Electricity-and-demand coordination sparks a breakout: 159363 surges 3.7% on heavy volume, while 159146 is closing in on its previous high! Is the food delivery battle finally coming to an end? The Huabao Fund Hong Kong Internet ETF quickly jumps higher!

On Wednesday (March 25), A-shares continued to rebound. The Shanghai Composite Index rose more than 1%, reclaiming above 3,900 points. The ChiNext Index rose more than 2%. Trading volume across both markets increased to 2.18 trillion yuan. On the market, market themes rotated quickly, with more than 4,800 stocks rising across the entire market, and a hundred-stock limit-up run continuing for two consecutive trading days.

On the market, benefited by multiple positive factors—including restoration of risk appetite, token (Token) triggering, technological breakthroughs coupled with policy catalysts, and performance validation—funds returned to the technology main line. Computing power stocks were active across the board. Focusing on leading optical module players, the Huabao (159363) ChiNext AI ETF was the first to surge on heavy volume, jumping 3.7% first! Semiconductor stocks strengthened: the Huabao (589190) Sci-Tech Innovation Chip ETF covering the whole “core” of innovation chip and the Huabao (515260) Electronics ETF heavily weighted in semiconductors both rose more than 2.5%!

Under “compute-electricity coordination,” power stocks continued to see an upsurge in limit-up rallies. The Huabao (159146) Power ETF, which covers a full “wind, solar, hydro, nuclear” electricity layout, rose 2.67% on heavy volume, coming close to its previous high! Spot gold continued to rebound. After nine consecutive days of weakness on the daily chart, it fully covered leading companies in gold, rare earths, copper, aluminum, and other non-ferrous metals industries. The Huabao (159876) Non-ferrous Metals ETF rose more than 3% for two consecutive days!

In Hong Kong stocks, an article titled “The Takeout War Should End” sparked strong enthusiasm. After the news broke, internet giants such as Meituan and Alibaba quickly pushed higher. The Huabao (513770) Hong Kong Internet ETF surged more than 3% intraday. After rebounding continuously from the low point of this round of pullback, it stood above the 5-day moving average. In addition, focused on hard tech in Hong Kong, the Huabao (159131) Hong Kong Stock Connect Information Technology ETF and the Huabao (159137) Hong Kong Stock Connect Healthcare ETF with a high CXO content continued to rebound by more than 1%.

Guoxin Securities’ analysis pointed out that in short-term choppy trading, market style may rebalance again, and some assets with low valuations may gain temporary advantage. As for the medium-term main line, sectors representing economic transformation and upgrading and security—such as artificial intelligence (AI) and advanced manufacturing—still remain core allocation directions. These sectors have genuine industry policy support and fundamental backing, and after adjustments, they are more likely to lead the market into new momentum.*

【ETF All-You-Need-to-Know Hotspot Wrap】Let’s focus on the trading and fundamentals of industry-themed ETFs such as ChiNext AI and power, Hong Kong internet, and non-ferrous metals.

1. Four major positives ignite—“compute-electricity coordination” powers on! Huabao’s ChiNext AI ETF surged 3.7% on heavy volume, and the power ETF is approaching its previous high!

Computing power and power co-strengthen again!

On the computing power side, CPO optical modules, IDC compute leasing, and other segments were active across the board. Sunway Net hit the 20CM limit-up intraday. Chuangxin Data and Aofei Data rose more than 7%. Tianfu Communications rose more than 6%, and Hengtai Xuchuang rose more than 4%. The Huabao (159363) ChiNext AI ETF, with the same category’s leading scale and liquidity*, closed up 3.7% within the market, standing above all moving averages, with heavy turnover of more than 700 million yuan!

Green power triggered a surge in the power sector. Multiple stocks including Guangdong Power A, Baoxin New Energy, Gansu Energy, Energy-saving Wind Power, and Zhejiang New Energy hit the daily limit-up. The Huabao (159146) Power ETF, which follows a full “wind, solar, hydro, nuclear” power layout, rose and closed up 2.67% on heavy volume, coming close to its previous high!

