September PMI rose further to 63.4%, expanding for 12 consecutive months
According to the latest release from 中華 Institution for Economic Research, Taiwan's seasonally adjusted manufacturing Purchasing Managers' Index rose 0.9 percentage points to 63.4% in September, marking 12 consecutive months of expansion and the fastest pace of expansion since August 2021. Among its components, new orders, production, employment and inventories continued to expand, while the supplier delivery time index also remained in expansion. The six major industries' outlook for the next six months all showed expansion, indicating continued manufacturing momentum.
AI demand supports Taiwan equities, rally extends across segments
梁恩溢, fund manager of Cathay Active Momentum High Dividend (00400A), said AI-related demand and technology industry growth remain key supports for Taiwan equities at this stage, with gains covering semiconductors, IC design, assembly and testing, and power-related segments. As the Taiwan stock index rewrote its record high, manufacturing and electronics industries remained in expansion, showing that AI demand is not concentrated in only a few stocks but is gradually driving different segments of the supply chain, adding positive conditions for Taiwan equity fundamentals in Q4.
Full coverage of tech supply chain, scale reaches NT$29.448 billion
梁恩溢 pointed out that 00400A mainly allocates to semiconductors, electronic components, computers and peripherals, and other electronics industries. Taiwan's technology supply chain spans advanced processes, IC design, packaging, PCB, servers to cooling and power, with different technology barriers, supply-demand conditions and development stages across segments, also providing a broader stock-selection universe for the actively managed ETF. The fund adopts a monthly distribution mechanism, combining momentum and high-dividend strategies for stock selection, and captures industry opportunities through active research and flexible operation. Half a year since listing, it has attracted over 133,000 beneficiaries, with fund scale reaching NT$29.448 billion, and the previous distribution of NT$0.12 per beneficial unit has been paid.
Q4 focus on earnings reports and profit verification
Looking ahead to Q4, 梁恩溢 believes September revenues, Q3 earnings reports and investor conferences will be released successively, and the market will watch whether the rally can extend from large-cap heavyweights to more technology supply chain segments, with investment focus on identifying companies' actual operating results, and whether corporate earnings can keep up with share price performance becoming more important. In addition to existing growth drivers such as advanced processes and AI servers, attention will also be paid to demand extending to components, cooling and power segments, and confirming from earnings reports and corporate outlooks whether industry growth is reflected in operating performance. Investing involves risks, funds may gain or lose, please read the prospectus carefully before subscribing.