During the morning session on the 13th, the AI sector exhibited significant trading volume alongside divergent performances, with the ChiNext AI index experiencing a pullback after hitting new highs. AI application stocks, represented by GEO, remained active, with Epoint International briefly hitting the 20% daily limit up, while Chinese Online and Wanxing Technology surged over 10%. In contrast, the computing power segment, centered on optical modules and IDC, continued its adjustment, with JinxinNuo leading the decline by over 9%, and Changxin Bochuang, Ruijie Networks, and Tianfu Communication falling around 5%.
Regarding popular ETFs, the ChiNext Artificial Intelligence ETF (159363), which offers dual exposure to both "AI applications and computing power," opened high but trended lower during intraday trading. After touching a new high, it fell over 1.5%, with real-time turnover exceeding 800 million yuan. The fund continued to see substantial net subscriptions of 130 million units.
Looking ahead at the investment logic for the tech sector, a Goldman Sachs buyer survey report indicates that AI remains one of the certain key market themes through 2026.
On the AI application front, China Securities (CSC) noted that downstream AI applications are accelerating into the commercial validation phase. Current industry dynamics are intensive, with overseas players like xAI and Anthropic completing financing rounds, domestic policies for "AI + Manufacturing" being implemented, and coupled with the strong post-IPO performances of Zhipu and MiniMax, the upcoming release of DeepSeek-V4 is expected to ignite a new wave of AI application enthusiasm. As model capabilities continue to improve, particularly with significant cost reductions for inference and long-context window applications, the industry is poised for new growth opportunities.
Regarding computing power, Guosheng Securities pointed out that major domestic players like ByteDance have significantly raised their capital expenditure plans. Marginal improvements are appearing on the chip supply side, and coupled with the ongoing iteration of domestic large language models, these factors are driving a resurgence in data center tender and bidding activities among major domestic firms. Sector rotation within the communications industry is once again focusing on IDC (Internet Data Centers). Currently, the IDC segment's valuation and price levels are at a bottom range, presenting an investment window transitioning from valuation repair to earnings realization.
Furthermore, it is noteworthy that ETF 159363 closed at 1.127 yuan yesterday, approaching its pre-ex-rights closing price (1.191 yuan), suggesting a potential "rights-filling rally" may be underway, which indirectly reflects high industry prosperity. Benefiting from AI application drivers, the ChiNext Artificial Intelligence Index has accumulated a gain of over 12% since the start of the year, significantly outperforming the Communication Equipment Index. As the AI trend develops in depth, the core allocation differences between them are driving a notable performance divergence.
Note: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index. The index's base date is December 28, 2018, and its release date is July 11, 2024. The annual performance of the ChiNext Artificial Intelligence Index for 2021-2025 was: +17.57%, -34.52%, +47.83%, +38.44%, and +106.35%, respectively. The index constituents are adjusted according to its compilation rules, and its backtested historical performance does not indicate future returns.
The current market may have entered a new phase of AI investment: Applications are King. As AI development shifts from computing power infrastructure to application deployment, the ChiNext Artificial Intelligence ETF (159363) and its off-exchange联接 funds (Class A: 023407, Class C: 023408), which offer one-click exposure to both "Computing Power + AI Applications," stand to benefit more directly from the growth红利 of AI technology commercialization. The underlying index allocates approximately 60% to computing power and about 40% to AI applications, making it not only a core "computing power" play but also a genuine representative of "AI Applications."
Data source: SSE, SZSE, etc.
Risk提示: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index. The index's base date is December 28, 2018, and its release date is July 11, 2024. The annual performance of the ChiNext Artificial Intelligence Index for 2021-2025 was: +17.57%, -34.52%, +47.83%, +38.44%, and +106.35%, respectively. The index constituents are adjusted according to its compilation rules, and its backtested historical performance does not indicate future returns. The index constituents mentioned are for illustrative purposes only; descriptions of individual stocks are not investment advice of any form and do not represent the holdings or trading动向 of any fund managed by the manager. The fund manager assesses this fund's risk等级 as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors; appropriateness matching opinions are subject to the selling institution. Any information appearing in this article is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, nor shall they be held liable for any direct or indirect losses arising from the use of this content. Fund investment carries risks; the past performance of a fund does not represent its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment must be done cautiously.
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