On February 24, Goldman Sachs released a global portfolio strategy report formally introducing the HALO asset allocation framework. This strategy involves investing in companies and sectors possessing high-barrier physical assets, stable business models, and resilience to technological disruption. Even the most advanced AI systems depend on these foundational assets. The strategy emphasizes the simultaneous presence of two key characteristics: extremely high entry barriers and very low substitution risk. Prime examples of core HALO assets include suppliers to the AI industry and critical energy infrastructure, covering areas such as nuclear power, natural gas power generation, electrical grids, and water utilities. As energy consumption from AI data centers surges, the stability of power supply becomes a scarce resource. Companies in these sectors typically exhibit stable cash flows, high regulatory barriers, and are largely insulated from technological obsolescence.
The Green Power ETF (562550, Connect A: 018734 / Connect C: 018735) tracks the CSI Green Power Index. With over 99% exposure to the electric utilities sub-sector, it is the purest power-related index in the market, offering a consolidated investment in leading power companies. The portfolio includes not only clean energy enterprises represented by hydropower, wind power, and photovoltaic power generation but also incorporates energy transition players like thermal and nuclear power. The index's exposure to wind, solar, hydro, and nuclear power exceeds 55%, making it an efficient tool for gaining exposure to the green power sector and capturing the benefits of the energy transition driven by the AI computing era.
Furthermore, the surge in electricity demand fueled by AI development presents opportunities on the supply side. Global grid equipment, such as large transformers, faces delivery cycles stretching several years and significant supply gaps. China's technological leadership in areas like ultra-high voltage and smart grids, combined with substantial grid investment plans, positions the grid equipment sector for significant advantage. The Grid Equipment ETF (159326, Connect A: 025856 / Connect C: 025857) tracks the CSI Grid Equipment Theme Index, which selects 80 listed companies involved in ultra-high voltage projects and smart grid construction. The index has over 77% exposure to the grid equipment sector and comprehensively covers industry leaders across the entire supply chain, including NARI Technology, TBEA Co., and Sieyuan Electric Co. Compared to other indices, the CSI Grid Equipment Theme Index offers greater concentration and purity in the power equipment space.
In terms of performance, over the long term, the CSI Grid Equipment Theme Index has delivered strong returns. The index is closely aligned with three major trends: the advancement of ultra-high voltage projects, smart grid upgrades, and grid modifications to support AI computing power. The Grid Equipment ETF (159326) serves as a core tool for conveniently accessing the high growth prospects of the grid equipment industry. As of March 13, this ETF had experienced 16 consecutive days of net inflows, attracting a total of 14.362 billion yuan, with its latest assets under management reaching 33.604 billion yuan, making it the largest grid-focused ETF in the market.
The rise of HALO investing represents a fundamental repricing of asset values in the AI era. It is not a short-term thematic trend but a long-term investment logic with both defensive and offensive characteristics, emerging against a backdrop of AI disruption, AI investment, and geopolitical realignment. The synergy between computing power and electricity is the most direct reflection of the "HALO" logic in the A-share market, combining "inelastic demand" with "supply constraints." The Green Power ETF (562550) and the Grid Equipment ETF (159326) help investors seize opportunities from both the demand and supply perspectives.
Investment Disclaimer: The securities mentioned are for industry event analysis only and do not constitute recommendations. Short-term index performance is for reference and does not guarantee future results. Views are subject to change. Investors should carefully read fund legal documents, understand product details, risk levels, and ensure investments match their risk tolerance.
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