AI Sector Surges! Following Alibaba and Tencent, JD.com Conference Arrives! Science and Innovation AI ETF Hits New High with 2.4% Gain! Institutions: AI Entering Value Realization Phase

Deep News
09/25

Today (September 25), the Science and Innovation AI ETF (589520), which focuses on domestic AI industrial chains, surged intraday by up to 2.48% and is currently up 1.55%, reaching a new high since listing! Among component stocks, Heho Information rose over 9%, Roborock Technology gained more than 5%, while Haitian Ruisheng, New Dot Software, Bestechnic, and AiSino Security followed suit with gains.

On the news front, JD.com's Global Technology Explorer Conference (JDD) 2025 was held at the Zhongguancun International Innovation Center in Beijing. JD.com Group announced a comprehensive upgrade of its large language model brand Joy AI, launching shopping and lifestyle assistant "Jingxi," universal digital assistant "He/She/It," and embedded intelligent application "JoyInside." The company stated it will continue investing over the next three years to drive a trillion-yuan artificial intelligence ecosystem.

Alibaba revealed yesterday that over the next three years, the company plans additional investments beyond the previously announced 380 billion yuan investment to further strengthen computing infrastructure. The company estimates that by 2032, Alibaba Cloud's global data center power consumption will increase tenfold compared to 2022.

While the application competition appears calm on the surface, underneath lies a substantial "arms race" of real investments. Earlier this year, reports emerged that ByteDance's annual capital expenditure exceeded $20 billion, with most betting on AI. Subsequently, Alibaba made a high-profile announcement: investing 380 billion yuan over three years, heavily focusing on cloud computing and AI infrastructure. Tencent also stated at its annual report meeting that AI-related capital expenditure in 2025 would account for a "low double-digit percentage" of revenue - external estimates suggest this scale approaches 100 billion yuan.

According to IDC predictions, China's AI market size will exceed $30 billion in 2024, maintaining growth rates above 25%. Industry insiders further anticipate that AI infrastructure investment over the next decade will exceed $7 trillion, with AI and robotics technology potentially driving $10 trillion in global productivity growth.

Institutional consensus is clear: AI is entering its value realization phase. Huatai Securities points out that with downstream demand explosion and clear business models, AI companies' profitability is expected to continue improving. In the medium to long term, companies with core technologies, strong ecosystem capabilities, and clear scenario deployments will have more certain growth prospects.

CITIC Securities believes that currently, AI user penetration remains low, large language model development is still in early-to-mid stages, and the industrialization cycle is just beginning. Computing power investment driven by large language models is flourishing, with capital expenditure growing alongside large language model revenue growth, creating a high investment ceiling.

Shengang Securities believes that with continued investment in computing infrastructure, domestic computing power may continue breakthrough in model and computing chip aspects, maintaining favorable momentum. Looking ahead to the medium term, domestic computing power is expected to achieve growth elasticity superior to overseas computing power.

**Domestic Substitution Bright Spot, Science and Innovation Self-Reliance**

From the current standpoint, three highlights of the Science and Innovation AI ETF (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561):

1. Policy Catalyst, AI Takeoff: Top-level documents ignite the sector, with AI potentially becoming the leading sector throughout this market cycle. Edge-cloud integration is the core trend in AI development, with component stocks being companies with the largest revenue or best positioning in subdivided segments, benefiting from accelerated AI adoption in edge-side chips/software.

2. Domestic Substitution, Independent Control: Against the backdrop of technology friction, information security and industrial security importance is highlighted. As a core technology, achieving independent control in artificial intelligence is crucial. The target index focuses on domestic AI industrial chains with strong domestic substitution characteristics.

3. 20% High Elasticity, Strong Offensive Nature: Compared to directly investing in individual STAR Market stocks, ETFs enable low-threshold deployment with 20% price limit restrictions, providing higher efficiency during market rallies. Top ten holdings account for over 70% of weight, with semiconductors as the largest sector representing over half the weight, creating high concentration and strong offensive capabilities.

Note: As of August 2025, the top ten holdings of the Science and Innovation AI Index account for 71.66% of weight; according to SWICS Level 2 industry classification, semiconductors represent the largest weighted sector at 54.1%.

Risk Warning: The Science and Innovation AI ETF and its feeder funds passively track the SSE STAR Market AI Index. This index has a base date of December 30, 2022, and was published on July 25, 2024. Index constituent composition adjusts according to index methodology rules, and historical backtesting performance does not predict future index performance. Individual stocks and index constituents mentioned in this article are for display purposes only. Stock descriptions do not constitute investment advice of any form, nor represent position information or trading activities of any funds managed by the fund manager. The fund manager assesses the Science and Innovation AI ETF as R4-medium-high risk, suitable for aggressive (C4) and above investors. Appropriateness matching opinions should be based on sales institutions. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any forms of expression) is for reference only. Investors must take responsibility for any autonomous investment decisions. Additionally, any views, analyses, and predictions in this article do not constitute investment advice of any form to readers, nor bear any responsibility for direct or indirect losses caused by using this article's content. Fund investment carries risks. Past fund performance does not represent future performance. Performance of other funds managed by the fund manager does not guarantee fund performance. Fund investment requires caution.

MACD golden cross signal formation, these stocks show good upward momentum!

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