Big Data ETF Huabao (516700), which focuses on computing power and AI applications, hit the daily limit-up yesterday, marking its 12th consecutive daily gain. Today (January 13), its on-market price opened higher, surging over 3.7% at one point to set a new record high since listing, before consolidating and pulling back with the broader market. It is currently down 3.76%, with an intraday amplitude reaching 8.53% so far.
Notably, Big Data ETF Huabao (516700) attracted a net inflow of 7.56 million yuan in a single day yesterday. This suggests potential investor optimism regarding the future performance of AIDC (AI Data Centers), with capital actively allocating through the ETF.
Among its constituent stocks, Yidian Tianxia led the gains, rising over 11%, followed by Yonyou Network, which climbed more than 9%, and Zhongke Star Atlas, which gained over 6%. Shuiyou Co., Ltd. and iFlytek were also among the top gainers. On the other hand, Digital China Holdings fell over 9%, UCloud declined more than 7%, while Elion Digital Technology and Kehua Data saw drops exceeding 6%, dragging on the index performance.
AIDC (AI Data Centers) is widely regarded by institutions as a high-certainty infrastructure track within the AI era. The core investment thesis revolves around five key dimensions: "demand explosion + supply constraints + policy support + technological iteration + business model upgrade."
Regarding demand explosion, CITIC Securities points out that AI model training and inference are driving an exponential increase in computing power demand. AIDC, as the carrier for this computing power, represents the most fundamental and rigid segment of the AI industry.
On the supply constraint front, Huatai Securities believes that the current domestic supply of GPUs and AI servers is tight, and the computing power gap is expected to persist for 2-3 years.
In terms of policy support: 1) The state has repeatedly emphasized "accelerating computing power infrastructure construction," with AIDC being included as a key direction for new infrastructure. 2) Local governments are rolling out computing power subsidy policies (e.g., in Shenzhen, Shanghai, Beijing), which help lower AIDC construction costs. 3) The ongoing development of national hub nodes for computing power networks positions AIDC as a core component, ensuring long-term policy benefits.
Concerning technological iteration, inference computing power demands lower latency and higher stability, giving AIDC, as local computing nodes, a significant advantage. The fragmented and real-time nature of inference demand is expected to create a broader market and higher pricing power for AIDC.
In the realm of business models: 1) The AIDC industry features characteristics of "heavy assets + high barriers + long-term contracts," and once built, facilities can operate stably for over 10 years. 2) Increases in cabinet occupancy rates directly drive profit growth, with leading companies achieving gross margins of 40%–60%. 3) Long-term contracts (typically 3-5 years) with major cloud providers and government/enterprise clients ensure stable cash flow and strong resilience to economic cycles.
Huaxin Securities notes that data centers are the core infrastructure of AI. High demand in domestic and international computing power markets is driving steady growth in the IDC industry. China Merchants Securities indicates that on the demand side, computing power is fueling a data center construction boom, leading to significant order growth for companies in the supply chain. North America and China are the core growth regions, with overseas leaders still having substantial project backlogs. Domestically, after a temporary slowdown due to restrictions on computing chip imports, a demand rebound is anticipated.
Data shows that as of the end of 2025, the weighting of computing power-related concepts within the target index of Big Data ETF Huabao (516700) reaches 40.91%, while the weighting for AI application concepts is 37.43%.
[Data Security is Paramount, Technological Self-Reliance is Key] Big Data ETF Huabao (516700), which focuses on domestic computing power (IDC, servers) and domestic AI applications, passively tracks the CSI Big Data Industry Index. It has significant exposure to sub-sectors like data centers, cloud computing, and big data processing. Its top holdings include industry leaders such as Sugon, iFlytek, Unisplendour, Inspur Information, China Great Wall, and China National Software. Investors bullish on technological self-reliance may focus on catalysts from three areas: 1. High-level calls for "technology to take the lead," with potential breakthroughs expected in the direction of "new quality productive forces." 2. The top-level design of "Digital China" aims to activate digital productivity and accelerate the domestic substitution process. 3. Riding the wave of the IT innovation and application (Xinchuang) initiative, the anticipated acceleration of Xinchuang 2.0 promises broad prospects for technological self-sufficiency.
Charts and data in this article are sourced from the Shanghai and Shenzhen Stock Exchanges.
Risk Disclosure: Big Data ETF Huabao passively tracks the CSI Big Data Industry Index. The index base date is December 31, 2012, and it was launched on October 18, 2016. The composition of the index's constituent stocks is adjusted according to its compilation rules; its past performance does not indicate future results. Mentions of index constituents are for illustrative purposes only and do not constitute investment advice of any form, nor do they represent the holdings or trading动向 of any fund managed by the fund manager. The fund manager assesses this fund's risk level as R3-Medium Risk, suitable for investors with a Balanced (C3) or higher risk profile. Suitability matching opinions should be based on the selling institution's assessment. Any information appearing in this article is for reference only, and investors are solely responsible for their independent investment decisions. Furthermore, no views, analysis, or forecasts herein constitute investment advice to readers, and no liability is accepted for any direct or indirect losses resulting from the use of this content. Fund investment carries risks; past performance of a fund does not guarantee future results, and the performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Invest with caution.
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