On Tuesday (September 22), the viral success of Muse sparked a surge in compute-power and chip stocks, with the STAR Market chip design sector strengthening all day. Among popular ETFs, the HUABAO SSE STAR MARKET CHIP DESIGN THEMATIC EXCHANGE-TRADED OPEN-ENDED INDEX FUND (589430) continued to rise, with its underlying index climbing over 2% again.
In terms of constituent stocks, CPU leader Hygon Information Technology surged nearly 4%, with its market value briefly surpassing 600 billion yuan during the session and daily trading volume exceeding 10 billion yuan. Espressif Systems jumped 10%, while Puya Semiconductor, Bestechnic, Actions Semiconductor, and Moore Threads all gained more than 7%.
On the news front, Meta's AI agent craze is fueling the CPU rally. The consumer-grade AI agent Muse, launched by Meta in early September, is prompting investors to reassess CPU demand tied to the widespread adoption of AI agents. Citing data from Sensor Tower, local media reported that Muse has topped the U.S. iPhone free app download chart for three consecutive days since reaching No. 1 last week.
The core logic is that in the Agent era, the central execution foundation shifts to CPUs, widening the demand gap. Previously, the CPU-to-GPU ratio in AI servers was around 1:4 to 1:8, narrowing to roughly 1:4 for inference tasks. Now, personal agents are moving toward a 1:1 to 1:2 ratio.
Soochow Securities released a research note stating that the large-scale deployment of Agentic AI is fundamentally restructuring CPU compute demand, breaking the traditional AI landscape where CPUs played a supporting role and GPUs took the lead. The domestic server CPU market now features a stable "two giants, multiple challengers" competitive structure.
The AI wave is driving a return to higher CPU/GPU ratios, ushering in a global CPU super-demand cycle. Against the backdrop of domestic AI infrastructure buildout, domestic CPUs are poised to benefit first in local AI inference clusters.
About the Fund
The HUABAO SSE STAR MARKET CHIP DESIGN THEMATIC EXCHANGE-TRADED OPEN-ENDED INDEX FUND (589430) employs a Fabless asset-light model, offering high elasticity from pure design operations. Its underlying index covers four major tracks—compute power, storage, interconnect and customization, as well as specialty sensing and SoCs—capturing the core of China's chip design strength and serving as a key flag-bearer for AI compute and domestic substitution.
Data sources: Shanghai and Shenzhen stock exchanges, Wind, CSI Index, among others. Institutional views reference Soochow Securities' report titled "Intel Raises Prices Again, Domestic CPUs Face Historic Window."
Regarding fund fees: When subscribing or redeeming fund shares, investors may be charged a commission of up to 0.3% by the subscription/redemption agency. On-exchange trading fees follow actual brokerage charges, with no sales service fee levied. According to the fund manager's assessment, the risk rating for this ETF is R4—medium-to-high risk—suitable for aggressive investors (C4) and above; the suitability recommendation should be based on the sales institution's guidance.
Risk disclosure: This fund passively tracks the SSE STAR Market Chip Design Thematic Index, with a base date of December 31, 2019. Index constituent composition adjusts periodically per the index methodology, and backtested historical performance does not predict future index behavior. The constituent stocks mentioned here are for illustration only; individual stock descriptions do not constitute investment advice of any kind, nor do they represent the fund manager's holdings or trading activity for any fund. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors bear full responsibility for their own investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice to readers, and the author assumes no liability for direct or indirect losses arising from the use of this content. Fund investing carries risks; past performance does not guarantee future results, and the performance of other funds managed by the fund manager does not guarantee this fund's performance. Please invest in funds with caution.
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