AI drives a new growth cycle, cloud providers approach an inflection point, and the Sci-Tech AI ETF Bosera(588790) pulls back today to consolidate momentum

AI-driven demand growth is gradually turning around the long-standing loss-making situation for China’s cloud service providers. In its latest financial report, released recently, Kingsoft Cloud reported revenue of RMB 2.76 billion in Q4 2025, up 23.7% year over year, and it has delivered a return to positive adjusted operating profit for two consecutive quarters. The financial report disclosed by Tencent shows that after years of losses, Tencent Cloud achieved scalable profitability for the first time.

Industry insiders analyze that for a long time, the overall profitability of the cloud computing industry has been weak due to low-price competition. However, with the surge in AI demand, the industry landscape is undergoing profound changes. Although cloud services upstream is also facing margin pressure from rising supply-chain costs, in the AI era, cloud providers’ pricing power is expected to improve.

As of 10:15 on March 30, 2026, the SSE STAR Market Artificial Intelligence Index (950180) fell 2.25%. In terms of constituent stocks, Fudan Microelectronics led the decline at 4.21%, Canaan Technology fell 3.40%, UCloud fell 3.39%, Lingyun Optics fell 3.28%, and Asiainfo Security fell 3.12%. Bozhou’s STAR Market AI ETF (588790) fell 2.24%, with the latest quoted price at RMB 0.74. Looking at a longer timeframe, as of March 27, 2026, Bozhou’s STAR Market AI ETF has increased by 24.67% over the past year.

In terms of liquidity, Bozhou’s STAR Market AI ETF saw an intraday turnover rate of 1.24%, with trading volume of RMB 55.8757 million. Looking at a longer timeframe, as of March 27, Bozhou’s STAR Market AI ETF recorded average daily trading of RMB 402 million over the past year.

Bozhou’s STAR Market AI ETF closely tracks the SSE STAR Market Artificial Intelligence Index. The SSE STAR Market Artificial Intelligence Index selects 30 stocks with relatively large market capitalizations from the STAR Market and uses the securities of listed companies that provide foundational resources, technical support, and application support for artificial intelligence as index samples, in order to reflect the overall performance of securities of listed AI industry companies representative of the STAR Market.

According to data, as of February 27, 2026, the top ten weight stocks of the SSE STAR Market Artificial Intelligence Index (950180) are, respectively, Canaan Technology, GigaDevice, Kingsoft Office, Cambricon, Fudan Microelectronics, Horizon Robotics, Rockchip, Yun Tianli Fei, CAS Star Map, and Himax. The combined share of the top ten weight stocks is 68.53%.

Bozhou’s STAR Market AI ETF (588790), over-the-counter fund feeder (Bozhou STAR Market Artificial Intelligence ETF Initiating Structured Connection A: 023520; Bozhou STAR Market Artificial Intelligence ETF Initiating Structured Connection C: 023521; Bozhou STAR Market Artificial Intelligence ETF Initiating Structured Connection E: 023989).

(Individual stocks mentioned in the text are for illustrative purposes only and do not constitute actual investment advice. Funds carry risk; investors should be cautious.)

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