Amid a decline in the three major U.S. stock indices on Thursday following clashes between U.S. and Iranian forces in the Strait of Hormuz, AI application and software sectors in the U.S. market showed resilience. This overseas momentum appears to have influenced A-shares, with software-related stocks performing strongly on May 8. China National Software & Service Company Limited surged by the daily limit, Digital China Group rose over 6%, and Inspur Information gained nearly 5%. The Big Data ETF (516700), which focuses on data security, saw its intraday price climb 1.61%, currently up 0.72%, aiming for a fifth consecutive day of gains.
Overnight, U.S. AI application software stocks defied the broader market downturn, supported by better-than-expected earnings from several software firms. Additionally, Tencent's Hunyuan official account announced on May 7 that since its launch, token usage for Hy3preview has continued to rise, now totaling 10 times that of the previous generation model Hy2. Notably, token consumption in code and intelligent agent scenarios has increased significantly, with growth exceeding 16.5 times in applications like Tencent's WorkBuddy, Codebuddy, and Qclaw.
OpenRouter data further revealed that Hy3preview ranked first globally in both weekly total token usage and market share over the past week, processing 3.66 trillion tokens. It also led in programming and tool invocation scenarios.
CITIC Securities highlighted that with the explosion of Agent applications and multimodal ecosystems, a mismatch between capital expenditure and computing power demand is driving a new wave of accelerated global token usage. The cloud industry chain is expected to enter a period of volume and price growth over the next two years. Rising demand is pushing up price levels, while leading computing power leasing providers benefit from significant leverage, enhancing growth certainty. The firm recommends focusing on cloud industry chain and computing power leasing-related stocks.
China Post Securities noted that exponential growth in token usage signifies the closure of the loop from data supply to value through measurable pricing. Competition among large models is shifting from capability to usage volume. AI infrastructure, as the core support for scaling invocation, necessitates simultaneous or超前 expansion of underlying systems such as computing power, networks, and data scheduling, which will substantially benefit from sustained increases in token demand.
Huachuang Securities pointed out that price hikes by cloud providers and expanding AI expenditures are reshaping the logic of the AI data center industry. Rising prices improve returns on computing assets, while booming demand elevates the industry's scale ceiling, upgrading AI data centers from capital-intensive sectors to core infrastructure with high barriers and certainty. Leading players with technological iteration capabilities and resource integration efficiency are poised to benefit from structural dividends.
[Data Security as King, Technological Self-Reliance] The Big Data ETF (516700), deeply tied to domestic computing power (IDC, servers) and AI applications, passively tracks the CSI Big Data Industry Index. It covers the entire data technology process, including big data storage, production, analysis, operation platforms, and application, better reflecting the overall development of China's big data industry. Its top holdings include leaders such as Sugon, iFlytek, Unisplendour, Inspur Information, China Great Wall, and China National Software.
The ETF's underlying index encompasses popular themes. As of the end of April, the weightings for cloud computing, IDC (computing power leasing), computing power, and AI application concept stocks were 88.15%, 44.99%, 43.49%, and 28.23%, respectively.
Note: The Big Data ETF (516700) was previously known as the Big Data Industry ETF. Risk Warning: The Big Data ETF passively tracks the CSI Big Data Industry Index, with a base date of December 31, 2012, and a release date of October 18, 2016. The index composition is adjusted according to its rules, and its past performance does not indicate future results. Mentions of index constituents are for illustrative purposes only and do not constitute investment advice or represent holdings or trading trends of the fund manager. The fund manager assesses the fund's risk level as R3-Medium, suitable for balanced (C3) and above investors. Suitability opinions should be based on sales institutions. All information provided is for reference only, and investors are responsible for their investment decisions. Views, analyses, and forecasts do not constitute investment advice, and no liability is accepted for direct or indirect losses. Fund investments carry risks; past performance does not guarantee future results, and the performance of other funds managed by the manager does not ensure this fund's performance. Invest cautiously.
A MACD golden cross signal has formed, indicating positive momentum for these stocks.
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