Cambricon and Orbbec are on the list! Companies facing delisting in the STAR Market's Growth Tier! Huabao Fund's STAR Artificial Intelligence ETF (589520) attracted 21.48 million yuan in a single day.

With the concentrated disclosure of performance in 2025, the constituent stocks of the Sci-Tech Innovation Artificial Intelligence ETF (589520)—including Cambrian and OB光—are expected to be among the first “graduated” companies from the Sci-Tech Innovation Board’s growth tier.

Driven by strong demand for AI and computing power, Cambrian achieved revenue of 6.497 billion yuan in 2025, a significant year-over-year increase of 453.21%; net profit attributable to shareholders reached 2.059 billion yuan, marking the company’s first annual profit since going public in 2020. OB光 realized operating income of 940 million yuan in 2025, up 66.66% year-over-year, with net profit attributable to shareholders of 127 million yuan.

Industry insiders point out that the initial purpose of establishing the Sci-Tech Innovation Board’s growth tier was to accommodate unprofitable hard-tech companies. The first six companies (including Cambrian and OB光) turned losses into profits in 2025 (Cambrian net profit of 2.059 billion yuan, up 453.21%; OB光 net profit of 127 million yuan), meeting the delisting criteria, which is a positive “graduation” signal, indicating AI companies are moving from the technology investment phase into the commercial return phase.

Dongxing Securities believes that the AI industry is currently in a stage of policy, technology, and demand resonance. Leading domestic chip and cloud computing companies are gradually validating their performance, with large-cap companies continuing to invest heavily in CapEx, boosting industry development certainty. There is still upward potential for industry prosperity.

On the market, on Thursday (March 12), major A-share indices all declined, and the Sci-Tech Innovation Artificial Intelligence ETF (589520), which focuses on the domestic AI industry chain, experienced a market correction, with an intraday price drop of 2.02%. Funds may seize the opportunity to buy on dips in the domestic AI sector! In fact, this ETF attracted 21.48 million yuan in single-day inflows yesterday.

Regarding constituent stocks, Jingchen Co. rose nearly 3%, and Yaxin Security gained against the trend. The other 28 stocks declined, with Youke.de-W dropping over 6%, Xinghuan Technology-U falling more than 5%, and Sikan Technology down over 4%, leading to a drag on the index.

【Domestic Substitution Spotlight, Sci-Tech Self-Reliance and Strength】

The Sci-Tech Innovation Artificial Intelligence ETF Huabao (589520) and its linked funds (Linked A: 024560, Linked C: 024561) focus on the domestic AI industry chain. Its constituent stocks include domestic GPU leader (Cambrian), domestic ASIC leader (Xinyuan Shares), AI application leader (Kingsoft Office), with semiconductor industry weight nearly half, showing strong aggressiveness; software industry weight exceeds 30%, expected to benefit from AI application rebound. Additionally, this ETF is a margin trading target and an efficient tool for one-click domestic computing power deployment.

ETF fee details: The Sci-Tech Innovation Artificial Intelligence ETF Huabao does not charge sales service fees. Subscription and redemption agents may charge a commission up to 0.5%, including fees from stock exchanges and registrars. Intraday trading costs are based on the actual charges of securities firms.

Linked fund fee details: Huabao Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence ETF Initiated Linked Fund (A class) has a subscription fee of 1,000 yuan per transaction for subscriptions of 2 million yuan or more, 0.6% for 1-2 million yuan, and 1% for less than 1 million yuan; redemption fee is 1.5% if held less than 7 days, 0% if held 7 days or more, with no sales service fee. Huabao Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence ETF Initiated Linked Fund (C class) has no subscription fee, with redemption fee of 1.5% if held less than 7 days, 0% if held 7 days or more; sales service fee is 0.3%.

Risk warning: The Huabao Sci-Tech Innovation Artificial Intelligence ETF passively tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which was launched on December 30, 2022, and published on July 25, 2024. The annual gains/losses for 2023 and 2024 are 12.68% and 32.36%, respectively. The index components are adjusted periodically according to the index rules. Past performance does not predict future results. The stocks and index components mentioned are for display only; descriptions do not constitute investment advice and do not reflect holdings or trading activity of any fund managed by the manager. The fund manager assesses the risk level of the Huabao Sci-Tech Innovation Artificial Intelligence ETF as R4—medium-high risk, suitable for active investors (C4) and above. Suitability opinions are subject to sales institutions. All information in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and any other statements) is for reference only. Investors are responsible for their own investment decisions. The views, analysis, and forecasts in this article do not constitute investment advice and do not hold the author or the fund manager responsible for any direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Investors should exercise caution.

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