On April 16, A-shares and H-shares surged together. The ChiNext Index rose over 3%, continuing to refresh its nearly 11-year high. Heavyweight stocks like CATL and the "Yi Zhong Tian" trio of optical module companies saw significant gains. The high-performing ChiNext AI ETF (159363) saw its on-market price surge 4.97%, hitting a new historical high. Its single-day turnover exceeded 1.5 billion yuan, reaching a new high for the period and leading numerous AI-themed ETFs.
The technology sector collectively strengthened. The STAR and ChiNext 50 ETF (588330), Big Data ETF (516700), Technology ETF (515000), and IT Innovation ETF (562030) all rose over 2% on-market. Non-ferrous metals showed active performance, with the popular Non-ferrous Metals ETF (159876) closing up 2.84% on-market, continuing its recent recovery trend.
Overall, the market benefited from positive domestic and international catalysts. Internationally, expectations for easing Middle East tensions increased. Domestically, first-quarter GDP grew 5% year-on-year, exceeding expectations. As market focus gradually shifts away from the Strait of Hormuz, high-growth sectors are expected to return to the forefront.
Hong Kong stocks rallied across the board, with the Hang Seng Index stabilizing above 26,000 points. The Hang Seng Tech Index surged 3.67%, led by heavyweight tech giants. Core Hong Kong-listed AI assets—the Hong Kong Internet ETF (513770) and the Hong Kong Connect IT ETF (159131), focused on "Hong Kong hard tech"—both rose over 3% on-market.
Following its earnings report, CATL's sharp rise ignited the battery industry chain. The Hong Kong Connect Auto ETF (520780), focused on Hong Kong-listed new energy vehicle stocks, rose over 2% on-market, hitting a new historical closing high. After strong gains yesterday, healthcare and pharmaceuticals followed modestly. Core Hong Kong-listed healthcare assets—the Hong Kong Connect Healthcare ETF (159137)—rose over 1% on-market. The purely innovative drug-focused Hong Kong Connect Innovative Drug ETF (520880) closed up 0.92%, extending its winning streak.
Recent sustained strength in U.S. tech giants, with NVIDIA recording 11 consecutive gains, reignited the AI narrative for Hong Kong stocks. Hong Kong markets react swiftly to changes in overseas liquidity expectations, foreign risk appetite, and global tech sentiment. Therefore, when external sentiment and tech assets improve, Hong Kong tech stocks often exhibit higher elasticity.
**ETF Market Review Hot Topics: Focus on ChiNext AI, Hong Kong Connect IT, and Non-ferrous Metals**
**Computing Power Stocks Surge! ChiNext AI ETF Huabao (159363) Soars 5% on Heavy Volume to New High! Fund Manager: Concentration May Continue!**
The ChiNext AI sector continued its bull run, reaching new highs. Computing power stocks frequently emerged as top performers. The computing power leasing concept stock Xiechuang Data led gains, rising over 13% to a new high. By today's close, it had surged over 53% for the week. Optical module leader Eoptolink surged 8%, while InnoLight rose nearly 4%, both hitting historical highs. TFC Optical surged over 7%.
Regarding popular ETFs, the largest AI-focused ETF on the STAR and ChiNext boards by size, the ChiNext AI ETF Huabao (159363), surged 4.97% on-market to a new historical high. Trading activity also signaled importance; 159363 recorded heavy volume with a single-day turnover of 1.562 billion yuan, the highest since September 25, 2025, ranking first in turnover among all AI-themed ETFs. Afternoon sessions saw a shift to net inflows, with a single-day net subscription of 66 million units.
Reviewing the performance, computing power segments like optical modules/CPO accelerated their breakthroughs this month. As of April 16, the underlying index of the ChiNext AI ETF Huabao (159363) saw its cumulative gain over the past year expand to 184%, significantly outperforming peers like the AI Index, CS AI Index, STAR ChiNext AI Index, and STAR AI Index. Looking ahead, multiple positive catalysts for optical modules/CPO, IDC computing power leasing, and AI applications are converging, suggesting the ChiNext AI sector may continue to benefit.
