Today (September 5th), the KECHUANG AI ETF (589520), which focuses on domestic AI industry chains, sounded the rally horn with intraday gains reaching 1.16% before settling at 0.53%. Among component stocks, Orbbec rose over 3%, while Aoputai and Techsoft3D gained more than 2%, with Siwei Mapuni and Montage Technology following suit.
On the news front, regarding the largest weighted stock, Goldman Sachs raised Cambricon Technologies Corporation Limited's 12-month target price to 2,105 yuan per share. The report indicated that Cambricon's AI chip shipments will reach 1 million units by 2028, corresponding to approximately 16 billion yuan in net profit.
Industry insiders point out that based on 50-70x valuation multiples (benchmarking NVIDIA), Cambricon has a high probability of becoming a trillion-yuan market cap company in the future. As domestic tech giants Alibaba, Tencent, and ByteDance increase their AI capital investments, Cambricon, as a domestic AI chip giant, is expected to deliver strong future performance under the backdrop of domestic substitution.
Additionally, Montage Technology announced the launch of its Memory eXpansion Controller (MXC) chip M88MX6852, designed based on CXL® 3.1 Type 3 standards, and has begun sample testing with major customers. The chip fully supports CXL.mem and CXL.io protocols, aiming to provide higher bandwidth and lower latency memory expansion and pooling solutions for next-generation data center servers.
Guosen Securities points out that following the catalyst of North American computing power industry chain's high-growth performance realization driving the main market trend, semiconductors have welcomed rapid sector-wide gains amid TSMC's upward revision of annual performance guidance and SMIC and Hua Hong Semiconductor's optimistic outlook on future orders and industry prospects during investor briefings. The firm recommends focusing on opportunities in domestic computing power and storage power industry chains.
Shengang Securities believes that with continued investment in computing power infrastructure, domestic computing power may continue to breakthrough in model and computing chip aspects, potentially maintaining favorable growth momentum. Looking at the medium term, domestic computing power is expected to achieve growth elasticity ahead of overseas computing power.
KECHUANG AI ETF (589520) fund manager Cao Xuchen noted that the current semiconductor-led domestic computing power rally is more of a catch-up to overseas computing power sectors, with the real major opportunity possibly coming at year-end to next year. Meanwhile, once Fed rate cuts materialize and AI applications gradually develop, the semiconductor sector will transition from concept speculation to valuation switching, potentially delivering greater sector elasticity.
**Domestic Substitution Beacon, KECHUANG Self-Reliance and Self-Strengthening**
From the current standpoint, three key highlights of the KECHUANG AI ETF (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561):
1. **Policy Ignition, AI Takeoff**: Top-level policy documents have triggered explosive growth, with AI potentially becoming the leading sector throughout this market cycle. Edge-cloud integration represents the core trend in AI development, with component stocks being companies with the largest revenues or best positioning in their respective segments, benefiting from accelerated AI adoption in edge-side chips/software.
2. **Domestic Substitution, Independent Control**: Against the backdrop of tech friction, information security and industrial security importance has become prominent. As a core technology, achieving independent control in artificial intelligence is crucial. The target index focuses on domestic AI industry chains with strong domestic substitution characteristics.
3. **20% Daily Limit High Elasticity, Strong Offensive Capability**: Compared to directly investing in STAR Market individual stocks, ETFs enable low-threshold positioning with 20% daily price limits, offering higher efficiency during market breakouts. The top ten holdings account for over 60% of total weight, with semiconductors as the largest sector representing nearly half the allocation, demonstrating high concentration and strong offensive capability.
Chart: Mid-2025 Report KECHUANG AI ETF (589520) Top Ten Weighted Holdings
Note: As of July 31, 2025, the top ten holdings of the KECHUANG AI Index account for 67.36% of total weight; based on SWSRI secondary industry classification, semiconductors represent the largest weighted sector at 47.8%.
**Risk Warning**: The KECHUANG AI ETF and its feeder funds passively track the SSE STAR Market AI Index, with base date of December 30, 2022, and published on July 25, 2024. Index constituent composition adjusts according to index compilation rules as appropriate, and historical backtesting performance does not predict future index performance. Individual stocks and index constituents mentioned in this article are for display purposes only, with stock descriptions not constituting any form of investment advice, nor representing holding information or trading activities of any fund managed by the management company. The fund management company assesses the KECHUANG AI ETF's risk level as R4-Medium High Risk, suitable for aggressive (C4) and above investors, with appropriateness matching opinions subject to sales institutions. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) serves as reference only, and investors must take responsibility for any independent investment decisions. Furthermore, any views, analyses, and predictions in this article do not constitute investment advice to readers in any form, nor bear any responsibility for direct or indirect losses arising from use of this content. Fund investment carries risks, past fund performance does not represent future results, and performance of other funds managed by the fund management company does not guarantee fund performance. Fund investment requires caution.
MACD golden cross signal formed, these stocks show good upward momentum!