The main theme of technology returns, with Chipone Technology soaring 10%, and all "Chip" stocks like 589190 rising over 3%! Institutions: Sci-Tech Innovation chips are currently entering a high-growth window characterized by both volume and price resonance.

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On April 1, the technology primary theme surged, with the entire chip industry chain strengthening. As of the time of publication, Eoptis Systems shares were up more than 10%, Jinghe Integrated was up more than 8%, Haval was up more than 7%, and companies such as Huahong Company, Yuanjie Technology, and Hygon Information were leading in gains. The Huabao (589190) Science and Technology Innovation Chip ETF, which has fully positioned for the “chip” industry, opened strong and continued rising. Its intraday price jumped by more than 3%, recovering the 10-day line to the upside.

In terms of news, benefiting from extremely strong demand for memory chips, Korea’s March chip export value reached $32.8 billion, hitting a historic high, highlighting the strong cyclical conditions for memory chips amid the AI boom.

For compute power chips, Eoptis Systems’ 2025 revenue hit a new high. Revenue related to AI compute power increased its share significantly to 64%, and newly signed orders surged 103% year over year. Data from the National Bureau of Statistics shows that from January to February 2026, profits of high-tech manufacturing industries above designated size grew 58.7% year over year; of this, profits in the semiconductor discrete device manufacturing industry rose as much as 130.5%.

China Merchants Securities stated that the Science and Technology Innovation Chip sector is entering a high-forecast window where volume and price move in tandem. Demand surges driven by the AI industry; for memory, due to supply-demand imbalances, prices continue to rise; combined with deepening domestic substitution logic, the industry has three core investment rationales: strong demand, upward pricing, and earnings delivery.

Position for the “super cycle” in the chip industry, and pick 20CM high-liquidity varieties! Public information shows that the Huabao Science and Technology Innovation Chip ETF (589190) and its connected fund (Class A 021224  Class C 021225) passively track the SSE STAR Market Chip Index, covering 50 hard-tech holdings related to semiconductor materials and equipment, chip design, chip manufacturing, and chip packaging and testing. While covering the chip industry chain in full, it also has weightings above 90% in core areas such as integrated circuits and semiconductor equipment, with a high level of hard-tech content and strong technical barriers.

Data shows that as of the end of 2025, since the base date of the SSE STAR Market Chip Index, the annualized return reached 17.93%, significantly outperforming other comparable indexes such as the Kechuang SME and Startup Board Semiconductor Index, the CSRC Chip Index, and the CSI All Share Semiconductor Index. At the same time, the maximum drawdown was smaller, resulting in a better risk-return ratio.

Data source: Shanghai and Shenzhen Stock Exchanges, etc. The Huabao Science and Technology Innovation Chip ETF passively tracks the SSE STAR Market Chip Index. The index base date is 2019.12.31, and the publication date is 2022.6.13. The composition of index constituents is adjusted in a timely manner according to the index compilation rules. Its backtested historical performance does not predict the index’s future performance. Over the most recent five complete fiscal years, the SSE STAR Market Chip Index’s annual gain/loss percentages were: 2021 6.87%, 2022 -33.69%, 2023 7.26%, 2024 34.52%, and 2025 61.33%. The composition of index constituents is adjusted in a timely manner according to the index compilation rules. Its backtested historical performance does not predict the index’s future performance.

ETF fee-related explanations: When investors subscribe or redeem fund shares, the subscription and redemption agency may charge a commission at a standard not exceeding 0.5%, which includes related fees charged by the securities exchange, registration institutions, and others. Connected fund fee-related explanations: For Huabao’s SSE STAR Market Chip ETF connected fund A, the subscription fee rate (front-loaded) is 1000 yuan per lot when the subscription amount is 2 million yuan (inclusive) or above; 0.2% when it is between 1 million (inclusive) and 2 million; and 0.5% when below 1 million. The redemption fee rate is 1.5% when the holding period is less than 7 days, and 0% when the holding period is 7 days (inclusive) or more. Huabao’s SSE STAR Market Chip ETF connected fund C does not charge a subscription fee. The redemption fee rate is 1.5% when the holding period is less than 7 days, and 0% when the holding period is 7 days (inclusive) or more. The sales service fee is 0.2%.

Risk warning: This product is issued and managed by Huabao Fund. The distributing institutions do not bear responsibility for the product’s investment, payment, or risk management. Investors should read carefully relevant fund legal documents such as the “Fund Contract,” the “Prospectus,” and the “Fund Product Information Summary” to understand the fund’s risk-return characteristics and choose a product that fits their own risk tolerance. The risk rating of this fund evaluated by the fund manager is R4—medium to high risk, suitable for investors rated C4 and above in the suitability rating. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund’s performance. Past performance does not predict future performance; the fund has risks, so investors must be cautious. Distributors (including the fund manager’s direct distribution institutions and other distributors) conduct risk evaluation of this fund according to relevant laws and regulations; investors should promptly pay attention to the suitability opinions issued by the fund manager. The suitability opinions of different distributors do not necessarily match, and the risk grade evaluation results of fund products issued by distributors must not be lower than the risk grade evaluation results made by the fund manager. Differences exist in the fund contract between the fund’s risk-return characteristics and the fund’s risk level due to different considerations. Investors should understand the fund’s risk-return situation and, based on their own investment objectives, time horizon, investment experience, and risk tolerance, carefully choose fund products and bear the risks themselves. The China Securities Regulatory Commission’s registration of this fund does not indicate any substantive judgment or guarantee regarding this fund’s investment value, market prospects, and returns. The fund has risks, so investors must be cautious.

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Responsible editor: Zhang Qiaosong