Investing in semiconductor ETFs is an alternative to individual tech stocks. ETFs offer a strategic advantage for those looking to tap into the potential of the semiconductor industry without the heightened volatility that individual stock picks can bring. This not only mitigates the impact of any single company's performance but also captures the sector's overall growth.
投資半導體ETF是個別科技股的替代方案。對於那些希望在不增加個股選擇可能帶來的波動性的情況下挖掘半導體行業潛力的人來說，ETF提供了戰略優勢。這不僅可以減輕任何一家公司業績的影響，還可以反映該行業的整體增長。
■ Investors shift from individual stock selection to thematic investment
■ 投資者從個人選股轉向主題投資
Most semiconductor industry segments have seen gains in 2023, including manufacturing equipment, semis materials, and autonomous driving chips, not just AI chip companies represented by Nvidia.
大多數半導體行業在2023年都出現了增長，包括製造設備、半導體材料和自動駕駛芯片，而不僅僅是以英偉達爲代表的人工智能芯片公司。
Investors piled into semiconductor ETFs this year, pushing the market size to $32 billion in assets under management. That figure doubles to $64 billion when including themes where sectors overlap -- AI, 5G, metaverse, autonomous and electric vehicles, and robotics.
今年，投資者湧入半導體ETF，將市場規模推高至320億美元的管理資產。如果將人工智能、5G、元宇宙、自動駕駛和電動汽車以及機器人等領域重疊的主題包括在內，這一數字翻了一番，達到640億美元。
Different from in-depth analysis of each individual company's prospects, semiconductor ETFs present a more balanced investment approach, harnessing the collective momentum of the industry's key players.
與對每家公司前景的深入分析不同，半導體ETF提供了一種更加平衡的投資方法，利用了該行業主要參與者的集體勢頭。
For semiconductor ETFs, the fee structure is quite competitive. Among the top 15 largest ETFs in this segment, six feature an identical expense ratio of 0.35%, the lowest relative to other peers.
對於半導體ETF而言，費用結構極具競爭力。在該細分市場中排名前15位的ETF中，有6只的支出比率相同，爲0.35％，與其他同行相比最低。
■ Japan Semiconductor ETF Outperforms This Year
■ 日本半導體ETF今年表現跑贏大盤
In 2023, the Global X Japan Semi ETF (2644 JP) outperformed, delivering an 86% return compared to the average 58% seen by the top 15 semiconductor ETFs. The standout performance was heavily influenced by regional investment strategies; the emphasis on Japanese semiconductor entities was a distinguishing feature. The prominence of these Japanese companies within the portfolio may have been advantageous, especially in light of tensions between China and the US. Disco (up 173% this year), Advantest (122%) and Renesas Electronics (113%) contributed the most to 2644 JP's outperformance, benefiting from Japan's strengths in high-end semiconductor materials (photoresists, wafers, target materials, etc.)
2023年，Global X日本半導體ETF（2644日元）跑贏大盤，回報率爲86％，而排名前15位的半導體ETF的平均回報率爲58％。出色的業績在很大程度上受到區域投資策略的影響；對日本半導體實體的關注是一個顯著特徵。這些日本公司在投資組合中的突出地位可能是有利的，特別是在中美關係緊張的情況下。受益於日本在高端半導體材料（光刻膠、晶圓、目標材料等）方面的優勢，迪斯科（今年上漲173％）、愛德萬測試（122％）和瑞薩電子（113％）對2644日本的跑贏大盤的貢獻最大
There appears to be a notable link between assets under management (AUM) and performance. Excluding the JP market, the VanEck Semiconductor ETF (SMH US) stands out with the highest AUM and the most impressive annualized return since its launch.
管理的資產（AUM）與業績之間似乎存在顯著的聯繫。不包括日本市場，VanEck半導體ETF（SMH US）以其自推出以來最高的資產管理規模和最令人印象深刻的年化回報率脫穎而出。
Return analysis also shows SPDR S&P Semi ETF (XSD US) was the worst performing semi ETF. The ETF tracks an equal-weighted index of semiconductor stocks, and tilts its portfolio away from large, well-known companies and toward smaller ones.
回報分析還顯示，SPDR標普半ETF（XSD US）是表現最差的半ETF。該ETF追蹤半導體股票的等權重指數，並將其投資組合從大型知名公司向小型公司傾斜。
■ The semis industry will continue to benefit from growing demand
■ 半導體行業將繼續受益於不斷增長的需求
The semiconductor sector's current PE of 22x, surpassing the five-year average of 18x, may present a challenge for widespread revaluation within the industry, with investors highly selective across end markets. Despite this, the year 2024 is anticipated to be a period of strong fundamental growth.
半導體行業目前的市盈率爲22倍，超過了五年平均水平的18倍，這可能對該行業的廣泛重估構成挑戰，投資者對終端市場具有高度選擇性。儘管如此，預計2024年將是基本面強勁增長的時期。
According to Gartner, semiconductor sales are expected to increase from US$527 billion in 2023 to US$1,141 billion in 2032. Among them, logic chips are still the main growth driver.
根據Gartner的數據，半導體銷售額預計將從2023年的5270億美元增加到2032年的11.41億美元。其中，邏輯芯片仍然是主要的增長動力。
Parallel-process computing, high-bandwidth memory and high-speed data transmission could be required for AI computing, boosting demand for AI application-specific integrated circuits (ASICs), graphic processing units (GPUs) and high-speed network chips. Demand for compound semiconductors for electric vehicles and next-generation memory chips could also rise.
人工智能計算可能需要並行處理計算、高帶寬存儲器和高速數據傳輸，從而推動了對人工智能應用專用集成電路 (ASIC)、圖形處理單元 (GPU) 和高速網絡芯片的需求。電動汽車和下一代存儲芯片對化合物半導體的需求也可能增加。
■ What advanced technologies are worth looking forward to？
■ 哪些先進技術值得期待？
ASML's next-generation 3800E EUV lithography machine might be deployed in 2023, supporting plans by Intel, TSMC and Samsung to start producing 2nm chips in 2025. The system's bigger and improved mirrors enhance chip-manufacturing yield.
ASML的下一代3800E EUV光刻機可能會在2023年部署，以支持英特爾、台積電和三星在2025年開始生產2納米芯片的計劃。該系統的更大、經過改進的反射鏡可提高芯片製造良率。
There is also potential for strong growth in demand for production tools that make advanced package substrates, including lithography tools, laser drills, dicers, bonders and testers. Besides, demand for chip-on-wafer-on-substrate (CoWoS), an advanced package solution developed by TSMC, is also likely to increase due to the spread of ChatGPT and other generative AI applications.
對製造先進封裝基板的生產工具（包括光刻工具、激光鑽頭、切片機、粘合機和測試儀）的需求也有可能強勁增長。此外，由於 ChatGPT 和其他生成式 AI 應用的普及，對臺積電開發的先進封裝解決方案基板芯片 (CowOS) 的需求也可能會增加。
Source: TSMC
來源：台積電
In general, the advancement of artificial intelligence and the progress of technology are set to benefit every segment of the semiconductor industry, providing a solid foundation for the continued growth and relevance of semiconductor ETFs.
總的來說，人工智能的進步和技術進步將使半導體行業的每個細分市場受益，爲半導體ETF的持續增長和相關性奠定堅實的基礎。