The analysis indicates that the current compute-power technology direction represented by CPO optical modules is seeing four major positives:

• First, the geopolitical risk premium has eased, and risk appetite is being restored. Overnight news showed signs of easing tensions in the Middle East. Funds from risk-off sectors took profits, and then shifted toward technology growth stocks with higher elasticity.
• Second, token (Token) data sparks demand expectations. The State Data Bureau disclosed that China’s average daily Token usage has already exceeded 140 trillion, growing more than a thousand-fold over two years. This data validates the explosion in AI inference demand and directly ignites infrastructure sectors such as compute leasing and optical communications.
• Third, technological breakthroughs and policy catalysts. China Information and Communications Technologies Group achieved a breakthrough in 5Pb/s ultra-large-capacity optical transmission technology. The policy proposal of “compute-electricity coordination” links compute power with electricity, improving the certainty of technology infrastructure.
• Fourth, performance validation and expectations of price increases. Overseas optical module leader Lumentum disclosed that capacity is sold out, providing micro-level validation of the industry’s prosperity.

In power, “compute-electricity coordination” welcomes fresh catalysts! Shenzhen-related documents stated that local conditions should be used to build a zero-carbon data center benchmark demonstration with a “photovoltaics/offshore wind + energy storage + green power direct connection” model, supporting the local absorption of compute demand and efficient use of green electricity. From a medium- to long-term perspective, the AI compute-power explosion has triggered “power shortage” anxiety. With a global power-shortage backdrop plus escalating geopolitical conflict, compute-electricity coordination has become a new growth pole.

To seize AI infrastructure opportunities, it is recommended to focus on the ChiNext AI ETF (159363) with key exposure to optical module leaders, as well as its off-exchange connecting funds (Class A 023407, Class C 023408). They directly benefit from the growth dividend driven by the commercialization explosion of AI technology. From the track perspective, the ChiNext AI portfolio allocates about 60% to compute power (optical modules/CPO leaders) and about 40% to AI applications. This is not only “compute power” as a core, but also a true representative of “AI applications.”

To seize AI energy opportunities, it is recommended to focus on the Huabao Power ETF (159146). The underlying index focuses on the power utilities sector, and it provides comprehensive coverage of thermal power, hydropower, wind power, nuclear power, and photovoltaics. It can capture growth elasticity from the explosion in new energy installations, and at the same time rely on the high dividend yield and stable cash flows of traditional power leaders to smooth market volatility—achieving a dual fit of “defensive core + growth elasticity.” Note: The off-exchange connecting fund (code: 026949) is currently being actively offered!

Note: As of February 28, 2026, the latest size of the Huabao ChiNext AI ETF is 6.745 billion yuan. Over the most recent 6 months, average daily trading volume reached 885 million yuan. In terms of fund size and trading amount, it ranks first among 26 ETFs that track the ChiNext AI Index, Sci-Tech AI Index, and Sci-Tech Innovation Entrepreneurship AI Index.

2. Is the end of the takeout war finally here? Meituan and Alibaba surged! The Huabao Hong Kong Internet ETF climbed over 3 billion? Fund manager: Fundamentals are improving; valuation is the safeguard of elasticity

The Hang Seng Tech opened higher at the start of trading and continued the rebound trend. It then fluctuated into the red. In the afternoon, stimulated by news about “ending the takeout internal competition,” it launched another push higher. The State Administration for Market Regulation reposted an article from Economic Daily titled “The Takeout War Should End.” In addition, the market regulator recently revealed that it has already entered relevant platforms to conduct on-site investigations, clearly conveying the regulatory stance that “the takeout war must be put out.”

After the news broke, Meituan-W quickly surged with a burst of volume and closed up nearly 14%. Alibaba-W rose more than 6% intraday and closed up more than 4%. In addition, Xiaomi Group-W slipped slightly by 0.49% after earnings, and Tencent Holdings fell by more than 1%. It is worth noting that southbound funds net bought over 20 billion Hong Kong dollars throughout the day.

The Huabao (513770) Hong Kong Internet ETF, a core AI tool in Hong Kong stocks, saw its on-exchange price rise briefly by more than 3% and then closed up 1.86%. Since the low point in this round of pullback, it has rebounded continuously and moved above the 5-day moving average.

Overall, the anti-internal-competition direction of a series of recent policies has gradually become clearer. This may cool down price wars among major platforms and bring expectations of earnings recovery. Combined with the continuous strengthening of the AI narrative and accelerated AI commercialization, this may be a good opportunity to allocate to high-quality Hong Kong internet assets on dips.

The fund manager of the Huabao (513770) Hong Kong Internet ETF, Feng Chenchen, said that multiple positive factors are converging. The fundamentals of Hong Kong internet stocks are expected to gradually improve starting from Q2, and valuation and positioning will serve as safeguards for its subsequent upside elasticity. Specifically:

On one hand, domestic AI-related innovation and product adoption are emerging one after another, continuing to be an important clue for subsequent market moves. Internet giants still remain the most direct and comprehensive AI-themed stocks (GPU, large models, cloud, agent applications). The recent collective price hikes by large model providers and cloud service providers also show that in response to changes in potential demand, there is significant upside elasticity in the prices of compute power and cloud services in the future. At the same time, AI is expected to enhance the product-level continuity of Tencent’s gaming business, especially evergreen titles.

