On Tuesday (August 27), major A-share indices rallied collectively, with all three benchmark indices climbing over 1% on expanding volume as combined turnover across Shanghai, Shenzhen, and Beijing markets hit 2.14 trillion yuan, up 319.1 billion yuan from the previous session. NVIDIA's stellar earnings report ignited the computing hardware sector, driving strength in the optical module trio — 天孚通信 (Tianfu Communication) closed up over 5%, 新易盛 (Eoptolink) rose 2.59%, and 中际旭创 (Zhongji Innolight) gained 1.79%. The ChiNext AI ETF Huabao (159363), which focuses on optical module CPO leaders, tracks an index with nearly 40% concentration in these "easy-medium-sky" holdings, positioning it as a core flag bearer for AI computing power.
The National Bureau of Statistics released January-July industrial profit data for enterprises above designated size, revealing that the integrated circuit industry — represented by computing and storage chips — saw profits surge 18.5 times year-on-year, contributing over 80% of the total profit growth in the electronics sector, validating the industry's high prosperity. Semiconductor chips staged a major counterattack, with 艾为电子 (Awinic) leading with a 14% gain and 澜起科技 (Montage Technology) up over 10%. The Sci-Tech Chip ETF Huabao (589190) provides full-chain chip industry exposure, with core areas like integrated circuits and semiconductor equipment accounting for over 90% of weights, effectively mapping the industrial development trends driven by continuous AI computing infrastructure upgrades.
Apple has scheduled a September 9 launch for its first foldable iPhone. With multiple favorable catalysts, the electronics sector led the entire market, attracting net main capital inflows exceeding 42.7 billion yuan — ranking first among all 31 Shenwan primary industries. The Electronics ETF Huabao (515260) brings together core electronics leaders, encompassing popular concepts like PCB, advanced packaging, glass substrates, and MLCC, with Apple supply chain constituents comprising 29% weight and NVIDIA supply chain constituents comprising 26%.
Beyond technology, the market is actively exploring a "second curve" based on valuation repair logic. Surging new energy vehicle sales ignited the lithium battery supply chain, with 昊华科技 (Haohua Chemical), 东材科技 (Dongcai Technology), and 桐昆股份 (Tongkun Group) hitting limit-up. The Chemical ETF Huabao (516020) constituents cover hot themes including AI computing power, anti-involution, robotics, and new energy, helping investors capture the chemical sector rebound opportunity.
CITIC Construction Investment noted that after the U.S. core PCE data was released last night, expectations for Fed rate hikes did not significantly intensify, with the global liquidity environment remaining broadly stable. This poses no strong external constraint on A-shares. The Jackson Hole central bank symposium this Friday will feature Warsh's first speech since assuming office, which will influence market expectations going forward — market signals may become clearer once the dust settles. Subsequently, gold, non-ferrous metals, and other cyclical sectors remain influenced by international gold prices and commodity fluctuations, while large financials offer valuation defensive value, and tech growth requires awaiting earnings delivery. Investors can focus on policy-supported segments with strong earnings certainty, seizing structural opportunities amid sector rotation.
Focusing on trading and fundamentals of thematic ETFs including Sci-Tech Chip, ChiNext AI, and Chemical:
NVIDIA Highlights Storage Shortage Again, Opening Upside for "Price Hike Chain" — Sci-Tech Chip ETF Huabao (589190) Benchmark Index Soars 4.55%, Storage Content Near Half
NVIDIA's blockbuster earnings powerfully reinforced the market's AI narrative confidence. Semiconductor chips staged a major counterattack, with storage, analog chips, computing chips, and the entire chain strengthening. 艾为电子 (Awinic) led with a 14% gain, 澜起科技 (Montage Technology) surged over 10%, and 南芯科技 (Southchip), 翱捷科技-U (ASR Microelectronics), 芯原股份 (Verisilicon), 佰维存储 (Biwin Storage), and 海光信息 (Hygon) all posted notable gains. The benchmark index of Sci-Tech Chip ETF Huabao (589190), which provides full-chain chip industry coverage with nearly half storage chip content, jumped 4.55%.
