Today (May 15th), the Big Data ETF Huabao (516700), covering hot concepts such as computing power leasing and AI applications, saw its intraday price rise by up to 2.22% in the morning session before consolidating and retracing with the broader market. In the afternoon, it fell nearly 1.5% and is currently down 1.11%.
This movement may be attributed to the accelerated commercialization of AI applications, coupled with the big data industry's relatively lower valuation compared to computing power hardware sectors like optical modules and semiconductors. Capital might be entering the market early based on a catch-up logic. The Big Data ETF Huabao (516700) attracted 11.04 million yuan in a single day yesterday. Over a longer period, it has accumulated net inflows of 13.22 million yuan in the past five days.
Regarding constituent stocks, Epoint World led gains, rising over 8%. Kehua Data increased by more than 3%. Dongtu Technology and Runze Technology rose over 2%. Wangsu Technology, Ofly Tech, China National Software, and other stocks also traded in positive territory. On the other hand, China Great Wall fell over 9%. Glodon and Zhongke Xingtu declined more than 3%, leading the losses and weighing on the index performance.
Recent developments drawing market attention include the accelerated commercialization of AI applications and the strong financing momentum for large model enterprises:
1. Acceleration of AI Commercialization Both Tencent and Alibaba recently released their latest financial reports. While accelerating towards AI commercialization, these major internet companies have indicated they will continue to increase capital expenditures. Additionally, ByteDance's large model, Doubao, has recently begun testing a paid subscription model. Industry insiders note that Doubao's introduction of tiered subscription fees will help major AI companies establish a longer-term commercial monetization roadmap, with expectations that the entire market will eventually transition to a subscription model.
2. Strong Momentum in Financing Large model enterprises are experiencing robust financing activity. AI unicorn Anthropic plans to raise at least $30 billion at a valuation exceeding $900 billion. DeepSeek is advancing its first external financing round, with its valuation climbing to $50 billion. Kimi has secured another $2 billion in funding, quadrupling its valuation in six months.
Morgan Stanley points out that the dominant narrative for AI in China is no longer about catching up in capability but about capturing value. The core logic has shifted from training to inference, from technology to application, and from potential to actual profitability. The catch-up trend in the application layer is expected to be the next core theme.
Guosheng Securities believes that China's token consumption is experiencing exponential growth, benefiting both large model and application companies. During the intensive first-quarter earnings reporting period, the focus should be on the marginal changes in capital expenditure (CAPEX) investments by major companies and their AI-related revenue. Given the current low valuation range, marginal improvements in the industry are likely to generate positive stock price reactions.
According to Zheshang Securities, AI applications are still in the early stages of the industry. Token consumption is growing exponentially, and the application field is diversifying. AI is creating new supply while also empowering the core businesses of internet platforms (such as advertising, programming, AIGC, etc.). The current market is in a rotation phase. Considering a "catch-up mentality," it is advisable to focus on undervalued stocks in AI applications.
[Data Security is Paramount, Technological Self-Reliance is Key] The Big Data ETF Huabao (516700), which is deeply tied to domestic computing power (IDC, servers) and AI application fields, passively tracks the CSI Big Data Industry Index. It covers the entire data technology process, including big data storage, production, analysis, operation platforms, and application, better reflecting the overall development of China's big data industry. Its top holdings include leading companies such as Sugon, iFLYTEK, Unisplendour, Inspur Information, China Great Wall, and China National Software.
The underlying index of Big Data ETF Huabao (516700) encompasses several hot concepts. As of the end of April, the weight of constituent stocks related to cloud computing, IDC (computing power leasing), computing power, and AI applications accounted for 88.15%, 44.99%, 43.49%, and 28.23% respectively.
Note: The previous on-market abbreviation for Big Data ETF Huabao (516700) was Big Data Industry ETF.
Risk Disclosure: The Big Data ETF Huabao passively tracks the CSI Big Data Industry Index. The base date of this index is December 31, 2012, and it was published on October 18, 2016. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its past performance does not indicate its future results. The mention of index constituent stocks in this article is for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form and do not represent the holdings or trading动向 of any fund managed by the fund manager. The fund manager assesses the risk level of this fund as R3 - Medium Risk, suitable for Balanced (C3) and above investors. Suitability matching opinions should be based on the sales institution. Any information appearing in this article (including but not limited to individual stocks,评论, forecasts, charts, indicators, theories,任何形式的表述等) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice to readers in any form, and no responsibility is accepted 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. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds with caution.
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