The AI industry chain experiences a shakeout and correction, with the resilience of computing hardware highlighted; the long-term growth logic remains unchanged.

Ask AI · Why does AI hardware show relatively strong resilience in pullbacks?

On March 26, the entire AI industry chain saw broad downward turbulence. Index performance came under pressure, and internal structure showed clear divergence. By the close, the CSI Science and Technology Innovation and Growth Enterprise AI Index fell 2.8%, the CSI Artificial Intelligence Theme Index fell 2.6%, the Shanghai STAR Market AI Index fell 2.2%. Among them, hardware segments such as CPO and optical communications held up relatively better, while software directions such as AI applications led the decline.

From the perspective of index characteristics (data source: Wind, as of March 25, 2026):

CSI Artificial Intelligence Theme Index: down 2.6% today; trailing price-to-sales ratio 4.8x; since its launch in 2015, the valuation percentile has been 92.6%; computer, electronics, and communications industries together account for about 90%;

CSI Science and Technology Innovation and Growth Enterprise AI Index: down 2.8%; trailing price-to-sales ratio 14.1x; electronics, communications, and computer industries account for nearly 90%;

Shanghai STAR Market AI Index: down 2.2%; trailing price-to-sales ratio 13.0x; focuses on STAR Market computing power and application segments; electronics and computer industries account for over 85%.

From the standpoint of industry development, according to disclosures from a press conference by the State Council Information Office, as of this March, China’s average daily Token call volume has exceeded 1.4 trillion, growing more than 1,000 times compared with the “ten-billion-level” at the beginning of 2024. The National Data Administration said that it is continuously advancing the development of high-quality datasets, and will coordinate with all parties to implement a new action plan to promote data-enabled industrial development.

According to publicly available materials from E Fund, the E Fund AI ETF (159819) tracks the CSI Artificial Intelligence Theme Index; the E Fund Science and Technology Innovation and Growth Enterprise AI ETF (159140) tracks the CSI Science and Technology Innovation and Growth Enterprise AI Index; and the E Fund STAR Market AI ETF (588730) tracks the Shanghai STAR Market AI Index.

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