Mei Ri Jing Ji Xin Wen·2025-04-30 13:51Core Viewpoint - The A-share market shows mixed performance among major indices, with the artificial intelligence and robotics sectors leading in gains, particularly with several related ETFs rising over 3% [1] Group 1: Index Characteristics - The four indices tracking artificial intelligence themes include the ChiNext AI Index, the CSI AI Theme Index, the CSI Hong Kong-Shenzhen AI 50 Index, and the SSE Sci-Tech Innovation Board AI Index [2] - The ChiNext AI Index consists of 50 stocks from the ChiNext market, with an average market capitalization of approximately 25.9 billion [3] - The CSI AI Theme Index selects 50 stocks involved in providing foundational resources, technology, and application support for AI, with an average market capitalization of about 57.1 billion [3] - The CSI Hong Kong-Shenzhen AI 50 Index includes 49 stocks from mainland and Hong Kong markets, focusing on high market capitalization and growth potential, with an average market capitalization of around 148.3 billion [4] - The SSE Sci-Tech Innovation Board AI Index comprises 30 stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 33.6 billion [5] Group 2: Industry Distribution - The ChiNext AI Index emphasizes communication equipment and information technology services, accounting for over 40% of its composition [6] - The CSI AI Theme Index is primarily concentrated in semiconductors, computers, and electronics [8] - The CSI Hong Kong-Shenzhen AI 50 Index focuses on computers, semiconductors, media, and communication technology services [10] - The SSE Sci-Tech Innovation Board AI Index has a significant focus on the semiconductor industry, with over 50% weight, also covering computers and durable consumer goods [12] Group 3: Top Holdings - The top ten holdings of the ChiNext AI Index include stocks like Xinyi Technology and Zhongji Xuchuang, with a cumulative weight exceeding 19% [14] - The top ten holdings of the CSI AI Theme Index account for 60.79%, with Tencent Holdings and Cambricon Technologies each exceeding 7% [16] - The SSE Sci-Tech Innovation Board AI Index has a high concentration in its top ten holdings, which account for 70.63%, with stocks like Cambricon Technologies and Kingsoft Office each exceeding 8% [18] Group 4: Historical Performance - Over the past year, the SSE Sci-Tech Innovation Board AI Index has outperformed the other three indices, while the ChiNext AI Index has shown the best performance over three and five years [19] - The annualized volatility of both the SSE Sci-Tech Innovation Board AI Index and the ChiNext AI Index is significantly higher than the other two indices [19] Group 5: Valuation Levels - The ChiNext AI Index currently has a TTM P/E ratio below the historical 40th percentile, indicating a below-median level [21] - The CSI AI Theme Index's TTM P/E ratio has risen to above the historical 70th percentile, indicating a relatively high position [23] - The CSI Hong Kong-Shenzhen AI 50 Index's TTM P/E ratio remains below the historical 10th percentile, indicating a very low level [26] - The SSE Sci-Tech Innovation Board AI Index's TTM P/E ratio is below the historical 30th percentile, reflecting a lower position, although the data is limited due to its shorter history [32] Group 6: Commonalities - All four indices are centered around the artificial intelligence theme, selecting stocks that provide foundational resources, technology, and application support for AI [30] - The sample stock selection rules for all indices require liquidity and prioritize larger market capitalization stocks to avoid early-stage, lower maturity, and smaller market capitalization stocks [30]