Cambricon(SH:688256) Sou Hu Cai Jing·2026-02-25 03:18Core Viewpoint - The recent performance of the domestic AI industry, particularly the Sci-Tech Innovation Artificial Intelligence ETF (589520), has been affected by external AI sentiment, yet it continues to attract significant investment, indicating optimism for future performance in the domestic AI sector [1][3]. Group 1: ETF Performance and Investment Trends - The Sci-Tech Innovation Artificial Intelligence ETF has seen a decline of 1.76% over two days, while attracting 30.99 million yuan in investments, reflecting confidence in the domestic AI market [1]. - Key constituent stocks such as Daotong Technology and Zhongke Xingtu have shown positive performance, with increases of over 2% and 1% respectively, while stocks like Xinghuan Technology and Chip Origin have experienced significant declines [1]. Group 2: AI Industry Developments - Recent reports indicate that China's AI large models are entering a critical growth phase, shifting focus from general chat tools to vertical productivity tools and real-world applications, particularly in industrial video generation and engineering programming [3]. - The demand for AI tokens is expected to surge, with projections indicating that by the Spring Festival of 2026, domestic large model token usage will see explosive growth, driven by increasing AI inference needs [3]. - The year 2026 is anticipated to be pivotal for AI commercialization, with multi-modal models expected to achieve significant advancements and cost reductions, benefiting sectors like film, gaming, and advertising [3]. Group 3: ETF Composition and Strategy - The Sci-Tech Innovation Artificial Intelligence ETF focuses on the domestic AI industry chain, including leading companies in GPU and ASIC production, with nearly half of its portfolio in the semiconductor sector and over 30% in software, positioning it for potential gains in the AI application market [4].