On April 22, the computing power sector experienced a broad-based surge, with the Science and Technology Innovation Board Chip Index continuing its strong performance. The HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190), which provides comprehensive exposure to the chip industry, opened lower but climbed throughout the session, closing with a 2.34% gain in its trading price. Since hitting a recent low on March 24, the underlying Shanghai Stock Exchange Science and Technology Innovation Board Chip Index it tracks has rallied powerfully, accumulating a gain of 21.31%.
Most stocks within the sector closed higher. VeriSilicon Microelectronics saw its shares rise over 7% after the company announced that as of April 20, the total value of new orders secured year-to-date had reached 4.516 billion yuan. Following consecutive record-breaking quarters in the latter three quarters of 2025, the company maintains a robust growth trajectory. The vast majority of these orders are for one-stop chip customization services, with AI computing power-related business accounting for over 85%.
Optical chip companies continued their strong run, with Yuanjie Semiconductor Technology Co.,Ltd. and Shijia Photons repeatedly hitting new all-time highs. Notably, Yuanjie Semiconductor Technology closed at 1,464.05 yuan, reclaiming its position as the highest-priced stock in the A-share market. Soochow Securities analysts noted that the non-linear growth of global AI computing power infrastructure is driving the optical chip industry chain into a sustained upcycle, with strong beta characteristics evident in the sector's high景气度.
On the industry news front, domestic computing power has achieved comprehensive breakthroughs. IDC data shows that in the 2025 Chinese cloud AI accelerator market, local Chinese GPU and AI chip manufacturers captured nearly 41% market share, while NVIDIA's share was nearly halved. Before NVIDIA's new AI accelerator cards resume sales to China, domestic AI accelerator card manufacturers are expected to continue replacing NVIDIA's market share. CITIC Securities expressed optimism that domestic inference chips and other AI chips are poised for explosive growth opportunities against the backdrop of a domestic computing power shortage. They estimate the current localization rate of the domestic AI chip market is approximately 30-40%, with potential to rise to 60-70% by 2030.
Given the ongoing external geopolitical risks, which may influence short-term market volatility due to shifts in risk appetite, AI is likely to remain a key investment theme in the near term. Huaxi Securities highlighted that the current supply-demand imbalance reflects strong demand景气度 for upstream chips and computing power leasing, with enhanced pricing power driving price increases. They continue to recommend focusing on domestic AI chips and computing power leasing.
For investors seeking exposure to the chip industry's potential "super cycle," high-beta instruments offer targeted access. Public information indicates that the HUABAO SHANGHAI SCI TECH INNOVATION BOARD CHIP TRADING OPEN ENDED INDEX SECURITIES INVESTMENT FUND (589190) and its feeder funds passively track the Shanghai Stock Exchange Science and Technology Innovation Board Chip Index. While providing balanced and comprehensive exposure across the chip industry chain, the fund maintains a weight of over 90% in core areas like integrated circuits and semiconductor equipment, reflecting its high concentration in hard technology with strong technical barriers.
A bullish MACD crossover signal has formed, indicating positive momentum for several stocks.
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