In early trading on the 18th, the AI sector on the Growth Enterprise Market (GEM) remained active. Zhishang Technology led gains, rising over 10%, while Orient National Communication surged over 8%. Other notable gainers included Easymob, Ingenic Semiconductor, Thunder Software, and Aerospace Micro, all up more than 3%. Among popular ETFs, the largest AI ETF on the GEM, Huabao (159363), climbed over 1% intraday with real-time turnover exceeding 400 million yuan.
Recent developments include China Telecom launching a series of trial commercial Token packages nationwide on May 17. These packages offer differentiated services to developers, small and medium-sized enterprise clients, individual and family customers, and Token ecosystem partners. Pricing starts at 9.9 yuan per month for 10 million Tokens for individuals and families, and 39.9 yuan per month for 15 million Tokens for developers and SMEs. Policymakers continue to inject momentum into the Token economy. According to a report, in May this year, relevant national authorities explicitly proposed integrating the computing power network into the national key planning and construction system of "Six Major Networks," alongside traditional infrastructure such as water networks, new power grids, communication networks, urban underground pipelines, and logistics networks. On May 16, the related topic #Computing Power Network Is Coming# trended on Weibo, garnering widespread attention. Market analysis indicates that the core concept of the "Token Factory" shifts the focus from competing on computing power scale to competing on "Token output efficiency per watt." Related A-share targets cover three key segments: first, computing power infrastructure and IDC operators, which serve as the physical carriers for Token production; second, green power suppliers, providing cost-advantageous "power raw materials" for high-energy-consumption Token production; and third, optical communication and hardware facilities, supplying high-speed optical modules that ensure high-concurrency Token transmission. To capture opportunities in leading CPO (Co-Packaged Optics) optical module companies, it is recommended to focus on the GEM AI ETF Huabao (159363) and its off-exchange connect funds (Class A 023407, Class C 023408), which lead in scale and liquidity within their category. The underlying index currently has a 50% weighting in optical modules, comprehensively covering key players. Approximately 30% of the portfolio is allocated to AI applications, representing not only the core of computing power but also AI application leaders. It is noteworthy that as of May 15, 2026, the GEM AI ETF Huabao (159363) reached a latest size of 7.389 billion yuan, ranking first in scale within the dual-creation AI sector across the market. Its average daily turnover over the past six months was approximately 800 million yuan, also leading in trading activity within the AI sector. Data source: SSE, SZSE, etc. ETF fee note: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission not exceeding 0.5%. On-exchange trading fees are subject to the actual charges by securities firms, with no sales service fee charged. Connect fund fee note: GEM AI ETF Connect Fund Class C does not charge a subscription fee; a redemption fee of 1.5% applies within 7 days, and 0% for 7 days or more; a sales service fee of 0.3% is charged. For GEM AI ETF Connect Fund Class A, subscription fees are 1% for amounts below 1 million yuan, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and 1,000 yuan per transaction for 2 million yuan (inclusive) or more; redemption fees are 1.5% within 7 days and 0% for 7 days or more; no sales service fee is charged. Risk disclosure: The GEM AI ETF Huabao passively tracks the GEM AI Index, with a base date of December 28, 2018, and a release date of July 11, 2024. The annual performance of the GEM AI Index from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The index constituents are adjusted according to its compilation rules, and its backtested historical performance does not indicate future results. The constituent stocks mentioned are for illustrative purposes only; individual stock descriptions are not investment advice of any form and do not represent the holdings or trading activities of any fund managed by the manager. The fund manager assesses this fund's risk level as R4 - Medium to High Risk, suitable for aggressive (C4) and above investors. Suitability matching opinions are subject to the sales institution. Any information appearing in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or predictions herein do not constitute investment advice of any kind to readers, nor shall they bear any responsibility for direct or indirect losses arising from the use of this content. Fund investment carries risks. The past performance of a fund does not guarantee its future results. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Invest in funds with caution.
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