Semiconductor sector shows intra-sector rotation: funds are exiting broad chip
names and reallocating into specific supply‑chain nodes. Packaging/test stocks
such as Tongfu Microelectronics and JCET Group logged net inflows, while memory
and chip‑design names including GigaDevice, Huatian Technology, Beijing
Junzheng, Baiwei Memory, Puran and Demingli saw large net outflows. Market
takeaway: investors prefer packaging and advanced packaging as nearer‑term
beneficiaries of AI compute expansion and onshore substitution order visibility,
while memory and consumer‑electronics chains — after earlier gains and with
remaining price‑cycle and demand uncertainty — are being taken down for profit.
