Will Tesla purchase Chinese photovoltaic equipment? Photovoltaic + optical modules join forces for a counterattack! Huabao Fund's Innovation and Entrepreneurship Leading ETF (588330) rises up to 3.42%

Friday (March 20), major A-share indexes all traded slightly lower across the board. The ChiNext Index rose against the trend by 1.3%. The Double Startups & New Technologies Leading ETF (588330), a broad-based fund that covers leading “hard-tech” companies across both the ChiNext Board and the STAR Market, had its largest intraday gain up to 3.42% and closed up 1.28%. The ETF showed a wide premium in the secondary market, indicating that buy-side capital was stronger. Earlier, it also saw net inflows totaling RMB 22.67 million over the prior 5 days!

In terms of constituent stocks, the semiconductor leader Zhuoshi Micro up more than 13% and received net inflows of RMB 3.133 billion from primary trading funds, topping the A-share inflow leaderboard. The optical module leader Xinyisheng rose more than 8%, with the stock price setting a new all-time high again. The photovoltaic equipment leader Sungrow Power Supply rose more than 5%, received net inflows of RMB 2.619 billion from primary trading funds, and ranked third on the A-share inflow leaderboard.

On the news front, focus on two directions that are more active on the trading screen:

1. In the photovoltaic sector, Tesla plans to spend about $2.9 billion to purchase China-made photovoltaic equipment, and plans to add 100GW of photovoltaic manufacturing capacity in the U.S. mainland. Industry insiders point out that, faced with severe power shortages driven by AI data centers and manufacturing, and against the backdrop of tariff barriers, the U.S.’ solar deployment has “artificially” higher economic costs. As a result, Tesla is turning to China to buy equipment. Citing a view from Haitong Securities, if policy tailwinds such as “power-computing coordination” continue to be released, and new industry models such as direct connection of green electricity accelerate in deployment, it is expected to push sustained higher attention toward the new energy infrastructure construction sector.*

2. In the optical module sector, the recent simultaneous opening of major events in global optical communications—OFC and NVIDIA’s GTC—provides the industry with a clear technical roadmap and production-scale certainty. Citic Securities believes that in 2026, demand for 800G optical modules is expected to continue its rapid growth trend, while the shipment volume of 1.6T will also increase significantly, and R&D for 3.2T optical modules has officially begun to be rolled out.*

Looking ahead, Kaiyuan Securities believes that under the requirements of the “14th Five-Year Plan for a period of time” (the “15th Five-Year Plan”), technology security remains the most important main line. It will drive a large improvement in the level of technological self-reliance and self-strengthening, and key industries are expected to form an “8466” development pattern. New quality productive forces are expected to take up the “pillar industry” role currently held by real estate, forming a rapid development trend characterized by parallel advancement of energy (new energy + controllable nuclear fusion) as the base, and core industries running side by side (AI + electronic semiconductors, aerospace + low-altitude economy, embodied intelligence, biomedical and more).*

[Unfazed by rotation—one-click bundle China’s hard-core tech]

Hard-tech broad-based exposure—Double Startups & New Technologies Leading ETF (588330) and its off-exchange connection fund (Class A: 013317 / Class C: 013318). Its underlying index selects 50 listed companies with larger market capitalizations in strategic emerging industries from the STAR Market and the ChiNext Board as index constituents, covering热门 themes such as optical modules, semiconductors, and photovoltaic equipment. At the same time, this ETF is a target for [margin trading] + [mutual market access], an efficient tool for one-click exposure to new quality productive forces.

Worth mentioning is that the underlying index of the Double Startups & New Technologies Leading ETF (588330) won the “2025 broad-based fund returns king” title for broad-based funds. In 2025 year-to-date, it累计上涨60.86%, outperforming major broad-based indexes such as ChiNext 50 (57.45%), the ChiNext Index (49.57%), the STAR Market Composite Index (46.30%), and STAR 50 (35.92%).

Institutional views—reference sources: ① “Power-computing coordination written into the Government Work Report, new infrastructure projects draw attention,” published by TIDC Securities on March 19; ② “High-speed optical module demand continues to grow rapidly, Scale-up is expected to open up new market space,” published by Citic Jianl投 on December 23, 2025; ③ “2026 Spring macroeconomic outlook: boost quality and efficiency, technological breakthroughs,” published by Kaiyuan Securities on March 2.

ETF fee-related notes: The Double Startups & New Technologies Leading ETF does not charge a sales service fee. The subscription/redemption agents may charge a commission at a standard not exceeding 0.5%, which includes relevant fees charged by exchanges, registration institutions, and so on. Exchange-traded transaction fees are subject to actual charges by the securities firm.

Notes on fees for the connection fund: For the Huabao CSI STAR Market ChiNext 50 ETF-initiated connection fund (Class A), the subscription fee rate is RMB 1,000 per transaction when the subscription amount is RMB 2 million (inclusive) or above; 0.6% when between RMB 1 million (inclusive) and RMB 2 million; and 1% when below RMB 1 million. The redemption fee rate is 1.5% when the holding period is within 7 days; 0.1% when the holding period is 7 days (inclusive) to 30 days; and 0% when the holding period is 30 days (inclusive) or more. It does not charge a sales service fee. The Huabao CSI STAR Market ChiNext 50 ETF-initiated connection fund (Class C) does not charge a subscription fee. The redemption fee rate is 1.5% when the holding period is within 7 days; and 0% when the holding period is 7 days (inclusive) or more. The sales service fee is 0.3%.

Risk disclosure: The Double Startups & New Technologies Leading ETF passively tracks the CSI STAR Market ChiNext 50 Index. The base date of the index is 2019.12.31, and it was published on 2021.6.1. The index’s year-by-year returns for 2020-2024 are: 86.90%, 0.37%, -28.32%, -18.83%, and 13.63%. The composition of index constituents is adjusted in a timely manner according to the index compilation rules; its back-tested historical performance does not indicate the index’s future performance. The index constituent stocks mentioned in the article are only for display; any descriptions of individual stocks do not constitute any form of investment advice, and do not represent the holdings information and trading directions of any fund under the manager. The risk level of the Double Startups & New Technologies Leading ETF assessed by the fund manager is R4—medium-high risk. It is suitable for investors who are active (C4) and above. For suitability matching opinions, please refer to the sales institution. Any information appearing in this article (including but not limited to individual stocks, commentary, predictions, charts, indicators, theories, and any form of statements) is for reference only. Investors are responsible for any investment actions they make independently. Also, any views, analyses, and predictions in this article do not constitute any form of investment advice to the readers, nor do they bear any responsibility for any direct or indirect losses arising from the use of the content of this article. Investing in funds involves risks. The fund’s past performance does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee fund performance. Investors should exercise caution when investing in funds.

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责任编辑：Yang Hongbu