Focus Stock: Qisda Surges to Limit Up! 21 Active ETFs Core Holdings 00406A Up Over 2%

Qisda (3017-TW), a major cooling company, received a boost from the positive outlook presented in the corporate briefing. Today (13th), it opened at 3,030 yuan, reaching a high of 3,200 yuan (limit up) during trading, showing strong price and volume performance. This reflects the market's positive response to the company's improved profitability and the sustained growth of AI cooling demand. Currently, 21 out of 22 major active ETFs investing in Taiwanese stocks hold Qisda, indicating it has become a standard holding for fund managers. Among them, the active Taiwan Income (00406A-TW) has the highest allocation to Qisda at approximately 5.13%, and its stock price rose by over 2% during trading.

The U.S. July Consumer Price Index (CPI) met market expectations, easing inflation and rate hike concerns. Combined with the strength in U.S. tech and semiconductor stocks, it drove Taiwanese stocks to continue their bullish momentum today (13th). The weighted index briefly reached 46,216 points, surging nearly 700 points, with electronic components, computer peripherals, and AI server supply chains performing the best.

Qisda's recently released second-quarter financial report showed that the market was not only focused on revenue growth but also on the simultaneous improvement in profitability. Second-quarter revenue was 49.121 billion yuan, up 66% year-over-year; gross margin increased to 32.57%, up 2.8 percentage points quarter-over-quarter and 8.16 percentage points year-over-year, setting a new high for a single quarter; net profit after tax was 9.567 billion yuan, up 139% year-over-year, with earnings per share reaching 24.37 yuan. The cumulative earnings per share for the first half of the year was 44.54 yuan, already close to the 2025 full-year target of 49.17 yuan.

Looking ahead to the second half of the year, Qisda stated that with the gradual mass production of new products, revenue and profitability are expected to improve quarter by quarter, with performance expected to be better than the first half. The company's July revenue has already reached 18.59 billion yuan, up 5.5% month-over-month and 57.4% year-over-year, setting a new monthly record. With the gradual release of NVIDIA's new platform and self-developed ASIC servers by cloud service providers, the demand for integrated cooling solutions such as liquid cooling plates, branch pipes, quick connectors, and structural components is expected to increase in tandem, allowing the company to simultaneously capture opportunities in both GPU and ASIC AI computing architectures.

Qisda's strong performance today has drawn attention to active ETFs that hold the stock. 00406A opened at 9.69 yuan, reaching a high of 9.75 yuan during trading, up over 2%, with gains once outperforming the market. If calculated based on the previously disclosed 5.13% holding weight, Qisda's limit-up performance directly contributed approximately 0.5 percentage points to 00406A's net asset value.

Analysts pointed out that Qisda's stock surged after the corporate briefing, indicating that the investment focus has shifted from "AI demand theme" to the "realization of revenue into profitability." The improvement in gross margin, net profit, and cash flow in the second quarter, combined with the outlook for quarterly growth in the second half of the year, has strengthened market confidence in the medium- to long-term trend of the AI cooling industry.

For investors, through active Taiwanese stock ETFs like 00406A that incorporate protective put strategies, fund managers can adjust holdings based on financial reports, industry trends, and valuation changes, without bearing the risk of betting on a single stock. Additionally, the inclusion of protective put strategies allows for the pursuit of premium income during market volatility, increasing the sources of income and downside protection for the investment portfolio. Recently, Taiwanese stocks have rebounded with international markets, but concerns about U.S. inflation remain, and volatility is expected to continue. It is recommended that investors use active ETFs with protective puts to reduce portfolio volatility while having the opportunity to obtain continuous cash flow.

*Disclaimer: The content regarding individual stocks, funds, and futures products mentioned in the article is for reference only and not investment advice. Investors should make independent judgments and carefully assess risks, bearing all profits and losses themselves.