Cambricon(SH:688256) Xin Lang Ji Jin·2025-08-21 06:43Core Viewpoint - The A-share market is experiencing a decline, with the domestic AI industry chain-focused ETF (589520) showing signs of active trading and potential buying opportunities despite the market pullback [1][3]. Group 1: ETF Performance - The domestic AI ETF (589520) has seen a significant increase of 43.45% since its low point on April 8, outperforming other indices such as the Sci-Tech 50 (24.24%) and the Sci-Tech Composite Index (41.38%) [3][4]. - The ETF has shown strong trading activity, with a real-time transaction amount of 47.8 million yuan, surpassing the total transaction amount from the previous day [1]. Group 2: Investment Logic - Market Mainline Logic: Historical trends indicate that sectors that initiate early and complete adjustments tend to start a second wave of growth, with AI meeting these conditions [5]. - Sci-Tech Board Rebound Logic: Policies supporting the Sci-Tech board are expected to lead to a rebound, particularly for AI-related companies [5]. - Domestic Substitution Logic: Concerns over security vulnerabilities in NVIDIA chips are prompting domestic clients to consider alternatives, highlighting the importance of domestic chip manufacturers [5]. - End-Side AI Development Logic: The anticipated growth in end-side AI applications, such as humanoid robots and smart driving, is expected to drive significant market changes [5]. Group 3: Future Catalysts - The AI industry is expected to experience several key events in the second half of the year, including major product launches and industry conferences [6]. - The rise of AI applications is likely to accelerate the need for high-end domestic chips, providing opportunities for local manufacturers to enhance their technology [6]. Group 4: ETF Composition and Strategy - The ETF is heavily weighted towards semiconductor stocks, with the top ten holdings accounting for over 67% of its portfolio, indicating a strong focus on sectors with high growth potential [6]. - The ETF aims to balance investments across application software, terminal applications, terminal chips, and cloud chips, positioning itself to benefit from the rapid advancement of AI technologies [6].