Global markets experienced sharp fluctuations amid negative shocks. On March 19, Asia-Pacific markets declined broadly, with both A-shares and Hong Kong stocks following the downtrend. The Shanghai Composite Index fell 1.39% to close at 4006.55 points, briefly dipping below the 4000 mark before recovering, while the Hang Seng Index dropped 2.02%. Geopolitical tensions escalating oil prices, combined with the Federal Reserve's hawkish signals overnight, rapidly intensified global risk-off sentiment.
In the A-share market, cyclical stocks led the decline. The Huabao Nonferrous Metals ETF (159876) plunged 5.88%, marking its seventh consecutive day of losses, while the Chemical ETF (516020) fell 4.29% for its sixth straight decline. Technology and growth stocks also retreated, with the Huabao STAR Market AI ETF (589520), Huabao Defense ETF (512810), and Electronics ETF (515260) all dropping over 2%.
Amid the pessimistic sentiment, the combined strength of "computing power" and "power generation" themes successfully broke through. The "Powering AI" portfolio—represented by the largest ChiNext AI ETF Huabao (159363) by scale—rose for consecutive days on heavy volume, while the comprehensively positioned Power ETF Huabao (159146) closed higher against the market trend.
The banking sector demonstrated notable resilience. The leading 10-billion-yuan Bank ETF (512800) repeatedly turned positive during the session. As market risk appetite declined, funds flowed significantly into lower-risk, higher-certainty assets, with the Bank ETF (512800) seeing sustained capital inflows recently, attracting a total of 627 million yuan over the past four days.
Hong Kong market volatility was more pronounced, with technology stocks bearing the brunt. The core AI asset—Hong Kong Internet ETF (513770)—fell 2.37%; the market's sole Hong Kong Information Technology ETF (159131) focused on the "Hong Kong chip"产业链 dropped 2.54%, erasing all gains from the previous day. However, investors bought on dips, with the ETF seeing subscriptions for 71 million units in a single day.
Hong Kong healthcare stocks retreated across the board, led by the innovative drug产业链. The Hong Kong Connect Innovative Drug ETF (520880), comprising 100% innovative drug R&D targets, fell 2.43%, breaking below all its moving averages. The Huabao Hong Kong Connect Healthcare ETF (159137), with high CXO exposure, dropped 3%, halting a three-day rising streak.
Analysis indicates that as geopolitical conflicts enter a new phase, market pricing has shifted from a "short-term" to a "protracted war" mode. Global stock markets may remain in a consolidation phase in the near term, with high-valuation growth sectors vulnerable to sentiment drag. Two main investment themes are recommended: first, safe-haven and resource plays catalyzed by geopolitical conflicts, such as high-dividend assets like banks, and alternative energy directions like coal and new energy; second, sectors directly benefiting from rising energy prices, including oil extraction, coal chemical, and oil shipping.
【ETF Knowledge Hot Review】Below is a detailed discussion on the trading and fundamental aspects of several thematic sectors: ChiNext AI, Power, Banking, and Hong Kong Information Technology.
1. Computing Power Stocks Hit New Highs, Power Stocks Limit Up! "Compute & Power" Synergy Strengthens; Huabao Fund's ChiNext AI ETF Rises on Heavy Volume, Power ETF Closes Higher Against Trend! The synergy between "computing power" and "power generation" was indeed active throughout the session against the market trend.
Regarding computing power, ChiNext AI stocks rose consecutively against the trend. Tongniu Information surged by the 20% daily limit to a new high, Yihualu gained over 9%, while Runze Technology, XinYisheng, Tianfu Communication, and others rose over 1%. The largest ChiNext AI ETF Huabao (159363) by scale, after surging 5.6% yesterday, opened low and moved higher today, rising against the trend on heavy volume with transactions exceeding 900 million yuan.
In the power sector, stocks like LiXin Energy, YueDIANLI A, and Guang'an Aizhong rose by the daily limit against the market trend. The comprehensively positioned Power ETF Huabao (159146) closed up 0.36% intraday, showing relatively clear signs of stabilization after pulling back from highs, with net inflows exceeding 27 million yuan over the past five days.
Computing power demand continues to climb, accompanied by a wave of price hikes from cloud providers. Following price increases from Amazon and Google, Alibaba Cloud and Baidu Intelligent Cloud officially announced price hikes. Alibaba Cloud's AI computing power and storage products will see increases of up to 34%, while Baidu Intelligent云 hikes prices by approximately 30%. Kaiyuan Securities believes that the popularization of AI applications may ignite inference demand, coupled with Nvidia's capacity constraints, rising hardware costs, and the gap in domestic substitution, driving the computing power leasing market into a "seller's market," suggesting price hikes may persist.
