AI and Robotics Pre-Market Briefing | OpenAI completes $122 billion funding round, UBTECH's total revenue exceeds 2 billion yuan in 2025

I. Market Recap

This past Tuesday (March 31), China’s A-share market’s artificial intelligence and robotics sectors saw a sharp rise followed by a pullback. The two major theme ETFs moved differently: the Xia (589010) Science and Technology Innovation artificial intelligence ETF weakened in a volatile downtrend to close lower, while the Xia (562500) robotics ETF surged and then pulled back before stabilizing at a lower level. Sectoral structure differentiation was clear. Medium- and long-term funds still maintained a low-level allocation pace. The market is in a stage of exchanging chips and a contest of forces.

The Xia (589010) Science and Technology Innovation artificial intelligence ETF showed a pattern of rising volatility followed by a pullback. Its latest price was 1.296 yuan, down 2.115%. On an intraday basis, after rising in the morning, the index fell back to trade below the moving average line. In the afternoon, the decline deepened further. In terms of holdings, the constituent stocks tracked by the ETF generally fell, with individual stocks showing clear differentiation. Think Silicon Technology and Hengxuan Technology rose by more than 4%; Zhenqi Technology fell by more than 5%; and Senyuan Shares and Lingyun Optics both fell by more than 4%. In liquidity terms, the trading amount had already reached 57.02 million yuan, with a turnover rate of 2.62%. Trading activity on the exchange today was more active than in the prior trading days. The characteristics of a pullback on lower volume reflect that the market is in a short-term sentiment phase. On the capital side, the trend of net inflows over the past 7 days remains steady, with cumulative inflows of more than 100 million yuan, indicating that the willingness to lay out at low levels has not changed. Combined with the backdrop of stable allocation by medium- and long-term funds in recent times, bottom-supporting bids remain active. For the short term, it is still recommended to continue monitoring the effectiveness of support around the average price line and whether resistance above can be broken through.

The Xia (562500) robotics ETF, after surging in the early session, showed a volatile pullback and is currently in a low-level stabilization phase. Its latest price was 0.918 yuan, down 0.864%. In terms of holdings, the constituent stocks tracked by the ETF showed structural differentiation. Some underlying names still maintained strength: Haozhi Electromechanical led the gains continuously, up more than 4%; Yijiahe rose by more than 2%; Nanjing Technology fell by more than 5%. The resilience of the core names indicates that the sector still has certain structural support. In liquidity terms, trading activity for the ETF remains stable, with trading volume already reaching 410 million yuan and a turnover rate of 1.93%. The current trend is in a consolidation period after a pullback from a high level. On an intraday basis, after probing for a peak in the morning, prices fell back below the moving average line to search for support, reflecting that both bulls and bears are currently exchanging chips and contesting strength around the current price level. Strategically, investors are advised to maintain strategic resolve and use the window of trend pullback to manage positions. Against the background of the continued evolution of the embodied intelligence industry logic, investors can orderly lock in high-quality chips with attractive valuations during periods of intraday volatility, and patiently wait for a second offensive opportunity once market sentiment fully stabilizes.

II. Hot News

1. OpenAI completes a $122 billion financing round (the largest in its history). The company’s valuation reaches $852 billion. The funds will be used for chip, data center, and talent investment. The main backers of this round are Amazon (investing $50 billion, including $35 billion tied to conditions related to上市 or AGI technical milestones), Nvidia, and SoftBank (each investing $30 billion). Meanwhile, it also raises more than $3 billion from individual investors through bank channels. OpenAI currently has monthly revenue of $2 billion; enterprise-level sales account for 40%; it is expected to rise to 50% by the end of the year.

2. UBTech to achieve total revenue of 2.001 billion yuan in 2025, up 53.3% year over year. Among that, revenue from its full-size embodied intelligent humanoid robot products and solutions reaches 821 million yuan, up 2203.7% year over year, becoming the company’s largest revenue source.

3. On March 30, ZTE Communications announced at its earnings briefing that it is deepening cooperation with ecosystem partners such as ByteDance to jointly advance the R&D and deployment of the next-generation Doubao AI phone, continuing to increase investment in its “AI for All” strategy. Technically, ZTE sticks to deeply integrating AI intelligent agents into the operating system to build a native AI experience, rather than merely adding simple functional plug-ins.

III. Institutional Views

A UBS research report says that China’s market adjustment may already have been overdone, and that quality AI stocks have entered a favorable window for positioning. At present, China’s internet industry’s 12-month forward P/E is about 13x. Valuations do not fully reflect AI investment and monetization gains. The firm expects that this year MSCI China Index EPS growth will be about 13%, while profitability growth in the technology sector can reach 20% to 25%. With the added positive policy support for AI and science and technology innovation, as market sentiment and fundamentals improve, earnings, valuations, and positioning in related underlying names are expected to rebound. Investors can add to quality China AI stocks at low valuations.

IV. Featured ETFs

The Xia Robotics ETF (562500) is the only robotics theme ETF in the entire market with a scale exceeding 20 billion yuan, covering the most complete robotics industry chain in China. It helps investors build a China robotics portfolio with one click.

The Xia Science and Technology Innovation artificial intelligence ETF (589010) is the “brain” of robotics, offering 20% upside/downside range plus the elasticity of mid- and small-cap stocks, capturing the “singularity moment” in the AI industry.

Daily Economic News

(Editor: Dong Pingping)

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