Geopolitical conflicts combined with energy substitution, the accelerated development of computational collaboration, and the phased release of crowded trades. The ICBC Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETF (588430) and the ICBC Growth Enterprise New Energy ETF (159149) are expected to benefit.

Recently, the energy storage industry has continued to improve in prosperity; at the national level, capacity compensation electricity price policies have been implemented, with detailed rules to be introduced by provinces gradually. Coupled with the accelerated promotion of electrical computing collaboration, the strong demand for energy storage in U.S. data centers, and enhanced European household storage subsidies, institutions predict that global energy storage installations are expected to grow by over 60% by 2026.

The IEA estimates that by 2030, global data center electricity consumption will increase to approximately 945 TWh, a significant rise from current levels. This means that the core constraint for AI is shifting from “whether there is a story” to “whether there is continuous power supply, transmission, and capital recovery capability.”

ICBC Credit Suisse Fund states that it remains optimistic about the AI mainline, with a stronger focus on core hardware with the hardest supply bottlenecks and power energy systems that alleviate fundamental energy constraints. In the medium to long term, AI remains one of the strongest main lines for global industrial capital expenditure. On the demand side, data centers and inference expansion are ongoing; on the supply side, chips, packaging, networks, data centers, and electricity remain scarce resources. Capital expenditure from multiple major U.S. companies in AI-related investments is expected to continue increasing through 2026.

In terms of market structure, risks triggered by geopolitical conflicts, rate re-pricing, and crowded trades have been occurring over the past two weeks. At this stage, the market may no longer simply engage in rough trades of “cutting the entire AI sector first,” but may instead reorder within AI. We believe that the AI mainline has not been disrupted; the assets that can truly outperform in the long term are not all AI-related assets, but those that control hard constraints, undertake genuine orders, and realize real cash flows. Investment directions aligned with this include the ICBC Innovation and Entrepreneurship Artificial Intelligence ETF (588430) and the ICBC Growth Enterprise New Energy ETF (159149).

The ICBC Innovation and Entrepreneurship Artificial Intelligence ETF (588430) closely tracks the CSI Innovation and Entrepreneurship Artificial Intelligence Index, which selects 50 listed companies involved in AI basic resources, technology, and application support from the STAR Market and ChiNext as index samples. The index aims to reflect the overall performance of AI-themed listed companies in these sectors. It comprehensively covers the entire AI industry chain, including AI computing power (AI chips, optical modules), AI technology (large models, cloud computing), and AI applications (robots, intelligent driving), striving to accurately capture the growth dividends of AI under new productivity.

The ICBC Growth Enterprise New Energy ETF (159149) closely tracks the ChiNext New Energy Index (399266.SZ), composed of 50 listed companies in the new energy or new energy vehicle industries on the ChiNext. It aims to reflect the operational characteristics of new energy industry listed companies in the ChiNext market. It highly focuses on the energy storage mainline while covering core segments of the entire energy storage industry chain, including traditional scenarios like large-scale and industrial/commercial energy storage, as well as innovative fields such as AI energy storage, AIDC power supplies, and computing-power collaboration.

It is noteworthy that the daily price fluctuation of the CSI Innovation and Entrepreneurship Artificial Intelligence Index and the ChiNext New Energy Index components can reach 20%, showing significant flexibility but also potentially bringing considerable price volatility risks. This makes them more suitable for investors who pursue high elasticity.

As a high-quality tool for layout in the dual-creation AI track, the ICBC Innovation and Entrepreneurship Artificial Intelligence ETF (588430) provides investors with a convenient channel to share the dividends of AI technology iteration and industry implementation. It may be suitable for medium- to long-term investors optimistic about AI industry development and seeking high-elasticity returns, either as a trading or allocation tool.

The ICBC Growth Enterprise New Energy ETF (159149) offers investors a one-stop efficient tool for investing in and allocating to the ChiNext new energy industry targets, further enriching their asset allocation options within the energy storage mainline.

Fund fee disclosures:

The trading fees for the ICBC Innovation and Entrepreneurship Artificial Intelligence ETF and the ICBC Growth Enterprise New Energy ETF are based on the actual charges by securities firms. Purchase fee: When investors subscribe for fund shares, the subscribing and redeeming broker may charge a commission not exceeding 0.5%, including related fees from stock exchanges, registration agencies, etc. Redemption fee: When investors redeem fund shares, the broker may charge a commission not exceeding 0.5%, including related fees from stock exchanges, registration agencies, etc. The management fee for the Innovation and Entrepreneurship Artificial Intelligence ETF is 0.45% annually, with a custody fee of 0.10% annually. The management fee for the Growth Enterprise New Energy ETF is 0.50% annually, with a custody fee of 0.10% annually.

Risk warning: The fund manager manages and utilizes the fund assets in accordance with principles of diligent duty, honesty, and prudence but does not guarantee the fund will be profitable or that there will be minimum returns. Both the ICBC Innovation and Entrepreneurship Artificial Intelligence ETF and the ICBC Growth Enterprise New Energy ETF are stock funds, with risks and returns higher than hybrid funds, bond funds, and money market funds. Both are index funds that mainly adopt full replication strategies, tracking the performance of their underlying indices, and have risk-return characteristics similar to the stocks in the indices and the stock markets they represent. Investing in ETFs involves risks such as the volatility of the underlying index, deviation of fund portfolio returns from the index, and tracking error risks. Investors should carefully read the “Fund Contract,” “Prospectus,” “Fund Product Summary,” and other legal documents before investing, fully understand the product details, fee structure, charges across sales channels, and listen to the suitability opinions of sales institutions, then choose investment products suitable for their risk tolerance. Investment in funds should be cautious.