The price hike cycle continues, with Huabao Fund's Food and Beverage ETF rising over 1% against the market trend. The sector experiences a pullback, while artificial intelligence on the ChiNext board attracts funding attention. Tencent Cloud officially announces a price increase!

On March 13, geopolitical clouds gathered, and the overall A-share market retreated. The Shanghai Composite Index fell below 4,100 points, with more sectors declining than rising. Over 3,800 stocks declined.

Amidst the volatility, Hangzhou Bank hit a new high against the trend, and the billion-dollar top-flow bank ETF (512800) quietly posted four consecutive days of gains. Recently, banks have been climbing steadily, indicating renewed market confidence in the sector.

The “price increase” trend shifted to the livelihood consumption sector, with food and beverage stocks leading the gains. The food and beverage ETF (515710), reflecting the overall trend of eating and drinking sectors, once rose over 1% intraday and closed up 0.71%. The catalyst may be rising raw material costs prompting expectations of higher prices for end consumer goods.

Previously popular concepts such as computing power chips, commercial aerospace, and non-ferrous metals continued to retreat. The ChiNext AI ETF (159363) closed down 1.84% for three consecutive days of decline, with a trading volume of 52 million units, but attracted 52 million units of capital.

Western Securities believes that by 2026, the main theme of A-shares may shift from technology to the inflation chain. Three key directions to watch are: 1) the energy chain, representing imported inflation; 2) endogenous inflation, driven by traditional industries like chemicals and pig farming, which are “counter-inflation”; 3) technology-driven price increases, including infrastructure for computing power, optical communications, and upstream AI industry chains.

Notably, despite the overall decline in Hong Kong stocks, internet giants remained active against the trend. Alibaba and Tencent maintained gains throughout the day, with Alibaba-W once rising over 2%. The intelligent agent ecosystem represented by OpenClaw exploded, leading to a rapid increase in token call volume. The Hong Kong internet ETF (513770), heavily invested in internet leaders, is expected to benefit directly from the accelerated commercialization of large models. To reduce volatility, the Hong Kong Top 30 ETF (520560), which combines technology and dividend strategies, may also be worth attention.

【All About ETFs Hot Review】Next, let’s focus on the trading and fundamentals of the food and beverage, Hong Kong internet, and ChiNext AI sectors.

【“Moutai, Wuliangye, Luzhou Laojiao” collectively rallying, Huabao Fund Food & Beverage ETF (515710) defies the trend with gains! Institutions: Short-term volatility won’t affect the long-term positive trend of the sector】

The food and beverage sector rose against the trend. The Huabao Food & Beverage ETF (515710), reflecting the sector’s overall trend, quickly surged after opening, then continued to fluctuate in the red, with intraday high up 1.07%. By close, it gained 0.71%.

In terms of constituent stocks, Andy Su soared over 6%, Chongqing Brewery up over 3%, Luzhou Laojiao, Haitan Flavoring, and other leading liquor companies rose over 2%, with Maotai, Fenjiu, Wuliangye, and Yanghe shares all in the red.

On the news front, in early March, the national white wine price index saw a slight increase. Data from white wine price surveys showed that in early March, the national white wine price index was 100.03, up 0.03%. The wholesale price index for white wine was 106.19, up 6.19%.

Some institutions note that after peak seasons like the Spring Festival, the white wine market typically enters a relatively stable period. This seasonal fluctuation does not affect the long-term positive trend, especially for high-end brands whose brand strength and market demand remain solid.

Valuation-wise, the food and beverage sector remains at low levels. As of yesterday (March 12), the PE ratio of the Huabao Food & Beverage ETF’s underlying index was 19.37, at the 1.76% percentile over the past decade, highlighting good value for medium- to long-term allocation.

Looking ahead, Hualong Securities states that current consumer sector valuations are at historically low levels, fully reflecting market pessimism. With more consumption-stimulating policies expected, the sector may see valuation recovery.

Investors can easily allocate core assets in the food and beverage sector via the Huabao ETF (515710). According to CSI data, this ETF tracks the CSI Sub-Industry Food & Beverage Index, with nearly 60% of holdings in liquor giants like Moutai, Luzhou Laojiao, and Wuliangye, along with Yili and Haitan. Off-market investors can also consider the Food & Beverage ETF Connect Fund (A-shares 012548 / C-shares 012549) for core asset allocation.

【Agent boosts large model commercialization, Tencent Cloud announces price hikes! Internet giants active against the trend, Alibaba approaches 2% gain】

Hong Kong stocks declined again, but internet sector remained active. Alibaba-W and Tencent Holdings rose against the trend, with Alibaba-W once up over 2%. The Hong Kong AI core tool ETF (513770) mostly rose during the day, closing down 0.22%. The Hong Kong Top 30 ETF (520560), with its “tech + dividend” strategy, showed resilience, closing up 0.12%.

