Today (January 30), the Sci-Tech Innovation AI ETF (589520), which focuses heavily on the domestic AI industry chain, experienced a dip followed by a recovery, with its intraday price currently up by 1.46%. Notably, it has seen two consecutive days of net capital inflows, totaling 14.72 million yuan.

In terms of constituent stocks, Scantech (688583) surged by the daily limit at the opening, Montage Technology rose over 13%, VeriSilicon Microelectronics gained more than 7%, while stocks like Transwarp Technology, Tianzhun Technology, and CloudMinds followed with significant increases.

On the news front, a flurry of domestic large models has been released, signaling an early start to the "Spring Festival AI Competition." DeepSeek open-sourced its new OCR2 model, Kimi released and open-sourced the KimiK2.5 model, and Alibaba launched its flagship reasoning model, Qwen3-Max-Thinking. Particularly noteworthy is the plan by ByteDance and Alibaba to simultaneously release their next-generation AI models (ByteDance's Doubao 2.0 multimodal matrix and Alibaba's Qwen3.5) around the mid-February 2026 Spring Festival holiday. This represents a direct confrontation between the two giants for dominance in consumer-facing application portals, enterprise cloud services, and the broader AI ecosystem, an event poised to reshape China's AI application landscape and drive upstream computing demand. Guohai Securities believes that amid the ecosystem-based competition among leading players like Alibaba and ByteDance, small and medium-sized AI applications are expected to accelerate their integration into these major ecosystems to gain traffic, or alternatively, focus on developing new spaces within vertical sectors. This presents structural opportunities arising from the industry's evolution towards ecosystem-building and scenario-specific applications. It is also important to highlight that the target index of the Sci-Tech Innovation AI ETF (589520) comprehensively covers four key segments: application software, terminal applications, terminal chips, and cloud chips. The AI industry chain is currently evolving from the cloud towards the edge and shifting from reliance on foreign technology towards greater self-sufficiency and controllability. The Sci-Tech Innovation AI theme benefits from the accelerated integration of AI into terminal-side chips and software, aligning more closely with the current state of the AI industry chain and potentially holding greater potential.

[The Beacon of Domestic Substitution, Sci-Tech Self-Reliance and Strengthening] Backed by top-level plans for an "AI Plus" initiative, AI as a core technology makes achieving autonomy and controllability paramount. The Sci-Tech Innovation AI ETF (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561) focus on the domestic AI industry chain. Their constituent stocks include leading domestic GPU companies (such as Cambricon), leading domestic ASIC firms (such as VeriSilicon Microelectronics), and top AI application players (such as Kingsoft Office). The top ten holdings account for nearly 70% of the weight, with the semiconductor industry comprising almost half of the weighting, indicating strong offensive characteristics; the software industry, with a weighting exceeding 30%, stands to benefit from potential catch-up rallies in AI applications. Furthermore, this ETF is a margin trading security, making it an efficient tool for a one-click allocation to domestic computing power. Risk Warning: The Sci-Tech Innovation AI ETF and its feeder funds passively track the SSE Sci-Tech Innovation Board Artificial Intelligence Index. The base date for this index is December 30, 2022, and it was published on July 25, 2024. The index's annual gains/losses for 2023 and 2024 were 12.68% and 32.36% respectively. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its backtested historical performance is not indicative of future index performance. Any individual stocks or index constituents mentioned in this article are for illustrative purposes only; descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses the risk rating of the Huabao Sci-Tech Innovation AI ETF as R4 - Medium-High Risk, suitable for aggressive (C4) and higher investors. Suitability matching opinions should be based on the selling institution's assessment. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any kind to the reader, and no responsibility is accepted for any direct or indirect losses arising from the use of the content herein. Fund investment carries risks; the past performance of a fund is not indicative of its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment should be approached with caution.

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