Today the Industrial Machinery ETF (159667) still performed well, rising by more than 4% for two consecutive days.
[Cause Analysis]
From a macro level, Iranian Deputy Foreign Minister Gari Babadi confirmed that the text of the Iran-US Memorandum of Understanding has been finalized, and the formal signing ceremony will be held in Switzerland on the 19th.
The United States and Iran reached a peace agreement, and market sentiment rebounded.
From a fundamental perspective, machine tools are the mother machines for manufacturing various equipment, and their downstream coverage is relatively broad.
The machine tool industry has continued to grow since 26Q1. From January to April, the output of CNC metal cutting machine tools increased by 20%+ year-on-year. In May, Japanese machine tool orders increased by nearly 40% year-on-year.
In terms of specific industries, the explosion of liquid cooling demand and the continued expansion of PCB production have brought about “increases in both volume and price” in the field of upstream equipment consumables:
– PCB: PCB manufacturing processes have evolved to the micron or even sub-micron level to achieve chip interconnection and chip packaging.
PCBs have developed from traditional ordinary versions to high-rise boards. Drilling, coating, exposure, mounting and other links have shown varying degrees of inflation, bringing exponential changes to the development of some equipment and consumables (drill pins, etc.).
-Tungsten Ore: Recently, tungsten prices have shown a rebound trend as a whole, mainly due to the market’s periodic emotional recovery after a significant correction from highs.
Tungsten is one of the national strategic metals. Its strategic importance may continue to increase in the medium to long term. At the same time, the demand side is highly resilient, and prices are expected to stabilize and move towards a moderate recovery.
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Liquid cooling: The demand for cooling of data center cabinets continues to increase, and the application of cold plate liquid cooling solutions is close to 90%. Its unique structural parts, cold plates and quick connectors require machine tool processing, which is a brand new addition to the industry.
As the requirements for heat dissipation power become higher, the liquid cooling joints gradually increase to 36 and 38 sizes. The processing size of the core machine is gradually unable to meet the requirements, and a combination of lathe and turning and milling is required for processing.
– Robots: Yushu Technology held a meeting on the Science and Technology Innovation Board on June 1. Tesla’s small-batch mass production plan for humanoid robots from July to August is still progressing steadily. Currently, there are not many manufacturers of machine tool equipment used in the field of robotics that are actually mass-producing. Driven by the demand for cost reduction, domestic machine tool manufacturers are expected to benefit in the future.
[Market Outlook]
The components of the CSI Machine Tool Index are no longer completely equivalent to machine tools in the traditional sense. Some weighted companies prefer supporting equipment for some high-prosperity tracks.
– Traditional machine tools: In the short term, it will benefit from the recovery of downstream manufacturing and the demand for equipment updates. In the medium and long term, it will focus on domestic substitution + equipment overseas. Policies are also continuing to support the industrial mother machine industry.
Currently at the bottom of the cycle, valuations are expected to recover in the future.
– Emerging fields: The humanoid robot field is expected to gradually enter the mass production stage, and the follow-up is still a blue ocean; AIDC heat dissipation requirements continue to increase, bringing about the dual logic of demand increase + equipment upgrade; the volume and price of PCB equipment consumables continue to rise.
The medium- and long-term status and gap status of strategic metal tungsten remain unchanged, and long-term prices are expected to remain high.
The Industrial Machinery ETF (159667) is one of the few ETF products in the market that tracks the CSI Machine Tool Index.
Recently, the CSI Index has adjusted positions, and many tool companies have been included in the CSI Machine Tool Index. As of June 15, 2026, the content of PCB equipment consumables in #IndustrialMachinery ETF (159667) has significantly increased to nearly 50%, the content of humanoid robots is about 35%, the liquid cooling content is about 25%, and the tungsten ore content is about 11%.
Interested investors can adopt methods such as step-by-step allocation/batch opening of positions to smooth the impact of short-term fluctuations on holding costs.
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