El rendimiento de los chips de IA nacionales superó las expectativas, el ETF de IA de Kechuang de Bosera sube un 1.35%

As of March 24, 14:18, the Shanghai Composite Index rose 1.11%, the Shenzhen Component Index rose 0.63%, and the ChiNext Index fell 0.46%. The power, trade, and environmental protection equipment sectors led the gains.

In terms of ETFs, Kechuang AI ETF Bosera (588790) rose 1.35%, with constituent stocks Chipone Technology (688521.SH), Tianzhun Technology (688003.SH), Cambricon (688256.SH) rising more than 5%, Sikang Technology (688583.SH), Yuntian Lifeng-U (688343.SH), Kapu Cloud (688228.SH), Yingshi Innovation (688775.SH), Hexuan Technology (688608.SH), Weisheng Information (688100.SH), and Yingshi Network (688475.SH) also increasing.

On the news front, AI chip leader Cambricon achieved a historic breakthrough, with operating income reaching 6.497 billion yuan in 2025, a substantial year-on-year increase of 453.21%; net profit attributable to the parent company was 2.059 billion yuan, marking the first annual profit since the company listed on the Sci-Tech Innovation Board. In addition, preliminary performance reports show that domestic computing chip companies Moore Threads and Muxi Co., Ltd. saw revenue growth of 243.4% and 121.3%, respectively, with net losses significantly narrowing. Domestic AI computing chip companies collectively delivered better-than-expected results, validating the high prosperity of the AI industry and the accelerated process of domestic production, boosting market confidence in the core links of the industrial chain.

Ping An Securities stated that Tencent and Alibaba have both released financial reports, with relevant statements about increasing investment in AI, reflecting the acceleration of AI commercialization and the continued high prosperity of the AI industry. Currently, domestically produced large models represented by GLM-5 and KimiK2.5 are continuously iterating, with capabilities continuously improving, which will further promote the transition of domestic large models from “usable” to “easy to use,” accelerating the application of domestic large models in various industries and speeding up the development of China’s large model industry. We are firmly optimistic about the development prospects of China’s AI industry and recommend continuously paying attention to investment opportunities in the AI theme.

Shanghai Securities believes that the policy positions AI as a “new form of smart economy,” with the intention not only to win the technological competition but also to construct a complete industrial ecosystem and new infrastructure covering energy (electricity), computing power, algorithms, data, and applications, thus building systematic national competitiveness to respond to the global AI competition. We believe that through “computing power and electricity coordination” and national integrated scheduling, the aim is to transform China’s infrastructure advantages in ultra-high voltage power grids and green energy into cost advantages and stable supply capabilities in the AI era.