On the afternoon of August 14, the computing power sector experienced a sudden surge, with compute leasing stocks breaking out again. Data Holdings quickly hit its daily limit, Wangsu Science & Technology surged 20% to its daily limit, Aofei Data rose over 7%, and Yun Sai Zhi Lian, Er Liu San, and CapitalOnline were among the top gainers. The pure-play computing ETF, Cloud Computing ETF Huabao Fundamental (159099), saw its intraday gains surge over 2% before closing up 1.95%.
Entering August, the compute leasing concept has continued to strengthen. As of the close on August 14, the sector's cumulative gain reached 14.59%, significantly outperforming broader tech indices like the ChiNext Index and the STAR 50 Index. The strong performance and share price rallies of overseas compute leasing giants have had a clear mapping effect on the domestic market. This is compounded by the certainty of compute power shortages, as advancements in large models and downstream application capabilities further expand demand, enhancing the sector's future earnings certainty.
As of the latest data, the compute leasing exposure* of the underlying index for Cloud Computing ETF Huabao Fundamental (159099), the Cloud Computing 50 Index, stands at 58.95%, leading comparable indices such as the Cloud Computing Index (42.43%) and the Shanghai-Hong Kong-Shenzhen Cloud Computing Index (46.11%).
On the news front, DeepSeek has implemented a new pricing scheme adopting peak and off-peak pricing, with off-peak prices being half of peak rates. Peak hours are defined as 9:00-12:00 and 14:00-18:00 Beijing time, with all other times considered idle periods. According to media estimates, taking the newly released DeepSeek V4 Pro as an example, the input price per million tokens is 12 times the original (cache hit) and 3 times (cache miss), while the output price is 4.5 times the original. Even during idle periods, these three price categories are 6 times, 1.5 times, and 2.25 times the original, respectively. This move marks a shift for large models from a "price war" towards pursuing sustainable profitability, while also further validating the tight supply situation in the AI wave.
It is noteworthy that the price increases for large models shift profits upstream in the industry chain, making compute leasing the most directly benefiting segment. Additionally, Shanghai recently issued an action plan explicitly supporting the provision of compute power subsidies according to laws and regulations, encouraging private enterprises to lease intelligent computing resources for large model development, training, and application deployment. Data from the China Academy of Information and Communications Technology (CAICT) projects that the domestic compute leasing market size could surpass 260 billion yuan by 2026. Over the medium to long term, it is estimated that the compute leasing market could approach the trillion-yuan mark by 2030, with the intelligent computing sub-sector maintaining a compound annual growth rate above 43%.
Northeast Securities pointed out that the AI industry has entered a phase of large-scale commercial application, with model iterations and diverse scenarios jointly driving demand for computing power. Leading internet companies are continuously locking in long-term intelligent computing contracts, which indirectly confirms the current shortage of compute resources. Constrained by funding and operational barriers, small and medium-sized AI entities find it difficult to build their own clusters, thereby continuously broadening the base demand for compute leasing. As token call volumes grow exponentially, the industry's business model is shifting from traditional per-card or per-time-period leasing to refined, token-based pricing. Combined with the tightening supply of overseas high-end GPUs and the implementation of domestic compute power support policies, the sector has a clear trend of simultaneous volume and price increases.
As a core foundation and key infrastructure for the AI era, cloud computing possesses strong thematic allocation value against the backdrop of AI compute power expansion, accelerated data center construction, and a cyclical upturn in cloud infrastructure. Cloud Computing ETF Huabao Fundamental (159099) passively tracks the CSI Cloud Computing 50 Index, with nearly 60% exposure to compute leasing. Its top ten heavyweight stocks cover key sectors and leaders, including optical modules (Zhongji Innolight, Eoptolink Technology), servers/AI computing power (Dawning Information Industry, Inspur Electronic Information Industry), data centers (Runsheng Technology), and software platforms (Kingsoft Office, Hundsun Technologies), enabling investors to fully capture the investment opportunities arising from AI compute power expansion and the cyclical upturn in cloud infrastructure.
Where to Begin
Investors should note that the compute leasing exposure refers to the combined weight of index constituent stocks within Cloud Computing ETF Huabao Fundamental (159099) that are also part of the IDC (Compute Leasing) Index. As of August 14, this figure was 58.95%. The institutional viewpoint was sourced from Northeast Securities' August 13, 2026 report on the computer industry.
Understanding Costs and Risks
Regarding ETF fund fees, when investors subscribe for or redeem fund shares, the subscription and redemption agency may charge a commission of up to 0.5%. On-exchange trading fees are subject to the actual charges of the securities company, and no sales service fee is charged.
Cloud Computing ETF Huabao Fundamental (159099) passively tracks the CSI Cloud Computing 50 Index, which was established on December 31, 2014, and launched on June 12, 2020. The index's performance over the past five complete fiscal years was -9.71% in 2021, -23.97% in 2022, 11.81% in 2023, 27.53% in 2024, and 93.52% in 2025. Its annualized volatility over the same periods was 20.91% in 2021, 27.12% in 2022, 33.95% in 2023, 42.39% in 2024, and 40.00% in 2025. The composition of the index's constituent stocks is adjusted according to the index's compilation rules. Its back-tested historical performance does not guarantee future results. This fund is issued and managed by Huabao Fund. Distributors do not bear the investment, payment, or risk management responsibilities for the product. Investors should carefully read fund legal documents, including the Fund Contract, the Prospectus, and the Fund Product Information Summary, to understand the fund's risk-return characteristics and select products suitable for their own risk tolerance. The fund manager has assessed the fund's risk rating as R3-Medium Risk, suitable for investors with a balanced (C3) risk profile or above. When subscribing or purchasing through a distributor, the specific risk rating result shall be based on the rating of the fund's sales institution. Sales institutions (including the fund manager's direct sales and other sales institutions) conduct risk assessments on the fund according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. The suitability opinions of various fund sales institutions may not be consistent, and the risk product rating results issued by the fund sales institution shall not be lower than the risk rating result made by the fund manager. The fund's risk-return characteristics and risk grade in the fund contract may differ due to different factors considered. Investors should understand the fund's risk and return profile, carefully select fund products based on their own investment objectives, time horizon, investment experience, and risk tolerance, and bear the risks themselves. The registration of this fund with the China Securities Regulatory Commission does not imply a substantive judgment or guarantee regarding the fund's investment value, market prospects, or returns. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Past performance is not indicative of future results. Fund investment involves risks, and caution is required!