The market surged and fell, and the three major indexes closed down collectively, but structural opportunities emerged, and related ETFs such as chips, artificial intelligence, rare earths, etc. rose against the trend, becoming the most eye-catching sight in the market.

As of the close, the Shanghai Composite Index fell 0.12%, the Shenzhen Component Index fell 0.43%, and the ChiNext Index fell 1.09%. Although the index performed poorly, the market did not lack money-making opportunities, and sectors such as non-ferrous metals, semiconductors, and steel industries ranked among the top in the gains.

The AI ​​hardware direction has obvious differentiation. Fuguo Fund Communication Equipment ETF rose 7.11%, while the nonferrous metals industry made a comeback, with China Merchants Fund Mining ETF and Cathay Fund Mining ETF rising 3.89% and 3.03% respectively.

The chip sector continues to be active, with Guolian An Fund Science and Technology Innovation Chip Design ETF and GF Artificial Intelligence ETF Science and Technology Innovation rising 2.85% and 2.77% respectively.

01 The three major indexes closed down, and the structural market was obvious

The market today showed a trend of rising and falling. The Shanghai Composite Index hit a stage-long high during the session, but it only rose 0.24% in the afternoon and finally closed down 0.12%.

Shenzhen Component Index and ChiNext Index performed weaker, down 0.43% and 1.09% respectively. The market transactions are still active, with the half-day transaction volume of Shanghai, Shenzhen and Beijing in Shanghai, Shenzhen and Beijing reaching 1648.7 billion yuan, an increase of 152.6 billion yuan from the previous day.

More than 3,000 stocks in the entire market fell, but local opportunities were prominent. The nonferrous metals industry made a comeback, with superhard materials and nonferrous copper leading the rise; Xinyuan Co., Ltd.'s resumption of trading at the daily limit has led to the rise of ASIC and memory chip concepts.

02 The return of the chip ETF, many products rose by more than 2%

Chip-related ETFs performed well today. China-Korea semiconductor ETF, Science and Technology Innovation Chip Design ETF and other companies have the highest growth rates.

Domestic AI computing power chip manufacturers have entered the accelerated stage of domestic substitution, and are expected to continue to expand their market share. Global semiconductor monthly sales increased by 20.6% year-on-year in July 2025, achieving year-on-year growth for 21 consecutive months.

Downstream demand shows structural differentiation, consumer demand gradually recovers, and demand for AI computing power and hardware infrastructure continues to be strong. Oriental Securities pointed out that China's semiconductor equipment market is expected to be optimistic in the long-term scale.

By 2030, mainland China's share of global wafer foundry production capacity is expected to increase from 21% in 2024 to 30%.

03 AI applications are accelerating, artificial intelligence ETFs are strong

Artificial intelligence-related ETFs also performed strongly. Science and Technology Innovation Artificial Intelligence ETF Huaxia, Artificial Intelligence ETF Science and Technology Innovation and other products have the highest growth rate.

On the news, Alipay launched the first "AI payment" service in China, and has taken the lead in connecting to Luckin Coffee's AI order assistant "LuckyAI". Alipay also simultaneously launched supporting services such as "Payment MCPServer", "AI reward", and "AI subscription payment" to build an AI payment system.

At the policy level, the "Opinions on Deeply Implementing the "Artificial Intelligence +" Action" issued by the State Council provides policy support for promoting the large-scale application and commercialization of artificial intelligence.

Cambrian, the leader in domestic computing power, soared by 4348% in the first half of 2025, and Alibaba reiterated that AI capital expenditure reached 380 billion yuan in three years.

04 Rare earth prices run at a high level, and rare earth ETFs perform well

Rare earth-related ETFs also performed well today. Rare earth ETFs, rare earth ETFs and other products have the highest growth rate.

Strong fundamental support,Rare Earth Price Index has been at a high above 200 for 36 consecutive trading days. China exported 5791.8 tons of rare earths in August, and the cumulative exports from January to August were 44,355.4 tons, an increase of 14.5% year-on-year.

Recently, the "Regulations on the Control and Management of the Total Quantity of Rare Earth Mining and Smelting Separation (Interim)" was issued, and the inclusion of imported ores into the quota system was officially implemented. The country strengthens the quota management of rare earth production, which has helped the industry's supply contraction and stimulates the rise in commodity prices.

05 Looking for opportunities in differentiation, these ETF callbacks are obvious

Although most ETFs closed higher, there was still a differentiation in the market. The CPO sector pulled back, with communications ETF and GEM artificial intelligence ETF, Richmond falling 2.26% and 1.95% respectively.

The gaming sector also weakened, with game ETF and game ETF Huatai-Pulley both falling 1.67%. Insurance, banking, glass fiber and other sectors ranked among the top in declines.

Some securities firms said that with the continuous implementation of downstream practical applications, artificial intelligence is expected to enter the stage of prosperity from conceptual and theme investment. The market's focus has changed from "whether technology can be realized" to "whether enterprises can make profits."

The market trading activity has not diminished, and the scale of margin financing in the two cities has grown for eleven consecutive weeks, setting a record high. Stock ETFs performed strongly this week, with an increase of 5.57%! Cross-border ETFs also performed strongly, with an increase of more than 3%.

Fund flow shows that the net inflow of funds in this period was 5.096 billion yuan, and the confidence of on-site funds continued to boost. Stock (industry) ETFs were catalyzed by positive factors and continued rotation, with inflows of 11.47 billion. Cross-border ETFs are still very attractive, with more than 18.8 billion inflows this week.

In the short term, the index is likely to fluctuate narrowly, while the long-term upward trend has not changed. Investors can pay attention to investment opportunities in areas such as chips with accelerated domestic substitution, artificial intelligence with AI applications, and rare earths with improved supply and demand.