On August 4th, a sharp shift in market style saw tech stocks rebound strongly. The ChiNext and Shenzhen Component indices closed up 5.64% and 3.25% respectively. The hard-tech broad-based fund Shuangchuang 50 ETF Huabao (588330) bounced back 5.68%, while the tech-focused Tech ETF Huabao (515000) , which gathers tech leaders, rose nearly 6%. The Shanghai Composite Index edged up 0.33% to 3822.28 points, with total market turnover reaching a massive 2.23 trillion yuan. On the board, the optical module CPO sector staged a violent recovery, with Tianfu Communication surging over 17%, and Xinyisheng and Zhongji Innolight spiking more than 13%. The ChiNext Artificial Intelligence ETF Huabao (159363) , heavily weighted in optical module leaders, closed with a sharp 9.95% gain, leading the ETF gainers list, with "light chasers" buying a massive 112 million units in a single day. The chip semiconductor sector also recovered rapidly. The Sci-Tech Chip ETF Huabao (589190) , with one of the lowest expense ratios in its category, saw its intraday price rise 6.7% at one point, closing up 5.47% and returning above its 200-day moving average. The market is gradually shifting from "fearing high investment with low returns" to "profit realization and technological breakthroughs," with confidence steadily recovering. A classic "see-saw effect" between banking and technology emerged. As tech reclaimed the spotlight, bank stocks turned entirely negative. The top-tier bank ETF, Bank ETF Huabao (512800) , fell 2.41% intraday, with a turnover of 14.23 billion yuan.
In the Hong Kong stock market, CXO giant Wuxi Apptec strong earnings report ignited the innovative drug supply chain. The high-CXO-content Hong Kong Stock Connect Healthcare ETF Huabao (159137) surged 4.12%, reclaiming its 200-day moving average. The Hong Kong Stock Connect Innovative Drug ETF Huabao (520880) , comprised entirely of innovative drug R&D targets, rose 1.41% on higher volume. A research report from CICC suggests that the A-share market in August may enter a repair phase following a significant correction. They recommend focusing on two main themes: 1) High-growth sectors still require selective picking: The high prosperity of AI infrastructure-related links (such as optical communications, PCB) remains certain. For semiconductors and computing power, attention is needed on the alignment of fundamentals and valuations. Many innovative drug companies are entering the clinical data verification phase, which is worth monitoring from the bottom up. 2) Cyclical improvements: Considering geopolitical situations and capacity cycle positions, watch for sectors with improving earnings and supply-demand dynamics, such as power grid equipment, petrochemicals, engineering machinery, and non-bank financials benefiting from a better capital market. The precious metals sector is also worth attention after significant adjustments.
Where to Focus Next
Let's examine the trading and fundamental situations of several key thematic sectors: the ChiNext AI, Sci-Tech Chip, and A/H-share Healthcare sectors.
