that DRAM spot prices in Huaqiangbei have pulled back, raising worries that memory price growth may slow in the second half of 2026; 2) Google’s TurboQuant and NVIDIA’s KVTC technologies will significantly reduce the memory usage of AI servers; 3) The conflict in the Middle East is affecting raw materials and electricity prices.

Institutions believe: 1) Regarding TurboQuant: although the technology can compress the size of the KV Cache, once system efficiency improves, the context length and the number of concurrent users will grow exponentially. This will not reduce demand; instead, it will accelerate the adoption of AI applications and trigger even stronger storage demand. 2) External conflicts have only minimal impact on memory manufacturers’ raw-material supply. 3) With demand for AI infrastructure surging, the supply-demand gap will persist for 1–2 years. Inventory clearance and liquidation of speculative positions by channels in Huaqiangbei caused price declines, but spot prices are expected to gradually stabilize under strong contract prices.

As of 15:00 on March 31, 2026, the Guozheng Semiconductor Chip Index (980017) fell by 3.63%. By constituent stocks, GigaDevice led the decline at -6.94%, Beijing Junzheng fell 5.57%, OmniVision Group fell 5.34%, Ruentek Technology fell 5.09%, Shengbang shares fell 4.88%. The PENGHUA Semiconductor ETF (159813) fell 3.53%, with the latest quote at 1.04 yuan.

The PENGHUA Semiconductor ETF closely tracks the Guozheng Semiconductor Chip Index. To reflect the market performance of listed companies related to the chip industry on the Shanghai, Shenzhen, and Beijing exchanges, and to enrich index-based investment tools, the Guozheng Semiconductor Chip Index has been compiled.

Data shows that as of February 27, 2026, the top ten weight stocks of the Guozheng Semiconductor Chip Index (980017) are, respectively, Hygon Information, SMIC, GigaDevice, North Huachuang, Ruentek Technology, Cambricon, WeMicro, OmniVision Group, Xinyuan shares, and Changdian Technology. The combined share of the top ten weight stocks is 68.81%.

PENGHUA Semiconductor ETF (159813), over-the-counter connection (A: 012969; C: 012970; I: 022863).