Today (February 3), the Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence Trading Open Ended Index SEC (589520), which focuses on the domestic AI industry chain, saw its intraday gain reach 2.56% before settling at a 0.3% increase. The ETF exhibited significant on-market premium trading, with a real-time premium rate as high as 0.47%, indicating notably stronger buying pressure and suggesting potential capital inflows.
Among its constituent stocks, Sikan Technology led the gains, rising over 12%, followed by StarRise Corporation climbing more than 5%. Stocks such as Lingyun Guang, VeriSilicon Microelectronics, Anlu Technology, and Yunshan Inspire also advanced.
The catalyst stems from Alibaba's Tongyi Qianwen APP announcing a 30 billion yuan investment to launch a "Spring Festival Hospitality Plan," offering free meals, drinks, and entertainment. The entire Alibaba ecosystem will participate, covering businesses like Taobao Quick Deals, Fliggy, Damai, Hema, Tmall Supermarket, and Alipay.
Major tech giants view the 2026 Spring Festival as a watershed moment for AI applications transitioning from "novelty trials" to "nationwide adoption," intensifying the battle for user entry points. Currently, the three major players have distinct strategic focuses: 1. Tencent leverages its strong social network foundation with a "cash red envelope + social fission" approach, featuring low participation barriers for rapid user acquisition. 2. ByteDance's Volcano Engine secured the Spring Festival Gala partnership, with its Doubao AI integrating various interactive features during the broadcast. This strategy is distinctive, emphasizing AI functional experiences to familiarize users with AI capabilities through engagement. 3. Alibaba's approach is pragmatic, following an "AI +实体经济" path. Qianwen aims not merely to be a chatbot but an "action agent." Integrated with Alibaba's e-commerce and local life services ecosystem, it can assist users with real-world tasks like ordering food, purchasing New Year goods, and booking flights and hotels, evolving beyond a purely conversational tool.
Kaiyuan Securities notes that domestic large language model manufacturers are capitalizing on the strong social fission effects generated by Spring Festival activities to aggressively compete for consumer AI entry points, potentially accelerating subsequent user base growth and commercialization, and recommends continued investment in AI applications.
Guohai Securities believes that amid ecosystem-based competition from leading players like Alibaba and ByteDance, small and medium-sized AI applications are likely to accelerate integration into these major ecosystems to gain traffic or focus on vertical sectors to explore new opportunities, based on structural opportunities arising from industry ecosystemization and scenario-based evolution.
Notably, the underlying index of the Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence Trading Open Ended Index SEC (589520) comprehensively covers four key segments: application software, terminal applications, terminal chips, and cloud chips. The AI industry chain is developing from the cloud towards the edge and shifting from reliance on foreign technology towards self-sufficiency. The Sci-Tech Innovation Board AI theme benefits from the accelerated AI integration in edge-side chips and software, aligning well with the current state of the AI industry chain and potentially holding greater promise.
[The Beacon of Domestic Substitution, Sci-Tech Self-Reliance] Top-level plans for the "AI Plus" initiative emphasize AI as a core technology where achieving autonomy and controllability is crucial. The Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence Trading Open Ended Index SEC (589520) and its feeder funds (Feeder A: 024560, Feeder C: 024561) focus on the domestic AI industry chain. Constituent stocks include domestic GPU leaders (e.g., Cambricon), domestic ASIC leaders (e.g., VeriSilicon Microelectronics), and AI application leaders (e.g., Kingsoft Office). The top ten holdings account for nearly 70% of the weight, with the semiconductor sector comprising nearly half, indicating strong offensive potential; the software sector, with a weight exceeding 30%, is poised to benefit from potential catch-up rallies in AI applications. Furthermore, this ETF is a margin trading target, serving as an efficient tool for a one-click allocation to domestic computing power.
Risk Disclosure: The Huabao Shanghai Science and Technology Innovation Board Artificial Intelligence Trading Open Ended Index SEC and its feeder funds passively track the SSE Sci-Tech Innovation Board Artificial Intelligence Index. The index's base date 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 index's constituent stocks are adjusted according to its compilation rules; its backtested historical performance does not indicate future results. Individual stocks and index constituents mentioned herein are for illustrative purposes only; descriptions are not investment advice of any form and do not 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 Board AI ETF as R4 - Medium-High Risk, suitable for aggressive (C4) and above investors; suitability matching opinions are subject to the sales institution. Any information appearing in this article (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, and expressions of any form) is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any form to readers, nor shall they be held liable for any direct or indirect losses arising from the use of this content. Fund investment carries risks; past performance of a fund does not indicate its future results, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest cautiously.
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