周一（3月16日），A股市场探底回升，深成指收红，创业板指涨超1%。芯片、光模块等算力硬件午后 异动走强，创业板人工智能由拉升翻红，成份股大面积飘红。人气股全线回归，北京君正涨超9%，星 宸科技、富瀚微涨超7%，新易盛、联特科技、中际旭创等多股涨超3%。 热门ETF方面，双创赛道规模最大的人工智能ETF——创业板人工智能ETF（159363）午后火速翻红冲 高，场内价格收涨1.22%，日线终结三连阴成功收阳，单日成交4.63亿元。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11，创业板人工智能指数2021-2025年年度涨跌幅分别为：17.57%、-34.52%、47.83%、 38.44%、106.35%。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的 持仓信息和交易动向。基金管理人评估的本基金风险等级为R4-中高风险，适宜积极型（C4）及以上的 投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括 ...

Group 1: Market Overview - The A-share market experienced a rebound with mixed performance across the three major indices, driven by Nvidia's strong earnings, which boosted the computing power sector [1] - The total trading volume in Shanghai, Shenzhen, and Beijing reached 2.56 trillion yuan, an increase of 756 billion yuan compared to the previous day [1] Group 2: Nvidia's Impact - Nvidia's earnings report exceeded market expectations, dispelling concerns about an AI bubble and confirming the exponential growth in AI computing power demand [1][10] - The AI-focused ETFs, including the ChiNext AI ETF and the Sci-Tech Innovation AI ETF, saw significant price increases of 1.77% [1][7] Group 3: Sector Performance - Over 29.3 billion yuan of capital flowed into the electronics sector, with PCB stocks experiencing a strong surge, particularly Huadian Co., which topped the A-share capital inflow list [1] - The domestic computing chip leader, Haiguang Information, is expected to see a net profit growth of up to 82% in Q1 2026, highlighting the rising demand for domestic high-end chips amid the AI wave [1][15] Group 4: Military Industry - The military sector continued its strong upward trend, with the military ETF rising by 1.93%, marking five consecutive days of gains [2][4] - Factors contributing to this momentum include developments in commercial aerospace, large aircraft production, and low-altitude economy initiatives [6] Group 5: Investment Recommendations - Analysts suggest focusing on four key areas: AI and related fields, emerging industries under the 14th Five-Year Plan, cyclical recovery sectors, and strategic resources [3] - The military ETF is highlighted as an efficient tool for investing in core military assets, covering various hot themes such as commercial aerospace and military information technology [4][6]

Market Overview - The first trading day of the Year of the Horse (February 24) saw A-shares open positively, with the ChiNext index rising by up to 2% and the Shanghai Composite Index closing up 0.87% [1][14] - Over 4,000 stocks in the market rose, with more than 100 stocks hitting the daily limit [1][14] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 2.2 trillion yuan, an increase of 219.3 billion yuan from the previous trading day [1][14] Sector Performance - The chemical sector continued to rise, with active performances in phosphate chemicals and fertilizers, leading to several stocks, including Hebang Biotechnology, hitting the daily limit [1][14] - The Chemical ETF (516020) surged by 3.42%, attracting 222 million yuan in the previous five trading days [1][14] Precious Metals and Commodities - Following the Spring Festival, the domestic market entered a peak working season, with the "golden March and silver April" period expected to see increased industrial production and infrastructure projects [3][16] - Precious metals prices surged due to rising risk aversion stemming from U.S. tariff policy disputes and geopolitical tensions, with the Precious Metals ETF (159876) rising by 3.18% and attracting a net subscription of 6 million units [3][16] - The outlook for gold demand is optimistic, with expectations of surpassing 5,000 tons globally by 2025, driven by strong investment flows and central bank purchases [7][19] Military and Aerospace Sector - The military sector showed strong performance, with the Military ETF (512810) rising by 1.16% and experiencing a premium at closing [9][21] - The domestic aviation sector is expected to accelerate, with the C919 aircraft averaging nearly 50 flights per day during the Spring Festival, a 52.6% increase year-on-year [11][24] - Geopolitical tensions, particularly between the U.S. and Iran, are expected to heighten the urgency of national defense construction in China [11][24] Investment Strategies - Analysts suggest maintaining a focus on cyclical price increases and the expansion of AI trends as the main market themes [4][17] - The investment strategy emphasizes a dual focus on technology and resource products, with technology centered on AI, new energy, and innovative pharmaceuticals, while resource products focus on precious metals and basic chemicals [4][17]

