Shanghai Securities: China's annual token consumption to reach 1 quintillion in 2026

As of the afternoon of September 22, 2026, the Kechuang 100 ETF BoShi (588030), which tracks the SSE STAR 100 Index (000698), rose by 0.48%, with an intraday peak gain of over 2%.

Component Stock Performance

• Lexin Technology rose over 11%
• Juchen Co., Ltd. rose over 10%
• Hengxuan Technology rose over 9%
• Other stocks including Yirui Technology, Hehe Information, and Shenzhou Cell also followed the upward trend

Medium- to Long-Term Performance

Over a longer timeframe, as of September 21, 2026, the Kechuang 100 ETF BoShi has accumulated a gain of 24.86% over the past six months.

Liquidity

The ETF recorded an intraday turnover rate of 2.73%, with trading volume exceeding 100 million yuan. Over the past year, as of September 21, the fund's average daily turnover stood at 276 million yuan.

Policy Support: Hubei Province Issues "Computing Power Vouchers"

On September 21, the People's Government of Hubei Province issued a series of measures aimed at stabilizing economic growth for the third and fourth quarters. Key highlights include:

• Distribution of "computing power vouchers"
• Increased subsidy ratios
• Expansion of subsidy coverage to include models and token-based services
• Lowering the barrier to computing power access for small, medium, and micro enterprises as well as tech innovation teams

China's Intelligent Computing Power Growth

• China's intelligent computing power rose from 159 EFLOPS in 2021 to 2,185 EFLOPS in the first half of 2026
• The Ministry of Industry and Information Technology (MIIT) has set a target of 9,800 EFLOPS by 2030
• The National Integrated Computing Power Network has been included as a major project in the 15th Five-Year Plan
• As of the end of July 2026, the national total intelligent computing power reached 2.45 million PFLOPS, an increase of approximately 54% from 1.59 million PFLOPS at the end of 2025
• Eight national computing power hubs and three coordinated computing-power development zones account for over 85% of the national total
• As intelligent computing power becomes more concentrated in national hub nodes, the construction of large and ultra-large intelligent computing centers is expected to accelerate, translating into physical infrastructure such as data center buildings and power facilities

Analyst Commentary

Shanghai Securities

• Computing power demand is driving the Token economy
• The computing power network continues to expand
• According to a report from the China Telecom Research Institute, as the AI industry shifts focus from large models and computing power competition to large-scale deployment of intelligent agents and application monetization, China's token demand is experiencing explosive growth
• Estimated annual token consumption in China:
• 2026: 1 quadrillion tokens
• 2030: Over 350 quadrillion tokens
• Compound annual growth rate: Nearly 12x
• Computing power demand in China is expected to grow by an average of nearly 10x per year over the next 2–3 years

Guosheng Securities

• China's computing power market reached 835.1 billion yuan in 2025
• Expected to approach 2 trillion yuan by 2030
• Combined capital expenditure from domestic cloud vendors, telecom operators, and internet companies exceeds 1 trillion yuan
• The entire computing power supply chain is poised for sustained high景气
• Supported by both national strategic positioning and a trillion-yuan market, the long-term allocation value of computing power infrastructure is significant

About the Kechuang 100 ETF BoShi (588030)

The ETF closely tracks the SSE STAR 100 Index (000698), which selects 100 securities from the Shanghai Stock Exchange's STAR Market with medium market capitalization and strong liquidity. Together with the SSE STAR 50 Index, it forms the SSE STAR Scale Index Series, reflecting the overall performance of listed companies across different market capitalization segments on the STAR Market.

Top 10 Weighted Stocks (as of August 31, 2026)

| Stock | Weight | |-------|--------| | Raytron Technology | — | | XinYuan Micro | — | | Huafeng Test & Control | — | | Shijia Photonics | — | | Anji Technology | — | | Puran Co., Ltd. | — | | CSSC Special Gas | — | | Jingzhida | — | | Xinqi Micro | — | | Green Harmonic | — |

Total weight of top 10 holdings: 28.3%

Fund Information

• On-exchange: Kechuang 100 ETF BoShi (588030)
• Off-exchange (OTC) funds:
• BoShi SSE STAR 100 ETF Feeder Fund A: 019857
• BoShi SSE STAR 100 ETF Feeder Fund C: 019858
• BoShi SSE STAR 100 ETF Feeder Fund E: 023990

Disclaimer: The stocks mentioned above are for illustrative purposes only and do not constitute investment advice. Funds carry risks; investment should be made with caution.

Risk Level: Medium-High (as per the fund manager's rating; specific ratings may vary by sales channel)

Risk Warning: Funds differ from bank deposits and bonds, which offer fixed income expectations. Different types of funds carry varying risk and return profiles. Investors may share in the gains or bear the losses from fund investments. Past performance does not guarantee future results. Investors should understand the risk-return characteristics of funds and make decisions based on their own investment objectives, time horizon, experience, and risk tolerance. Investors should not rely on sales practices or promotional materials that do not comply with legal and regulatory requirements. ETFs face specific risks during investment operations, including but not limited to: fluctuations in the underlying index, tracking deviation, index changes, premium/discount in secondary market trading prices, liquidity risks, subscription/redemption failures, realization risks of in-kind redemption, suspension of constituent stocks, and delisting of constituent stocks.