Risk appetite recovers, technology stocks rebound collectively! The ChiNext Artificial Intelligence ETF Da Cheng opens high and rises over 3%, domestic AI computing power demand increases significantly, and institutions are optimistic about the sector's valuation recovery.

As of April 1, 2026, 09:55, the Growth Enterprise Market Artificial Intelligence ETF Dacheng (159242) rose by 3.10%, with a turnover rate of 6.07% during the session, and transactions totaling 23.9989 million yuan.

The underlying index tracked by the ETF, the Growth Enterprise Market Artificial Intelligence Index (970070), saw a strong rally, up 3.35%. Among constituent stocks, Dongfang Guoxin rose 8.20%, Tianfu Communication gained 8.09%, Ruijie Networks increased 7.11%, and other stocks such as Capital Online and Wangsu Technology also followed the upward trend.

The Growth Enterprise Market Artificial Intelligence (970070.CNI) closely adheres to the directions of AI engineering and industrialization. The tracked Growth Enterprise Market Artificial Intelligence Index primarily covers key foundational technology segments such as “optical modules + computing chips + edge computing + operating systems.” Compared with innovation indices that focus more on algorithm and model approaches, it places greater emphasis on implementation capabilities and the expansion of application scenarios.

As for constituent stocks, the top ten heavy holdings include SinJie Xuchuang, New Easy盛, Tianfu Communication, Runze Technology, BlueFocus, Xiechuang Data, Kunlun Wanfang, Beijing Junzheng, Wangsu Technology, and Runhe Software, focusing on domestic AI industry innovation at the source and on-the-ground application deployment.

On the news front, on the morning of April 1, the A-share market saw a resonance of favorable factors both from within and outside. Signals of easing in Middle Eastern geopolitical conflicts became the core catalyst. Overnight, the three major U.S. stock indices surged collectively. The technology main theme led the gains across the market, the AI concept sector rebounded across the board, and market risk appetite rose significantly. Driven by this, the A-share market opened higher across the board, with major indices rebounding strongly. Technology stocks became the main focus at the open; sectors related to artificial intelligence, computing hardware, CPO, and others rose collectively, with robust bullish sentiment in the sector.

In March 2026, China’s domestic AI industry saw major industrial data released. Official disclosure showed that China’s daily Token (word element) call volume had exceeded 1.4 trillion, achieving more than 1,000x growth compared with the 100 billion at the beginning of 2024. Since the end of 2025, within the past three months alone, it has also risen rapidly by 40%. This data marks a new stage in which China’s artificial intelligence industry has officially entered large-scale application. The National Data Bureau designated 2026 as the “Year of Data Value Release,” and clarified at the official level that Token is translated as “word elements,” defining it as the value anchor and commercial settlement unit in the intelligent era, becoming a core indicator for measuring the true scale of AI commercialization.

UBS analysis said that the adjustment in the China market may have been overdone. Investors may have the opportunity to add high-quality Chinese AI stocks at lower valuations. China’s internet industry currently has a 12-month forward P/E ratio of about 13x, which is close to the level before DeepSeek was released, and has not yet fully reflected the gains generated by AI investment and monetization over the past year.

A research report from CITIC Securities stated that since 2026, domestic large-model vendors have been focusing on upgrading Agent and coding capabilities, releasing new models one after another. The upcoming next-generation DeepSeek model is expected to continue the high cost-performance open-source model route. In terms of capabilities, it is expected to deliver stronger memory functions and ultra-long context processing, refining code and Agent capabilities while also addressing shortfalls in multimodal capabilities. This will bring new investment opportunities across model original equipment manufacturers, AI applications, and AI infrastructure.

Related product: Growth Enterprise Market Artificial Intelligence ETF Dacheng (159242); off-exchange linked fund (Class A: 025652; Class C: 025653).