Today (March 19), the market experienced consolidation, with major A-share indices all in negative territory. The Science and Technology Innovation Artificial Intelligence ETF (589520), which focuses on the domestic AI industry chain, followed the broader market downward, trading below its previous close. Its intraday price fell by 2.1%. Notably, the ETF has frequently traded at a premium, indicating stronger buying interest, suggesting potential capital inflows to position on dips.
Among its constituents, Zhongke Star Map and UCloud-W rose against the market trend, while the remaining 28 stocks declined. Transwarp Technology-U led the losses, falling over 8%, followed by Anlogic Technology and Fudan Microelectronics Group, both down more than 4%, weighing on the index performance.
On the news front, Alibaba Cloud announced price increases of up to 34% for its AI computing power and storage products. On the same day, Baidu Intelligent Cloud issued a notice adjusting prices for its AI computing power and storage offerings. Prices for AI computing-related services were raised by approximately 5%-30%, while parallel file storage saw increases of around 30%.
The current model market is expanding and accelerating monetization, with the Token industry chain becoming a new core focus. Changjiang Securities believes that models have entered an era of demand. As the user base grows, the Token explosion directly drives demand for inference computing power and cloud services. Looking at specific verticals, AI application products in areas like tools, social media, and entertainment are expected to benefit from continuous improvements in model capabilities.
The institution recommends focusing on: 1) The model side: revaluation driven by the explosion in Token/MaaS revenue; 2) Domestic computing power: potential supply relief and accelerated monetization as demand reaches an inflection point; 3) Cloud services and IDC; 4) Applications: seeking high-value, high-barrier, and high-monetization varieties in scenarios such as taxation and industrial applications.
[The Beacon of Domestic Substitution, Self-Reliance in Sci-Tech Innovation] The Huabao Science and Technology Innovation Artificial Intelligence ETF (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561) focus on the domestic AI industry chain. Their constituents include leading domestic GPU companies (such as Cambricon), leading domestic ASIC firms (such as VeriSilicon), and top AI application players (such as Kingsoft Office). The semiconductor sector accounts for nearly half of the weighting, providing strong offensive potential. The software sector, with a weighting of over 30%, is poised to benefit from potential catch-up rallies in AI applications. Additionally, this ETF is a margin trading security, making it an efficient tool for gaining exposure to domestic computing power.
ETF Fee Information: The Huabao Science and Technology Innovation Artificial Intelligence ETF does not charge a sales service fee. Subscription and redemption agents may charge a commission of up to 0.5%, which includes relevant fees collected by stock exchanges and registration institutions. Intraday trading fees are subject to the rates charged by securities firms.
Feeder Fund Fee Information: For the Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence ETF Feeder Fund (Class A), the subscription fee is 1,000 RMB per transaction for subscription amounts of 2 million RMB (inclusive) or more, 0.6% for amounts between 1 million RMB (inclusive) and 2 million RMB, and 1% for amounts below 1 million RMB. The redemption fee is 1.5% for holdings under 7 days and 0% for holdings of 7 days (inclusive) or more. No sales service fee is charged. For the Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence ETF Feeder Fund (Class C), there is no subscription fee. The redemption fee is 1.5% for holdings under 7 days and 0% for holdings of 7 days (inclusive) or more. A sales service fee of 0.3% is applied.
Risk Disclosure: The Huabao Science and Technology Innovation Artificial Intelligence ETF passively tracks the Shanghai Science and Technology Innovation Board Artificial Intelligence Index. The base date for this index is December 30, 2022, and it was published on July 25, 2024. The index's annual gains/losses for 2023 and 2024 were 12.68% and 32.36%, respectively. The index's constituent stocks are adjusted according to its compilation rules, and its historical backtested performance is not indicative of future results. Individual stocks and index constituents mentioned herein are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form and do not represent the holdings or trading activities of any fund managed by the fund manager. The fund manager assesses the risk rating of the Huabao Science and Technology Innovation Artificial Intelligence ETF as R4 - Medium to High Risk, suitable for aggressive (C4) and higher risk profile investors. Suitability matching opinions should be based on the sales institution. All information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, and no responsibility is accepted for any direct or indirect losses resulting from the use of this content. Fund investment carries risks. Past performance of a fund is not indicative of its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.
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