Group 1 - The report identifies Huabao Fund Management's Chi Chuang Data (300857.SZ) as the best convergence stock for the Chi Chuang Artificial Intelligence ETF (159363.SZ), which is expected to enter a high growth phase starting in 2023, with a projected PE ratio of 22 times based on the expected net profit for 2023 [2][8] - As of February 9, 2026, Chi Chuang Data's stock price reached a maximum of 238 CNY per share, closely aligning with the estimated fundamental value of 231.71 CNY per share under the 22 times PE valuation for 2028, indicating the reasonableness of this pricing basis [2][8] - The performance of Chi Chuang Data since November 2025 has been consistent with the trend of the Chi Chuang Artificial Intelligence Index, although the individual stock has shown greater volatility [3][9] Group 2 - From November 1, 2025, to February 9, 2026, the dynamic allocation strategy for the Chi Chuang Artificial Intelligence ETF achieved a final return of 14.72% with a maximum drawdown of 4.06%, indicating that while the dynamic strategy's returns and drawdowns were lower than a buy-and-hold strategy, its Sharpe ratio remained superior [3][9] - The report emphasizes the importance of dynamic position management based on the fundamental value range of Chi Chuang Data for the Chi Chuang Artificial Intelligence ETF [3][9]

Core Viewpoint - The AI-focused ETFs have shown strong performance, particularly the cross-border ETFs, with significant gains in the Brazilian and French markets, while the domestic sectors like film, liquor, and finance have weakened [1][2]. ETF Performance Summary - On February 12, 873 ETFs rose in value, with the Brazilian ETF increasing by 6.24% and the French CAC40 ETF by 4.57% [1][2]. - The top-performing AI ETFs included: - E Fund's AI ETF rose by 4.20% - Bosera's AI ETF increased by 4.15% - Huaxia's AI ETF gained 4.13% [4][5]. - The largest AI ETF by scale is Bosera's AI ETF, with a total size of 5.555 billion yuan, followed by Huaxia's and GF's AI ETFs at 2.724 billion yuan and 2.433 billion yuan, respectively [4]. Sector Analysis - The Sci-Tech AI Index (950180) led the market, with 11 AI ETFs tracking this index performing well [3][4]. - Notable stocks within the AI sector included: - Chip Origin Co., Ltd. surged by 12.89% - Jingchen Co., Ltd. rose by 15.75% - Other significant gains were seen in companies like Cambricon Technologies and Fudan Microelectronics [6][4]. Investment Trends - There was a notable inflow of funds into the ChiNext and satellite industry ETFs, indicating strong investor interest in these sectors [7]. - The top sectors for fund inflows included ChiNext (1.31 billion yuan) and satellite industry (890 million yuan) [7][8].

