The market experienced consolidation today (June 23rd), with the performance of the Science and Technology Innovation Board generally outperforming the ChiNext Board. The HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC (589520), which focuses on the domestic AI industry chain, saw minor fluctuations around the flatline, with its intraday price dipping 0.41%. Observing the daily chart, it appears to have established a pattern of upward movement in steps. Data from the Shanghai Stock Exchange shows the ETF attracted 6.46 million yuan in net inflows yesterday.
From a technical analysis perspective, after the MACD indicator formed a golden cross, the fast line (DIF) has continued trading above the slow line (DEA). This signals the continuation of a bullish trend, indicating that short-term market buying forces are dominant and the momentum for price increases remains strong.
Regarding constituent stocks, shares related to digital chip design concepts led the gains significantly. Allwinner Technology, MetaX, and Anlogic Technology surged over 5%, while Giantec Semiconductor rose more than 4%. Companies like Espressif Systems, Fudan Microelectronics Group, Cambricon Technologies Corporation Limited, and Hygon Information Technology also followed with gains. On the other hand, UCloud Technology fell over 4% and Transwarp Technology dropped more than 3%, ranking among the top decliners and dragging on the index's performance.
Key Factors Behind Domestic Computing Power Strength
What is driving the sustained strength in domestic computing power? It can be analyzed from policy and industrial perspectives.
1. Policy Perspective: The Chairman of the China Securities Regulatory Commission stated at the 2026 Lujiazui Forum that the fifth set of listing criteria for the Science and Technology Innovation Board has been expanded to include the AI sector. Additionally, two significant policies have been released: ① The Ministry of Commerce and seven other departments have outlined 17 measures to promote the development of "AI + Consumption"; ② The Ministry of Industry and Information Technology and six other departments jointly issued a document to promote the opening of computing power resources and enhance the inclusive service capabilities of platform enterprises' tokens.
2. Industrial Perspective: Domestic AI models and domestic computing power are entering a phase of "mutual validation." On one hand, after the launch of Zhipu AI's GLM-5.2 model, it has completed Day0 adaptation with multiple domestic computing power platforms including Ascend, Cambricon, and Hygon. On the other hand, the usage volume of domestic large models continues to maintain high growth rates, with the scale of domestic model calls on the OpenRouter platform already significantly leading that of foreign vendors. Institutions believe that as model capabilities continue to improve, inference demand rapidly expands, and domestic chips accelerate their adoption by leading clients, the prosperity of the domestic computing power industry chain is expected to continue rising.
Primary Investment Themes in the Domestic Computing Power Chain
Synthesizing institutional viewpoints, the current domestic computing power industry chain can be focused on the following three main themes.
The first theme is domestic GPU and server manufacturers. As procurement by major internet companies accelerates and model developers complete adaptations, the industrialization process for domestic GPUs is clearly speeding up.
The second theme is intelligent computing centers and computing power service providers. With the rapid growth in inference demand, the value of computing power leasing, IDC, and cloud computing resources continues to increase.
The third theme is beneficiaries of the domestic AI ecosystem. As domestic model capabilities continue to improve and penetrate enterprise-level scenarios, companies within the industry chain with strong hardware-software synergy capabilities are expected to benefit first.
Focus on Domestic AI with a Targeted ETF
The HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561) focus on the domestic AI industry chain. Their constituent stocks include leading domestic GPU companies (such as Cambricon Technologies Corporation Limited), leading domestic ASIC companies (such as VeriSilicon Microelectronics), and leading AI application companies (such as Kingsoft Office). The semiconductor sector accounts for nearly half of the weight, providing strong offensive potential. The software sector accounts for over 30% of the weight, potentially benefiting from a catch-up rally in AI applications. Furthermore, this ETF is a margin trading and securities lending target, serving as an efficient tool for a one-click investment in domestic computing power.
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