The Shanghai Composite Index once again fell below 3,900 points! AI sector defies the market trend and strengthens, with 159363 volume surging by 1%! Over 6 billion yuan of major funds flooded into the electronics sector, and Huabao Fund's Electronics ETF rose by 1.14%.

China A-share’s three major indexes collectively pulled back today (April 3). As of the close, the Shanghai Composite Index fell 1% again, losing the 3,900-point level and closing at 3,880.10; the Shenzhen Component Index fell 0.99%, and the ChiNext Price Index fell 0.73%. The trading value across the Shanghai, Shenzhen, and Beijing markets was about 1.67 trillion yuan, down more than 180 billion yuan from yesterday.

　　On the market, broad-based strength was seen across the so-called “pan-tech” sector. In a push against the trend, optical communications made a breakthrough. The Huabao (159363) Artificial Intelligence ETF for the ChiNext, which is among peers by scale and liquidity, rose 1.06%; in addition, directions such as AI and electronics were active, and ETFs including Huabao Technology ETF (515000), Huabao Electronics ETF (515260), Huabao Science and Innovation Artificial Intelligence ETF (589520), and Huabao Science and Innovation Chip ETF (589190) all rose against the trend.

　　Looking ahead, Ping An Securities said that in the short term, market direction may still be mainly affected by the geopolitical situation. If conflicts cannot be calmed in the near term, risk appetite will continue to be under pressure; the A-share market may tilt toward dividend-focused, defensive strategies. Conversely, if the market repairs, investors may be able to seize opportunities in directions with relatively sufficient valuation adjustments and higher certainty in business outlook, balancing allocation between cyclical and technology sectors.*

　　BOC Securities said that from a medium-term perspective, regardless of fundamentals or liquidity, the A-share market’s comparative advantage over other risk assets is expected to gradually become more apparent. Domestically, the fundamentals and policy environment are relatively steady: in January to February, fiscal support led the way, and both production and demand fundamentals have seen varying degrees of month-over-month improvement; liquidity is expected to provide support from the bottom. Since 2025, long-term funds such as public funds and insurance funds’ 3-year market-entry plans are expected to bring fairly significant incremental capital support to A-shares within the year, and a “capital-stabilizing fund”-type mechanism is also expected to play a supporting role at key market levels.*

　　[ETF Everything You Know — Hot Topic Closing Report] Let’s focus on the trading and fundamental situations of sector-themed ETFs such as Artificial Intelligence on the ChiNext Board, electronics, and science-and-innovation chip products.

　　1. Optical communications breaks out against the trend! A surge by Gukoo Technology hits a new high—“Yizhongtian” rallies collectively! Huabao Fund’s ChiNext Artificial Intelligence ETF (159363) jumps with volume, up 1%

　　Artificial Intelligence on the ChiNext Board rose against the trend. Optical communication concepts such as optical modules and optical fibers were active. Gukoo Technology surged more than 11% and reached a fresh high. “Yizhongtian” rallied collectively. In addition, M&G Technologies (Mingji Xuchuang) rose more than 4%, Tianfu Communications rose more than 3%, and NeoPhotonics (Xin Yisheng) rose more than 1%.

　　For热门 ETFs, the Huabao ChiNext Artificial Intelligence ETF (159363), which leads among peers in scale and liquidity, broke out against the trend and rose 1.06%. Trading volume exceeded 700 million yuan, with funds adding more than 100 million yuan over the past five days. With market volatility, next week’s weekly line is expected to notch a four-consecutive-day gain!

　　From the news side, prices for optical fiber and cable products have repeatedly hit new highs. The spot price of mainstream G.652D standard single-mode fiber has already surpassed 105 yuan per fiber-kilometer, with a cumulative increase of over 425%. Premiums for high-end products are evident: the price of G.654.E special fiber, which is used to support AI compute infrastructure, has even risen to 240—260 yuan per fiber-kilometer. Frontline hollow-core fiber has risen to 25k—50k yuan per fiber-kilometer. Overall, the optical fiber and cable market shows a trend of “rising both volume and price.”

