The Value Migration of Software ETFs: The Logical Qualitative Shift from Computing Infrastructure to AI Application Prosperity
Author: Yanyu
Introduction: The Software ETF Huifu (159590) is the fund most closely related to the concepts of AI application and intelligent agents.
Summary: Historical experience proves that every wave of technological revolution follows the pattern of infrastructure first, then application. In 2026, with the cliff-like drop in inference costs, the value center of the AI industry is inevitably shifting from upstream computing power providers to downstream application end. With its significantly leading AI purity data among peers, the Software ETF Huifu (159590) is becoming the core vehicle to capture the profit switching dividends of this round.
Leading Allocation Advantage Under Holdings Data
In this "Year One of Application" of 2026, capital's choice of assets has shifted from vague concepts to precise "purity" benchmarking. According to Wind's latest statistics as of January 16, 2026, the CSI All Share Software Index (h30202.CSI) tracked by the Software ETF Huifu (159590) shows extremely high industry representativeness: its AI application concept content reaches 35.2%, and its intelligent agent concept content is as high as 39.3%.
This data reflecting industry purity is not only significantly higher than the ChiNext Software Index (20.8%) and the Software Development Index (33.7%), but also deeply reflects its leading allocation in the process of AI industrialization and implementation.
This high-purity underlying architecture covers core enterprises such as iFlytek, Yonyou Network, Tonghuashun, 360, and Thundersoft, ensuring that the Software ETF Huifu (159590) can accurately capture AI dividends across multiple scenarios from office collaboration to industrial software.
Profit Elasticity Released by Declining Inference Costs
Standing at the beginning of 2026, the profit statement of the AI industry chain is undergoing reconstruction. The past two years were the peak period for GPU computing power infrastructure, while the current continuous decline in inference costs is releasing huge application space. Actual test data shows that inference costs have dropped by about 40% in the past year, which means the threshold for software companies to integrate large models has been significantly lowered, and gross profit margins have been substantially lifted.
This shift has clear signals in capital flow. Although the software sector has experienced recent fluctuations, the Software ETF Huifu (159590) has shown an extremely strong "capital-attracting" constitution. By late January, the fund's shares had increased by a net 353 million units within a month, a growth of 161%, ranking first among the same index. Behind the large influx of capital against the trend is a high consensus among professional investors that the software track is moving from the "R&D investment period" to the "performance realization period".
From Subscription Services to Intelligent Agent Value Reshaping
In 2026, the software industry is undergoing a transition from traditional SaaS subscription to intelligent agent (Agent) value reshaping. On January 15, Alibaba's Qianwen App announced an upgrade, fully integrating ecosystems such as Taobao, Alipay, and Gaode, achieving an AI closed loop for complex tasks like ordering takeout and booking flights within the App, becoming the world's first Agent entry point to complete real-life tasks.
This evolution has given component stocks in the Software ETF Huifu (159590), such as leaders like Kingsoft Office and Yonyou Network, the ability to evolve from operational tools to "digital employees". For enterprise customers, intelligent agents have greatly improved production efficiency; for investors, this means a revaluation of software companies' average revenue per user (ARPU). Software is no longer static code, but dynamically evolving productivity, which directly pushes up the valuation ceiling of related enterprises.
Conclusion: Seizing the High Ground in Application Prosperity
In the 2026 AI wave, computing power is the base, and software applications are the endpoint for value harvesting. With the implementation of policies such as the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)", the number of connected industrial equipment will exceed 120 million units. As the "neural center" connecting all things, the value of software is being reshaped.
Through scientific index-based layout, the Software ETF Huifu (159590) bundles AI application targets with core barriers. In the second half of the AI game, targets with high-purity AI genes and deep scenario accumulation will show stronger defensive and offensive capabilities. For traders who want to accurately allocate AI application and intelligent agent dividends, the Software ETF Huifu (159590) is an indispensable standardized base position.
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