The HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC (589520), which focuses on the domestic AI industry chain, reached a new high since its listing today (May 13). As of the time of writing, its intraday gain reached 2.72%, and it is currently up 2.59%. Among its constituent stocks, Tianzhun Technology surged by the 20% daily limit, Hengxuan Technology rose over 6%, while Montage Technology, UCloud Technology, and Roborock gained more than 4%. The heavyweight stock Cambricon Technologies Corporation Limited jumped 2.5%.
Driven by the AI boom, the global memory chip sector is experiencing a rare major rally. The Philadelphia Semiconductor Index has surged 70% in just five months and is up 170% year-over-year, far outpacing the gains of the S&P 500 and Nasdaq indices. The South Korea Composite Index, measured in U.S. dollars, has risen over 80% this year, leading global gains.
Even after significant increases, Wall Street generally maintains a bullish outlook. A growing number of analysts believe this rally is no longer just a traditional "memory cycle" but more like a long-term value reassessment triggered by AI reshaping the industry structure.
A noted economist suggests the semiconductor rally is not over. This year, AI Agents are beginning to change the physical world, generating explosive demand for memory semiconductors. Many memory companies have seen their performance grow by tens or even hundreds of times, and their production capacity for the next two years may already be fully sold out. Semiconductor profits are likely to remain strong for at least the next two years, indicating the rally is far from over.
Huatai Securities believes the growth-style rally may have another upward wave. The Philadelphia Semiconductor Index, a leading indicator for global tech stocks, has surged, boosting sentiment for tech stocks worldwide, but this is likely not the peak. The current technical indicators of the Philadelphia Semiconductor Index can be compared to COMEX silver at the end of 2025, suggesting it may still be one bullish wave away from a true peak.
Guosen Securities points out that, from a medium-term perspective, high-growth sectors like technology with upward industrial trends remain important directions. With policy support and industrial breakthroughs resonating, AI technology continues to be a main theme in the A-share market, and areas such as AI applications and computing hardware deserve attention.
[The Beacon of Domestic Substitution, Self-Reliance in Science and Technology Innovation] 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, positioning it to benefit from potential catch-up rallies in AI applications. Additionally, this ETF is a margin trading and securities lending target, serving as an efficient tool for a one-stop allocation to domestic computing power.
Risk Disclosure: The HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC passively tracks the Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence Index. The base date for this index is December 30, 2022, and it was launched on July 25, 2024. The index's annual gains/losses for 2023 and 2024 were 12.68% and 32.36%, respectively. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its back-tested historical performance does not predict future index performance. Individual stocks and index constituents mentioned in this article are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the fund manager. The fund manager assesses the risk rating of the HUABAO SHANGHAI SCIENCE AND TECHNOLOGY INNOVATION BOARD ARTIFICIAL INTELLIGENCE TRADING OPEN ENDED INDEX SEC as R4 (Medium-High Risk), suitable for aggressive (C4) and above investors. Suitability matching opinions should be based on sales institutions. Any information appearing in this article (including but not limited to individual stocks,评论, predictions, charts, indicators, theories, and任何形式的表述) 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 of any form to readers, and no responsibility is taken for any direct or indirect losses arising from the use of this content. Fund investment involves 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. Caution is advised in fund investment.
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