　　The rise in optical fiber and cable prices is directly tied to a surge in demand for optical modules. AI data centers are deploying 800G/1.6T high-speed optical modules at large scale, requiring optical fibers with lower loss and higher bandwidth to ensure link budgets and signal quality—pushing optical fibers to upgrade from G.652D to G.654E. Optical modules and optical fibers are a tightly coupled relationship: the higher the module transmission rate, the more stringent the performance requirements for optical fiber become, and the larger the premium space for high-end optical fibers.

　　Looking ahead, Shenwan Hongyuan Securities said that AI-driven demand for optical modules is rapidly expanding in volume. As AI develops quickly, demand for compute power in various industries is growing sharply. As intelligent computing centers—dedicated high-power and high-bandwidth GPU cluster infrastructure—demand for high-speed optical modules is rising. In the future, domestic optical module equipment companies are expected to benefit from both industry growth and increased market share, hitting the “double upside.”

　　To capture AI compute opportunities, it is recommended to focus on the Huabao ChiNext Artificial Intelligence ETF (159363) that primarily invests in optical modules leaders and its offshore connected fund (A shares 023407, C shares 023408). You can directly benefit from the growth dividend of the commercial explosion of AI technology. From the track perspective, the ChiNext Artificial Intelligence strategy allocates about 70% of its positions to compute power (optical modules/CPO leaders) and about 30% to AI applications. This is not only the core of “compute power” but also a true representation of “AI applications.”

　　2. Electronics sector brings a “good-earnings” wave! AI compute demand explodes + storage chips keep rising in price—Huabao Electronics ETF (515260) rises against the trend to 1.14%

　　Over 6 billion yuan of leading fund inflows flowed into the electronics sector. The sector also attracted the second-highest amount among 31 Shenwan一级 industries. Huabao Electronics ETF (515260), which focuses on key electronics leaders, saw its in-market intraday rise move against the trend: it climbed as high as 1.14% during trading. It ultimately closed up 0.16%. Worth noting is that this ETF frequently trades at a premium range inside the market, indicating buy-side capital is stronger. In fact, the ETF also attracted net inflows of 1.23 million yuan yesterday on a single-day basis.

　　For constituent stocks, the semiconductor leader Shenzhen Wintop Microelectronics (卓胜微) led with gains of more than 5%, while Cambricon (寒武纪) and Zhixian Semiconductor (芯原股份) rose more than 2%. For PCB (printed circuit board) leaders, Dongshan Precision (东山精密) rose more than 4%, and Shenghong Technology (胜宏科技) rose more than 2%; consumer electronics leaders including Huaqin Technology (华勤技术) and Lens Technology (蓝思科技) rose together by more than 1%.

　　From the news side, the Ministry of Industry and Information Technology’s Electronic Information Department and the working group drafting the “15th Five-Year Plan” for electronic information manufacturing, along with ZTE and Xiaomi Group, held special symposiums and research meetings in succession. Relevant company executives said that the “15th Five-Year Plan” period is a key window for the transformation and upgrading of electronic information manufacturing. A new round of science and technology revolution centered on AI will deeply reshape the industrial ecosystem, driving the accelerated emergence of new areas such as AI terminals, compute infrastructure, and intelligent connected vehicles.

　　On fundamentals, electronics welcomed a “good-earnings” wave. As of April 2, 24 companies had released their 2025 annual reports: 23 listed companies achieved profits, and 21 companies saw their net profits attributable to shareholders grow by double-digit percentages year over year. Cambricon, Shenghong Technology, and TCL Technology saw net profits attributable to shareholders rise sharply by 555.24%, 273.52%, and 188.78% year over year, respectively.

　　Guojin Securities said that currently the electronics industry benefits from the explosion in AI compute demand. The core driving factors are: global tech giants’ capital expenditures exceeding expectations, sustained increases in storage chip prices, and accelerated localization substitution in semiconductor materials. It is suggested to focus on directions where Q1 performance is expected to exceed expectations, such as AI compute hardware, storage chips and modules, and passive components.*

　　[Embrace tech giants and seize the development opportunities]

　　Huabao Electronics ETF (515260) and its linked funds (A shares: 012550 / C shares: 012551) passively track the SSE Electronics 50 Index. They are heavily weighted in semiconductors and consumer electronics, featuring hot industries such as AI chips, automotive electronics, 5G, and printed circuit boards (PCBs). Weight stocks include Luxshare Precision, Cambricon, Industrial and Commercial Electronics, and SMIC International. At the same time, this ETF is also a margin trading & stock lending eligible and interconnect eligible underlying, making it an efficient tool for a one-click allocation to key electronic-sector assets.

