With the official tone set, Al “Morpheme Economy” is on the rise! Huabao Fund’s Sci-Tech Innovation Artificial Intelligence ETF (589520) has climbed by more than 2% for two consecutive days, sounding the horn for a counterattack!

Focusing on China’s domestic AI industrial chain, the Huabao Science and Technology Innovation Artificial Intelligence ETF (589520)’s on-exchange price, following yesterday’s strong surge of 2.33%, rose another 2.45% today (March 25). During trading, it regained the 5-day moving average, sounding the call for a counterattack!

Regarding the constituent stocks, KaiPuYun and UPCloud-W lead the gain, both up over 6%. Xinghuan Technology-U, Lingyun Optics, and Anlu Technology are up by more than 5%, while individual stocks such as Tianzhun Technology, Sikan Technology, Fudan Microelectronics, GigaDevice, and Simcere shares are also moving higher.

On the news front, at the 2026 annual meeting of the China Development Forum, the head of China’s National Data Administration indicated that Token “vocabulary” is not only a value anchor in the intelligent era, but also a “settlement unit” connecting technology supply and business demand. From an official perspective, the translation of Token has been given as — “vocabulary.”

Worth noting is that Token call volume has grown by over one thousand times in two years. By the end of 2025, across the country, more than 100k high-quality datasets have already been built. As of this March, China’s daily Token (vocabulary) call volume exceeds 140 trillion, a more than 1,000x increase compared with the 100 billion at the start of 2024. The sharp increase in daily Token call volume fully demonstrates that China’s AI development has entered a phase of rapid growth.

In addition, China’s AI large-model weekly call volume has surpassed the U.S. for three consecutive weeks. China’s large-model weekly call volume rose to 7.359 trillion Tokens, up 56.91% from the previous week; the U.S. AI large-model weekly call volume is 2.954 trillion Tokens.

Guotai Junan Securities stated that the domestic computing power, across the entire industrial chain, is accelerating in business-cycle momentum, and there is potential for both volume and price to rise together. Under the pressure of strong logic on both the supply and demand sides, it is expected that in 2026, the computing power industry chain will enter a “full-chain inflation” cycle, and industry sentiment will spill over comprehensively from core chips to segments such as AIDC, cloud and computing-power services, supporting power equipment, servers, and others.

【The light of domestic substitution—science and technology innovation achieving independence and self-strength】

Huabao Science and Technology Innovation Artificial Intelligence ETF (589520) and its connection fund (Link A: 024560, Link C: 024561) focus on China’s domestic AI industrial chain. The constituent stocks include leading domestic GPU players (such as Cambricon), leading domestic ASIC players (such as SK Hynix?), and leading AI application players (such as Kingsoft Office). With nearly half of the portfolio allocated to the semiconductor industry, it has strong offensive potential; more than 30% allocated to the software industry, it is expected to benefit from a post–AI application rebound. At the same time, this ETF is a margin trading and short-selling underlying, an efficient tool for one-click exposure to domestic computing power.

Risk warning: Huabao Science and Technology Innovation Artificial Intelligence ETF passively tracks the SSE Science and Technology Innovation Board Artificial Intelligence Index. The base date of this index is 2022.12.30, published on 2024.7.25. The index’s full-year percentage changes in 2023 and 2024 are 12.68% and 32.36% respectively. The index constituent stock composition is adjusted in a timely manner according to the compilation rules of the index. Its back-tested historical performance does not imply the index’s future performance. The individual stocks and index constituent stocks mentioned in this article are for demonstration only. Descriptions of individual stocks do not constitute any form of investment advice and do not represent the holdings information and trading trends of any funds under the manager. The fund manager assesses the risk level of Huabao Science and Technology Innovation Artificial Intelligence ETF as R4—medium-high risk. It is suitable for aggressive investors (C4) and above. For the appropriateness matching opinions, please refer to the sales institutions. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of statements) is for reference only. Investors must take responsibility for any investment actions they decide independently. In addition, any views, analyses, and forecasts in this article do not constitute any form of investment advice to the readers, nor do they bear any responsibility for direct or indirect losses arising from the use of the information in this article. Investing in funds involves risk. Past performance of the fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of the fund; investors should invest with caution.

The MACD golden cross signal is formed—these stocks look like they’re on a good uptrend!

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责任编辑：杨赐