On the morning of August 4, tech leaders broadly staged a rebound, with the Huabao Technology ETF (515000), a broad-based tech index fund blending hard-tech beta with strong stock alpha, surging 4% in intraday trading. Over the past five days, net fund inflows into this ETF have reached CNY 125 million. Among its constituent stocks, computing power rental leader Xiechuang Data and an optical module leader surged over 11%, CXO leader Kanglong Huacheng jumped over 10%, and multiple stocks including Zhongji Xunchuang, Shengyi Technology, Shennan Circuits, and Huabo Electric rose more than 5%.

On the news front, capital expenditure from the four major North American cloud providers in Q2 of fiscal 2026 maintained high growth, with companies like Google and Amazon further revising up their full-year 2026 guidance. Notably, Amazon AWS reported better-than-expected revenue, operating margin, and backlog. Amazon CEO Andy Jassy stated that the breakeven point for server and network equipment investments is "less than three years," directly addressing the critical question of AI investment ROI. This indicates that a positive cycle of AI investment and returns has initially taken shape, significantly easing market concerns about the sustainability of massive AI capex spending.

Institutions believe that as cloud providers' earnings continue to confirm AI's role in driving business growth, AI cluster sizes will expand further. Optical interconnect, a key component of cluster networking, is set for sustained high growth driven by three factors: increased GPU allocation ratios, port speed upgrades, and the shift from copper to fiber. Analysts are bullish on the medium-to-long-term prospects of computing power sectors like optical communications.

Looking at the distribution by CSI secondary industry, the CSI Tech Leaders Index has a heavy concentration in three areas: semiconductors, electronics, and communication equipment and technical services, which together account for about 90% of its weight. This high purity means the index's holdings are almost entirely focused on hard-core tech sectors, closely aligning with current market themes such as AI computing power chains, semiconductor localization, and optical communications. Its top ten constituent stocks include leaders from various sub-sectors like optical modules, semiconductor equipment, memory chips, PCBs, and innovative drugs.

On the performance front, despite severe volatility in July, the underlying index of the Huabao Technology ETF (515000) has outperformed other broad-based tech market indices, highlighting its allocation value. As of July 31, 2026, the CSI Tech Leaders Index has risen 60% over the past year, significantly outperforming popular tech indices like the STAR 50. This makes it effectively a "Tech Broad-Based Index Pro Max" version, serving as a high-quality tool for deploying in the tech mainline trend.

Note: The Huabao Technology ETF passively tracks the CSI Tech Leaders Index. The index's base date is June 29, 2012, and it was launched on March 20, 2019. The CSI Tech Leaders Index's historical annual returns from 2021 to 2025 were -3.92%, -34.84%, 0.81%, 11.50%, and 51.54%, respectively. The index's annualized volatility over the same periods was 21.46%, 26.5%, 19.83%, 36.36%, and 27.34%. The composition of index constituents is adjusted in a timely manner according to the index's compilation rules, and its back-tested historical performance does not indicate its future performance. Tech bull run, buy leaders! The Huabao Technology ETF (515000) and its linked funds (Linked A: 007873, Linked C: 007874) select 50 listed companies from the tech sector with large scale, high market share, strong growth capabilities, and high R&D investment. They centrally represent the core assets of A-share tech leaders, possessing attributes of "hard-tech beta" plus "outperform leader excess alpha," aggregating sub-sector leaders in optical modules, semiconductor equipment, memory chips, PCBs, and innovative drugs.

Data sources: Shanghai and Shenzhen stock exchanges, etc. Note: "Domestic first" refers to the first ETF tracking the CSI Tech Leaders Index. Fee explanation for ETFs: When investors subscribe for or redeem fund shares, the subscription and redemption agency may charge a commission at a rate not exceeding 0.5%. On-exchange trading fees are subject to the actual charges of the securities company, with no sales service fee. Fee explanation for linked funds: For the Huabao Technology ETF Linked A, the subscription fee is 1.00% for amounts under CNY 1 million, 0.60% for amounts between CNY 1 million (inclusive) and CNY 2 million, and CNY 1,000 per order for amounts of CNY 2 million (inclusive) or more; the redemption fee is 1.50% for holding periods within 7 days, 0.50% for 7 days (inclusive) to 180 days, and 0.00% for 180 days (inclusive) or more; no sales service fee is charged. For the Huabao Technology ETF Linked C, no subscription fee is charged; the redemption fee is 1.50% for holding periods within 7 days and 0.00% for 7 days (inclusive) or more; the annual sales service fee is 0.40%. The ETF subscription and redemption agency may charge a commission at a rate not exceeding 0.5%. On-exchange trading fees are subject to the actual charges of the securities company. Risk warning: The Huabao Technology ETF passively tracks the CSI Tech Leaders Index, which has a base date of June 29, 2012, and was released on March 20, 2019. The index's constituent stock composition is adjusted in a timely manner according to its compilation rules, and its back-tested historical performance does not indicate its future performance. The index constituent stocks mentioned in this article are for display purposes only, and descriptions of individual stocks do not constitute investment advice of any form, nor do they represent the holdings information or trading trends of any fund managed by the fund manager. The fund manager assesses the risk level of this fund as R3-Medium Risk, suitable for balanced (C3) and above investors. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors must be responsible for any investment decisions they make independently. Furthermore, any views, analyses, and forecasts in this article do not constitute investment advice of any form to readers, nor do they assume any responsibility for direct or indirect losses arising from the use of the content herein. Fund investment carries risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Investors should invest in funds cautiously. MACD golden cross signal formed, these stocks have good upward momentum!