Focus on the deterministic opportunities in optical modules! Xinyi Sheng reaches new highs, and the ChiNext Artificial Intelligence ETF (159363) is the right time for a computing power-focused allocation.

On Friday, March 20th, the ChiNext Artificial Intelligence sector retreated from recent highs, with component stocks showing a mixed picture. CPO optical modules defied the trend and strengthened, with New Easpring closing up 8%, hitting a record high. Zhongji Xuchuang rose over 6%, Guangku Technology gained more than 9%, and several stocks like Changxin Bochuang, Taichen Optoelectronics, and Tianfu Communication rose over 1%. However, IDC computing power leasing unexpectedly plummeted, with Zhaochuang Data hitting a 20% limit down during trading.

In popular ETFs, the largest ChiNext AI ETF, Huabao (159363), surged over 3% in the morning but fell back slightly in the afternoon, ending the day down 0.37%, with a daily turnover of 871 million yuan. Over the week, Huabao (159363) recorded a rare upward trend, achieving two consecutive weekly gains amid the broader decline.

Why did the computing power leasing sector suddenly turn volatile in the afternoon? It may have been triggered by a small incident that caused short-term market sentiment to fluctuate.

According to Shanghai Securities News, rumors circulated that “some overseas server manufacturers are involved in illegal transactions,” which directly impacted the computing power leasing sector. Zhaochuang Data’s stock price plunged sharply, hitting the limit down at one point. In response, Zhaochuang Data quickly issued a media statement, clarifying that the incident was unrelated to the company. The company’s intelligent computing power products are all procured through compliant commercial channels, and operations are normal.

From a medium- to long-term perspective, demand for computing power continues to rise. Domestic cloud providers like Alibaba and Tencent are raising prices, indicating that the supply-demand imbalance is real and that profit expectations for the computing power leasing industry chain are likely to be revised upward. Kaiyuan Securities believes that the widespread adoption of AI applications is fueling inference demand. Coupled with Nvidia’s capacity constraints, rising hardware costs, and gaps in domestic substitution, the market for computing power leasing is entering a “seller’s market,” and price increases may continue.

Regarding CPO optical modules, with Nvidia’s GTC conference officially introducing optical communication for inter-chip connectivity and the unexpected approval of 1.6T optical module orders, new technologies represented by CPO are entering a critical phase of commercial-scale validation. CITIC Securities states that, focusing on the inflationary trend in the computing power chain, the global demand for computing power continues to exceed expectations. Upstream sectors are expected to remain prosperous and see continued price increases. Computing power remains the most certain main theme for technology sector allocations, emphasizing “prosperous growth.”

To seize AI-related opportunities, it is recommended to focus on the ChiNext AI ETF (159363), which offers a one-click allocation of “computing power + AI applications,” as well as OTC connections (Class A 023407, Class C 023408), which directly benefit from the explosive growth of AI commercialization. Sector-wise, about 60% of the ChiNext AI ETF’s holdings are in computing power (including leading optical module and IDC companies), and about 40% are in AI applications—covering not only core “computing power” but also truly representing “AI applications.”

Data sources: Shanghai and Shenzhen Stock Exchanges, etc.

ETF-related fee disclosures: When investors subscribe or redeem fund shares, the subscription or redemption agency may charge a commission of up to 0.5%. On-exchange trading fees are based on the actual charges by securities firms; no sales service fee is charged. For linked funds, the ChiNext AI ETF launch-based linked C fund does not charge a subscription fee; redemption fee within 7 days is 1.5%, after 7 days (inclusive) is 0%; sales service fee is 0.3%. The launch-based linked A fund charges a subscription fee of 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan for amounts above 2 million yuan; redemption fee within 7 days is 1.5%, after 7 days (inclusive) is 0%; no sales service fee.

Institutional views referenced from: Kaiyuan Securities “Focusing on the Three Major Investment Themes of ‘Token Factory’”; CITIC Securities “Focusing on the Inflationary Trend of the Computing Power Chain, Optimistic about Nvidia GTC Strengthening Confidence in AI Industry Growth.”

Risk reminder: The Huabao ChiNext AI ETF passively tracks the ChiNext AI Index, which is based on data from December 28, 2018, with a publication date of July 11, 2024. The annual gains and losses of the ChiNext AI Index from 2021 to 2025 are: 17.57%, -34.52%, 47.83%, 38.44%, 106.35%. The index components are adjusted periodically according to the index rules; past performance does not predict future results. The stocks listed are for illustration only; descriptions do not constitute investment advice and do not reflect holdings or trading activity of any fund managed by the issuer. The risk level of this fund, assessed by the manager, is R4—medium-high risk, suitable for active investors (C4) and above. Suitability opinions are subject to sales institution assessments. All information in this article (including stocks, comments, forecasts, charts, indicators, theories, or any other statements) is for reference only. Investors are responsible for their own investment decisions. The views, analysis, and forecasts in this article do not constitute investment advice. The past performance of funds does not guarantee future results, and the performance of other funds managed by the same manager does not guarantee the performance of this fund. Investment involves risks; please invest cautiously.

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