On the evening of March 21st Eastern Time, SpaceX and Tesla jointly announced the "Terafab" project—Elon Musk's initiative to build a super chip factory. The project aims to produce over 1 terawatt of computing power annually, utilizing 2nm process technology to integrate logic chips, memory chips, and advanced packaging. The annual production target is set between 100 billion and 200 billion chips. This follows recent news that Tesla plans to purchase $29 billion worth of Chinese solar equipment, sparking interest in solar-related concepts. The back-to-back developments—first sourcing solar equipment from China, then launching the world's largest chip factory project—have drawn significant attention.
Everbright Securities pointed out that recent geopolitical events have severely disrupted global crude oil supply chains, positioning renewable energy sources like solar power to play a critical role in energy supply. The solar industry is expected to see new growth opportunities. Dongguan Securities emphasized that dual drivers—chips and space-based solar power—reinforce optimism toward three core themes: fulfillment of solar equipment orders, domestic substitution in semiconductor equipment, and space-based computing and solar energy.
Kaiyuan Securities noted that under the "15th Five-Year Plan" requirements, technological security remains a top priority, driving significant advancements in self-reliance and innovation. Key industries are expected to form an "8466" development structure. New quality productive forces are likely to succeed real estate as a "pillar industry," leading to rapid development trends centered on energy foundations—such as new energy and controlled nuclear fusion—alongside core industries like AI and electronics/semiconductors, aerospace and low-altitude economy, embodied intelligence, and biomedicine.
Industry insiders highlighted that focusing on "major innovations" means technology and growth will continue to be key themes throughout the year. Looking ahead, four directions are recommended for close attention: segments with the highest value, high-barrier areas with "shovel-selling" attributes that offer better investment success rates, segments significantly driven by new technologies, and sectors led by industry trends set by leading companies. Movements by leading firms often serve as important indicators of industry trends, which is why global capital markets are closely watching Nvidia's annual developers conference (GTC 2026).
Today, March 23rd, the STAR & ChiNext Leaders ETF (588330), which fully focuses on new quality productive forces, adjusted with the market, with its price down 1.79%. Notably, the ETF frequently traded at a premium, indicating stronger buying interest.
Among its components, leading solar equipment companies showed resilience against the market downturn: Jinko Solar and Jingcheng Electromechanical rose over 1%, while Canadian Solar and Daqo New Energy also posted gains. Additionally, semiconductor leader Topco Technologies climbed over 2%, and lithium battery leader Eve Energy Co., Ltd. advanced more than 2%. On the other hand, PCB leader Shengyi Technology and memory chip leader Jiangbolong fell over 4%, ranking among the top decliners and weighing on the index.
**Navigating Market Rotation with One-Click Exposure to China's Core Technology** The STAR & ChiNext Leaders ETF (588330) and its corresponding feeder fund (Class A: 013317 / Class C: 013318) select the 50 largest strategic emerging industry listed companies from the STAR Market and ChiNext Board, covering hot themes like optical modules, semiconductors, and solar equipment. This ETF is also designated for margin trading and Stock Connect programs, making it an efficient tool for gaining exposure to new quality productive forces.
It is worth mentioning that the underlying index of the STAR & ChiNext Leaders ETF (588330) achieved the title of "2025 Broad-Based Index Performance Leader," with a cumulative gain of 60.86% for the year, outperforming major indices such as the ChiNext 50 (57.45%), ChiNext Index (49.57%), STAR Composite Index (46.30%), and STAR 50 (35.92%).
*Institutional views referenced from: 1) TF Securities report dated March 19th titled "'Computing-Power Coordination' Included in Government Work Report, New Infrastructure Projects Gain Attention"; 2) China Securities Co., Ltd. report dated December 23rd, 2025, titled "High-Speed Optical Module Demand Continues to Grow, Scale-up Potential Opens New Market Space"; 3) Kaiyuan Securities report dated March 2nd titled "2026 Spring Macro Outlook: Enhancing Quality and Efficiency, Breaking Through in Technology."
ETF fee note: The STAR & ChiNext Leaders 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 note: For the Huabao CSI STAR & ChiNext 50 ETF Feeder Fund (Class A), the subscription fee is 1,000 RMB per transaction for amounts of 2 million RMB or more, 0.6% for amounts between 1 million and 2 million RMB, and 1% for amounts below 1 million RMB. The redemption fee is 1.5% for holdings under 7 days, 0.1% for holdings between 7 and 30 days, and 0% for holdings over 30 days; no sales service fee is charged. For the Class C share, there is no subscription fee; the redemption fee is 1.5% for holdings under 7 days and 0% for holdings over 7 days, with a sales service fee of 0.3%.
Risk disclosure: The STAR & ChiNext Leaders ETF passively tracks the CSI STAR & ChiNext 50 Index, which has a base date of December 31, 2019, and was launched on June 1, 2021. The index's annual performance from 2020 to 2024 was 86.90%, 0.37%, -28.32%, -18.83%, and 13.63%, respectively. Index components are adjusted according to the index methodology, and past performance does not indicate future results. Mentions of index constituents are for illustrative purposes only and do not constitute investment advice or reflect the holdings or trading activities of the fund manager. The fund manager assesses the ETF's risk level as R4 (moderately high risk), suitable for aggressive (C4) and higher risk-tolerant investors. Suitability assessments are subject to sales institutions. Any information provided is for reference only, and investors are responsible for their investment decisions. The views, analyses, and forecasts herein do not constitute investment advice, and no liability is accepted for direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future results, and the performance of other funds managed by the fund manager does not indicate future ETF performance. Invest with caution.
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