Domestic AI chip industry performance exceeds expectations, CSI AI ETF Bosera rises 1.35%

As of 14:18 on March 24, the Shanghai Composite Index increased by 1.11%, the Shenzhen Component Index rose by 0.63%, and the ChiNext Index declined by 0.46%. Sectors such as electricity, trade, and environmental protection equipment led the gains.

In terms of ETFs, the Kweichow Moutai AI ETF (588790) rose by 1.35%, with constituent stocks Chipone Technology (688521.SH), Tianjun Technology (688003.SH), and Cambricon (688256.SH) gaining over 5%. Stocks including Sikang Technology (688583.SH), Yuntian Lifei-U (688343.SH), Kaipu Cloud (688228.SH), Yingshi Innovation (688775.SH), Hengxuan Technology (688608.SH), Weisheng Information (688100.SH), and Yingshi Network (688475.SH) also increased.

On the news front, AI chip leader Cambricon achieved a historic breakthrough, with operating revenue reaching 6.497 billion yuan in 2025, a significant year-on-year increase of 453.21%; net profit attributable to shareholders was 2.059 billion yuan, marking the company’s first annual profit since its listing on the STAR Market. Additionally, preliminary performance reports show that domestic computing chip companies Moer Thread and Muxi Co., Ltd. saw revenue growth of 243.4% and 121.3% respectively in 2025, with substantial reductions in net losses. Domestic AI computing chip companies collectively delivered results exceeding expectations, validating the high prosperity of the AI industry and accelerating localization, which boosts market confidence in core segments of the industry chain.

Ping An Securities stated that Tencent and Alibaba have released financial reports, both indicating increased investment in AI, reflecting the acceleration of AI commercialization and the sustained high prosperity of the AI industry. Currently, domestically developed large models such as GLM-5 and KimiK2.5 are continuously iterating and enhancing capabilities, which will further promote the transition of domestic large models from “usable” to “good to use,” speeding up their application across various industries and accelerating the development of China’s large model industry. We firmly believe in the promising future of China’s AI industry and recommend continued attention to investment opportunities related to AI themes.

Shanghai Securities believes that policy positions AI as a “new form of intelligent economy,” aiming not only to win the technological competition but also to build a comprehensive industrial ecosystem and new infrastructure covering energy (electricity), computing power, algorithms, data, and applications, thereby establishing systemic national competitiveness to respond to global AI competition. We believe that through “coordinated computing power and electricity” and nationwide integrated scheduling, the goal is to convert China’s advantages in ultra-high voltage power grids and green energy infrastructure into cost advantages and stable supply capabilities in the AI era.