Group 1 - The A-share market saw a collective rise in CPO concept stocks, with Tianfu Communication increasing by over 10%, which in turn boosted various AI ETFs on the ChiNext board, each rising by over 2% [1] - The ChiNext AI ETFs focus on "computing power + AI applications," with major holdings including Xinyiseng (optical modules), Zhongji Xuchuang (optical modules), Tianfu Communication (optical devices), and Runze Technology (IDC/cloud computing) [2] Group 2 - Zhipu AI officially released the new generation base model GLM-5, marking a significant advancement into the era of agent engineering, with expectations to align closely with the Anthropic Opus series [3] - Zhipu announced a structural adjustment to its pricing plan due to increased market demand, with package prices rising by at least 30%, while maintaining prices for existing subscribers [3] Group 3 - ByteDance's Volcano Engine is set to release significant upgrades to its Doubao model on February 14, 2026, including enhancements to the Doubao model 2.0 and the Seedance and Seedream models [4] - The upgrades will improve the foundational model capabilities and enterprise-level agent abilities, with a focus on multi-modal input and high-quality output aligned with industry standards [4] Group 4 - Major US cloud service providers are significantly increasing capital expenditures, with Meta projecting $115 billion to $135 billion for 2026, a year-over-year increase of 73%, primarily for AI infrastructure [5] - Alphabet anticipates capital expenditures of $175 billion to $185 billion, a 97% year-over-year increase, while Amazon expects around $200 billion, a 52% increase [5] Group 5 - Zhongyin International predicts that capital expenditures in the computing power market will continue to drive technological iterations and demand growth, benefiting the computing materials market [6] - CITIC Securities remains optimistic about the future capital expenditure guidance from North American CSPs, indicating strong growth trends in the AI computing power industry chain [6]

Market Overview - On February 11, the CPO optical module and AI applications experienced a pullback, with the ChiNext AI index dropping nearly 2% during intraday trading. Huace Film & TV led the decline with over a 10% drop, while several stocks like Xinyisheng and Zhongji Xuchuang fell more than 5% [1][6] - Notably, the IDC sector saw a resurgence, with Wangsu Technology surging over 12%, and stocks like Aofei Data and Capital Online rising more than 4% [1][6] ETF Performance - The ChiNext AI ETF (159363), which focuses on "computing power + AI applications," saw its price dip by 2% at one point, with real-time transactions exceeding 350 million yuan and a net subscription of 16 million units during the trading session [1][6] - The ETF's portfolio is approximately 60% allocated to computing power (including leading optical module and IDC companies) and about 40% to AI applications, representing both the core of "computing power" and true "AI applications" [3][8] AI Industry Insights - The recent launch of the AI video generation model Seedance 2.0 by ByteDance has gained significant attention, capable of creating cinematic-quality videos from text or images in just 60 seconds. This model is expected to drive the AI multi-modal industry chain, potentially catalyzing a rebound in AI applications [3][8] - The demand for computing power is anticipated to increase significantly due to the large-scale token consumption driven by large models, benefiting upstream hardware infrastructure [3][8]

Core Viewpoint - On February 9, the A-share market saw a strong rise, but the overall stock ETF market experienced a net outflow of over 2.8 billion yuan, indicating a selective withdrawal of funds despite market gains [2][5]. Group 1: Market Performance - The total scale of stock ETFs in the market reached 4.19 trillion yuan as of February 9, 2026 [3]. - The top-performing sectors included film and artificial intelligence, with eight out of the top ten ETFs by growth being AI-related [3]. - On the same day, 191 stock ETFs saw an increase of over 3%, with 13 ETFs rising by more than 5% [3]. Group 2: Fund Flows - The stock ETF market saw a total reduction of 30.39 million units, translating to a net outflow of 2.838 billion yuan on February 9 [5]. - The top three ETFs with net inflows were the CSI 500 ETF (net inflow of 2.73 billion yuan), CSI 1000 ETF (net inflow of 2.46 billion yuan), and the chemical ETF (net inflow of 550 million yuan) [5][6]. - The CSI 500 index ETF had the highest single-day net inflow of 2.721 billion yuan, while the ChiNext index saw the largest net outflow of 1.472 billion yuan [5]. Group 3: ETF Rankings - The top three ETFs by growth on February 9 were the film ETF (7.50% increase), the Huazhong AI ETF (6.98% increase), and another film ETF (6.89% increase) [4]. - The leading ETFs by net inflow included the CSI 500 ETF (970.16 billion yuan), CSI 1000 ETF (347.69 billion yuan), and the chemical ETF (350.09 billion yuan) [6]. - The top ETFs with net outflows included the ChiNext ETF (634.56 billion yuan), the SSE 50 ETF (783.10 billion yuan), and the Sci-Tech 50 ETF (796.34 billion yuan) [7]. Group 4: Fund Management Insights - Leading fund companies like E Fund and Huaxia Fund have seen significant inflows into their ETFs, with E Fund's total ETF scale reaching 660.53 billion yuan, an increase of 10.26 billion yuan [8]. - E Fund's ETFs, including the Hang Seng Technology ETF and the Robot ETF, reported net inflows of 360 million yuan and 180 million yuan, respectively [8]. - Market sentiment is expected to improve in February, driven by factors such as the upcoming Spring Festival and the competitive landscape in AI applications [9].

