On May 28, as of 14:14, the technology leaders sector showed robust performance. Sub-sectors such as communication equipment, semiconductors, and optical modules gained strength. ZTE Corporation surged to the daily limit-up, Sanhuan Group advanced 8.34%, Silan Microelectronics rose 8.12%, and Zhongji Innolight climbed over 7%.
Among popular ETFs, China's first technology leader pioneer—Huabao Technology ETF (515000)—saw its on-market price increase by 1.13%, successfully rebounding, with a trading volume reaching 1.33 billion yuan.
Analysis indicates that tokens have become a core production factor, with data centers transforming into token "factories." As the value carrier of the AI computing economy, tokens are likened to the "water, electricity, and coal" of the AI era and a core production element, driving data centers to become intelligent factories for large-scale token production. Hardware is emerging as the key driver of token economic growth. Global daily token consumption has exceeded 360 trillion, with the Chinese market reaching 180 trillion, triggering a comprehensive surge in demand for AI hardware.
Further analysis suggests electronic components form the core framework of the token economy. Driven by AI, data centers are transitioning into token super-factories, prompting comprehensive upgrades in core components such as PCBs and passive components. Demand for high-end MLCCs, chip inductors, and tantalum capacitors from AI servers is growing exponentially. The MLCC usage per AI server is 2-3 times that of traditional servers, and the use of integrated molding inductors has increased substantially. Coupled with the adoption of liquid cooling and the need for high-speed signal transmission, these trends are pushing electronic components toward higher-end, customized development. Domestic manufacturers continue to gain share in the high-end market, collectively supporting improved token generation efficiency and cost reduction.
Notably, the on-market price of Huabao Technology ETF (515000) has recently repeatedly hit new highs in nearly seven years since its listing. The underlying index has demonstrated excellent medium- to long-term performance, highlighting its allocation value. As of May 26, 2026, the Technology Leaders Index achieved an annualized return of 16.5% over the observed period, significantly outperforming representative technology indices like the STAR 50 during the same timeframe.
Looking ahead, market analysis maintains that the AI narrative continues to evolve, with the market absorbing incremental information. Technology growth remains the most distinct market theme. While the main trend persists, internal rotations may indicate that future performance will increasingly depend on verification of industry prosperity, industrial catalysts, and incremental narratives in specific segments. Areas such as physical AI and device-side AI hardware applications could become new focal points in AI infrastructure development.
The Huabao Technology ETF (515000) and its feeder funds (Feeder A: 007873, Feeder C: 007874) select 50 large-scale, high-market-share, strong-growth, and high-R&D-investment listed companies from technology sectors including electronics, computer, communications, and biotechnology in the Shanghai and Shenzhen markets. This portfolio represents the core assets of A-share technology leaders, offering a more balanced risk-return profile compared to single-technology-sector products.
Investors should note that the Huabao Technology ETF passively tracks the CSI Technology Leaders Index. The index's base date is June 29, 2012, and it was launched on March 20, 2019. The composition of the index constituents is adjusted according to its rules. Past performance of the index does not guarantee future results. Fund investments involve risks.
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