On the morning of February 3rd, CPO optical modules staged a strong rebound. Shenzhen Zesum Technology Co.,Ltd. surged by the 20% daily limit, while Suzhou Tfc Optical Communication Co.,Ltd. soared over 11% to hit a fresh record high. Other stocks like Changxin Bocom, Guangku Technology, and Taichenguang rose more than 8%, with Zhongji Innolight and Eoptolink gaining over 3%. The ChiNext Artificial Intelligence ETF (159363) saw a significant intraday reversal, jumping 4% with a notable increase in trading volume, attracting approximately 150 million yuan in inflows over the past two days.
The news catalyst is that the leading optical module companies, often referred to as "Yi Zhong Tian" (comprising Zhongji Innolight, Eoptolink, and Suzhou Tfc Optical Communication Co.,Ltd.), have all disclosed their 2025 annual report performance forecasts. Benefiting from increased global investment in computing power infrastructure, robust demand for high-speed optical modules and devices, and their own cost-reduction and efficiency-improvement measures, all three companies demonstrated strong growth momentum: Zhongji Innolight: Estimated 2025 net profit attributable to shareholders of 9.8-11.8 billion yuan, a year-on-year increase of 89.5%-128.2%. Eoptolink: Estimated 2025 net profit attributable to shareholders of 9.4-9.9 billion yuan, a year-on-year surge of 231.2%-248.9%. Suzhou Tfc Optical Communication Co.,Ltd.: Estimated 2025 net profit attributable to shareholders of 1.881-2.150 billion yuan, a year-on-year growth of 40.0%-60.0%.
Cao Xuchen, the fund manager of the ChiNext Artificial Intelligence ETF (159363), recently expressed his view that against a backdrop of heightened market volatility, ETF investment should focus on "easy questions"—specifically, selecting sectors with clear industry trends and simultaneous upward momentum in both earnings and valuations. He believes that the current global liquidity environment remains accommodative, making assets with solid industry trends more likely to command valuation premiums, which are expected to persist and potentially expand further. Cao Xuchen pointed out that optical modules currently represent a "clear industry trend." In an environment of easy liquidity, their earnings and valuation trajectories are both upward, making them prone to valuation premiums that could continue to widen. As one of the current market's favored "group focus" sectors, optical modules hold a leadership position in the industry trend and have short-term (February-March) supportive catalysts, and are expected to maintain their leading performance. Characterized by strong expectations, strong fundamentals, and low valuations, ChiNext AI stocks, represented by optical modules, may strengthen during periods of market volatility. As AI development shifts from computing power infrastructure building to application deployment, the ChiNext Artificial Intelligence ETF (159363) and its off-exchange counterparts (Class A: 023407, Class C: 023408), which provide one-click exposure to both "computing power + AI applications," stand to benefit more directly from the growth dividends of the commercial explosion in AI technology. In terms of sector allocation, the ChiNext AI ETF allocates approximately 60% of its portfolio to computing power (including leading optical module and IDC companies) and about 40% to AI applications, positioning it not only as a core "computing power" play but also as a genuine representative of "AI applications." Data source: Shanghai and Shenzhen Stock Exchanges, etc. ETF fee description: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%. Intraday trading fees are subject to the rates charged by the securities company; no sales service fee is charged. Connected fund fee description: The ChiNext AI ETF Connect Fund Class C does not charge a subscription fee; a redemption fee of 1.5% applies for holdings less than 7 days, and 0% for 7 days or more; a sales service fee of 0.3% is charged. For the ChiNext AI ETF Connect Fund Class A, the subscription fee is 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan per transaction for 2 million yuan or more; the redemption fee is 1.5% for holdings less than 7 days, and 0% for 7 days or more; no sales service fee is charged. Risk warning: The Huabao ChiNext AI ETF passively tracks the ChiNext Artificial Intelligence Index. The base date for this index is December 28, 2018, and its release date is July 11, 2024. The annual performance of the ChiNext Artificial Intelligence Index from 2021 to 2025 was as follows: +17.57%, -34.52%, +47.83%, +38.44%, +106.35%. The index constituents are adjusted according to the index compilation rules; its backtested historical performance is not indicative of future index performance. The index constituents mentioned are for illustrative purposes only; descriptions of individual stocks are not investment advice in any form and do not represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses this fund's risk rating as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors; the appropriateness matching opinion is subject to the sales institution. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any kind to the reader, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks; the past performance of a fund is not indicative of its future results; the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.
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