On the afternoon of May 13th, computing hardware surged dramatically. Leading optical module company Tianfu Communication skyrocketed over 10%, approaching its previous high, while Xinyisheng surged over 6% and Zhongji Xuchuang rose over 3%. Among popular ETFs, the GEM Artificial Intelligence ETF (159363), which has over 50% exposure to optical modules/CPO and the highest concentration of key players ("Yi Zhong Tian"), soared 4.75%, achieving six consecutive days of gains and hitting a new all-time high. Notably, since entering a super boom cycle on April 8, 2025, the underlying index of the GEM AI ETF (159363) has skyrocketed over 261%, significantly outperforming similar AI-themed indices.
With the rally extending to this point, many investors may be questioning: Is it still advisable to buy after such gains? There's even a viewpoint suggesting that computing power optical modules are becoming cheaper as their prices rise.
In response, Cao Xuchen, Fund Manager of the GEM AI ETF (159363), stated: Firstly, after a broad market rally, market differentiation is bound to intensify. Secondly, the notion of becoming cheaper as prices rise doesn't truly exist. However, as the sector's growth acceleration outpaces the rise in stock prices, valuation levels for the sector may decline.
Looking ahead, Cao Xuchen analyzed: In the short term, against a backdrop of ample liquidity, the market may continue to experience sessions like today's (May 13th), where it opens with a pullback followed by sidelined capital rushing back in, forming a final acceleration phase. This could last less than a week (depending on the outcome of Trump's visit to China for negotiations). Following this short-term acceleration, the overall market trend may enter a phase of heightened volatility, requiring further observation. Companies with strong fundamentals may consolidate or continue upward, while those with weaker fundamentals may see significant pullbacks after catching up.
Cao Xuchen analyzed that technology assets are priced based on industry prosperity, the core of which lies in the growth rate of industrial development. Generally, a high-growth model involves product upgrades and volume increases (e.g., GPUs, optical modules), while an even faster growth model involves price increases (e.g., memory). Overall, valuations for the main AI sectors remain manageable, and a bubble-like market hasn't arrived yet, necessitating further observation.
Subsequently, as the market gradually moves towards valuation bubbles in the later stages, sector leaders will offer greater certainty. Therefore, holding leading companies in specific sub-sectors might be the optimal choice currently. The leading optical module companies held by the GEM AI ETF (159363), while their stock prices have risen significantly, still have manageable valuations. Thus, even if the market weakens later, their performance is expected to be relatively more stable.
Furthermore, since the beginning of this year, the market has frequently discussed the notion that "the end of computing power is electricity." Currently, capital enthusiasm for the power sector remains high. On May 13th, leading power company Datang Power涨停, achieving six consecutive limit-up sessions, with multiple stocks surging over 6%. Among popular ETFs, the Power ETF (159146), which has a comprehensive energy portfolio covering wind, solar, hydro, thermal, and nuclear power, surged nearly 3% intraday, approaching its previous high.
Cao Xuchen stated that the power sector serves as a defensive play within the AI computing power theme. The power sector and the GEM AI sector may exhibit a relay-like pattern of alternating outperformance. From this perspective, popular ETFs like the GEM AI ETF (159363) and the Power ETF (159146) deserve continued high attention from investors.
Note: As of May 12, 2026, the GEM AI ETF (159363) had a latest规模 of 7.21 billion yuan, with an average daily turnover exceeding 800 million yuan over the past six months. Its规模 and turnover rank first among 26 ETFs tracking the GEM AI Index, the STAR AI Index, and the STAR & ChiNext AI Index.
Special Reminder: Recent market volatility may be significant. Short-term gains or losses do not预示 future performance. Investors must invest rationally based on their own financial situation and risk tolerance, paying high attention to position sizing and risk management.
Data Source: Shanghai & Shenzhen Stock Exchanges, Wind, etc.
ETF Fee说明: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission not exceeding 0.5%. In-market trading fees are subject to the actual charges by securities firms, and no sales service fee is charged.
Risk提示: The GEM AI ETF (159363) and its联接基金 passively track the GEM Artificial Intelligence Index. The base date of this index is December 28, 2018, and its release date is July 11, 2024. The annual performance of the GEM AI Index from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, 106.35%, respectively. The Power ETF (159146) passively tracks the CSI All Share Power Utilities Index. The base date of this index is December 31, 2004, and its release date is July 15, 2013. Index constituent stocks are adjusted according to the index compilation rules, and its historical backtested performance does not预示 future index performance. The index constituents mentioned herein are for展示 only. Descriptions of individual stocks do not constitute investment advice in any form nor represent the持仓 information or trading动向 of any fund managed by the manager. The fund manager assesses the risk等级 of the GEM AI ETF (159363) as R4 - Medium to High Risk, suitable for Aggressive (C4) and above investors. The fund manager assesses the risk等级 of the Power ETF (159146) as R3 - Medium Risk, suitable for Balanced (C3) and above investors. Suitability matching opinions are subject to销售机构. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any form to readers, nor shall they be liable for any direct or indirect losses arising from the use of this content. Fund investment involves risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds with caution.
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