Multiple favorable catalysts converged domestically and internationally, with NVIDIA's overnight earnings and guidance significantly exceeding expectations. NVIDIA indicated that memory price increases have exceeded prior expectations and prices will rise further next year. The global storage chip shortage continues to intensify — the "memory trio" of Samsung, SK Hynix, and Micron have completed capacity allocation for all of 2027, with DRAM and HBM capacity fully sold out. SK Group Chairman Chey Tae-won predicts that AI semiconductor demand will surge 60% to 100% year-on-year by 2027, with overall storage chip demand growing 50% to 60%, facing the most severe supply-demand imbalance in history.
Analysts point out that the storage industry has transformed from a beneficiary of AI computing investment to a critical bottleneck constraining AI infrastructure. The structural shortage driven by AI demand runs through the entire supply chain, with the supply-demand gap still deepening. Guotai Haitong believes that the slowdown in Q3 contract price increases is not a signal of cycle peaking, expecting the price hike trend to extend through 2027. Industry focus may shift from single-quarter price/profit elasticity to multi-year profitability sustainability and capital returns supported by strong cash flow generation, driving the industry's valuation center upward.
Guosen Securities indicated that the storage "bellwether" expectations are recovering, opening valuation space for the price hike chain. Multiple segments including wafer foundry, storage, PCB, passive components, and analog chips continue to see rising prosperity, with storage sector valuation repair potentially opening space for the "price hike chain."
Domestically, the National Bureau of Statistics released January-July industrial profit data showing integrated circuit industry profits — represented by computing and storage chips — surged 18.5 times year-on-year, contributing over 80% of total electronics industry profit growth, validating high industry prosperity. Galaxy Securities noted that last week's high-level meeting deployed next-generation communication network construction, with the "six networks" initiative transitioning from top-level planning to further implementation of policy signals. For the prosperity growth verification theme, focus on new infrastructure core directions under the "six networks" initiative, targeting leading targets with high earnings delivery, including semiconductor supply chain opportunities.
To position for the chip industry "super cycle," consider the high-volatility 20CM instruments. The Sci-Tech Chip ETF Huabao (589190) passively tracks the SSE STAR Market Chip Index, covering core segments of the chip industry chain, with integrated circuits, semiconductor equipment, and other core areas comprising over 90% of weights — effectively mapping the industrial development trends driven by continuous AI computing infrastructure upgrades. Off-market investors can also access the feeder fund (021225). Note: Storage chip content benchmark is the Storage Chip Index (980138.CNI), with weight of 49.95% as of August 26. 艾为电子 (Awinic), 澜起科技 (Montage Technology), 南芯科技 (Southchip), 翱捷科技-U (ASR Microelectronics), 芯原股份 (Verisilicon), 佰维存储 (Biwin Storage), and 海光信息 (Hygon) are all constituents of the Sci-Tech Chip Index with weights of 0.22%, 8.10%, 0.35%, 0.81%, 2.80%, 2.94%, and 8.88% respectively.
Computing Hardware Explodes! VeraRubin Enters Full Production, Optical Module Demand Faces Structural Upgrade — High-"Light" Index Gains Nearly 4%
NVIDIA's earnings ignited computing hardware, with optical module CPO leaders strengthening. 天孚通信 (Tianfu Communication) closed up over 5%, 新易盛 (Eoptolink) rose 2.59%, and 中际旭创 (Zhongji Innolight) gained 1.79%. The high-"light" ChiNext AI ETF Huabao (159363) benchmark index surged in tandem, closing up 3.96%, with on-exchange trading activity continuing to climb and capital attention and market enthusiasm remaining elevated.
