The STAR AIETF (588790) closely tracks the SSE STAR Market Artificial Intelligence Index and lays out the core links of the AI industry chain, and its constituent stocks cover leading enterprises in the whole chain from chip design, manufacturing to application services.

Today (April 9), the main A-share index bottomed out and rebounded, the ChiNext index rose more than 1%, after falling more than 3%, the Shenzhen Component Index rose more than 1%, and the Shanghai Composite Index rose 0.89%. The semiconductor sector rose strongly, the artificial intelligence index of the science and technology innovation board rose by more than 5% intraday, and most of the constituent stocks rose 688152. SH) rose more than 11%, and Fudan Microelectronics (688385. SH), Cambrian rose more than 9%, and Xinhai Technology (688595. SH), Kingsoft Office (688111. SH), Lihewei (688589. SH), ArcSoft Technology (688088. SH), VeriSilicon (688521. SH), Lingyunguang (688400. SH) and other stocks have followed suit. The heavy Cambrian Science and Technology Innovation AIETF (588790) rose by more than 5%, with an intraday turnover of more than 300 million yuan, active trading, and a continuous premium in intraday trading.

On the news side, the central bank, the State Administration of Financial Supervision and Administration, and Central Huijin all spoke out to support the capital market. In addition, China Chengtong, China Guoxin, and 7 listed companies such as "China Merchants Department" have announced their holdings. Among them, China Guoxin said that its subsidiary Guoxin Investment Co., Ltd. will increase its holdings of central enterprise stocks, scientific and technological innovation stocks and ETFs by means of special reloans for share repurchases, with the first batch of 80 billion yuan.

Earlier, Trump signed two executive orders at the White House on so-called "reciprocal tariffs", announcing that the United States would set a "minimum base tariff" of 10% on trading partners and impose higher tariffs on certain trading partners. Among them, 34% of the reciprocal tariffs will be imposed on China, 20% on the European Union, and 24% and 25% on Japan and South Korea respectively. On April 4, China launched a tariff counteract, announcing a 34% tariff on all imports originating in the United States.

Cinda Securities pointed out that Trump's "reciprocal tariffs" will exacerbate the uncertainty of the global supply chain in the short term and may become a catalyst for the upgrading of the domestic semiconductor industry in the long term. We recommend focusing on the main line of domestic substitution.

Soochow Securities pointed out that at present, multiple ministries and commissions are working together, showing a firm determination to maintain the stability of the capital market and a strong confidence in China's economic development, which is expected to form a policy synergy and inject impetus into the development of the capital market.

Guosen Securities pointed out that the intensification of international trade frictions in early April is expected to accelerate the process of domestic substitution of semiconductors, and it is recommended to focus on the analog chip sector, on the one hand, the localization rate of analog chips is low, and the world's top two analog chip companies are American manufacturers, on the other hand, China's analog chip companies have increased R&D investment in recent years, reserved many new material numbers, and analog chips use mature processes, domestic production capacity is sufficient, with the ability and space for domestic substitution. At the same time, in April, the 2024 annual report and the first quarter of 2025 will be intensively disclosed, and the trend of performance changes has attracted attention, and the overall profitability of analog chip companies in the first two years is low.

In terms of AI, Internet manufacturers have recently held AI end-side application conferences, such as Alibaba's "Empathy, Smart Play Symbiosis" AI Spark Conference, and Byte Volcano Engine's "AIoT Intelligent Transformation Wave" AI Hardware Conference, focusing on AI toys and other end-side AI hardware products. According to Bloomberg and others, Ant Group uses Chinese domestic chips and trains models through a hybrid expert machine learning method, and its results are similar to those of H800 and other chips.

The STAR AIETF (588790) closely tracks the SSE STAR Market Artificial Intelligence Index and lays out the core links of the AI industry chain, and its constituent stocks cover leading enterprises in the whole chain from chip design, manufacturing to application services.