Regarding Hong Kong stock trends, geopolitical tensions suggest a short-term unresolved situation, and the overall market may still face external uncertainties. In the tech sector, after significant declines earlier, the rapid development of AI agents suggests that leading internet stocks may benefit from valuation recovery and industry transformation.

Industry news includes Tencent Cloud’s recent announcement of a substantial price increase for the Hetu series large model API, with hikes up to 463%. The OpenClaw ecosystem’s explosion has driven a rapid increase in large model token calls, benefiting model vendors.

Guotou Securities notes that Alibaba Cloud and Tencent Cloud have launched OpenClaw cloud deployment solutions since late January, offering models, computing power, and interactive front-end capabilities. The iteration of agent products presents significant business opportunities for large model and cloud service providers.

Looking ahead, the GTC conference, dubbed the “AI Spring Festival,” will start on March 16. As a global AI computing power benchmark, Huang Renxun’s keynote will outline technological directions and serve as an AI market catalyst. Past conferences have seen technological upgrades in AI chips, optical modules, liquid cooling, and CPO, each sparking structural opportunities. Which sectors might be ignited this time?

Guotou Securities expects the GTC to showcase NVIDIA’s Rubin and Feynman architecture GPU cores, along with disruptive upgrades in CPO optical interconnects, 800V high-voltage power supplies, and liquid cooling. As the event approaches, the hardware sector has preheated, and the industry chain’s technological and commercialization paths will become clearer. Focus on leading optical module and computing hardware stocks.

Seize AI hot spots with a one-click allocation of the ChiNext AI ETF (159363) and its off-market connect funds (A-shares 023407 / C-shares 023408), which directly benefit from AI commercialization growth. About 60% of the ChiNext AI ETF’s holdings are in computing power (leading optical modules and IDC firms), and about 40% in AI applications, representing both core infrastructure and application sectors.

Source: Shanghai and Shenzhen Stock Exchanges, as of March 13, 2026.

Note: Fund fee rates are detailed in each fund’s legal documents.

Institutional reference sources: ①Hualong Securities 20260309 “2026 Government Work Report emphasizes promoting sustained consumption growth, sector benefits from policy support”; ②Guotou Securities 20260313 “Agent iteration brings opportunities for cloud service providers, recommend关注 Alibaba and Tencent”; ③Guosheng Securities 20260308 “GTC approaching, computing power heats up again”; ④Guosheng Securities 20260312 “Broadcom releases 400G DSP, New Easy盛 announces first deployment, emphasizes open decoupled computing network ecosystem.”

Risk warning: The Food & Beverage ETF and its connect funds passively track the CSI Sub-Industry Food & Beverage Index, launched on December 31, 2004, published on April 11, 2012; the Hong Kong internet ETF and its connect funds track the CSI Hong Kong Stock Connect Internet Index, launched on December 30, 2016, published on January 11, 2021; the ChiNext AI ETF and its connect funds track the ChiNext AI Index, launched on December 28, 2018, published on July 11, 2024. The index components are adjusted periodically according to the index rules. Past backtest performance does not predict future results. Stocks mentioned are for objective illustration only and do not constitute recommendations or investment advice. All information (including stocks, comments, forecasts, charts, indicators, theories, etc.) is for reference only. Investors are responsible for their own investment decisions. The views, analyses, and forecasts in this article do not constitute investment advice. The company is not responsible for any direct or indirect losses caused by using this content. Investors should carefully read the fund’s legal documents, understand the risk-return profile, and choose products suitable for their risk tolerance. Past performance is not indicative of future results. Fund managers’ other funds’ performance does not guarantee future results. According to the fund manager, the risk level of the Food & Beverage ETF (515710) is R3—medium risk, suitable for balanced (C3) and above investors; the Hong Kong internet ETF (513770) and ChiNext AI ETF (159363) have a risk level of R4—medium-high risk, suitable for aggressive (C4) and above investors. Suitability opinions are subject to sales institutions’ assessments. The risk ratings provided by sales institutions may differ from those of the fund manager and must not be lower than the fund manager’s ratings. Differences in risk and return characteristics may exist between the fund and its legal documents due to different considerations. Investors should understand the risk-return profile, consider their investment objectives, horizon, experience, and risk capacity, and bear the risks themselves. The CSRC’s registration of the funds does not imply any judgment or guarantee of their investment value, market prospects, or returns. Investment should be cautious.