Note: The ChiNext AI ETF Huabao passively tracks the ChiNext Artificial Intelligence Index. The index base date is December 28, 2018, and its release date was July 11, 2024. The index's annual performance from 2021 to 2025 was: +17.57%, -34.52%, +47.83%, +38.44%, +106.35%. Index constituents are adjusted per its compilation rules; past performance does not indicate future results.
News-wise, a new wave of global computing power price hikes is emerging. Domestically, Alibaba Cloud issued three price increase announcements within four days, announcing on April 15 price hikes for some model services on its large model platform, Bailian. Internationally, AI company Anthropic adjusted its Claude Enterprise subscription model, shifting from a fixed fee of up to $200 per user per month to billing based on actual computing power consumption, plus an additional $20 monthly fixed fee.
Cao Xuchen, the fund manager of the ChiNext AI ETF Huabao (159363), recently pointed out that this year, driven by Anthropic's rapid ARR growth, AI hardware has shown high valuations or strong expectations. As ARR in the AI sector rises rapidly, demand for AI computing power hardware is expected to remain robust. Unlike memory, which is affected by price factors, optical modules/CPO still follow a technology iteration logic. The current concentration may not be over, and attention should be paid to the Q1 earnings of leading optical module manufacturers.
In summary, as AI moves from training to multimodal applications, computing power demand is growing non-linearly. Core global computing power infrastructure like optical modules is supported by both strong performance and order books. The underlying index of the ChiNext AI ETF Huabao (159363) and its off-exchange counterparts allocates approximately 70% to computing power and about 30% to AI applications, representing not just the core of computing power but also AI applications.
**AI Hardware Enters High-Certainty Upgrade Cycle! Hong Kong Connect IT ETF Huabao (159131), Focused on 'Hong Kong Hard Tech', Jumps 3.47% on Heavy Volume! Institutions: Core Strategy Shifts to Proactive.**
Hong Kong's hard tech sector gained momentum again. The largest and most liquid* Hong Kong Connect IT ETF Huabao (159131) opened higher and climbed, closing up 3.47% with a single-day turnover exceeding 200 million yuan.
Guosheng Securities noted that the continuous upgrade of AI models towards larger parameters, MoE architecture, long context, and multimodality directly drives AI hardware into a full-stack, high-certainty upgrade cycle. This represents a paradigm shift for the entire hardware system, with strong sustainability and structural opportunities in the high-growth industry chain. They are optimistic about investment opportunities in optics + storage + PCB and related industry chains.*
With geopolitical conflicts easing, how will Hong Kong stocks perform? Galaxy Securities analysis suggests the market's main driver may shift from relying on "liquidity easing" to "earnings improvement," increasing the weight of fundamentals. The core strategy for the Hong Kong Kong stock market can shift from "conservative" to "proactive positioning and moderate aggressiveness." For investment strategy, the tech sector's main themes may focus on AI application segments and the semiconductor sector.
Supporting T+0 trading! Directly targeting the Hong Kong chip super-cycle—the largest and the market's first ETF focusing on the "Hong Kong chip" industry chain, the Hong Kong Connect IT ETF Huabao (159131), with off-exchange fund code 026755. Its underlying index comprises "70% hardware + 30% software," heavily weighted in Hong Kong-listed "semiconductors + electronics + computer software," covering 50 Hong Kong hard tech companies. Xiaomi Group-W has a weight of 13.25%, SMIC 12.54%, Lenovo Group 9.04%, and Huahong Semiconductor 7.09%. It excludes large-cap internet firms like Alibaba, Tencent, and Meituan, offering higher focus and easier capture of Hong Kong's AI hard tech trends. (Data as of March 31, 2026)
**Over 15 Billion in Main Funds Inflow! Xiamen Tungsten Hits Limit-Up, Huabao Fund Non-ferrous Metals ETF (159876) Rises 2.84%; Institutions: Sector Momentum Strong, Non-Ferrous Metals Have Potential**
The non-ferrous metals sector was active, receiving a net main fund inflow of over 15.4 billion yuan for the day, ranking third among the 31 Shenwan primary industries by inflow amount. The largest and most liquid* Non-ferrous Metals ETF Huabao (159876) of its kind oscillated higher throughout the day, with its on-market price rising 2.84% to close at the day's high.
