With the concentrated release of 2025 financial results, six companies—including Cambricon Technologies and Orbbec Inc., both constituents of the Sci-Tech Innovation Board AI ETF (589520) benchmark index—are expected to become the first batch of firms to exit the Growth Tier of the Sci-Tech Innovation Board.
Driven by strong demand for AI and computing power, Cambricon reported 2025 revenue of 6.497 billion yuan, a significant year-on-year increase of 453.21%. Its net profit attributable to shareholders reached 2.059 billion yuan, marking the company's first annual profit since its listing in 2020. Orbbec posted 2025 revenue of 940 million yuan, up 66.66% year-on-year, with a net profit of 127 million yuan.
Industry insiders noted that the Growth Tier was established to accommodate unprofitable hard-tech companies. The first six companies, including Cambricon and Orbbec, now qualify for removal after turning profitable in 2025—a positive "graduation" signal indicating AI firms are transitioning from the technology investment phase to the commercial returns phase.
Dongxing Securities believes the AI industry is currently experiencing a three-dimensional resonance of policy support, technological advancement, and market demand. Domestic chip and cloud computing leaders are gradually validating their performance, while continued capital expenditure by major players enhances industry certainty, suggesting further room for growth in sector sentiment.
In market performance, major A-share indices closed lower on Thursday (March 12). The Sci-Tech Innovation Board AI ETF (589520), which focuses on the domestic AI industry chain, saw its price decline by 2.02% amid broader market adjustments. This pullback may present a buying opportunity for investors looking to enter the domestic AI sector. Notably, the ETF attracted 21.48 million yuan in net inflows just the previous day.
Among its constituents, Allwinner Technology rose nearly 3%, and AsiaInfo Security bucked the trend to close higher. However, the remaining 28 constituents declined, with UCloud Technology down over 6%, Transwarp Technology falling more than 5%, and Sikan Technology dropping over 4%, weighing on the index.
The Huabao Sci-Tech Innovation Board AI ETF (589520) and its feeder funds focus on the domestic AI industry chain. Its portfolio includes leading domestic GPU firms like Cambricon, top ASIC companies such as VeriSilicon, and AI application leaders like Kingsoft Office. Nearly half of the ETF's weighting is in the semiconductor sector, giving it strong offensive characteristics, while over 30% is allocated to software, positioning it to benefit from potential catch-up rallies in AI applications. The ETF is also a margin trading标的, making it an efficient tool for gaining exposure to domestic computing power.
ETF fee information: The Huabao Sci-Tech Innovation Board AI ETF does not charge a sales service fee. Subscription and redemption agents may charge a commission of up to 0.5%, which includes fees collected by stock exchanges and registration institutions. On-market trading fees are subject to the rates set by securities firms.
Feeder fund fee details: The Huabao SSE Sci-Tech Innovation Board AI ETF Feeder Fund (Class A) charges a subscription fee of 1,000 yuan per transaction for amounts of 2 million yuan or more, 0.6% for amounts between 1 million yuan and 2 million yuan, and 1% for amounts below 1 million yuan. The redemption fee is 1.5% for holdings under 7 days and 0% for holdings of 7 days or more, with no sales service fee. The Class C feeder fund charges no subscription fee, a redemption fee of 1.5% for holdings under 7 days and 0% for holdings of 7 days or more, and a sales service fee of 0.3%.
Risk disclosure: The Huabao Sci-Tech Innovation Board AI ETF passively tracks the SSE Sci-Tech Innovation Board Artificial Intelligence Index, which has a base date of December 30, 2022, and was launched on July 25, 2024. The index recorded annual gains of 12.68% in 2023 and 32.36% in 2024. Index constituents are adjusted according to the index methodology, and past performance does not guarantee future results. Individual stocks and index constituents mentioned are for illustrative purposes only; descriptions are not investment advice and do not represent the holdings or trading activities of the fund manager. The fund manager rates the Huabao Sci-Tech Innovation Board AI ETF as R4 (medium-high risk), suitable for aggressive (C4) or higher risk profile investors. Suitability assessments are determined by sales institutions. All information provided is for reference only; investors are responsible for their own investment 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 indicate future returns, and the performance of other funds managed by the fund manager does not guarantee this fund's results. Invest with caution.
Comments