Market Performance - The three major A-share indices opened high and closed higher, with the Shanghai Composite Index rising by 1.41%, the Shenzhen Component Index increasing by 2.17%, and the ChiNext Index up by 2.98% [1] - The North China 50 Index rose by 1.36%, and the total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 22,702 billion yuan, an increase of 1,067 billion yuan compared to the previous day [1] - Over 4,600 stocks in the three markets experienced gains [1] Sector Performance - The leading sectors included video production, optical fiber, dyes, photovoltaics, CPO, cultivated diamonds, computing power leasing, semiconductors, commercial aerospace, and smart grids [1] - The oil and gas extraction and service sectors lagged behind in performance [1] ETF Performance - The film and television sector saw strong gains, with the Guotai Fund Film and Television ETF and the Yinhua Fund Film and Television ETF rising by 7.5% and 6.89%, respectively [1] - The CPO sector experienced a significant surge, with the ChiNext Artificial Intelligence ETFs from Huashan, Guotai, and Fuguo increasing by 6.98%, 6.59%, and 6.59%, respectively [1] - The artificial intelligence sector was active, with the Science and Technology Innovation ChiNext Artificial Intelligence ETF from Yongying rising by 5% [1] Bond ETF Performance - The oil and gas extraction and service sectors showed weakness, with the Energy and Chemical ETF from Jianxin declining by 0.08% [2] - Bond ETFs were in the red, with the Science and Technology Innovation Bond ETF from Fuguo and the 10-Year Local Government Bond ETF from Haifutong falling by 0.05% and 0.04%, respectively [2]

Market Overview - On February 9, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up by 1.41%, the Shenzhen Component Index up by 2.17%, and the ChiNext Index up by 2.98% [1] - A total of 1381 ETFs increased in value, while only 20 experienced declines, primarily among bond ETFs [2][3] ETF Performance - The top-performing ETFs included the Film and Television ETF, which rose by 7.5%, and the Huazhang AI ETF, which increased by 6.98% [2] - The Film and Television ETF had a trading volume of 91.62 million and a year-to-date increase of 20.60%, with an estimated scale of 200 million [2] - The Huazhang AI ETF had a trading volume of 45.27 million and a year-to-date increase of 13.59%, with an estimated scale of 202 million [2] Sector Highlights - The cultural index surged by 7.69%, with the China Securities Film Index rising by 6.07%. Key stocks such as Jiecheng Co. and Haikan Co. hit the daily limit, while Perfect World and Shanghai Film also reached their limits [6] - The AI sector saw significant gains, with the ChiNext AI Index increasing by 6.51%. Notable stocks included Zhongwen Online, which hit the daily limit, and Tianfu Communication, which rose by 17.76% [8] Fund Flows - On February 6, the A-share market experienced a net inflow of over 11 billion, with significant inflows into broad-based and Hong Kong markets, amounting to 71.12 billion and 25.18 billion, respectively [10] - The net inflow for the CSI 500 Index was particularly notable, reaching 25.85 billion [10]