On Monday, May 11th, major A-share indices rallied together. The Shanghai Composite Index broke through the 4200-point level, while the ChiNext Index soared by 3.5%, both reaching new highs not seen in nearly 11 years. The hard technology broad-based ETF covering leading high-growth companies on the STAR and ChiNext boards, the 双创龙头ETF (588330), saw its on-market price rise another 4.34% to a record high. Combined turnover for the Shanghai, Shenzhen, and Beijing markets reached a substantial 3.5657 trillion yuan, a significant increase of 489.8 billion yuan from the previous trading session.
Sector-wise, the computing hardware segment showed strength, with the memory chip concept collectively exploding. Stocks like Montage Technology, BIWIN Storage, and Yuanjie Technology surged to new highs in batches. The HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190), which offers a comprehensive portfolio across the chip industry, saw its on-market price jump as much as 6.54% intraday, once again refreshing its post-listing high. According to the Shenwan primary industry classification, the electronics sector led the gains. The HUABAO CSI ELECTRONICS 50 INDEX ETF (515260), encompassing hot sub-sectors like chips, consumer electronics, and PCBs, saw its on-market price surge 5.08%, marking its 19th positive day in the last 22 sessions and continuing its aggressive advance to a new all-time high.
The AI industry chain maintained its strong momentum. The HUABAO CHINEXT ARTIFICIAL INTELLIGENCE INDEX ETF (159363), which has a roughly 50% weighting in CPO (Co-packaged Optics) related to optical modules, closed up 2.35%, setting another post-listing high. Its turnover exceeded 1.1 billion yuan, ranking first in trading activity among all AI-themed products in the market. The HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC (589520), which focuses on the domestic AI supply chain, rose over 4% intraday after its closing price hit a record high on May 7th. Its on-market price touched 0.747, just a step away from its post-listing high of 0.750.
On the macro front, the US President's state visit to China is scheduled for May 13th to 15th. Analysis suggests this visit, materializing in mid-May as expected, is likely to directly boost A-share market risk appetite, creating a window for阶段性做多 (stage-specific long positioning) and overall enhancing market confidence.
Looking ahead, some brokerages believe the main upward wave of the "Red May" may continue. Overseas, capital markets have largely priced in geopolitical risks, and coupled with expectations of a thaw in Sino-US relations, external constraints on A-shares are marginally weakening. On the liquidity front, post-holiday capital is accelerating its entry. Margin financing balances have刷新 (refreshed) a new high for the year, and the average price of all A-shares has broken through its annual high, reflecting the positive feedback effect of incremental fund inflows, which is driving the A-share market震荡向上 (oscillating higher). Simultaneously, the持续升值 (continuous appreciation) of the Renminbi further enhances the attractiveness of RMB-denominated assets, helping to lower equity risk premiums and lift valuation中枢 (anchors).
Regarding配置 (allocation), suggestions focus on the dual themes of "Technology + Resources." The global共振 (resonance) in the AI technology industry reinforces the mapping logic for A-shares. With high export growth in the AI chain and first-quarter earnings相互印证 (mutually confirming), the two high-growth directions of technology and resources in the A-share market receive further confirmation. Recommendations include high-growth tech sectors like the AI computing chain, new energy, and commercial aerospace, as well as upstream resources related to energy security, such as non-ferrous metals and chemicals.
[ETF Insights Hot Review] This section focuses on the trading and fundamental situations of industry-themed ETFs like科创芯片 (STAR Market Chips), Electronics, and创业板人工智能 (ChiNext AI).
1. [Domestic Chips Erupt Completely, 300 Billion Memory Giant Soars! HUABAO FUND's STAR Market Chip ETF (589190) Tops 6.5% to New High, Where is the Rally Headed?] The domestic chip sector erupted across the board, led by a狂飙 (meteoric rise) in memory. The 300 billion yuan giant Montage Technology一度 (briefly) hit the 20% daily limit, closing up 18.52%. BIWIN Storage gained nearly 9%, and Dongxin Co., Ltd. rose almost 7%. Among leading权重股 (weighted stocks), Hygon Information rose over 8%, while AMEC and Hua Hong Semiconductor gained over 3%. SMIC and Cambricon also advanced. Additionally, Zhongchuan Special Gas hit the 20% limit, while Tianyue Advanced, Novosense, and Jiehuate posted double-digit gains. Stocks like Zhongchuan Special Gas, Montage Technology, Topsec, BIWIN Storage, Dongxin Co., Ltd., and Yuanjie Technology reached new highs in batches.
The HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190), offering full exposure to the chip industry, opened higher and maintained gains. Its on-market price涨幅一度上探 (rose as much as) 6.54% intraday, once again刷新 (refreshing) its post-listing historical high, and closed up 5.78%.
Year-to-date, the SSE STAR Market Chip Index, which the 589190 tracks, has accumulated a gain of 46.64%, performing relatively well among同类 (similar) semiconductor chip indices and showing relatively突出 (prominent) upward elasticity.
Note: The annual performance of the SSE STAR Market Chip Index for the past five complete years is: +6.87% in 2021, -33.69% in 2022, +7.26% in 2023, +34.52% in 2024, and +61.33% in 2025. Index constituent adjustments are made according to its compilation rules, and its past performance does not预示 (predict) future results. From a global perspective, the chip industry景气度 (sentiment) continues to heat up. The "overseas memory big six" have持续飙升 (continued to soar), with SK Hynix, Samsung Electronics, Micron Technology, SanDisk, and Seagate Technology recently hitting new历史新高 (all-time highs). Analysis suggests that under the共振 (resonance) of three factors—supply-demand mismatch, rising prices, and earnings support—the sustainability of this "storage super cycle" may significantly exceed expectations.
North America's four major cloud providers recently密集披露 (intensively disclosed) Q1 reports, with quarterly capital expenditures reaching $131.6 billion, a year-on-year increase exceeding 70%. Several companies explicitly stated that growth will remain substantial through 2027. AI-driven demand爆发 (explosion) continues, while on the supply side, it takes original manufacturers 12 to 18 months to ramp up capacity, making it difficult to close the gap in the short term.
CITIC Securities notes that the mismatch between AI-driven demand爆发 (explosion) and original manufacturers' capacity expansion节奏 (pace) has led to常态化 (normalization) of memory chip shortages. They expect the供不应求 (supply shortage) situation to persist at least until 2027, with涨价行情 (price increase trends)贯穿 (running through) the whole of 2026. They remain坚定看好 (firmly optimistic) about the storage industry trend, believing the sector can maintain高景气 (high prosperity), with strong盈利支撑 (earnings support) for original manufacturers and related storage design companies.
Regarding the行情节奏 (pace of the rally), CICC believes the AI行情 (AI rally) has not receded, but the market's pricing focus has shifted from单纯 (mere) capital expenditure expansion to a stage more sensitive to order certainty, profit realization, cash flow pressure, and investment returns. Currently, valuations for cloud providers and chip segments are at relatively较低分位 (low percentiles) since 2023, not yet reaching the普遍处于的高位水平 (generally high levels) seen during泡沫担忧 (bubble concerns) in July 2024 and October 2025.
To position for the chip industry's "super cycle," high-elasticity品种 (varieties) with 20% daily limits are优选 (preferred choices). Public information shows the HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190) and its联接基金 (feeder funds) passively track the SSE STAR Market Chip Index. While offering均衡配置 (balanced allocation) and全链布局 (full-chain exposure) to the chip industry, it has over 90% weight in core areas like integrated circuits and semiconductor equipment, representing high hard-tech含量 (content) and strong技术壁垒 (technological barriers).
2. [Over 50 Billion in Main Fund Inflows Gushes In! Electronics Sector Leads Market Gains! Luxshare Precision and Others Break Out Higher, HUABAO FUND's Electronics ETF (515260) Climbs 5% to New High] The electronics sector led the market, attracting全天 (all-day)主力资金净流入 (net main fund inflows) of 53.566 billion yuan. Over the past 5 and 20 days, it吸金 (attracted capital) of 133.528 billion yuan and 331.214 billion yuan, respectively,持续霸居 (continuously occupying) the top spot among the 31申万一级行业 (Shenwan primary industries) in terms of capital attraction. Constituent stocks of the HUABAO CSI ELECTRONICS 50 INDEX ETF (515260), Montage Technology, GigaDevice, and JCET, attracted net main fund inflows of 5.371 billion yuan, 3.245 billion yuan, and 3.221 billion yuan, respectively,包揽 (sweeping) the top three spots on the A-share capital attraction list.