On the news front, NVIDIA's FY2027 Q2 results comprehensively exceeded expectations, with revenue of $96.2 billion, up 106% year-on-year, and Q3 guidance also above expectations. The company unprecedentedly provided early FY2028 revenue growth guidance of approximately 70%, far exceeding the market's expected 45%. Management clearly stated that supply remains the biggest bottleneck. Additionally, the VeraRubin platform has entered full production and begun shipping, expected to contribute approximately 20% of data center revenue in Q3, with strong computing demand momentum unchanged.
Mapping to A-shares, overseas computing power chain beneficiaries like optical modules may have two supporting logics: First, NVIDIA's significant upward revision of forward revenue guidance and clear supply bottleneck statement reinforce expectations for sustained capital expenditure on computing infrastructure. AI cluster scale expansion demands higher inter-node interconnection efficiency, accelerating penetration of high-speed optical interconnection solutions. The optical module industry is deeply tied to GPU iteration cycles, with prosperity correlation becoming increasingly close. A-share optical module leaders, as core segments of the global computing power supply chain, are expected to continue benefiting from overseas demand spillover.
Second, VeraRubin has entered full production, with its computing density leap demanding higher bandwidth for Scale-Up network interconnection. Supporting high-speed optical modules and interconnection solutions face structural upward shifts in both allocation ratios and speed tiers. Optical module leaders deeply embedded in the next-generation platform supply chain may see repricing of product value. A-share optical module leaders like 中际旭创 (Zhongji Innolight), 新易盛 (Eoptolink), and 天孚通信 (Tianfu Communication) hold key positions in overseas supply chains, with earnings elasticity expected.
For the high-"light" investment theme, consider the ChiNext AI ETF Huabao (159363) and off-market feeder funds (Class A 023407, Class C 023408), which focus on optical module CPO leaders while also covering AI applications. The benchmark index contains nearly 40% concentration in "中际旭创 (Zhongji Innolight) + 新易盛 (Eoptolink) + 天孚通信 (Tianfu Communication)," serving as a core flag bearer for AI computing power. Note: As of August 27, 2026, per Guozheng Index, the top three constituents of the ChiNext AI Index are 新易盛 (Eoptolink) (13.77%), 中际旭创 (Zhongji Innolight) (13.17%), and 天孚通信 (Tianfu Communication) (10.56%).
New Energy Vehicle Sales Surge Ignites Lithium Battery Supply Chain, Chemical Sector Sees Limit-Up Wave — Institutions: Leading Companies Enter Long-Cycle Earnings Uptrend Phase
The chemical sector performed strongly, with petrochemical, lithium battery, and engineering services segments seeing notable gains. By market close, 昊华科技 (Haohua Chemical), 东材科技 (Dongcai Technology), and 桐昆股份 (Tongkun Group) hit limit-up, 新凤鸣 (Xinfengming) rose over 8%, and 新宙邦 (Capchem), 圣泉集团 (Shengquan Group), and 恒逸石化 (Hengyi Petrochemical) also posted gains. Note: As of August 26, 2026, in the Sub-Chemical Index, weights for 昊华科技 (Haohua Chemical), 东材科技 (Dongcai Technology), 桐昆股份 (Tongkun Group), 新凤鸣 (Xinfengming), 新宙邦 (Capchem), 圣泉集团 (Shengquan Group), and 恒逸石化 (Hengyi Petrochemical) are 1.48%, 1.99%, 2.29%, 1.18%, 2.37%, 1.66%, and 2.21% respectively.
On the news front, the State Council Information Office held a press conference for the "15th Five-Year Plan" series. Ministry of Industry and Information Technology officials stated that during the "14th Five-Year Plan" period, China's new energy vehicle industry scaled from millions to tens of millions of units annually, with yearly sales rising from 1.367 million to 16.49 million vehicles, and share of new car sales climbing from 5.4% to 47.9%. The industry system is becoming increasingly complete, with new energy vehicles, power batteries, and key materials production accounting for over 70% globally. Analysts suggest that new energy vehicles have reached a new height in consumer market acceptance and penetration, with the industry fully transitioning from policy-driven to market and product-driven endogenous growth, laying a solid foundation for continued supply chain development.
