The domestic AI track is rising strongly! Cambrian leads with over 5%, Huabao Fund's Sci-Tech Innovation Artificial Intelligence ETF (589520) surged 2% during the trading session, attracting 13.48 million yuan in net inflows over the past five days!

On the first trading day after Qingming Festival (April 7), the key focus was on the domestic AI industry chain with the innovative artificial intelligence ETF Huabao (589520) showing early activity. During the morning session, it rose by 1.97% intraday. Notably, this ETF has attracted a total of 13.48 million yuan in funds over the past five trading days. Looking at a longer timeframe, it has accumulated 81.15 million yuan over the past 20 trading days, reflecting strong investor confidence in the future prospects of the domestic AI sector and active deployment!

Regarding constituent stocks, Cambrian led with over 5% gains, Xinyuan Holdings rose more than 4%, Tianzun Technology increased over 3%, and stocks like Lankei Technology, Daotong Technology, and Zhongke Xingtu followed suit.

On the news front, domestic models are accelerating breakthroughs. According to OpenRouter data, from March 30 to April 5, the top five API call volumes were all domestic models. In Q1 2026, Zhipu API prices surged by 83%, still showing a supply-demand imbalance. Alibaba released three heavyweight models consecutively, which may further boost demand for domestic computing power. CITIC Construction Investment pointed out that in 2025, China’s AI acceleration card market is expected to ship about 4 million units, with domestic AI acceleration cards accounting for over 40%, mainly through differentiation such as non-GPU chips to catch up and surpass.

On the policy front, the “Enhancement Action for Computing Power Resource Allocation” has been announced! The Ministry of Industry and Information Technology first proposed “computing power banks” and “computing power supermarkets,” supporting small and medium-sized enterprises to deposit idle computing resources into platforms, enabling flexible access and staggered deployment of computing power. Essentially, this draws on the banking “deposit and loan” logic to create a pooled and financialized operation mode for computing resources. Industry insiders note that this initiative effectively addresses issues of temporal and spatial mismatches and heterogeneity in computing resources, bringing significant development opportunities for related infrastructure companies.

Fundamentally, as of April 6, Huabao’s innovative AI ETF (589520) has released 2025 annual reports from 14 companies, of which 11 are profitable, and 10 have achieved double-digit year-over-year growth in net profit attributable to shareholders. Cambrian’s net profit attributable to shareholders grew by 555%, ranking first.

It is worth mentioning that Huawei’s Meng Wanzhou stated that AI will be the biggest development opportunity in the next decade or even longer, and a highly certain strategic opportunity. Dongxing Securities believes that the AI industry is currently in a phase of policy, technological, and demand resonance. Leading domestic chip and cloud computing companies are gradually validating their performance, with large firms continuously investing in CapEx, boosting industry certainty. The industry’s prosperity still has room to grow.

【The Light of Domestic Substitution, Self-Reliance and Strength in Innovation】

Huabao (589520) and its linked funds (Linked A: 024560, Linked C: 024561) focus on the domestic AI industry chain. The constituent stocks include domestic GPU leader (such as Cambrian), domestic ASIC leader (such as Xinyuan Holdings), AI application leader (such as Kingsoft Office). Semiconductor industry weightings account for nearly half, with strong offensive potential; software industry weightings exceed 30%, expected to benefit from AI application rebound. Additionally, this ETF is a margin trading target and an efficient tool for one-click deployment of domestic computing power.

Risk reminder: Huabao’s innovative AI ETF passively tracks the SSE STAR Market Artificial Intelligence Index, which was based on data from December 30, 2022, and published on July 25, 2024. The annual gains/losses for 2023 and 2024 are 12.68% and 32.36%, respectively. The index components are adjusted periodically according to the index rules. Past backtested performance does not predict future results. The stocks and index components mentioned are for display purposes only; their descriptions do not constitute investment advice and do not reflect holdings or trading activities of any fund managed by the manager. The fund manager assesses the risk level of Huabao’s AI ETF as R4—medium-high risk, suitable for active investors (C4) and above. Suitability opinions should be confirmed with sales institutions. All information in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors are responsible for their own investment decisions. The views, analyses, and forecasts in this article do not constitute investment advice. The fund’s past performance does not guarantee future results, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Investment involves risks; please invest cautiously.

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