Following the Dragon Boat Festival holiday, market volatility has increased. On June 23rd, major A-share indices generally retreated, with the Shanghai Composite Index falling 1.37%, the Shenzhen Component Index dropping 3.17%, and the ChiNext Index declining 3.84%. Regarding this, Cao Xuchen, the fund manager of the popular ChiNext Artificial Intelligence ETF Huabao (159363), believes this week is likely to be a consolidation period. Large-cap stocks that have already undergone consolidation may perform relatively well this week, while stocks that rose rapidly in the previous two weeks may need to consolidate. The influx of sentiment-driven capital in the first two trading days may be the main reason for the heightened volatility in the ultra-short-term market. Overall, the technology sector is fundamentally sound, and a primary upward trend is anticipated for the period from July to September.
It is worth noting that recently, major representative indices of the AI industry chain have undergone portfolio adjustments. These sub-indices cover core segments of the AI industry chain such as optical modules, chips, large models, and power/energy. So, which stocks have been added to and removed from these hot indices? What characteristics do the adjusted indices now present?
ChiNext Artificial Intelligence Index: High "Optical" Content
1. New Additions/Removals: Added Jiangbolong and Dongtianwei; removed Dipu Technology and Feilixin.
2. Overall View: Fundamentally, the leading memory module manufacturer Jiangbolong and the core optical isolator company Dongtianwei are superior to the removed stocks. However, as these two added companies are not the most core players in the memory and optical fields, their impact on the index is quite limited.
3. Representative ETF: ChiNext Artificial Intelligence ETF Huabao (159363) – Its underlying index, the "ChiNext Artificial Intelligence Index," has an optical module content of approximately 50%, with high exposure to "Xinyisheng + Zhongji Xuchuang + Tianfu Communication" (around one-third of the portfolio). It not only represents the core of computing power but also AI applications. As of June 22, 2026, the latest fund size of the ChiNext Artificial Intelligence ETF Huabao (159363) reached a new high of RMB 8.118 billion, ranking first in fund size among all ETFs in the dual-creation (ChiNext/STAR Market) AI sector. Its average daily turnover over the past six months exceeded RMB 900 million, leading in trading activity across all AI sector ETFs.
CSI Hong Kong Stock Connect Information Technology Composite Index: "Hong Kong Hard Tech"
1. New Additions/Removals: Added Zhipu, Sheng Hong Technology, TianShu ZhiXin, Biren Technology, Huaqin Technology, Minglue Technology, Haizhi Technology, Health Way. No removals.
2. Overall View: As a composite index, the CSI Hong Kong Stock Connect Information Technology Composite Index prioritizes the inclusion of new companies in the electronics and computer sectors. The quality of the constituent stocks added this time is high. Alongside the wave of Hong Kong-listed AI hard-tech company IPOs, this index has become a scarce choice for investing in Hong Kong's AI hard-tech sector.
3. Representative ETF: The market's first, largest, and most liquid Hong Kong Stock Connect Information Technology ETF Huabao (159131) – Its underlying index is composed of "80% hardware + 20% software," heavily weighted in Hong Kong-listed "semiconductors + electronics + computer software." It covers 60 Hong Kong-listed hard-tech companies, with the combined weight of the two wafer foundry giants, SMIC and Huahong Semiconductor, exceeding 21%. The weight of domestic AI PC leader Lenovo Group is 15.89%, and the combined weight of PCB leaders Kingboard Holdings and Kingboard Laminates exceeds 10%. These three categories represent the highest exposure among all market indices with linked products. Recently, the index newly added several high-profile Hong Kong-listed hard-tech newcomers like Zhipu and Biren Technology. The index's constituents do not include large-cap internet enterprises like Alibaba, Tencent, or Meituan, giving it higher sharpness and making it easier to capture the Hong Kong AI hard-tech market trend. It supports T+0 trading.
SSE STAR Market Chip Index: "Pure-Play Chip"
1. New Additions/Removals: Added Puran Shares, Xi'an Yicai, Muxi Shares, Moore Threads; removed Youyan Silicon, Qizhong Technology, Zhongke Lanxun, Wijetron.
2. Overall View: This adjustment added more AI-oriented storage chips and GPU chips while removing more consumer-oriented chips, further upgrading the index's AI proportion.
3. Representative ETF: Science and Technology Innovation Chip ETF Huabao (589190) – Its underlying index, the "SSE STAR Market Chip Index," achieves balanced allocation and full-chain coverage of the chip industry while allocating over 90% of its weight to core areas like integrated circuits and semiconductor equipment, reflecting high hard-tech content and strong offensive potential.
