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Large model companies are sprinting for A-shares, while AI applications in the US stock market continue to rebound. The gaming and media ETF, AXA SPDB (517770), rose nearly 2%, aiming for a second consecutive day of gains, with the valuation of the underlying index at historically low levels, highlighting its cost-effectiveness

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May 31, 2026 at 09:17 PM

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The Gaming Media ETF, AXA SPDB (517770), rose nearly 2%, while VCG hit the daily limit. The large model company MiniMax has hired consultants to sprint towards the A-share STAR Market, serving over one million customers. The AI application sector in the US stock market rebounded, with Snowflake and others exceeding expectations. Guojin Securities believes that AI is transitioning from demonstration to production level, driving demand for system capabilities. This ETF tracks an index with a price-to-earnings ratio of only 16.39 times, which is at a historically low percentile, highlighting its cost-effectiveness

As of 10:06, the Gaming Media ETF AXA SPDB (517770) rose by 1.74%; among the sample stocks, VCG hit the daily limit, Tencent Holdings rose by 1.03%, Kuaishou-W rose by 4.08%, Focus Media rose by 0.9%, BlueFocus rose by 2.87%, Liou Co. fell by 0.17%, Yanshan Technology rose by 1.56%, Kunlun Wanwei rose by 2.12%, Giant Network rose by 1.43%, Bilibili-W rose by 2.05%, and 37 Interactive Entertainment rose by 1.67%.

According to Wind data, the Gaming Media ETF AXA SPDB (517770) ranks first among ETFs tracking the same underlying index in terms of the latest scale.

Large model companies are sprinting for the A-share market. On May 31, MINIMAX-W announced that the company has hired professional consultants to provide advice on meeting the listing requirements for the A-share STAR Market and has signed a guidance agreement. Previously, on May 28, MiniMax disclosed the latest business data: as of now, the number of global enterprises and developer clients served by the company has exceeded one million, a fivefold increase compared to six months ago; the global user base is approximately 300 million.

Overseas, the AI application sector in the U.S. stock market has seen a strong rebound. Last week, companies like Snowflake, MongoDB, and Okta continued to exceed expectations in their performance and guidance, with Snowflake's stock price rising by 48.4% in a week, and Okta rising by 33.6%, driving the IGV index up by 8% during the week.

Guotai Securities pointed out that a one-size-fits-all approach to the swallowing theory is unreasonable, as IT projects are systematic solutions. The linear narrative of "AI swallowing all SaaS" does not align with the real industrial logic. As AI transitions from demonstration-level to production-level, the demand for observability, security, data governance, vector retrieval, workflow collaboration, and other systemic capabilities is structurally amplified. The leap in multimodal model capabilities represented by Seedance 2.0 is driving sub-segment scenarios like anime agents across the commercialization inflection point.

From a valuation perspective, the latest price-to-earnings ratio of the SHS Gaming Media Index tracked by the Gaming Media ETF AXA SPDB (517770) is only 16.39 times, which is at the 0.25% percentile since the index was established, indicating that the valuation is below 99.75% of the range since the index was established.

The Gaming Media ETF AXA SPDB (517770) closely tracks the CSI Hugangshen Game and Culture Media Index, which selects 50 high-quality listed company securities involved in gaming, film and television, broadcasting, advertising, publishing, education, and cultural performances from the markets of Shanghai, Hong Kong, and Shenzhen, covering the cultural entertainment industry chain; particularly in terms of gaming and media companies in the Hong Kong market, leading enterprises such as Kuaishou, Tencent Holdings, and Bilibili serve as weighted stocks.