Tesla Invests $2.9 Billion, Rushes to Purchase Chinese Photovoltaic Equipment! Photovoltaic + Optical Module Dual Push, Huabao Fund Double Innovation ETF (588330) Reaches Highest Gain of 3.42%

On Friday (March 20), major A-share indices all declined, with the ChiNext Index rising 1.3% against the trend. The hard technology broad-based ETF—Double Innovation Leaders ETF (588330), which covers high-growth leaders in the ChiNext and STAR Market—had the highest intraday gain of 3.42%, closing up 1.28%. The ETF traded at a wide intraday premium, indicating strong buying momentum. Previously, it absorbed a total of 22.67 million yuan over the past five days.

In terms of constituent stocks, semiconductor leader Zhaoshengwei rose over 13%, with net main capital inflows of 3.133 billion yuan, topping the A-share capital inflow list; optical module leader New Easy Sheng gained more than 8%, reaching a new historical high; photovoltaic equipment leader Sunlight Power rose over 5%, with net main capital inflows of 2.619 billion yuan, ranking third on the A-share capital inflow list.

On the news front, focus on two more active sectors:

1. Photovoltaics: Tesla plans to spend about $2.9 billion to purchase Chinese photovoltaic equipment and aims to add 100 GW of PV manufacturing capacity in the U.S. Industry insiders point out that due to severe power shortages caused by AI data centers and manufacturing, combined with tariff barriers making the U.S. solar economy deployment artificially costly, Tesla is turning to China for equipment procurement. Tianfeng Securities believes that if policies like “electricity calculation synergy” continue to benefit, and new industry models such as direct connection to green power accelerate, the attention on new energy infrastructure could keep rising.

2. Optical Modules: The upcoming simultaneous conferences—OFC, a major global optical communications event, and NVIDIA GTC—provide clear technological roadmaps and production certainty for the industry. CITIC Construction Investment predicts that by 2026, demand for 800G optical modules will continue to grow rapidly, with shipment scales of 1.6T expected to increase significantly, and R&D for 3.2T optical modules has officially begun.

Looking ahead, Kaiyuan Securities believes that under the “14th Five-Year Plan,” technological security remains the main focus, significantly boosting self-reliance and strength in science and technology. Key industries are forming a “8466” development pattern. New productive forces are expected to take over the pillar industry status of real estate, forming a rapid development trend with energy (new energy + controlled nuclear fusion) as the base, and core industries (AI + electronics semiconductors, aerospace + low-altitude economy, embodied intelligence, biomedicine, etc.) advancing side by side.

【No fear of rotation, one-click package of China’s core technology】

The broad-based Double Innovation Leaders ETF (588330) and its off-market connection funds (Class A: 013317 / Class C: 013318) select the top 50 large-cap strategic emerging industry listed companies from the STAR Market and ChiNext as index samples, covering hot themes like optical modules, semiconductors, and photovoltaic equipment. The ETF is also a target for margin trading and interconnectivity, making it an efficient tool for one-click deployment of new productive forces.

Notably, the Double Innovation Leaders ETF (588330) index was awarded the “2025 Broad-Based Growth Champion,” with a cumulative increase of 60.86% in 2025, outperforming major broad-based indices such as the ChiNext 50 (57.45%), ChiNext Index (49.57%), Sci-Tech Innovation Board Composite Index (46.30%), and Sci-Tech Innovation 50 (35.92%).

Institutional reference sources: ① Tianfeng Securities’ March 19 report “‘Electricity Calculation Synergy’ included in government work report, new infrastructure projects gain attention”; ② CITIC Construction Investment’s December 23, 2025 report “High-speed optical module demand continues to grow, Scale-up may open new market space”; ③ Kaiyuan Securities’ March 2 report “2026 Spring Macro Outlook: Improving quality and efficiency, technological breakthroughs.”

ETF fee details: The Double Innovation Leaders ETF does not charge sales service fees. Subscription and redemption agents may charge commissions up to 0.5%, including related fees from stock exchanges and registrars. Intraday trading costs are based on actual charges by securities firms.

Connection fund fee details: Huabao CSI Sci-Tech Innovation and Entrepreneurship 50 ETF Initiated Connection Fund (Class A) has a subscription fee of 1,000 yuan per transaction for subscriptions of 2 million yuan or more, 0.6% for 1-2 million yuan, and 1% below 1 million yuan; redemption fees are 1.5% if held within 7 days, 0.1% for 7-30 days, and 0% beyond 30 days, with no sales service fee. Huabao CSI Sci-Tech Innovation and Entrepreneurship 50 ETF Initiated Connection Fund (Class C) has no subscription fee, with redemption fees of 1.5% within 7 days and 0% beyond, and a sales service fee of 0.3%.

Risk warning: The Double Innovation Leaders ETF passively tracks the CSI Sci-Tech Innovation and Entrepreneurship 50 Index, which was launched on December 31, 2019, and published on June 1, 2021. The index’s annual gains/losses from 2020 to 2024 are 86.90%, 0.37%, -28.32%, -18.83%, and 13.63%, respectively. The constituent stocks are adjusted according to the index rules; past performance does not predict future results. The stocks mentioned are for display only; descriptions do not constitute investment advice and do not reflect holdings or trading activities of any funds managed by the manager. The risk level of the ETF is assessed as R4—medium-high risk, suitable for active investors (C4 or above). Investment decisions are at the investor’s own risk. All information in this article is for reference only. The author and publisher do not assume any responsibility for investment decisions or losses. Past performance does not guarantee future results.