Early trading on the 25th saw a strong rally across artificial intelligence stocks on the ChiNext board, driven by the growing token concept and a surge in computing power service providers. Beijing Sinnet Technology Co.,Ltd. surged by the 20% daily limit, while Ofilm Group advanced over 9%. Companies including Tongniu Information, DRAGON CORP, Wangsu Science & Technology, and Xcreate Semiconductor rose more than 6%. Optical communication stocks also performed well, with TFC Optical climbing over 5%, Zhongji Innolight gaining over 4%, and Eoptolink rising more than 2%.
Among popular ETFs, Huabao Fund's ChiNext Artificial Intelligence ETF (159363), the largest of its kind, surged over 4% during the session, breaking through all key moving averages with robust trading volume exceeding 200 million yuan.
The National Data Bureau reported that China's average daily token usage reached 100 billion in early 2024 and is projected to jump to 100 trillion by the end of 2025. By March this year, the figure had already surpassed 140 trillion, marking a thousand-fold increase over two years. Kaiyuan Securities noted that the proliferation of AI applications could significantly boost inference demand. Coupled with Nvidia's production constraints, rising hardware costs, and gaps in domestic substitution, the computing power leasing market is shifting toward a "seller's market," with price increases likely to persist.
In the optical module and CPO sector, U.S. optical communication stocks led gains, with Lumentum rising 10% to hit a record high during the session, and Coherent advancing 6.78%. Additionally, China set a new optical communication transmission record, achieving a real-time bidirectional transmission capacity of 2.5 petabits per second over a 10.3-kilometer, 24-core single-mode fiber.
Huaxi Securities emphasized that AI remains a key investment theme in the near term. The current phase of AI development is still in an accelerated scaling period. As the supply chain for computing power chips diversifies, demand for tokens continues to grow rapidly, and underlying computing infrastructure remains in an expansion phase. The firm maintains a positive outlook on opportunities in computing power leasing and AIDC markets, driven by accelerating capital expenditures from cloud service providers.
To capture opportunities in the AI sector, investors may consider the ChiNext Artificial Intelligence ETF (159363) and its feeder funds (Class A: 023407, Class C: 023408), which provide exposure to both computing power and AI applications. The ETF allocates approximately 60% of its portfolio to computing power—including leading optical module and data center companies—and about 40% to AI applications, positioning it as a core representative of both computing and applied AI.
MACD golden cross signals have formed, indicating positive momentum for several stocks.
Source: Shanghai and Shenzhen Stock Exchanges.
ETF fee structure: Subscription and redemption agents may charge up to 0.5% in commissions. On-market trading fees are subject to securities firms' policies, with no sales service fees. For feeder funds: Class C shares do not charge subscription fees; redemption within 7 days incurs a 1.5% fee, while no fee applies after 7 days; a 0.3% sales service fee applies. Class A shares charge a 1% subscription fee for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan fee for amounts above 2 million yuan; redemption fees are 1.5% within 7 days and 0% thereafter, with no sales service fee.
Risk disclosure: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The index's annual returns from 2021 to 2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. Index components are adjusted according to its methodology, and past performance does not indicate future results. Constituent stocks are shown for illustrative purposes only; individual stock descriptions are not investment advice and do not reflect the fund manager's holdings or trading activities. The fund manager rates this fund as R4—medium to high risk—suitable for aggressive (C4) and higher risk-tolerant investors. Suitability assessments are subject to sales institutions. All information provided is for reference only; investors are responsible for their own decisions. Views, analyses, and forecasts do not constitute investment advice, and no liability is accepted for losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future returns, and the performance of other funds managed by the same manager does not assure this fund's results. Invest with caution.
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