On the other hand, the aggressive share-competition battle in instant retail led by Alibaba has, according to the latest financial reports, not shown obvious positive feedback to e-commerce sector synergy or to expectations of overall operational competitiveness. Voices from regulators also echo the decline of this kind of inward-competition. Subsidy cuts help instant retail reduce losses, which supports an overall rebound in corporate profits.

When seizing the 2026 AI commercialization “first year,” focus on core AI tools in Hong Kong. The Huabao Hong Kong Internet ETF (513770) and its index-linked funds (Class A 017125; Class C 017126) passively track the CSI Hong Kong Stock Connect Internet Index. The top ten weight holdings concentrate companies such as Alibaba-W and Tencent Holdings, as well as AI application companies across various sectors. The leading-stock advantage is prominent. It trades daily with T+0 on the exchange, and has strong liquidity.

Looking bullish on Hong Kong tech but wanting to reduce volatility? You can also consider the first “all-market” product—the Hong Kong Large Cap 30 ETF (520560). It comes with a “technology + dividend” dumbbell strategy. The heavy holdings include high-elasticity tech stocks such as Alibaba, and it also includes stable high-dividend stocks such as banks and insurers. It is an ideal core holding tool for long-term allocation in Hong Kong.

3. Has the “oil up, gold down” trend ended? Spot gold returns to $4,500; Huabao’s non-ferrous metals ETF (159876) peaks at 4.29%

Perhaps due to a key turning-point signal in Middle East geopolitical events, spot gold surged straight up to exceed $4,500. The Huabao (159876) Non-ferrous Metals ETF, which fully covers leading companies in non-ferrous metals sectors such as gold, rare earths, and copper and aluminum, had the highest intraday gain of up to 4.29%, and closed up 3.17%. It reclaimed both the 5-day moving average and the half-year moving average in one move. Notably, funds accelerated to position at low levels. The ETF received net subscriptions of 3.6 million shares throughout the day.

As for constituent stocks, nearly 70% of individual stocks rose more than 2%. Yunnan Germanium Industry led the gain with more than 8%. Zijin Mining rose more than 6%. Northern Rare Earths rose more than 5%. Weighted stocks such as Zijin Mining and Luoyang Molybdenum rose 3.23% and 2.99%, respectively.

Why did the non-ferrous metals sector rise strongly today? It may be broken down from the following three levels:

1、Macro level: The United States intends to pause fire for one month and is discussing a conflict-ending plan with Iran that includes 15 conditions, covering nuclear plans, missile capabilities, and regional issues. Or perhaps due to a key turning-point signal from geopolitical events, global assets rose, oil prices plunged, and spot gold surged straight up to exceed $4,500. CITIC Securities previously pointed out that after Middle East geopolitical events end, gold is likely to set new highs again*.

2、Industry level: The lithium-ore concept continued to be strong. Zimbabwe’s lithium export ban has been in place for nearly one month, and there has been no news of relaxation yet; the duration of impact may exceed prior market expectations. In March, production schedules across the lithium battery industry chain have fully rebounded. Combined with the implementation of the post-holiday “trade-in for upgrades” policy and the release of new vehicles, full-year demand for lithium batteries is expected to be favorable. Orient Securities believes that the lithium price central level has the potential to be raised in a sustained way*.

3、Stock level: Zijin Mining is planning a “gold chess game.” Zijin Mining’s wholly owned subsidiary Zijin Gold plans to invest 18.258 billion yuan to acquire a 25.85% stake in Chifeng Gold through agreement transfer + private placement subscription (after the share issuance is completed). Zijin Mining’s president, Lin Hongfu, said that from a medium- to long-term perspective, the logic that gold will maintain a high-price level or rise further remains unchanged.

