Technology sector leaders demonstrated robust strength during the early trading session on June 25th. The first domestic tech leader ETF, the Huabao Technology ETF (515000), rose over 1% intraday, continuing to set new highs since its listing nearly seven years ago. The fund has seen net inflows for four consecutive days, accumulating over 3.4 billion yuan in net purchases.
Among its constituent stocks, storage sector leaders led the gains significantly. Gigadevice Semiconductor Inc. surged over 8%, continuing its charge towards the daily price limit. Bewinner Storage and Jiangbolong also climbed more than 7%. Additionally, the computing power segment remained active, with Sugon rising over 6% and Hygon gaining more than 4%.
The catalyst for the move was explosive earnings from a major storage player, validating the industry's super cycle. Micron Technology's latest financial report indicated the company expects adjusted revenue for the fourth fiscal quarter to be between $49 billion and $51 billion, surpassing market expectations of $43.24 billion. Micron's CEO stated that capital expenditure for Q4 is projected to be around $10 billion, with full-year FY2026 capex estimated at approximately $27 billion. Capital expenditure for each quarter of FY2027 is expected to exceed the level of Q4 FY2026.
CITIC Securities noted that amidst the vigorous global development of the AI computing power industry and the widening divergence in sentiment between the broader AI sector and traditional industries, they remain optimistic about the future performance of AI computing power as a core long-term theme in this bull market. In the short term, domestic policy tailwinds, such as those discussed at the Lujiazui Financial Forum, are expected to continue propelling the STAR and ChiNext boards higher. Furthermore, expectations of Federal Reserve rate hikes have not halted the global tech rally, suggesting the ChiNext and STAR boards are likely to maintain their strong momentum.
Industrial Securities pointed out that from a policy perspective, the focus on macro-prudence and technological innovation has become clearer. The recent market divergence essentially reflects a natural selection by capital, concentrating on fundamentals and policy certainty, prioritizing pricing based on visible certainties. In terms of allocation, the relative strength of sector momentum and changes in earnings performance remain the core guiding principles. Market consensus on high-growth sectors remains highly concentrated, with AI computing hardware still holding the strongest consensus, while expectations for some advanced manufacturing sectors have also been revised upwards.
For exposure to the tech bull market, focus on the leaders. The Huabao Technology ETF (515000) and its feeder funds (Feeder A: 007873, Feeder C: 007874) select 50 large-scale, high-market-share, strong-growth, and high-R&D-investment listed companies from the electronics, computer, communications, and biotech sectors within the Shanghai and Shenzhen markets. This portfolio represents the core assets of A-share tech leaders, combining attributes of "hard tech beta" and "excess alpha from quality leaders."
In terms of performance, the Huabao Technology ETF (515000) has seen its intraday price repeatedly reach new highs recently, with its underlying index showing strong momentum and its allocation value becoming increasingly prominent. As of June 23, 2026, the S&P China A-Share Technology Leaders Index has gained 149% over the past year, significantly outperforming popular tech indices like the SSE Sci-Tech Innovation 50 Index during the same period, making it a high-quality tool for investing in the tech theme.
Note: The Huabao Technology ETF passively tracks the S&P China A-Share Technology Leaders Index. The index base date is June 29, 2012, and it was launched on March 20, 2019. The index's annual historical returns for 2021-2025 were: -3.92%, -34.84%, 0.81%, 11.50%, and 51.54%, respectively. The index's constituent stocks are adjusted according to its compilation rules, and its back-tested historical performance does not indicate future results.
Data source: Shanghai and Shenzhen Stock Exchanges, etc. Note: "First domestic" refers to the first ETF tracking the S&P China A-Share Technology Leaders Index.
ETF Fee Description: When investors subscribe for or redeem fund shares, the subscription/redemption agent may charge a commission not exceeding 0.5%. Intraday trading fees are subject to the actual charges by securities firms; no sales service fee is charged.
Feeder Fund Fee Description: For Huabao Technology ETF Feeder A, the subscription fee is 1.00% for amounts below 1 million yuan, 0.60% for amounts between 1 million yuan (inclusive) and 2 million yuan, and a flat 1,000 yuan per transaction for amounts above 2 million yuan (inclusive). The redemption fee is 1.50% for holdings under 7 days, 0.50% for holdings between 7 days (inclusive) and 180 days, and 0.00% for holdings of 180 days (inclusive) or more. No sales service fee is charged. For Huabao Technology ETF Feeder C, no subscription fee is charged. The redemption fee is 1.50% for holdings under 7 days and 0.00% for holdings of 7 days (inclusive) or more. The sales service fee is 0.40% per annum. The ETF subscription/redemption agent may charge a commission not exceeding 0.5%. Intraday trading fees are subject to the actual charges by securities firms.
Risk Disclosure: The Huabao Technology ETF passively tracks the S&P China A-Share Technology Leaders Index. The index base date is June 29, 2012, and it was launched on March 20, 2019. The index's constituent stocks are adjusted according to its compilation rules, and its back-tested historical performance does not indicate future results. The constituent stocks mentioned in this article are for illustrative purposes only. Descriptions of individual stocks are not intended as any form of investment advice and do not represent the holdings or trading activities of any fund managed by the fund manager. The fund manager assesses this fund's risk level as R3 - Medium Risk, suitable for Balanced (C3) and above investors. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or predictions in this article do not constitute investment advice of any kind to the reader, and no liability 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. Fund investment requires caution.
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