Sou Hu Cai Jing·2025-10-20 02:06Core Insights - The usage of Doubao large model has surged from 120 billion tokens in May 2024 to over 30 trillion tokens in September 2025, marking a 253-fold increase, indicating rapid growth in the domestic AI ecosystem [1] - The online consumption ETF fund is positioned to benefit from the explosion of AI applications, reflecting the acceleration in the AI industry chain, including large models, computing power, and applications [1] - As of October 20, 2025, the CSI Hong Kong-Shenzhen Online Consumption Theme Index has risen by 2.12%, with notable increases in constituent stocks such as Guomai Culture (up 7.19%) and Bilibili (up 4.11%) [1] Index Performance - As of September 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Online Consumption Theme Index account for 55.76% of the index, including Alibaba, Tencent, Kuaishou, and Meituan [2] - The online consumption ETF fund closely tracks the CSI Hong Kong-Shenzhen Online Consumption Theme Index, which includes 50 listed companies involved in online shopping, digital entertainment, online education, and telemedicine [1] Stock Performance - Notable stock performances include Tencent Holdings (up 2.71% with a weight of 9.65%), Alibaba (up 4.02% with a weight of 9.25%), and Meituan (up 1.75% with a weight of 8.37%) [4] - The online consumption ETF fund has seen a cumulative increase of 9.28% over the past three months, reflecting strong market interest [1]