As of September 16, the CSI Artificial Intelligence Industry Index (931071) rose a strong 2.98%, with accelink up by the 10% limit, New H3C up 8.09% and Cambricon up 6.77%. The AI ETF Huafu (515980) gained 10.91% over the past six months, with over 1.38 billion yuan of net inflows in the latest five trading days.
Wind estimates show that over the past month, theme ETFs for the STAR 50, semiconductors, communications and AI pulled in over 50 billion yuan of net inflows, with funds contrarian into hard-tech amid volatility. A Jianghai Securities study shows the index has completed a structural shift from "application-led" to "compute-led," with upstream compute-infrastructure weight rising from 23.9% at end-2019 to 83.1% by mid-2026.
2025 was the key inflection point, with upstream capital expenditure intensity jumping to 13.05% and ROIC rising to 27.94%, validating that the rallies are backed by real earnings rather than speculation. The September quarterly rebalance put about 75% of the portfolio in high-momentum AI infrastructure, including 55% in domestic compute cores such as ASIC chips, AI servers and second-tier optical modules.
On the policy front, Huawei Connect 2026 (September 17–19 in Shanghai) spotlights the new-generation Ascend supernode and open-source ecosystem, with the Ascend 950 supernode soon to launch for large data centers, trillion-parameter training and high-concurrency inference.
Source: Tencent Securities / Huafu
