Xin Lang Ji Jin·2025-08-22 06:18Core Viewpoint - The domestic AI industry chain, particularly the Sci-Tech Innovation Board's AI ETF (589520), is expected to experience a rebound after a period of stagnation since April, driven by significant developments in the AI sector and supportive government policies [1][2]. Group 1: Market Dynamics - The AI sector has seen a recovery after a 3-5 month adjustment period, with conditions now favorable for renewed investment interest due to low market congestion and ongoing capital expenditure trends [2]. - The Sci-Tech Innovation Board has been underperforming since April, but there are indications of a potential rebound, especially with the establishment of a growth layer focused on AI and other cutting-edge technologies [2]. - The launch of the DeepSeek V3.1 model, which supports domestic chips, is expected to accelerate the development of the domestic computing power ecosystem [1]. Group 2: Investment Logic - Four key investment themes are identified: 1. Market mainline logic, emphasizing the importance of capital expenditure in sustaining the AI growth cycle [2]. 2. The rebound potential of the Sci-Tech Innovation Board, which has been lagging behind [2]. 3. The domestic substitution logic, driven by concerns over security vulnerabilities in NVIDIA chips, leading to increased interest in domestic alternatives like Huawei Ascend and Cambricon [2]. 4. The growth of edge AI, which is anticipated to replicate the smartphone boom of the 2010s, potentially increasing industry valuations by 30-50% [2]. Group 3: ETF Characteristics - The Sci-Tech Innovation AI ETF (589520) has a high elasticity feature, with a 20% limit on price fluctuations, and over 67% of its top ten holdings concentrated in semiconductor stocks [3]. - The ETF is designed to balance investments across application software, terminal applications, terminal chips, and cloud chips, positioning it to benefit from the rapid AI integration in these sectors [3].