Among热门ETF (popular ETFs), the HUABAO CSI ELECTRONICS 50 INDEX ETF (515260), which gathers core leaders in the electronics sector, saw its on-market price强势拉升 (powerfully surge) 5.08%. With 19 positive days in the last 22 sessions, it continued its猛攻 (fierce attack) to another历史新高 (all-time high). Amid the火热行情 (hot market), capital actively抢筹 (scrambled for shares), with the ETF连续吸金 (continuously attracting capital) of 11.55 million yuan over the previous two days.
Among constituent stocks, CPO concept股 (stock) JCET hit the daily limit. Semiconductor leader Montage Technology盘中20CM触板 (intraday touched the 20% limit). Consumer electronics leader Luxshare Precision saw its market capitalization exceed 550 billion yuan. Multiple stocks携手刷新 (jointly刷新) their post-listing highs.
Why is the electronics sector强势上涨 (rising strongly)? Looking at细分方向 (sub-sectors): 1. Memory Chips: The memory chip shortage is the most severe in 15 years, with供需失衡 (supply-demand imbalance) causing价格上涨 (price increases).权威机构 (Authoritative agency) TrendForce预计 (forecasts) that in Q2 2026, contract prices for general-purpose DRAM will see a sequential increase of 58% to 63%, while the sequential increase for NAND flash contract prices could be as high as 70% to 75%. BOCOM International believes the global memory chip industry is currently experiencing the most强劲的上行周期 (robust upward cycle) of this century, with强度高于此前 (intensity higher than before), and the cycle is expected to last at least until Q1 2027. 2. PCBs (Printed Circuit Boards): Guojin Securities points out that the PCB industry is政策、资金、技术密集型 (policy, capital, and technology-intensive) with high准入门槛 (entry barriers).多重壁垒 (Multiple barriers) are推动行业向头部集中 (driving industry concentration towards leaders),持续优化 (continuously optimizing) the格局 (landscape). Material generation leaps导致加工难度指数级抬升 (lead to an exponential increase in processing difficulty),叠加 (coupled with) upstream Nitto Denko's capacity nearing its limit and HVLP copper foil supply紧张 (tightness),三重因素 (three factors) are系统性推升价值中枢 (systematically pushing up the value anchor). Goldman Sachs predicts AI server demand will increase about 4.3 times from 2025 to 2030, and the供需失衡 (supply-demand imbalance) for high-end PCBs will延续至 (extend to) 2027.
Fundamentally, in Q1 of this year, among the 50 constituent stocks of the HUABAO CSI ELECTRONICS 50 INDEX ETF (515260), over 80% were profitable. 29 stocks achieved double-digit year-on-year growth in归母净利 (net profit attributable to parent), with 11 stocks exceeding 100% year-on-year growth. CITIC Securities states they are看好 (optimistic about) the电子行业 (electronics industry's) potential for超额收益 (excess returns) over the next six months. Q1 earnings remain乐观 (optimistic) in directions like "storage & other涨价 (price increases), AI & computing power." From a基本面角度 (fundamental perspective), the上行趋势 (upward trend) for semiconductor equipment and domestic computing power is明确 (clear). Under the global AI trend, the PCB and storage sectors also remain持续强劲 (continuously strong).
Looking ahead, CITIC Securities看好 (is optimistic that) "涨价+AI+自主可控 (price increases + AI + independent controllability)"有望成为 (could become) the strong主线 (main theme)贯穿全年 (throughout the year) for the electronics sector. The industry景气 (prosperity)有望延续 (is expected to continue), with AI remaining the最大驱动力 (biggest driver). Overseas and domestic computing power共振成长 (grow in resonance), and advanced logic/storage capacity expansion有望提速 (is expected to accelerate). They坚定看好 (firmly看好) the overall future行情 (market performance) of the electronics sector, recommending four主线 (main themes): the domestic computing power chain, semiconductor equipment chain, overseas computing power chain, and overall消费电子修复 (consumer electronics recovery).
[Embracing Tech Giants, Seizing Development Opportunities] The HUABAO CSI ELECTRONICS 50 INDEX ETF (515260) and its feeder funds passively track the CSI Electronics 50 Index, heavily weighted in semiconductors and consumer electronics. It gathers热门产业 (hot industries) like AI chips, automotive electronics, 5G, and PCBs. Weighted stocks include Luxshare Precision, Cambricon, Foxconn Industrial Internet, SMIC, etc.同时 (Additionally), this ETF is a融资融券+互联互通标的 (margin trading and Stock Connect eligible security), making it an高效工具 (efficient tool) for一键布局 (one-click allocation) to the core assets of the electronics板块 (sector).