Logic Shifts: High-'Light' ChiNext AI Outperforms Communications
Driven by multiple catalysts including high AI capital expenditure, strong demand for computing power being validated, and thorough clearance of speculative positions, the optical module CPO sector staged a violent recovery! Tianfu Communication surged over 17%, Xinyisheng and Zhongji Innolight spiked more than 13%. AI applications also remained active, with Yidian Tianxia continuing to surge over 16%. Among popular ETFs, the ChiNext Artificial Intelligence ETF Huabao (159363) , heavily weighted in optical module leaders, gapped up and closed with a 9.95% surge, ranking first among all ETFs. It saw a single-day turnover exceeding 1.7 billion yuan, with funds buying 112 million units. Today's market action shows the ChiNext Artificial Intelligence Index rising 9.39% in a single day, significantly outperforming the Communications Equipment (+9.11%), 5G Communications (+8.42%), and other communication sector indices. This reflects a deeper evolution in the market's pricing logic 鈥?moving from a single "hardware certainty" dominance to a collaborative rise model of "hardware as the base, applications as the wings." AI investment is shifting from the "construction phase" to the "harvest phase," and a return loop for AI investment is emerging. The ChiNext Artificial Intelligence ETF Huabao (159363) possesses advantages in both computing power positioning and application ecosystem, aligning well with the industry trend from hardware infrastructure to application deployment. It benefits from both sustained high CSP capital expenditure and the explosion of AI applications. The differential logic can be broken down from two dimensions: weight structure and software valuation reset. 1) Advantageous Large-Cap Weight Structure: In the ChiNext AI Index, core computing power names like "Yizhongtian" (Xinyisheng , Zhongji Innolight , Tianfu Communication ) have highly concentrated weights, with a single stock weight cap of 15%. In a loose liquidity environment, large-cap leaders show strong elasticity and offensive power. In contrast, the communication sector is still constrained by the valuation anchors of traditional equipment makers, with a clear PE ceiling and potentially limited upside. 2) Software-Side Valuation Reset: AI applications are likely to replicate the path of US stocks. Referencing US SaaS benchmarks like Snowflake and Datadog hitting new highs, and Palantir's quarterly earnings beat causing a surge, the market is placing a high premium on AI application deployment capabilities. The ChiNext AI index gathers many "software + hardware" combination targets, benefiting more from the dual logic of application-layer profit realization and valuation system reset compared to pure hardware communications. In summary, in the new AI era, expectations for earnings growth among overseas CSPs continue to heat up. Computing power infrastructure is accelerating from the "construction phase" to the "harvest phase." In this context, the investment focus should be on two main directions: 1) Computing power companies with core advantages, such as optical module leaders; 2) AI application vendors that have achieved commercial closed loops first. Computing power provides growth certainty, while applications unlock valuation imagination. Their resonance forms the core investment theme for AI. The ChiNext Artificial Intelligence ETF Huabao (159363) and its off-exchange feeder funds (A-share 023407, C-share 023408) focus on optical module CPO leaders while also covering AI applications. The constituent stocks "Zhongji Innolight + Xinyisheng + Tianfu Communication" account for about 40% of the index, making it a core standard-bearer for AI computing power. Furthermore, ChiNext Artificial Intelligence ETF Huabao (159363) has a latest scale exceeding 6.4 billion yuan and an average daily turnover over the past six months exceeding 1 billion yuan, leading in both scale and liquidity among the 8 ETFs tracking the same underlying index.
Tech Wave Returns: Rebound or Reversal?
The Sci-Tech Chip ETF Huabao (589190) , with low expense ratios, rose over 5% to reclaim its 200-day moving average. With A-share markets launching a counterattack on high volume, technology has made a comeback. The chip semiconductor sector is soaring across the board. The intraday price of Sci-Tech Chip ETF Huabao (589190) , known for its low expense ratios, rose 6.7% at one point, closing up 5.47% and returning above its 200-day moving average. On the board, optical chips led the gains, with Shijiaguangzi and Yuanjie Technology surging 17.5% and 14.65%, respectively. Analog chips, memory chips, and wafer manufacturing also performed well. Xinyuan Co. rose over 12%, Juchen Co. gained over 9%, and Jiehuate , Lianyun Technology , and Yandong Micro rose over 8%. Additionally, Huahong Hongli , Puran Co. , and Lantiq Technology were among the top gainers. Multiple positive factors resonated. After Changxin Technology officially listed on the Sci-Tech Innovation Board (STAR Market), AI computing