Recently, with the continuous iteration of domestically developed large models and advancements in AI infrastructure, core components, and application deployment, AI-related products have garnered sustained attention. The ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) tracks the CSI STAR & ChiNext Artificial Intelligence Index (932456.CSI). This index focuses on the AI theme within the STAR Market and the ChiNext Board, targeting a cluster of AI enterprises characterized by distinct technological innovation attributes and high growth potential. Its selection universe concentrates on AI-related companies listed on the STAR Market and ChiNext Board. It can serve as an investment tool for a one-stop allocation to the AI sector and capturing high-volatility opportunities, warranting attention.

What kind of product is the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Class A: 027047; Class C: 027048)? The ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) is an ETF focusing on core assets within the AI industry chain, managed by ChinaAMC. For investors looking to observe and position themselves around the domestic AI investment theme, this ETF offers a relatively efficient tool to cover representative technological growth segments within the AI industry chain.

Regarding fee structure, the management fee for the ChinaAMC SSE STAR & ChiNext AI ETF is 0.50%, and the custody fee is 0.10%, aligning with mainstream industry levels. As supporting tools, ChinaAMC also provides off-exchange feeder funds (Class A: 027047; Class C: 027048) to facilitate allocation for investors with different trading preferences.

Since its inception on December 5, 2025, the product has maintained an average daily trading volume at the tens of millions of yuan level, indicating relatively high on-exchange trading efficiency.

From a net capital inflow perspective, the ChinaAMC SSE STAR & ChiNext AI ETF has experienced ten consecutive days of net inflows recently, with a peak single-day net inflow of 68.81 million yuan and a cumulative net inflow exceeding 350 million yuan.

Analyzing the constituent structure of its underlying index, the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) tracks an index covering core segments such as optical modules, computing power chips, and AI infrastructure. Overall, the structure of its related constituents shows a relatively high alignment with the core beneficiaries of the current AI investment theme.

What are the characteristics of the index tracked by the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Class A: 027047; Class C: 027048)? First, it has a unique cross-STAR & ChiNext positioning. The STAR & ChiNext AI Index (Code: 932456) is currently the first and only AI-themed index in the market spanning both the STAR Market and the ChiNext Board. It is officially compiled and published by China Securities Index Co., Ltd. Its core advantage lies in breaking the limitations of a single board, precisely focusing on a cluster of core AI enterprises with prominent sci-tech innovation attributes and significant growth potential. Unlike AI indices covering only the STAR Market or ChiNext Board, this index's sample space is strictly limited to these two innovation-focused boards, comprehensively covering hard-tech AI companies on the STAR Market and growth-oriented AI companies on the ChiNext Board. It balances the technological leadership of the STAR Market with the market vitality of the ChiNext Board, forming a complete matrix covering high-quality AI targets across both innovation boards. This enables a more comprehensive and objective reflection of the overall development trends of the AI industry within the dual-innovation sphere.

Second, it offers higher thematic purity and focus on core businesses. Anchored on the AI industry, this index closely monitors the entire industry chain, including AI computing infrastructure, core technology R&D, and scenario application deployment. It strictly selects companies whose core businesses are highly related to the AI field as constituents, thoroughly excluding general technology or non-AI targets to ensure the purity of the index's AI focus. The index constituents are all pure-play AI targets, focusing on core computing power segments like AI chips and optical modules, technology R&D areas such as natural language processing and computer vision, and also covering AI application scenarios like government affairs, healthcare, and retail. The layout is balanced across segments with strong industry representation, enabling precise capture of development opportunities across the entire AI industry chain and avoiding interference from non-core businesses on index performance.

Third, it demonstrates sharper return performance and prominent growth advantages. As of May 13, 2026, the STAR & ChiNext AI Index has gained 180.16% over the past year, showing relatively strong market elasticity and growth potential. Compared to single-board indices, this index combines the technological growth dividends of STAR Market companies with the market explosiveness of ChiNext Board companies, making it a quality target for investors tracking AI industry trends and capturing growth opportunities within the dual-innovation boards.

Fourth, it balances hard technology with commercialization, highlighting core competitiveness. This index perfectly integrates the core advantages of the STAR Market and ChiNext Board. It retains the STAR Market's emphasis on R&D investment and focus on hard-tech breakthroughs while incorporating the ChiNext Board's high marketization and mature commercialization capabilities. The commercialization advantages brought by ChiNext Board constituents are evident, with related AI application companies having established mature profit models and achieving rapid technology deployment and monetization across various scenarios. This effectively balances technology R&D with commercial returns, endowing the index with both long-term technological growth potential and short-term earnings realization capability, highlighting both its hard-tech attributes and investment value.

Why has the AI theme recently regained market focus? The renewed focus on the AI direction is not driven by a single event but results from the resonance of market environment, industry catalysts, and capital preference.

