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Overview: (1) Changxin Technology’s imminent IPO, coupled with strong efficiency in abroad semiconductor shares, is additional boosting market sentiment round home storage chip localization; (2) NVIDIA’s better-than-expected earnings are offering tailwinds for the AI {hardware} sector, whereas surging energy consumption of computing chips is driving pressing demand for thermal administration options, preserving liquid cooling ideas actively traded.
Markets exhibited volatility and divergence yesterday, with the three main indices ending blended. The STAR 50 Index surged by greater than 3%. Structural differentiation stays dominant within the present market, making a concentrate on core thematic drivers the important thing technique for now.
Semiconductors stay on the coronary heart of market consideration. Industry leaders—together with GigaDevice (storage chips), JCET Group (superior packaging), Changchuan Technology (testing tools), and NAURA (semiconductor tools)—continued to attain new highs. Additionally, wafer fabrication giants Hua Hong Semiconductor and SMIC each rose by over 10%. Meanwhile, Hebai Group and Chengbang Shares efficiently achieved three consecutive day by day buying and selling limits, changing into short-term sentiment benchmarks for the semiconductor sector and successfully stimulating speculative curiosity in undervalued section names.
From a information perspective, Changxin Technology’s proposed IPO on the STAR Market is scheduled for assessment on May 27, with a deliberate fundraising goal of RMB 29.5 billion. The proceeds will primarily help capability enlargement and R&D iteration in storage chips—doubtlessly accelerating the home substitution of high-end storage chips and strengthening China’s localized storage provide chain. Coupled with the numerous in a single day beneficial properties in U.S. semiconductor shares, this growth is doubtless to additional elevate short-term investor sentiment towards A-share semiconductor names. However, after a part of strong volume-driven rallies, most semiconductor shares have reached comparatively elevated ranges. Following a peak in short-term sentiment, divergent inventory efficiency might progressively emerge, making prudent timing and place administration important.
Additionally, NVIDIA reported first-quarter income and earnings that exceeded analyst expectations this morning, together with stronger-than-expected steerage for the second fiscal quarter—doubtlessly offering additional impetus to the AI {hardware} section. Rapid iteration of enormous AI fashions and repeatedly rising shipments of high-end computing chips are increasing demand throughout supporting segments such as high-speed interconnects, high-speed optical communications, and computing infrastructure. Accelerated funding in AI infrastructure is additional elevating sectoral sentiment in specialised areas together with high-speed interconnect architectures, high-density computing {hardware}, and thermal administration options.
Recently, the liquid cooling theme has proven sustained momentum, with Chuanrun Shares attaining three consecutive day by day buying and selling limits and Tongfei Shares and Shenling Environment demonstrating strong upward developments. Power consumption of AI chips—led by NVIDIA—is doubling with every new technology, rising from 1,000W for the B200 to over 4,000W for the upcoming Rubin-series R300. Rack-level energy density has already surpassed 140kW, making liquid cooling the one viable answer for deploying high-density computing infrastructure. Given the comparatively low valuations and market positioning of liquid cooling shares, traders ought to prioritize essentially sound firms with clear business logic.