　　Huabao Electronics ETF (515260) tracks an underlying index covering popular tech concepts. As of the end of March, the weight allocations of the Apple, Nvidia, and Google industry chains were 47.21%, 29.85%, and 24.35%, respectively. It is deeply tied to the growth dividend of global tech leaders, and is expected to benefit from industry expansion and technological innovation by tech giants.

　　3. A big boss in optoelectronic chips surges—its stock price nearly rivals Moutai! The full “xin” 589190 climbs 1% against the trend—dual drivers of domestic substitution + price increase expectations

　　The science-and-innovation chips sector rose against the trend. Huabao Science and Innovation Chip ETF (589190), which takes a full “xin” approach and allocates to the chip industry, saw its in-market price briefly rise by more than 1% and closed up 0.12%.

　　Semiconductor materials surged. CSSC Special Gases (中船特气) hit the 20CM daily limit. Amid the conflict between the U.S. and Iran, concerns are emerging about procurement and cost pressure for key materials in the semiconductor industry. Optoelectronic chips performed well: Source Photonics Technology (源杰科技) closed up 4.93% and rose as much as 8% intraday. Its share price broke above 1,200 yuan in a single leap, second only to Kweichow Moutai. In addition, the movements of weighted stocks diverged: Cambricon and Biren Technologies (芯原股份) rose more than 2%, and Huawei? (海光信息) followed higher; SMIC (中芯国际), Tsinghua? (澜起科技), and Hwa? (华虹公司) fell by more than 1%.

　　According to iResearch (讯石咨询) statistics, in 2024 the global telecom-side optical communication optoelectronic chip market size was 1.85 billion USD. It is expected that by the end of 2029, the global telecom-side optical communication optoelectronic chip market will reach 3.7 billion USD, with a compound annual growth rate (CAGR) of 14.97%.

　　AI compute is becoming the core driving force behind the chip industry. Donghai Securities believes that in 2026, the industry is expected to show three major trends: ① AI compute leads—global AI infrastructure spending will reach 450 billion USD, and the share of inference compute will exceed 70% for the first time, pulling the entire value chain; ② a storage revolution—global storage production value will exceed wafer foundry production value for the first time, with the HBM market growing significantly; ③ technology-driven industrial upgrading—the “advanced process + advanced packaging” dual engine becoming the key path for industrial upgrading.*

　　Datong Securities pointed out that the industry is currently at a stage where three sets of logic are intertwined: “the rise of domestic compute,” “accelerated substitution of semiconductor equipment materials,” and “supply-chain price increase expectations.” The explosive growth in domestic Token call volume has already, in substance, driven domestic large models to break through global competitiveness in commercial API tracks. This, in turn, is bringing domestic compute hardware from “usable” to “scale commercialization.” The rollout of core products such as Ascend 950 marks that domestic AI chips have entered a volume-accelerating period. Domestic substitution is shifting from “point breakthrough” to building “system-level capabilities.”*

　　Build a “super-cycle” for the chip industry—select 20CM high-volatility varieties! According to public information, Huabao Science and Innovation Chip ETF (589190) and its linked fund (A shares 021224 / C shares 021225) passively track the SSE Science and Innovation Board Chip Index. The fund includes 50 hard-tech targets related to semiconductor materials and equipment, chip design, chip manufacturing, chip packaging, and testing. While building across the full chain of the chip industry, it also has a weight share of over 90% in core areas such as integrated circuits and semiconductor equipment, with high hard-tech content and strong technical barriers.

　　Data shows that as of the end of 2025, since the base date of the SSE Science and Innovation Board Chip Index, its annualized return was 17.93%, significantly better than similar index performances such as the Sci-Tech ChiNext Semiconductor Index, the Guozheng Chip Index, and the CSI All-Industry Semiconductor Index. At the same time, its maximum drawdown was smaller, yielding a better risk-return ratio.

　　Note: Over the most recent five complete years, the index’s annual performance changes for the SSE Science and Innovation Board Chip Index were: 2021 6.87%, 2022 -33.69%, 2023 7.26%, 2024 34.52%, 2025 61.33%. The composition of index constituent stocks is adjusted in a timely manner according to the compilation rules of the index. Its back-tested historical performance does not predict future performance of the index.