CSI All Share Power & Utilities Index: "AI Defensive Play"
1. New Additions/Removals: Added Zhongmin Energy, Huaihe Energy, Xintian Green Energy, Power Investment & Finance; removed Linyang Energy, Mingxing Electric Power.
2. Overall View: The power sector is a defensive play within the AI industry chain. Its fundamentals largely depend on electricity price trends, which are currently stable, with fundamentals in a phase of weak recovery. This constituent adjustment does not show a clear directional bias.
3. Representative ETF: Power ETF Huabao (159146) – Its underlying index, the "CSI All Share Power & Utilities Index," focuses on the power and utilities sector, comprehensively covering thermal power, hydropower, wind power, nuclear power, and photovoltaics. It can capture the growth potential of the new energy boom while relying on the high dividends and stable cash flow of traditional power leaders to smooth market volatility, achieving a dual adaptation of "defensive base + growth potential." The power sector will continue to benefit from AI computing power growth and power reform policy dividends.
Note: As of June 22, 2026, the latest size of the ChiNext Artificial Intelligence ETF Huabao (159363) was RMB 8.118 billion, with an average daily turnover exceeding RMB 900 million over the past six months, ranking first in both size and trading volume among the 30 ETFs tracking the ChiNext Artificial Intelligence Index, Sci-Tech Innovation AI indices, and Sci-Tech Innovation Board AI indices. "The market's first" refers to the Hong Kong Stock Connect Information Technology ETF Huabao (159131) being the first ETF in the market to track the CSI Hong Kong Stock Connect Information Technology Composite Index. As of June 22, 2026, the latest on-exchange size of the Hong Kong Stock Connect Information Technology ETF Huabao (159131) was RMB 1.389 billion, with a year-to-date average daily turnover of RMB 598 million, making it the largest and most liquid among the 8 ETFs currently tracking the CSI Hong Kong Stock Connect Information Technology Composite Index.
Important Investor Notice
Recent market volatility may be significant, and short-term gains or losses do not predict future performance. Investors must make rational investment decisions based on their own financial situation and risk tolerance, paying high attention to position sizing and risk management.
Data sources: Shanghai and Shenzhen Stock Exchanges, China Securities Index Co., Ltd., Wind, etc.
ETF Fund Fee Note: When subscribing for or redeeming fund units, subscription/redemption agents may charge a commission of up to 0.5%. On-exchange trading fees are subject to the actual charges by securities firms; no sales service fee is charged.
Risk Disclosure
ChiNext Artificial Intelligence ETF Huabao (159363) tracks the ChiNext Artificial Intelligence Index. The base date for this index is December 28, 2018, and its release date is July 11, 2024. The annual performance of the ChiNext Artificial Intelligence Index from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, 106.35%. Hong Kong Stock Connect Information Technology ETF Huabao (159131) passively tracks the CSI Hong Kong Stock Connect Information Technology Composite Index. The base date for this index is November 14, 2014, and it was released on June 23, 2017. The annual historical returns (in HKD) of the CSI Hong Kong Stock Connect Information Technology Composite Index from 2021 to 2025 were: -9.54%, -34.47%, -0.25%, 21.58%, 39.30%. Science and Technology Innovation Chip ETF Huabao (589190) passively tracks the SSE STAR Market Chip Index. The base date for this index is December 31, 2019, and its release date is June 13, 2022. Power ETF Huabao (159146) passively tracks the CSI All Share Power & Utilities Index. The base date for this index is December 31, 2004, and its release date is July 15, 2013. The composition of index constituents is adjusted according to the index compilation rules; its back-tested historical performance does not indicate future index performance. The index constituent stocks mentioned herein are for illustrative purposes only. Descriptions of individual stocks are not investment advice in any form and do not represent the holdings information or trading动向 of any fund managed by the fund manager. The fund manager assesses the risk rating of ChiNext Artificial Intelligence ETF Huabao (159363), Hong Kong Stock Connect Information Technology ETF Huabao (159131), and Science and Technology Innovation Chip ETF Huabao (589190) as R4 - Medium to High Risk, suitable for Aggressive (C4) and above investors. The fund manager assesses the risk rating of Power ETF Huabao (159146) as R3 - Medium Risk, suitable for Balanced (C3) and above investors. The suitability matching opinion is subject to the sales institution. 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 are responsible for any independent investment decisions. Furthermore, any views, analyses, 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 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. Invest in funds with caution.
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