power demand drove increased attention on the memory supply chain. South Korean chip giant SK Hynix announced on the same day that it jointly released the first standard specification for the next-generation memory technology, High Bandwidth Flash (HBF), with US-based SanDisk. Capital expenditure from the top four North American cloud vendors remained at a high growth rate in Q2 2026, with Google, Amazon, and others further raising their full-year 2026 guidance. Returns on AI infrastructure investments are being validated in earnings results. Amazon's AWS cloud business net sales reached $42.23 billion, with revenue growth hitting an 18-quarter high. Microsoft's Azure cloud computing business revenue grew 43% year-over-year. Google's cloud services revenue surged 82%, also far exceeding market expectations. The virtuous cycle of AI investment and return is taking shape, significantly alleviating market concerns about the sustainability of massive AI Capex spending. Analysts suggest the market is gradually shifting from "fearing high investment with low returns" to "profit realization and technological breakthroughs," with confidence gradually recovering. Donghai Securities believes that the latest financial reports from the top four North American cloud vendors showed most achieving double-digit or higher growth in both revenue and profit. This is expected to accelerate the conversion into commercial outputs and returns. Changxin Technology formal listing on the STAR Market clarifies its expansion pace, potentially accelerating the semiconductor domestic substitution process. Semiconductor demand remains robust, driven by AI, with prices continuing to rise. The firm recommends focusing on AI computing power, memory, and optical chip industry chain segments at lower valuations, while also watching opportunities in domestic substitution areas like semiconductor equipment, materials, advanced packaging, and analog chips. To capture the chip industry's "super cycle," consider the 20CM high-elasticity variety. Public information shows the Sci-Tech Chip ETF Huabao (589190) and its feeder funds (A-share 021224, C-share 021225) passively track the STAR Chip Index. While balancing allocation across the chip industry chain, it has over 90% weight in core areas like integrated circuits and semiconductor equipment, giving it a high hard-tech content and strong offensive characteristics. Public data indicates Sci-Tech Chip ETF Huabao (589190) has a management fee of 0.3%, a custodian fee of 0.08%, and a total expense ratio of 0.38%, making it one of the lowest fee ETFs tracking the same index.
Wuxi Apptec Strong Earnings Ignite CXO Sector
The blockbuster earnings report from CXO giant Wuxi Apptec ignited the A/H-share healthcare sector! Following the report, Wuxi Apptec A/H shares gapped up. Its A-share stock hit the daily limit up, while its H-share stock once surged over 14%, closing up 11.17%. The Hong Kong Stock Connect Healthcare ETF Huabao (159137) , which allocates nearly 50% of its portfolio to CXO stocks, surged 5.41% at the open, closing up 4.12% and breaking through its 200-day moving average, with turnover reaching 63.56 million yuan, a significant increase of over 66% from the previous day. The largest medical ETF in the market, Medical ETF Huabao (512170) , which has nearly 30% CXO exposure, saw its intraday price close up 1.83%, hitting a new closing high for this rebound phase, with turnover surging over 60% from the previous day to 616 million yuan. CXO constituent stocks dominated the gainers list, with Wuxi Apptec and Kailaiying both hitting the daily limit up, while Boteng Co. and Kanglong Huacheng rose 13.58% and 10.67%, respectively. On the evening of August 3rd, Wuxi Apptec released its semi-annual report, exceeding market expectations. In the first half of the year, it achieved total operating revenue of 28.897 billion yuan, a year-over-year increase of 38.93%. Its net profit attributable to the parent company broke through the 10 billion yuan mark for the first time in a first-half period, reaching 11.08 billion yuan, a 29.43% increase year-over-year. Revenue in the single second quarter reached a record high of 16.5 billion yuan. The company also fully raised its full-year 2026 performance guidance. It now expects total company revenue in 2026 to be between 58.5 billion and 60.5 billion yuan, up from the previous range of 51.3 billion to 53 billion yuan, and the year-over-year growth rate for continuing operations revenue is raised from 18%-22% to 35%-39%. As a global CXO leader, Wuxi Apptec significantly upward revision of its guidance validates that the innovative drug supply chain remains in a high-prosperity cycle. Recently, several multinational corporations like Johnson & Johnson, Sanofi, BMS, Novartis, and Roche, along with CXO companies, have reported positive interim earnings and raised their full-year 2026 guidance. Order books, revenue, and profitability for CDMOs and CROs continue to improve. Industrial Securities believes that innovative drugs and their supply chains