3. [CPO Commercialization Accelerates, Trillion-Yuan Leader Leads the Way! High "Light" Content ChiNext AI ETF (159363) Breaks Out on Heavy Volume to New High!] The ChiNext人工智能 (AI) sector continued上涨创新高 (rising to new highs), with computing hardware stocks大面积上涨 (rising broadly). Among them, optical module leader中际旭创 (Zhongji Innolight)飙涨 (soared) 6% to a new high, with its market capitalization successfully站稳万亿 (solidly exceeding one trillion yuan)!此外 (Furthermore), fiber optic concept股 (stock)太辰光 (Taichenguang)大涨 (jumped) 10% to a new high, and memory chip leader北京君正 (Ingenic Semiconductor) rose over 9%.
Among热门ETF (popular ETFs), the HUABAO CHINEXT ARTIFICIAL INTELLIGENCE INDEX ETF (159363), with approximately 50% CPO (光模块) content, closed up 2.35%, setting another post-listing high. It traded放量成交 (on heavy volume) exceeding 1.1 billion yuan, with交投居全市场AI赛道首位 (trading activity ranking first among all AI-themed products in the market)!
Currently, optical modules are迎来 (ushering in) dual drivers of技术升级 (technological upgrade) and需求释放 (demand release). The rapid growth of AI computing power倒逼 (forces) accelerated upgrades to network infrastructure,推动 (driving) the optical module赛道 (segment) to持续保持高景气 (maintain high prosperity). Optical module demand exhibits强劲韧性 (strong resilience), with 1.6T products entering a快速放量阶段 (rapid volume ramp-up phase). Leading companies have订单已排至 (orders scheduled out to) 2028.同时 (Simultaneously),产能扩张 (capacity expansion) for indium phosphide and the gradual落地 (implementation) of new technologies like CPO and thermal management are持续打开增量空间 (continuously opening up incremental space), providing有力支撑 (strong support) for the sector's业绩增长 (earnings growth).
Taking a longer-term view, since the optical module/CPO赛道 (segment)触底反弹 (bottomed out and rebounded) on April 8th last year, initiating this super景气周期 (prosperity cycle), the underlying index of the HUABAO CHINEXT ARTIFICIAL INTELLIGENCE INDEX ETF (159363) has持续领跑 (consistently led),频频刷新历史高点 (frequently刷新 all-time highs), becoming the当之无愧的 "急先锋" (deserved "vanguard") among全市场AI主题 (all market-wide AI themes). Data shows that as of May 11th, the ChiNext Artificial Intelligence Index has achieved a区间累计涨幅 (cumulative gain over the period) exceeding 241%,大幅领先同类 (significantly领先同类), showcasing极强的进攻性与持续上攻动能 (extremely strong进攻性 and持续上攻动能).
Note: The HUABAO CHINEXT ARTIFICIAL INTELLIGENCE INDEX ETF passively tracks the ChiNext Artificial Intelligence Index. The index base date is December 28, 2018, and its release date is July 11, 2024. The index's annual performance from 2021 to 2025 is: +17.57%, -34.52%, +47.83%, +38.44%, +106.35%. Index constituent adjustments are made according to its compilation rules, and its past performance does not预示 (predict) future results. Kaiyuan Securities states that NVIDIA携手 (joining hands with) Corning to promote optical interconnect clarifies the Scale-up "光入柜内" (light into the cabinet) trend. Firstly, NVIDIA's深度绑定 (deep binding) with Corning on optical connection manufacturing capabilities further confirms that CPO commercialization落地进程 (implementation process) is正在提速 (accelerating). Secondly, the产业趋势 (industry trend) of "光入柜内" on the Scale-up side获得同步验证 (is同步验证), leading to a大幅提升 (significant increase) in demand for全线产品 (full-line products) of optical interconnect. They emphasize the长期投资价值 (long-term investment value) of CPO-related标的 (targets).
To一键布局 (one-click allocate) to opportunities in optical module/CPO leaders, it is suggested to重点关注 (focus on) the创业板人工智能ETF华宝 (159363) and its场外联接 (offshore feeder funds), which rank first in同类规模、流动性 (similar规模, liquidity) for its category. The underlying index's latest光模块含量 (optical module content) is 50%, offering comprehensive exposure. Approximately 30% of its portfolio is布局 (allocated to) AI applications, making it not just a算力核心 (computing power core) but also an AI应用代表 (application representative).