Huaxi Securities stated that AI remains a key investment theme recently. The current AI development stage is still in the scale-up and scale-out acceleration period. As the supply system for related computing power chips gradually diversifies, application development's demand for tokens is still accelerating, and the underlying computing power infrastructure is still expanding. They remain firmly optimistic about the market opportunities in computing power leasing and AIDC brought by accelerated capital expenditure from CSP providers.
To capture AI theme opportunities, it is suggested to focus on the ChiNext AI ETF (159363), which provides one-click exposure to "computing power + AI applications," and its feeder fund (Class A 023407, Class C 023408), directly benefiting from the growth dividend of AI technology commercialization. From a sector perspective, the ChiNext AI ETF allocates approximately 60% to computing power (leading optical module + IDC leaders) and about 40% to AI applications, making it not only a core "computing power" play but also a genuine representative of "AI applications."
Regarding the power sector, GF Securities stated that the power板块 possesses the core foundation of combining high dividends and growth potential, currently supported by four major tailwinds: First, from top-level design to token出海, power has become a core asset in the AI era. Second, the logic for electricity price increases is strengthening, leading to a revaluation of utility assets. Third, it aligns with the "HALO" asset paradigm, combining ultimate defensiveness with transformational growth dividends. Fourth, value洼地 is apparent, with power assets offering both offensive and defensive characteristics.
To capture AI energy opportunities, it is suggested to focus on the Power ETF Huabao (159146). Its underlying index focuses on the power utility sector, providing comprehensive exposure to thermal, hydro, wind, nuclear, and solar power. The sector combines dividend and growth attributes, with high concentration among leading power stocks. The板块 is expected to continuously benefit from AI computing power growth and power reform policy dividends, offering a one-click tool to capture power industry development opportunities. Note: The feeder fund (Code: 026949) begins its hot issuance on March 23!
2. Big Four Banks Support the Market; Huabao Fund's 10-Billion-Yuan Bank ETF (512800) Shows Prominent Resilience with Triple Allocation Logic; Safe-Haven Funds Pour In The banking sector demonstrated outstanding resilience throughout the day. The leading 10-billion-yuan Bank ETF (512800) repeatedly turned positive during the session before pulling back slightly to close down 0.37% by the end, significantly outperforming the broader market. Major state-owned banks rallied collectively, with Industrial and Commercial Bank of China leading with a 1.89% gain. Agricultural Bank of China and China Construction Bank rose over 1%, while Bank of China and Xiamen Bank, among others, closed higher against the trend.
With ongoing geopolitical conflicts, market risk appetite has declined, leading investors to prefer lower-risk assets with greater certainty. The Bank ETF (512800) has recently attracted fund attention. Data from the Shanghai Stock Exchange shows it attracted a continuous inflow of 627 million yuan over the past four days.
Considering internal and external environmental factors, analysis suggests that the banking板块 currently presents at least three allocation logics: First, safe-haven and allocation demand is heating up. In an environment of heightened global uncertainty and declining interest rates, the banking sector's "bond-like" attributes and cost-effectiveness as high-dividend assets have become prominent, enhancing its appeal to long-term funds like insurance capital and annuities. Second, there is significant potential for incremental funds. A large amount of bank deposits are maturing, and institutions represented by insurance funds have substantial capital awaiting allocation. The high-dividend, low-volatility banking板块 aligns with their long-term investment needs. Third, comparative valuation advantages exist. After previous adjustments, the banking板块's valuation is at a historically relatively low level. If market volatility increases or growth stock valuations remain high, it is expected to attract回流 of various funds, including those that missed earlier opportunities.
Feng Chencheng, the portfolio manager of the Bank ETF (512800), also stated that whether from the perspective of fundamental certainty and stability, dividend value, or defensive style, the banking板块 has positive triggering factors. Against the backdrop of declining market risk appetite, dividend assets like banks, which are in an earnings recovery period, represent a good配置 demand.
The Bank ETF (512800) and its feeder fund (Class A: 240019; Class C: 006697) passively track the CSI Bank Index. The index's constituent stocks include 42 listed banks in the A-share market, making it an efficient tool for tracking the overall performance of the banking板块. The Bank ETF (512800) has a latest size exceeding 12 billion yuan, with an average daily turnover exceeding 800 million yuan since 2025, making it the largest and most liquid among the 10 banking ETFs in the A-share market!
3. Sudden Market Swells, Funds Bet on Hong Kong Hard Tech! The Market's Sole Hong Kong Information Technology ETF (159131) Sees 71 Million Unit Subscription in One Day The market's sole* Hong Kong Information Technology ETF (159131) experienced weak fluctuations throughout the day, closing down 2.54% intraday. Its single-day turnover of 193 million yuan decreased slightly compared to yesterday, but a turnover rate exceeding 44% indicated active trading. Investors bought on dips, with real-time subscriptions reaching 71 million units and net subscriptions hitting 59 million units for the day.
Among the constituents, only 3 of the index's 45 stocks closed higher. Xiaomi Corporation-W一度 surged nearly 6% against the trend, possibly catalyzed by news of its new SU7 model launch.