From a valuation perspective, data shows that as of yesterday's close (August 26), the benchmark Sub-Chemical Index of Chemical ETF Huabao (516020) traded at a price-to-book ratio of 2.46x, positioned at the 45.4th percentile over the past decade — a relatively reasonable level offering good medium-to-long-term allocation value.
Looking ahead, Guosen Securities points out that globally, Chinese chemical enterprises' cost and efficiency advantages have become highly entrenched, with leading companies entering a phase of long-cycle earnings uptrend. Meanwhile, for industries with constrained supply, as demand recovers, prosperity in these segments is expected to continue improving, warranting close attention. They also note that anti-involution under carbon emission controls may revalue China's chemical industry, potentially significantly slowing global and Chinese chemical capacity expansion while imposing controls on certain high-carbon emission industries. China's chemical industry already has abundant operating cash flow; once expansion slows, free cash flow could improve substantially, driving potential dividend yields significantly higher. Chemical enterprises may transform from "capital devourers" to "cash cows." Meanwhile, supply-side changes will bring prosperity stabilization and recovery, with chemical targets potentially offering both high elasticity and high dividend advantages.
How to capture the chemical sector rebound opportunity? The Chemical ETF Huabao (516020) may offer greater efficiency. Public data shows it tracks the CSI Sub-Chemical Industry Theme Index, with constituents covering hot themes including AI computing power, anti-involution, robotics, and new energy. Off-market investors can also access the chemical sector through feeder funds (Class A 012537, Class C 012538). Data sourced from public information including Shanghai-Hong Kong-Shenzhen exchanges, as of August 27, 2026.
Reminder: Market volatility may be significant in the near term, and short-term gains or losses do not predict future performance. Investors should invest rationally based on their own capital conditions and risk tolerance, paying close attention to position and risk management.
Risk Disclosure: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, with base date December 28, 2018, and publication date July 11, 2024; the Sci-Tech Chip ETF Huabao passively tracks the SSE STAR Market Chip Index, with base date December 31, 2019; the Chemical ETF Huabao passively tracks the CSI Sub-Chemical Industry Theme Index, with base date December 31, 2004, published April 11, 2012; the Electronics ETF Huabao passively tracks the CSI Electronics 50 Index, with base date December 31, 2008, published July 22, 2009. Index constituent composition adjusts according to index compilation rules, and backtested historical performance does not predict future index performance. Stocks mentioned are only objective displays of index constituents and do not constitute stock recommendations, nor do they represent fund manager or fund investment directions. Any information appearing herein (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and expressions of any form) is for reference only. Investors must bear responsibility for their own independent investment decisions. Additionally, any views, analyses, and forecasts herein do not constitute investment advice of any form to readers. Huabao Fund shall not be liable for any direct or indirect losses arising from use of this content. Investors should carefully read fund legal documents including the Fund Contract, Prospectus, and Fund Product Information Summary to understand risk-return characteristics and select products matching their risk tolerance. Past fund performance does not predict future performance, and performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Per fund manager assessment, Chemical ETF Huabao and Electronics ETF Huabao carry R3-medium risk ratings, suitable for balanced (C3) and above investors; ChiNext AI ETF Huabao and Sci-Tech Chip ETF Huabao carry R4-medium-high risk ratings, suitable for aggressive (C4) and above investors. Suitability matching opinions are subject to sales institution confirmation. Sales institutions (including fund manager direct sales and other sales institutions) evaluate fund risk according to relevant laws and regulations. Investors should promptly review suitability opinions issued by the fund manager. Suitability opinions from various sales institutions may not be consistent, and fund product risk ratings issued by sales institutions shall not be lower than those issued by the fund manager. Fund contract risk-return characteristics and fund risk ratings may differ due to different consideration factors. Investors should understand fund risk-return conditions and carefully select fund products based on their own investment objectives, horizons, experience, and risk tolerance, bearing risks themselves. CSRC registration of the above funds does not indicate substantive judgment or guarantee of investment value, market prospects, or returns. Fund investment requires caution.