On November 25, A-shares and H-shares rallied together, with the Shanghai Composite Index rising over 1% intraday—its first monthly gain—while the ChiNext Index briefly reclaimed the 3,000-point level, closing nearly 2% higher. Market sentiment rebounded sharply, with nearly 4,300 stocks advancing and combined turnover hitting RMB 1.81 trillion, reflecting increased liquidity.

The AI sector staged a strong comeback, with both hardware and application segments gaining momentum. The ChiNext AI ETF (159363), which dual-tracks "computing power + AI applications," surged nearly 6% intraday, leading its peers, and closed 3.45% higher. The STAR AI ETF (589520), focused on domestic AI supply chains, rose over 2%.

Hong Kong’s AI stocks also rallied. The Hong Kong IT ETF (159131), the first to target the "Hong Kong chip" supply chain, jumped nearly 4% intraday before settling 1% higher. The Hong Kong Internet ETF (513770), heavy in Alibaba and Tencent, climbed over 3% intraday, ending up 0.9%.

The AI wave continues to gain momentum, fueled by global catalysts: - Overseas: Former U.S. President Trump signed the "Genesis Plan," pooling national resources to accelerate AI research. Fed officials’ dovish signals shifted market expectations, with CME FedWatch now pricing in a 9% chance of a 25bps December rate cut. U.S.-listed Chinese assets surged in response. - Domestic: AI apps are booming. Alibaba’s Qwen App surpassed 10 million downloads in its first week of public testing, becoming the fastest-growing AI app ever. Ant Group’s multimodal AI assistant "Lingguang" hit 2 million downloads in six days.

Analysts note that as China’s tech narrative gains clarity, global capital is likely to increase allocations to Chinese assets. Industrial Securities highlights that recent adjustments have made valuations attractive, setting the stage for a rebound.

Elsewhere, metals outperformed, with the Nonferrous Metals Leaders ETF (159876) rising over 2%. The sector has surged 68.9% YTD (as of Nov. 25), topping all industries. CITIC Securities expects the bull run to continue.

**ETF Spotlight: AI and Chip Plays** 1. **ChiNext AI ETF (159363)**: Gained 3.45%, reclaiming key moving averages with RMB 873 million in turnover. Google’s pledge to double AI computing power every six months and Meta’s potential multi-billion-dollar TPU purchase boosted demand for optical components. The fund’s manager sees a buying opportunity, with 70% exposure to computing power (e.g., YOFC, InnoLight) and 20%+ to AI apps.

2. **STAR AI ETF (589520)**: Rose 2.17%, with 80% of holdings advancing. Ant’s "Lingguang" and policy tailwinds (e.g., China’s "AI+" initiative) underpin growth. Over 70% of its holdings posted YoY profit growth in Q3 2025, validating fundamentals.

3. **Hong Kong IT ETF (159131)**: Ended a 7-day losing streak, up 1.10% with record turnover of RMB 136 million. Trump’s AI push and Google’s TPU sales intensify the chip war. The fund offers concentrated exposure to SMIC (20.27% weight), Xiaomi (9.11%), and Hua Hong Semi (5.64%).

**Key Risks**: ETFs track indices with inherent volatility. Past performance doesn’t guarantee future results. Investors should assess risk tolerance (R4 for these ETFs) and consult fund documents.