Cambricon(SH:688256) Sou Hu Cai Jing·2025-08-21 06:54Core Viewpoint - The A-share market is experiencing a decline, with the domestic AI industry chain-focused ETF (589520) showing a price drop of 1.55% amidst active trading, indicating potential buying signals as it breaks through previous highs [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 recorded a trading volume of 47.8 million yuan, surpassing the total trading volume of the previous day, indicating strong market interest [1]. Group 2: Investment Logic - Four key investment logics are highlighted for the AI sector: 1. Market Mainline Logic: Historical trends suggest that sectors that have undergone adjustments can initiate a second wave of growth, with AI meeting conditions for renewed focus [5]. 2. Sci-Tech Board Rebound Logic: Policies supporting the Sci-Tech board are expected to catalyze a rebound, particularly for AI-related companies [5]. 3. Domestic Substitution Logic: Concerns over security vulnerabilities in NVIDIA chips are prompting domestic clients to consider alternatives, emphasizing the importance of local chip manufacturers [5]. 4. End-Side AI Development Logic: The anticipated growth in AI hardware, 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 conferences and product launches that could act as catalysts for growth [6]. - The rise of AI applications is pushing for advancements in high-end chips, with domestic manufacturers likely to benefit from increased demand and technological upgrades [6]. Group 4: ETF Composition and Strategy - The AI ETF (589520) has a high elasticity feature, with over 67% of its top ten holdings concentrated in semiconductor-related companies, indicating a strong focus on domestic AI industry chains [6]. - The ETF is designed to balance investments across application software, terminal applications, terminal chips, and cloud chips, positioning it well to benefit from the acceleration of AI integration [6].