At the current juncture, is it still feasible to allocate to Hong Kong? A Galaxy Securities research report points out: First, Hong Kong's resilience stems from its valuation洼地, with low valuations attracting safe-haven funds seeking certainty. Second, global funds completed portfolio adjustments under stress tests before March 13. Third, southbound funds have built a solid capital base. Finally, the dual attributes of Hong Kong assets have become more solid.
How to invest in Hong Kong? Mainland Chinese and foreign funds have different preferences. Galaxy Securities analysis indicates that for mainland Chinese funds, Hong Kong's core assets (technology, energy) serve as a strategic platform for global asset allocation, sharing China's economic growth, and hedging against RMB exchange rate fluctuations. Hence, they buy on dips. For global funds, Hong Kong's energy and industrial sectors, among others, are tactical tools to combat inflation and seek shelter during geopolitical conflicts. Therefore, they buy selectively.
From a valuation perspective, the "Hong Kong chip"产业链 offers relatively prominent investment value. As of March 18, the underlying index of the Hong Kong Information Technology ETF (159131) had a latest P/E ratio of 34.22 times, situated at the 34.62% percentile over the past three years, still leaving approximately 56% upside potential from the high point in February 2025.
Aiming directly at the Hong Kong chip super cycle! The Hong Kong Information Technology ETF (159131)—the market's first ETF focusing on the "Hong Kong chip"产业链, eligible for T+0 trading. Its feeder fund code is 026755. The underlying index is composed of "70% hardware + 30% software," heavily weighted in Hong Kong's "semiconductors + electronics + computer software," covering 45 Hong Kong hard tech companies. Among them, SMIC has a weight of 14.07%, Xiaomi Corporation-W 12.41%, and Huahong Semiconductor 7.47%. It excludes large-cap internet companies like Alibaba, Tencent, and Meituan, offering higher sharpness and easier capture of Hong Kong's AI hard tech行情. (Data as of March 11, 2026)
Data sources: CSI Index Company, Shanghai, Shenzhen, and Hong Kong Stock Exchanges, etc. Note: "The market's sole" refers to the only ETF tracking the CSI Hong Kong Connect Information Technology Composite Index. *Institutional views referenced from: 1: Huaxi Securities 'Focus on Multiple Major AI Conferences and Exhibitions This Week'; GF Securities 'Low Valuation and Reform Dividends Resonate, Highlighting Power Sector's Allocation Value'. 3: Galaxy Securities 'The "Safe Haven" Effect of Funds? — Analysis of Hong Kong Market Liquidity Restructuring Under US-Iran Conflict'.
Note: ETF funds do not charge sales service fees. When investors subscribe for or redeem fund units, subscription/redemption agent brokerages may charge a commission of up to 0.5%, which includes relevant fees charged by stock exchanges and registration institutions. Fund fee rates are detailed in each fund's legal documents.
Risk提示: The ChiNext AI ETF Huabao passively tracks the ChiNext Artificial Intelligence Index. The index's base date is December 28, 2018, and its release date is July 11, 2024. The Hong Kong Connect Information Technology ETF passively tracks the CSI Hong Kong Connect Information Technology Composite Index. The index's base date is November 14, 2014, and it was released on June 23, 2017. The Bank ETF passively tracks the CSI Bank Index. The index's base date is December 31, 2004, and it was released on July 15, 2013. Stocks mentioned herein are only listed as objective displays of index constituents and do not constitute recommendations for any individual stock, nor do they represent the investment direction of the fund manager or the fund. 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 must be responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any form to the reader, and the company shall not be liable for any direct or indirect losses arising from the use of this content. Investors should carefully read the "Fund Contract," "Prospectus," "Fund Product Summary," and other fund legal documents to understand the fund's risk-return characteristics and choose products suitable for their own risk tolerance. The past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Based on the fund manager's assessment, the risk等级 of the Hong Kong Information Technology ETF and the ChiNext AI ETF are both R4-Medium High Risk, suitable for Aggressive (C4) and above investors. The risk等级 of the other funds mentioned in the article are R3-Medium Risk, suitable for Balanced (C3) and above investors. Suitability matching opinions are subject to the sales机构. Sales institutions (including the fund manager's direct sales机构 and other sales institutions) assess the risk of the above funds according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. Opinions on suitability from various sales institutions may not necessarily be consistent, and the fund product risk等级 evaluation results issued by fund sales institutions shall not be lower than the risk等级 evaluation results made by the fund manager. The descriptions of fund risk-return characteristics in the fund contract may differ from the fund risk等级 due to different consideration factors. Investors should understand the fund's risk-return situation, combine it with their own investment objectives, horizon, experience, and risk tolerance, carefully select fund products, and bear the risks themselves. The China Securities Regulatory Commission's registration of the above funds does not indicate a substantive judgment or guarantee of their investment value, market prospects, or returns. Fund investment requires caution.
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