A：This is because, in the investment structure, due to the lack of computing power, I am forced to increase the position of growth funds in other industries, so that the short positions continue to be blown up. At the same time, the funds in the market are strengthening their own cognition, and the rapid changes in the industrial cycle have led to mutual recognition and unification of funds, and promoted the rise of the stock price of the entire industrial chain. Valuations in the primary market have also risen, with companies such as anthropic and deep sick open a rising sharply. This phenomenon forms a positive cycle in which the primary and secondary markets move synchronously, and the industrial side and the capital side promote each other.

A：The rise in the GEM Artificial Intelligence Index is the result of the resonance of the triple factor of the continued improvement in AI industry fundamentals, the cooling of external risk expectations and the return of funds to high-quality assets, which is essentially the repricing of high-quality assets after the release of risk. This round of computing power price increases is mainly driven by strong demand in the U.S. market and the domestic AI industry cycle. With the AI industry expanding demand at a rate of several times a year, the demand for computing power, which originally accounted for only 2% to 3% of the market, grew rapidly to 15% to 20% in a tight balance, coupled with rising revenue from cloud vendors and higher demand on the B side, exacerbating the mismatch between supply and demand, further pushing up the price of computing power.

A：The comprehensive upgrade of Nvidia's new generation of AI chips in computing power, memory power and bandwidth will directly drive the demand for optical modules and advanced Internet hardware. GEM artificial intelligence index layout of a number of optical module leading companies, because of its deep binding to the global supply chain, will benefit from this chip upgrade, bringing industry and investment opportunities. In particular, the increase in data transmission speed will increase the demand for high-speed optical modules within and between data centers, and further promote the development of the entire industry chain.

A：The unique advantage of the GEM artificial intelligence index is that it selects the core asset, the optical module, and gives a 15% weight, while other indexes usually have a 10% weight. As an essential part of the infrastructure, optical modules are experiencing the trend from short-distance transmission to long-distance transmission and copper-to-light conversion, and the world's best optical module companies are concentrated in China. In addition, the index also takes into account the certainty of profitability and asset quality, and selects assets with strong trend and high certainty, so as to achieve long-term market performance. The optical module was chosen because of its trendiness and global quality asset attributes. Optical modules are a vital part of the data center infrastructure and are undergoing an upgrade from copper to light, while the world's best optical module companies are in China. Therefore, the inclusion of optical modules in the index not only reflects its importance in the AI computing power transmission chain, but also makes the index prominent and sustainable because of its good industrial environment and pricing uniformity.

A：In pursuit of investment robustness, the GEM AI Index adjusted some of its Yi Zhongtian weights from 10% to 15% to ensure the stability of the index, including performance stability, spatial robustness and pullback stability. At the same time, in the complete industrial chain from hardware infrastructure to cloud to application, the index adopts a balanced structure of 70% hardware (such as optical modules, servers and small chips) and 30% software, which can not only grasp the market situation in the hardware field, but also take into account the development trend of software, forming a portfolio with both attack and defense.

A：The core advantage of the GEM artificial intelligence index is that it has a heavy position of 15% of the world's most competitive, performance certainty of the highest optical module sector, accurately grasp the core of the outbreak of computing power. In addition, the index uses a balanced structure of 70% hardware and 30% software, which not only has the robustness of performance support, but also has the flexibility of growth, which perfectly fits the investment logic of the current AI industry.

A：Huabao Fund adopts a matrix layout strategy, focusing on the layout of GEM artificial intelligence in overseas computing power, especially the leading companies represented by optical modules. In terms of domestic computing power, there are CRE chip ETF and CRE board artificial intelligence ETF, which fully cover the fields of chip design, manufacturing, equipment and power matching big data. At the same time, in response to the needs of domestic power reform, the layout of the power ETF, and taking into account the training classification supporting IDC, formed a comprehensive infrastructure layout. For ordinary investors, Huabao Fund recommends first using GEM artificial intelligence as the basic allocation of artificial intelligence positions. On this basis, according to personal risk appetite and needs, you can flexibly choose CRE chips and power ETFs as defensive configurations, and Hong Kong stock Internet ETFs and software development ETFs as options to enhance flexibility. Through this allocation, investors can achieve an efficient and sound investment layout according to the market environment and their own needs.

A：The core logic of the GEM artificial intelligence index is to capture the core modules such as optical modules with the strongest demand inflation level in the global AI industry chain, and form a high-quality combination with both performance support and industry support through index compilation. For ordinary investors, in the current market environment, when buying relevant ETFs or formulating investment strategies, the core should focus on certainty, that is, looking for domestic A- share core companies that have the most pricing power, can enjoy the trend of calculation expansion and continue to perform well.

A：At present, the valuation of the GEM artificial intelligence sector is relatively controllable, for example, the valuation of Nvidia and Asahi is within a reasonable range. Although there is a bubble risk in the market, as long as its PE remains below 30 times and the industry growth rate remains above 30%, it is relatively controllable. It is recommended that investors adopt a fixed investment strategy, because the valuation of such assets is controllable and the industry is cyclical, suitable for long-term investment and grasp the bull market demand. At the same time, since it is impossible to predict whether valuations will bubble further, fixed investments can avoid chasing high risks.

A：I suggest that investors adopt a fixed investment strategy to participate in the investment of the ChiNext artificial intelligence index, which can not only seize the potential bull market, but also effectively avoid the risk caused by one-time buying high. The full-spectrum ETF toolkit provided by Huabao Fund provides investors with a complete investment framework covering core to satellite, hardware to software, short-term flexibility to long-term value, allowing ordinary investors to efficiently layout, hold steadily and take advantage of the situation.

A：The current AI market is not a simple concept operation, but by the real computing power demand blowout, industrial chain performance continued to cash in and policy long-term escort driven by the growth of the market. The GEM artificial intelligence index can continue to lead the market because it accurately captures the core link of the world's most competitive, performance certainty, and prosperity of the optical module. For ordinary investors, they should use a scientifically balanced structure to choose high-quality assets, without having to struggle with stock selection or worry about stepping on thunder, just embrace assets with performance, strength and future for the long term.