On one hand, attention towards the technology growth direction has rebounded, with AI-related sectors maintaining high热度 in market discussions. On the other hand, the focus within the AI industry chain continues to expand, from computing infrastructure, optical modules, memory chips to semiconductor materials and AI applications. Market focus is gradually extending from a single theme to more complete industry chain segments.

From an industry perspective, areas like domestically developed large models, AI Agents, and commercialization of AI applications continue to advance. This means the current market focus on AI is not merely about whether there are thematic opportunities but is gradually shifting towards which segments have clearer industry progress and which tools better reflect related characteristics.

What are the differences between various AI-related indices? How to choose related funds? What are the characteristics of the index tracked by the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048)? Differences among AI-related indices can typically be understood from dimensions such as selection scope, number of constituents, industry distribution, and style characteristics. While different indices all revolve around the AI theme, they differ in covered boards, industry chain focus, and concentration.

Common AI-related indices in the market can be simply understood as three different approaches: focusing solely on the STAR Market, emphasizing the dual-innovation boards, and covering the entire market.

The first type is exemplified by indices like the SSE STAR Market Artificial Intelligence Index (950180.CSI). Constituents of such indices primarily come from the STAR Market, offering the most concentrated board scope and the most distinct technological attributes. As STAR Market companies are inherently more hard-tech oriented, such indices typically emphasize directions like semiconductors and software development. Overall, they resemble a further focus on "core technological assets within the STAR Market" under the AI theme.

The second type is the CSI STAR & ChiNext Artificial Intelligence Index (932456.CSI). This is the index tracked by the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048). Compared to indices covering only the STAR Market, it expands the selection scope to include the ChiNext Board, thus offering broader coverage than single-STAR Market indices. However, compared to all-market AI-themed indices, it does not spread too wide, remaining concentrated within the more growth-oriented STAR Market and ChiNext Board. In terms of industry distribution, such indices typically emphasize AI hardware-related directions like communication equipment and semiconductors, thus leaning more towards positioning around main themes like computing infrastructure and core components.

The third type is represented by indices like the CSI Artificial Intelligence Theme Index (930713.CSI). Such indices have broader coverage, typically including AI-related companies from multiple boards like the Main Board, STAR Market, and ChiNext Board in their sample space. Therefore, they cover not only upstream segments like computing power, chips, and optical modules but may also include more software development, computer equipment, and application-side companies. Comparatively, such indices resemble a "panoramic" coverage of the AI industry chain, with generally more balanced industry distribution.

Placing the three types of indices together makes the differences clearer: The SSE STAR Market Artificial Intelligence Index (950180.CSI) is more like "focusing solely on AI within the STAR Market." The CSI STAR & ChiNext Artificial Intelligence Index (932456.CSI) is more like "focusing on the core growth directions of AI within the dual-innovation boards." The CSI Artificial Intelligence Theme Index (930713.CSI) is more like "a broader all-market AI theme with wider coverage."

Consequently, the characteristic of the CSI STAR & ChiNext Artificial Intelligence Index (932456.CSI) tracked by the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) is not merely "investing in AI." It emphasizes, within the scope of the STAR Market and ChiNext Board, concentrated coverage of directions within the AI industry chain that have relatively stronger growth attributes and closer ties to the AI hardware main theme. Compared to AI-themed indices with broader coverage and more balanced industry distribution, this index typically has a more growth-oriented style and may exhibit relatively more pronounced volatility characteristics. For investors hoping to conduct relatively focused observation around the AI main theme, this index feature offers a certain degree of distinctiveness.

Which directions within the AI industry chain does the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) primarily cover? Deconstructing the current AI market trend reveals opportunities corresponding to different segments within the domestic technology growth sector: upstream computing infrastructure, midstream model technology iteration, and downstream application deployment and terminal penetration. The CSI STAR & ChiNext Artificial Intelligence Index tracked by the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) simultaneously covers multiple directions such as AI foundational resources, technology, and applications. Therefore, in expressing the AI main theme, it not only covers related companies but is also more conducive to observing domestic AI core assets from an industry chain perspective.

Further analysis shows this product simultaneously positions in targets related to both the STAR Market and ChiNext Board. The STAR Market leans more towards key segments like chips and foundational technology, while the ChiNext Board holds greater representation in directions like optical modules and terminal applications. Since the covered STAR Market and ChiNext Board related targets both have a 20% daily price fluctuation limit, the ChinaAMC SSE STAR & ChiNext AI ETF (159142) exhibits stronger elasticity during phases of AI main theme market performance.

At the current juncture, how should one view the allocation value of the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048)? From an industry trend perspective, the medium to long-term logic of the AI sector continues to unfold. On the hardware side, domestic computing power chips are accelerating their catch-up. According to IDC data, the China accelerated server market size reached $16 billion in the first half of 2025, more than doubling year-over-year, and is projected to reach $140 billion by 2029. Strong computing power demand coupled with overseas restrictions is driving faster development of domestic AI chips and related infrastructure.