Among constituents, Xiamen Tungsten and Hengbang Shares hit the limit-up. Shengxin Lithium Energy and Guocheng Mining rose over 7%, followed by gains in Tianshan Aluminum and Zhongkuang Resources.
Data period: March 24, 2026 - April 16, 2026. The CSI Non-ferrous Metals Index performance for the last five full years: 2021: +35.89%; 2022: -19.22%; 2023: -10.43%; 2024: +2.96%; 2025: +91.67%. Index constituents are adjusted per its compilation rules; past performance does not indicate future results.
Over a longer period, the underlying index of the Non-ferrous Metals ETF Huabao (159876) has climbed 18.17% cumulatively since its recent low on March 24, potentially establishing an oscillating upward trend. Why has the non-ferrous metals sector been strong recently? Breaking it down by segment:
1. **Gold**: U.S. President Trump stated the Iran war is "very close to ending," hinting at a possible agreement this week. Spot gold stood above $4800/oz, rising nearly 10% since March 24. 2. **Lithium**: Affected by domestic rectification shutdowns and restricted overseas imports, lithium carbonate supply faces short-term pressure. The current lithium carbonate futures main contract price has exceeded 170,000 yuan/ton. 3. **Aluminum**: A double impact from U.S. military blockades of shipping lanes and Middle East production halts sent London aluminum prices soaring to a four-year high! Huatai Securities estimates global primary aluminum supply deficits for 2026/2027 at -949,000 tons and -389,000 tons, respectively. The inherent characteristics of electrolytic cells create rigid production declines, preventing a rapid supply recovery, suggesting upward price elasticity.*
Looking forward, can non-ferrous metals rise further? CITIC Securities believes the upward momentum for non-ferrous metal prices and stock performance remains sufficient. Supply disruptions, localized high demand景气, and stockpiling behavior provide strong support for metal prices. They see配置 value in precious metals, industrial metals, battery metals, and strategic metals.*
**The Non-Ferrous Metals Trend Has Arrived, 'Super Cycle' Appears Unstoppable**
The underlying index of the Non-ferrous Metals ETF Huabao (159876) and its联接基金 comprehensively covers industries like copper, aluminum, gold, rare earths, and lithium, spanning different景气 cycles such as precious metals, strategic metals, and industrial metals. This full-category coverage allows better capture of the entire sector's beta行情. Additionally, this ETF is a margin trading标的, making it an efficient tool for one-click allocation to the non-ferrous metals sector.
As of the end of March, the Non-ferrous Metals ETF Huabao (159876) had a latest size of 1.891 billion yuan, with average daily turnover exceeding 100 million yuan over the past month. Among the three ETFs tracking the same index in the market, it ranks first in both size and liquidity.
Source: Shanghai/Shenzhen Stock Exchanges, etc., data as of April 16, 2026.
Note ①: "First in the market" refers to being the first ETF tracking the CSI Hong Kong Connect Information Technology Composite Index. As of April 13, 2026, the Hong Kong Connect IT ETF Huabao's latest on-market size was 477 million yuan, the largest among the 4 listed ETFs tracking the index; its year-to-date average daily turnover is 120 million yuan. Note ②: Fund fee rates are detailed in respective legal documents. Institutional观点参考来源: ① Galaxy Securities, April 13, 2026; ② Guosheng Securities, April 11, 2026; ③ Huatai Securities, April 9, 2026; ④ CITIC Securities, February 1, 2026. Risk提示: The ChiNext AI ETF Huabao and its联接基金 passively track the ChiNext Artificial Intelligence Index. The Hong Kong Connect IT ETF Huabao and its联接基金 passively track the CSI Hong Kong Connect Information Technology Composite Index. The Non-ferrous Metals ETF Huabao and its联接基金 passively track the CSI Non-ferrous Metals Index. Index constituents are adjusted per compilation rules; past performance does not indicate future results. Mentioned stocks are for illustrative purposes only and are not recommendations. Any information herein is for reference only. Investors are responsible for their investment decisions. Views herein do not constitute investment advice. Investors should read fund legal documents to understand risk-return profiles. Past performance is not indicative of future results. Fund risk ratings are provided. Fund registration by the CSRC is not an endorsement. Invest carefully.
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