　　Note: For fees, please refer to the legal documents of each fund.

　　Source: Shanghai and Shenzhen exchanges and others, as of 2026.4.3. Reminder: Market volatility in the near term may be relatively large, and short-term price changes do not predict future performance. Investors must invest rationally according to their own financial situation and risk tolerance, and give high priority to position sizing and risk management.

　　*Institutional view reference sources: ① Ping An Securities, April 3, 2026, multi-asset monthly report “Waiting for the clarity of geopolitical conflict conditions”; ② BOC Securities, April 2, 2026, market review “External risks and domestic resilience: A-share comparative advantages are expected to gradually show”; ③ Shenwan Hongyuan, “AI compute drives rapid expansion in optical module demand; domestic equipment faces major opportunities”; ④ Guojin Securities, March 29, published “Electronics Industry Weekly: Focus on directions where Q1 performance may exceed expectations”; ⑤ Donghai Securities, 20260330 “Global share of China’s wafer capacity expected to exceed 30%, and Xiaomi 2025’s four business segments grow in coordinated fashion”; ⑥ Datong Securities, 20260331 “Three-way logic resonance—focus on the main lines of domestic compute and semiconductor equipment.”

　　Risk warning: Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index. The index base date is 2018.12.28 and it was published on 2024.7.11. Huabao Science and Innovation Artificial Intelligence ETF passively tracks the SSE Science and Innovation Board Artificial Intelligence Index. The index base date is 2022.12.30 and it was published on 2024.7.25. Huabao Technology ETF passively tracks the CSI Technology Leading Dragon Index. The index base date is 2012.6.29 and it was published on 2019.3.20. Huabao Electronics ETF and its linked fund passively track the CSI Electronics 50 Index. The index base date is 2008.12.31 and it was published on 2009.7.22. Huabao Science and Innovation Chip ETF passively tracks the SSE Science and Innovation Board Chip Index. The index base date is 2019.12.31 and it was published on 2022.6.13. The composition of index constituent stocks is adjusted in a timely manner according to the compilation rules of the index. Its back-tested historical performance does not predict future performance of the index. The individual stocks mentioned in this article are only listed objectively as index constituents and are not any recommendation for any specific stock. They do not represent the fund manager’s and the fund’s investment direction. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, and any form of statements) is for reference only. Investors are responsible for any investment actions they decide to take independently. In addition, any views, analyses, and predictions in this article do not constitute any form of investment advice to readers, nor do they bear responsibility for direct or indirect losses arising from the use of this article’s contents. Investors should carefully read fund legal documents such as the “Fund Contract,” “Prospectus,” and “Fund Product Information Summary” to understand the fund’s risk-return characteristics and choose products that match their own risk tolerance. Past fund performance does not predict future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund’s performance. Based on the fund manager’s assessment, Huabao Technology ETF and Huabao Electronics ETF have a risk level of R3 (medium risk), suitable for balanced (C3) investors and above. Huabao ChiNext Artificial Intelligence ETF, Huabao Science and Innovation Artificial Intelligence ETF, and Huabao Science and Innovation Chip ETF have a risk level of R4 (medium-high risk), suitable for proactive (C4) investors and above. For suitability matching opinions, please refer to the sales institutions. Sales institutions (including the fund manager’s direct sales channels and other sales institutions) conduct risk evaluations of the above funds according to relevant laws and regulations. Investors should promptly pay attention to the fund manager’s suitability opinions. The opinions of different sales institutions on suitability do not necessarily一致, and risk level evaluation results for fund products issued by a fund sales institution must not be lower than the risk level evaluation results made by the fund manager. Differences exist in the fund contract regarding risk-return characteristics and the fund’s risk level due to different consideration factors. Investors should understand the fund’s risk-return profile, choose fund products cautiously based on their own investment objectives, time horizon, investment experience, and risk tolerance, and bear the risks themselves. The registration of the above funds by the China Securities Regulatory Commission does not indicate or guarantee any substantive judgment or assurance regarding the investment value, market prospects, or returns of these funds. Fund investment involves risks and should be done with caution.

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