On the first trading day of October (October 9th), the Shanghai Science and Technology Innovation Board Artificial Intelligence ETF (589520), which focuses on China's domestic AI industry chain, saw its intraday price surge 1.66%, currently up 1.36%, setting a new high since listing!
Among constituent stocks, VeriSilicon Microelectronics (Shanghai) Co., Ltd. rose over 10%, Montage Technology gained more than 5%, while Cambricon, ArcSoft, Airoha Technology advanced over 2%, with AUTEL, Intsig Information, and Siwei Maptek following suit.
During the National Day holiday, positive developments in artificial intelligence emerged frequently. Here are four key highlights:
**1. VeriSilicon's Q3 Performance Explosion: AI Orders Drive Record Revenue**
ASIC leader VeriSilicon Microelectronics (Shanghai) Co., Ltd. expects to achieve operating revenue of 1.284 billion yuan in Q3 2025, setting a new quarterly record with a quarter-over-quarter surge of 119.74% and year-over-year growth of 78.77%. Industry analysis indicates that VeriSilicon is a leading domestic chip customization service and IP licensing provider, fully benefiting from the growing demand for chip design, customization, and mass production services from various chip companies and terminal manufacturers.
**2. OpenAI Updates Video Model Sora2**
Compared to the previous generation video model, Sora2 can automatically generate video soundtracks with perfect lip-sync capabilities for speaking characters. Market analysis suggests that the release of Sora2 and its accompanying social applications marks the integration of AI video generation with social interaction, potentially reshaping content creation and distribution ecosystems, possibly ushering in the ChatGPT moment for AI video generation. As multimodal AI large model capabilities continue to improve, Sora2 is expected to benefit the AI video industry chain, warranting attention to AI application-side developments.
**3. Milestone Agreement Between AMD and OpenAI**
OpenAI reached a multi-billion dollar chip deal with AMD, with OpenAI set to deploy 60GW of AMD GPU chips over the coming years, while AMD will provide OpenAI with up to 10% warrant coverage.
AMD closed up 11.4% on Wednesday, with its stock price breaking through $230 for the first time in history, accumulating a 43% gain over the past three days. This week, OpenAI announced its partnership with AMD to deploy a combined 6 gigawatts of computing power using AMD chips. This week alone, 26 Wall Street analysts have raised AMD's price targets, with the highest target price at $300, suggesting AMD could gain nearly 30% more after this week's three-day rally.
**4. NVIDIA Invests in xAI? Jensen Huang: Market Demand for Blackwell Chips Extremely High**
Media reports indicate that NVIDIA CEO Jensen Huang has confirmed NVIDIA's investment in Elon Musk's startup xAI. Huang stated that AI computing demand has surged significantly over the past six months, with demand for NVIDIA's next-generation Blackwell architecture chips being "very, very high." He believes this marks the beginning of a "new industrial revolution." Regarding NVIDIA's investment in xAI, Huang expressed that his only regret was not giving Musk more investment.
Market analysis points out that against the backdrop of US restrictions on advanced chip exports to China and suppression of domestic computing chips and large models, the urgency for domestic computing power substitution continues to rise. Industry observers believe that with continued investment in computing infrastructure, domestic computing power may achieve continuous breakthroughs in both model development and computing chips, potentially maintaining strong momentum. Looking ahead to the medium term, domestic computing power is expected to achieve growth elasticity ahead of overseas alternatives.
**[Beacon of Domestic Substitution, Self-Reliance in Technology Innovation]**
From the current standpoint, three major highlights of the Shanghai Science and Technology Innovation Board Artificial Intelligence ETF (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561) deserve attention:
**1. Policy Catalyst, AI Takeoff:** Top-level policy documents are igniting momentum, with AI potentially becoming the leading sector throughout this market cycle. Edge-cloud integration represents the core trend in AI development, with constituent stocks being companies with the largest revenue or best positioning in their respective segments, benefiting from accelerated AI adoption in edge-side chips and software.
**2. Domestic Substitution, Independent Control:** Against the backdrop of technological friction, the importance of information security and industrial security becomes prominent. As a core technology, achieving independent control in artificial intelligence is crucial. The target index focuses on China's domestic AI industry chain with strong domestic substitution characteristics.
**3. 20% High Elasticity, Strong Offensive Capability:** Compared to direct investment in Science and Technology Innovation Board individual stocks, ETFs offer low-threshold access with 20% price limit restrictions, providing higher efficiency during market explosions. The top ten holdings account for over 70% of the weight, with semiconductors as the largest sector at over half the allocation, demonstrating high concentration and strong offensive capability.
Chart: Top Ten Weighted Stocks of Shanghai Science and Technology Innovation Board AI ETF (589520) Target Index (Data as of September 30, 2025)
Note: As of the end of August 2025, the top ten holdings of the Shanghai Science and Technology Innovation Board AI Index accounted for 71.66% of the weight; according to SW Level-2 industry classification, semiconductors represent the largest weighted sector at 54.1%.
**Risk Warning:** The Shanghai Science and Technology Innovation Board AI ETF and its feeder funds passively track the Shanghai Science and Technology Innovation Board Artificial Intelligence Index. This index has a base date of December 30, 2022, and was published on July 25, 2024. The index constituent composition is adjusted timely according to the index compilation rules, and historical backtesting performance does not predict future index performance. Individual stocks and index constituents mentioned in this article are for display purposes only. Individual stock descriptions do not constitute investment advice in any form, nor do they represent position information or trading activities of any fund under management. The fund manager assesses the Shanghai Science and Technology Innovation Board AI ETF's risk level 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, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors must be responsible for any autonomous investment decisions. Furthermore, any views, analyses, and predictions in this article do not constitute investment advice to readers in any form, nor do they bear any responsibility for direct or indirect losses caused by using the content of this article. Fund investment carries risks. Past performance of funds does not represent future performance. Performance of other funds managed by the fund manager does not guarantee fund performance. Fund investment requires caution.
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