are transitioning from being "valuation-driven" to being driven by "performance and globalization realization." Northeast Securities also notes that current domestic and international biopharmaceutical investment and financing are continuously recovering, domestic innovative drug financing has grown significantly, and policies support the development of innovative drugs from multiple angles. The CXO sector may be entering a new upward cycle. For efficient participation in CXO trading, two key tools are worth noting: Hong Kong Stock Connect Healthcare ETF Huabao (159137) : Heavily invested in the innovative drug supply chain, with 48% CXO + 20% innovative drugs, also covering AI healthcare, medical equipment (including brain-computer interfaces), and other scarce leaders. Its underlying assets are Hong Kong stocks, offering high elasticity and T+0 settlement. Off-exchange feeder fund: 026922. Medical ETF Huabao (512170) : The largest healthcare/medical ETF in the market by scale, focusing on medical equipment (including brain-computer interfaces) and medical services (nearly 30% CXO exposure), also covering AI healthcare concepts. Off-exchange feeder fund: 012323. Data sources: CSI Index Company, Shanghai/Shenzhen/HK Stock Exchanges, iFind, etc. Institutional view sources: CICC 20260802 strategy views; Donghai Securities 20260803 "Electronics Industry Weekly: Top 4 North American CSPs Raise CapEx Again, Changxin Technology Officially Lists on STAR Market"; Northeast Securities 20260727 "Northeast Medical & Health Weekly: Continue to Favor Innovative Drugs/Equipment as Mid-Long Term Theme, AI Healthcare Has Entered Value Realization Window"; Industrial Securities 20260803 "Industrial Securities Pharma Industry August 2026 Investment Monthly". Note: ETFs do not charge sales service fees. When investors subscribe or redeem fund shares, the subscription/redemption agent broker may charge a commission of up to 0.5%, which includes fees charged by the stock exchange, registration institution, etc. Fund expense ratios are detailed in each fund's legal documents. Risk Warning: The ChiNext Artificial Intelligence ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of 2018.12.28 and a release date of 2024.7.11. The index's annual returns from 2021 to 2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The index's annualized volatility over the same period was 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The index's constituent stocks are adjusted periodically according to the index compilation rules. Back-tested historical performance does not guarantee future index performance. The stocks mentioned in the text are solely for objective display of index constituents and do not constitute any stock recommendation, nor do they represent the fund manager or the fund's investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors must be responsible for any investment decisions they make independently. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any kind to readers. The company is not responsible for any direct or indirect losses arising from the use of the content in this article. Investors should carefully read fund legal documents such as the "Fund Contract," "Prospectus," and "Fund Product Information Summary," understand the fund's risk-return characteristics, and select products that match their own risk tolerance. Past performance of a fund does not indicate its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. According to the fund manager's assessment, the risk level of Shuangchuang 50 ETF Huabao , ChiNext Artificial Intelligence ETF Huabao , Hong Kong stock class ETFs, and Sci-Tech Chip ETF Huabao is R4 (Medium-High Risk), suitable for aggressive (C4) and above investors. The risk level of other funds mentioned in the text is R3 (Medium Risk), suitable for balanced (C3) and above investors. Suitability matching opinions should be based on the sales institution. Sales institutions (including the fund manager's direct sales institutions and other sales institutions) conduct risk assessments on the above funds according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. The suitability opinions of various sales institutions are not necessarily consistent, and the fund product risk level evaluation results issued by fund sales institutions shall not be lower than the risk level evaluation results made by the fund manager. The risk-return characteristics and fund risk levels in the fund contract may differ due to different factors considered. Investors should understand the fund's risk-return situation and carefully choose fund products and bear the risks themselves based on their investment objectives, term, experience, and risk tolerance. The registration of the above funds by the China Securities Regulatory Commission does not imply any substantive judgment or guarantee of their investment value, market prospects, or returns. Fund investment requires caution. MACD golden cross signal forms, these stocks are performing well!
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