On the model side, domestically developed large models continue to iterate. New-generation domestic models like DeepSeek are constantly pushing capability boundaries, driving simultaneous demand expansion in training, inference, cloud computing, and application deployment segments.

On the device side, the ecosystem for AI Agents and AI terminals is gradually improving. The AI penetration rate in mobile phones and PCs is expected to reach 45% and 62% respectively by 2026, with emerging terminals like smart glasses, robots, and cars also accelerating AI integration.

From a capital flow perspective, the scale of products tracking AI-related indices grew 91.57% year-over-year in 2024 and 353.63% year-over-year in 2025, indicating sustained increase in long-term allocation demand.

From a near-term catalyst perspective, the reason the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) warrants attention is also closely related to the current market environment. The continuous iteration of domestic models like DeepSeek has reinforced market focus on domestic computing power, model technology, and the AI application chain. Simultaneously, if market risk appetite recovers following an easing of geopolitical tensions, the technology growth direction typically regains capital attention more easily. During the intertwined phase of domestic model iteration and risk appetite recovery, the market often pays more attention to tools that possess both AI main theme attributes and relatively stronger product elasticity. The STAR Market and ChiNext Board related targets covered by the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) both have a 20% daily price fluctuation limit, contributing to the product's relatively stronger elasticity.

The current market concern is not whether the AI industry still has opportunities, but whether the AI main theme is still unfolding and what kind of tools are more suitable for capturing such opportunities. Against this backdrop, the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) possesses relatively clear observation and allocation value. The reason is that this product is centered on domestic AI core assets while, through its dual-board layout across the STAR Market and ChiNext Board, offers relatively stronger product elasticity, making it more likely to capture AI main theme market trends.

If one does not want to bet solely on a single AI sub-sector, why consider the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048)? The unfolding of AI market trends often does not revolve around just one sub-sector. At different stages, market focus may shift between computing power chips, optical modules, cloud computing, office software, and may further turn to AI applications and terminal deployment. Betting solely on a single segment, while potentially offering突出 elasticity in certain phases, is also more susceptible to volatility within that specific赛道.

The CSI STAR & ChiNext Artificial Intelligence Index tracked by the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) simultaneously covers multiple directions such as AI foundational resources, technology, and applications, and is positioned across the two innovation boards of the STAR Market and ChiNext Board. This means this product does not bet on just one AI sub-sector but emphasizes capturing more representative growth opportunities within the framework of the domestic AI main theme. Simultaneously, the covered STAR Market and ChiNext Board related targets both have a 20% daily price fluctuation limit, contributing to the product's relatively stronger elasticity.

For investors looking to observe and position around the AI main theme but wishing to avoid overly concentrating opportunities in a single sub-sector, the ChinaAMC SSE STAR & ChiNext AI ETF (159142; Off-exchange Class A: 027047; Class C: 027048) offers a more balanced and distinctive product choice while retaining the characteristic of relatively stronger product elasticity.

Risk Disclosure: The operation history of funds in China is relatively short and may not reflect all stages of development in the stock and bond markets. Index performance is for reference only and does not predict future performance or represent the performance of any specific fund. Funds carry risks, and investment requires caution. This product is issued and managed by ChinaAMC. Sales institutions do not bear responsibility for product investment or redemption. This material is prepared by ChinaAMC for reference by distribution institutions. If sales institutions directly recommend this product to investors, they should understand client situations in detail before recommendation and be bound by corresponding compliance requirements to avoid违规销售行为. Explanation of fund sales fees: For Class A shares of the ChinaAMC CSI STAR & ChiNext Artificial Intelligence ETF Feeder Fund, subscription fees are charged based on subscription amount (M) tiers: M < 1 million yuan, 0.30%; 1 million yuan ≤ M < 5 million yuan, 0.20%; M ≥ 5 million yuan, 1,000 yuan per transaction. Purchase fees are charged based on purchase amount (M) tiers: M < 1 million yuan, 0.30%; 1 million yuan ≤ M < 5 million yuan, 0.20%; M ≥ 5 million yuan, 1,000 yuan per transaction. Redemption fees are charged based on holding period (N) per share: N < 7 days, 1.50%; N ≥ 7 days, 0%. No sales service fee is charged. For Class C shares, subscription fees are charged based on subscription amount (M) tiers: M ≥ 1 yuan, 0. Purchase fees are charged based on purchase amount (M) tiers: M ≥ 1 yuan, 0. Redemption fees are charged based on holding period (N) per share: N < 7 days, 1.50%; N ≥ 7 days, 0%. The sales service fee is 0.20% per annum. Relevant fee discounts are subject to the presentation by sales institutions. For the ChinaAMC CSI STAR & ChiNext Artificial Intelligence ETF: When investors subscribe for or redeem fund shares, subscription/redemption agents may charge a commission not exceeding 0.5% of the subscription or redemption amount, which includes related fees charged by the stock exchange, registration institutions, etc. On-exchange trading fees are subject to the actual charges by securities companies.