值得注意的是 (It is worth noting that), as of May 8, 2026, the HUABAO CHINEXT ARTIFICIAL INTELLIGENCE INDEX ETF (159363) had a latest规模超 (规模 exceeding) 70 billion yuan, with规模居全市场双创AI赛道首位 (规模 ranking first in the dual-innovation AI赛道 across the market)! Its最近6个月日均成交 (average daily turnover over the last 6 months) was approximately 800 million yuan, with交投居全市场AI赛道首位 (trading activity ranking first among all AI-themed products in the market).
Note: Fee details are available in each fund's legal documents. Source: Shanghai/Shenzhen Stock Exchanges, etc., as of May 11, 2026. Reminder: Recent market波动可能较大 (volatility may be significant). Short-term涨跌幅 (price movements) do not预示未来表现 (predict future performance). Investors must理性投资 (invest rationally) based on their own financial situation and risk tolerance,高度注意 (paying high attention to)仓位和风险管理 (position and risk management).
*Institutional观点参考资料来源 (view reference sources): Various券商研报 (brokerage research reports) dated between February 13 and May 11, 2026, from institutions including East Money Securities, CITIC Securities, CICC, BOCOM International, Guojin Securities, Goldman Sachs, and Kaiyuan证券 (Securities).
Risk提示 (Risk提示): The HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND passively tracks the SSE STAR Market Chip Index (Base Date: Dec 31, 2019; Release Date: Jun 13, 2022). The HUABAO CSI ELECTRONICS 50 INDEX ETF passively tracks the CSI Electronics 50 Index (Base Date: Dec 31, 2008; Release Date: Jul 22, 2009). The HUABAO CHINEXT ARTIFICIAL INTELLIGENCE INDEX ETF passively tracks the ChiNext Artificial Intelligence Index (Base Date: Dec 28, 2018; Release Date: Jul 11, 2024). The HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC passively tracks the SSE STAR Market Artificial Intelligence Index (Base Date: Dec 30, 2022; Release Date: Jul 25, 2024). The 双创龙头ETF passively tracks the CSI Science and Technology Innovation Board 50 Index (Base Date: Dec 31, 2019; Release Date: Jun 1, 2021). Index constituent adjustments are made according to their respective compilation rules, and their past performance does not预示 (predict) future results. Stocks mentioned are for客观展示列举 (objective展示列举) as index constituents only, not as个股推荐 (individual stock recommendations), and do not represent the fund manager's or fund's investment direction. Any information appearing herein is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any form to readers. The fund manager also bears no responsibility for any direct or indirect losses arising from the use of this content. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Key Facts Statement," and other fund legal documents to understand the fund's risk-return characteristics and choose products suitable for their own risk承受能力 (tolerance). A fund's past performance does not predict its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Based on the fund manager's assessment, the risk等级 (rating) of the HUABAO CSI ELECTRONICS 50 INDEX ETF is R3-Medium Risk, suitable for平衡型 (Balanced, C3) and above investors. The risk等级 (rating) of the HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND, HUABAO CHINEXT ARTIFICIAL INTELLIGENCE INDEX ETF, and 双创龙头ETF is R4-Medium to High Risk, suitable for积极型 (Aggressive, C4) and above investors. Appropriate matching opinions should be based on销售机构 (sales institutions). Sales institutions assess these funds' risks according to relevant laws and regulations. Investors should及时关注 (promptly关注) the appropriateness opinions issued by the fund manager. Opinions on appropriateness from various sales institutions may not necessarily be consistent, and the risk等级评价结果 (rating results) issued by fund sales institutions cannot be lower than those issued by the fund manager. Descriptions of基金风险收益特征 (fund risk-return characteristics) and基金风险等级 (fund risk ratings) in fund contracts may differ due to different考虑因素 (considerations). Investors should understand the fund's risk-return profile and谨慎选择 (choose prudently)基金产品 (fund products) based on their own investment objectives, horizon, experience, and risk承受能力 (tolerance), bearing the risks themselves. The CSRC's registration of these funds does not indicate its实质性判断或保证 (substantive judgment or guarantee) of their investment value, market prospects, or returns. Fund investment involves risks.
MACD Golden Cross signal forms, these stocks are performing well!
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