On April 22, optical module CPO and computing power leasing sectors experienced a significant rally, driving the ChiNext Artificial Intelligence Index up over 2% to set another new high. Among the constituents, X-Chuang Data surged more than 15%, while iSoftStone, Gigalight, and Allwinner Technology each rose over 6%. TFC Optical and Changxin Bochuang also saw gains of around 5%.
Among popular ETFs, the ChiNext Artificial Intelligence ETF Huabao (159363), which has over 45% exposure to optical modules, climbed nearly 3% intraday to reach a fresh record high, marking its fifth consecutive positive trading day. Real-time turnover exceeded 800 million yuan, indicating increased trading volume.
Regarding the optical module CPO sector, analysts suggest leading companies may still see further valuation expansion. GF Securities noted that while valuations for leading optical module firms have recently seen some recovery, their projected 2027 price-to-earnings ratios remain relatively low. Historically, valuation benchmarks for top optical module players have typically been around 15-20x forward P/E. The firm expressed optimism about the sustainability of the current optical module uptrend, particularly highlighting the competitive advantages, supply chain access, and long-term product strategies of industry leaders as factors supporting potential further valuation increases.
In the computing power leasing space, market data shows the spot price for a one-year H100 GPU lease surged approximately 40%, rising from $1.70 per hour in October 2025 to $2.35 by March 2026. Concurrently, on-demand GPU leasing capacity has been fully allocated across all GPU types. Guosen Securities indicated that China's computing power leasing industry is now entering a phase of earnings realization.
Over a longer horizon, as of April 20, the underlying index of the ChiNext Artificial Intelligence ETF Huabao (159363) has delivered a cumulative return of 200.82% over the past year, significantly outperforming peer indices such as the AI Index, CS Artificial Intelligence Index, STAR ChiNext AI Index, and STAR AI Index. Looking ahead, continued positive catalysts from optical module CPO and AI application sectors are expected to benefit the ChiNext artificial intelligence theme.
Note: The ChiNext Artificial Intelligence ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The index's annual performance from 2021 to 2025 was 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. Index constituents are adjusted according to the index methodology, and past performance does not guarantee future results.
For investors seeking exposure to optical module CPO and AI application opportunities, the ChiNext Artificial Intelligence ETF Huabao (159363) and its corresponding feeder funds (Class A: 023407, Class C: 023408) are notable options, being the largest and most liquid in their category. The underlying index allocates approximately 70% to computing power (including leading optical module/CPO companies) and about 30% to AI applications, providing comprehensive coverage of both computing infrastructure and application segments.
Data source: Shanghai and Shenzhen Stock Exchanges. As of April 17, 2026, the ChiNext Artificial Intelligence ETF Huabao had a net asset value of 6.531 billion yuan, with an average daily turnover exceeding 700 million yuan over the past six months, ranking first in both size and trading volume among the 26 ETFs tracking the ChiNext Artificial Intelligence Index, STAR AI Index, and STAR ChiNext AI Index.
ETF fee information: Subscription and redemption agents may charge a commission of up to 0.5% when processing fund share transactions. Trading fees for场内 transactions are subject to securities firms' policies; no sales service fee is charged.
Feeder fund fee details: Class C shares of the ChiNext Artificial Intelligence ETF Feeder Fund do not charge a subscription fee. A redemption fee of 1.5% applies for holdings under 7 days, and 0% for 7 days or more. A sales service fee of 0.3% is levied annually. For Class A shares, subscription fees are 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan for 2 million yuan and above. Redemption fees are 1.5% for holdings under 7 days and 0% for 7 days or more. No sales service fee is charged.
Risk disclosure: The ChiNext Artificial Intelligence ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The index's annual performance from 2021 to 2025 was 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. Index constituents are adjusted according to the index methodology, and past performance does not guarantee future results. Mentions of individual stocks are for illustrative purposes only and do not constitute investment advice or indicate holdings of the fund manager. The fund manager rates this fund's risk level as R4 (moderately high risk), suitable for aggressive (C4) and above investors. Suitability assessments are determined by selling institutions. All information presented is for reference only; investors are responsible for their investment decisions. Views and analysis herein do not constitute investment advice, and no liability is accepted for losses resulting from the use of this content. Fund investments carry risks; past performance does not indicate future results, and the performance of other funds managed by the fund manager does not guarantee this fund's future performance. Invest with caution.
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