Looking ahead to the non-ferrous metals sector, Huatai Securities highlighted an opportunity for a rebound from over-sold conditions: For gold, historical patterns show that after the end of geopolitical conflicts, gold often rebounds quickly, and continuous central bank purchases provide bottom support; for industrial metals, tight supply and domestic inventory drawdowns on the copper end support prices, while risks related to Middle East capacity on the aluminum end have not yet been fully priced in—both still have fundamental support; for minor metals, including rare earths, tungsten, molybdenum, and cobalt, geopolitical conflict catalysts continue to strengthen expectations for strategic reserve buildup and military procurement restocking. The sector’s repair opportunities after an overall oversold condition are worth actively watching.*

【The non-ferrous metals headwinds have arrived—“super cycle” is unstoppable】

Huabao’s Non-ferrous Metals ETF (159876) and its index-linked funds (A class: 017140, C class: 017141) comprehensively cover industries such as copper, aluminum, gold, rare earths, and lithium. They include different prosperity-cycle categories such as precious metals (hedging), strategic metals (growth), and industrial metals (recovery). Full-category coverage enables a better capture of the beta opportunities of the entire sector. Meanwhile, this ETF is a margin trading and securities lending target, making it an efficient one-click tool to gain exposure to the non-ferrous metals sector.

Note: For details on fees, please refer to each fund’s legal documents.

Source: Shanghai and Shenzhen Stock Exchanges, among others, as of 2026.03.25. Reminder: Recent market volatility may be relatively large, and short-term percentage gains or losses do not indicate future performance. Investors must invest rationally based on their own financial conditions and risk tolerance, and pay close attention to position sizing and risk management.

*Institutional views reference source: Guoxin Securities, “This is not a bull-bear switch; the adjustment period is also a deployment period”; CITIC Securities’ March 19 release, “Gold | Review of gold prices and the gold sector after previous Middle East conflicts”; Orient Securities’ February 22 release, “2026 Lithium Industry Strategy: Rising day by day, a second wave of lithium ore erupts into a new big era”; Huatai Securities’ March 10 release, “Non-ferrous metals: ‘Difficulties’ and ‘Disturbances’ under Middle East geopolitical shocks.”

Risk disclosure: The Huabao ChiNext AI ETF passively tracks the ChiNext AI Index. The base date of the index is 2018.12.28, and the publication date is 2024.7.11. The Huabao Power ETF passively tracks the CSI All-Share Power Utilities Index. The index base date is 2004.12.31, and the publication date is 2013.7.15. The Hong Kong Internet ETF passively tracks the CSI Hong Kong Stock Connect Internet Index. The index base date is 2016.12.30, and it was published on 2021.1.11. The index constituent stocks are adjusted from time to time according to the index compilation rules. Its historical backtested performance does not predict the index’s future performance. The individual stocks mentioned in this article are only objectively listed for illustration purposes as constituent stocks of the index, and do not constitute recommendations for any individual stock. They do not represent the fund manager and the fund’s investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, and any form of statements) is for reference only. Investors must take responsibility for any investment actions they decide to make independently. In addition, any viewpoints, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor is any responsibility assumed for direct or indirect losses caused by the use of the content of this article. Investors should carefully read fund legal documents such as the “Fund Contract,” “Prospectus,” and “Fund Product Summary” to understand the fund’s risk-return characteristics and choose products that match their risk tolerance. The fund’s past performance does not predict its future performance, and performance of other funds managed by the fund manager does not guarantee this fund’s performance. Based on the fund manager’s assessment, Huabao Power ETF, Huabao Non-ferrous Metals ETF, and Huabao Electronics ETF have a risk level of R3—medium risk—suitable for balanced (C3) and above investors. Huabao Hong Kong Stock Connect Information Technology ETF, Huabao Hong Kong Large Cap 30 ETF, Huabao Hong Kong Internet ETF, Huabao Hong Kong Stock Connect Healthcare ETF, and Huabao Sci-Tech Chip ETF have a risk level of R4—medium-high risk—suitable for aggressive (C4) and above investors. For suitability matching opinions, please refer to the sales institutions. Sales institutions (including the fund manager’s direct sales channel and other sales institutions) conduct risk assessments of the above funds based on relevant laws and regulations. Investors should promptly pay attention to the suitability matching opinions issued by the fund manager. The suitability matching opinions from different sales channels may not be consistent, and the risk level assessment results of fund products provided by sales institutions are not allowed to be lower than the risk level assessment results made by the fund manager. Differences may exist in fund risk-return characteristics and risk ratings due to different factors considered. Investors should understand the fund’s risk-return situation, choose fund products prudently in light of their own investment goals, time horizon, investment experience, and risk tolerance, and bear the risks themselves. The China Securities Regulatory Commission’s registration of the above funds does not indicate any substantive judgment or guarantee of this fund’s investment value, market prospects, and returns. Fund investments involve risk. Investors should be cautious.

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Responsible editor: Yang Hongbo