On Thursday (December 25th), the ChiNext Artificial Intelligence sector staged a "V"-shaped recovery throughout the trading day, with a majority of its constituent stocks closing higher. The computing hardware segment showed particular strength; memory chip leader Beijing Ingenic soared over 6%, while CPO module leader Zhongji Innolight Co.,Ltd. hit another record high, accumulating a staggering year-to-date surge of over 420% and pushing its total market capitalization beyond 710 billion yuan! Additionally, multiple stocks in the AI application sector were active, with Easymob, Sunline, BlueFocus, Mango Excellent Media, and Tonghuashun all rising over 2%.
Regarding popular ETFs, the largest and most liquid ETF of its kind, the ChiNext Artificial Intelligence ETF (159363), initially climbed over 1% in the morning session to set a new historical intraday high, then retreated, falling over 1.5%, before staging a "V"-shaped rebound in the afternoon to close at a record settlement price of 0.991 yuan! The fund continued to see strong capital inflows, with a single-day net subscription of 92 million units, bringing the total accumulation over the past ten days to over 500 million yuan.
CPO module leaders are becoming darlings of leveraged funds. Wind data indicates that the margin balance in the A-share market recently surpassed 2.5 trillion yuan, marking a new high since the inception of the margin trading system! On an individual stock basis, since the second half of the year, two major CPO leaders, Suzhou TFC Optical Communication and Zhongji Innolight Co.,Ltd., have entered the top five by net margin purchases, each exceeding 14 billion yuan; another CPO giant, TFC Optical Communication, also saw substantial net margin buying of 4.621 billion yuan, ranking 11th.
In terms of performance, the CPO leader is making a strong year-end push, driving the ChiNext Artificial Intelligence index, which has significant weightings in CPO leaders, to repeatedly refresh its highs. As of the latest data, the ChiNext Artificial Intelligence index has surged 106.87% year-to-date, more than doubling, significantly outperforming comparable AI-themed indices such as the AI Index and the CSI Artificial Intelligence Index!
Note: The ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The annual performance of the ChiNext Artificial Intelligence Index from 2020 to 2024 was 20.1%, 17.57%, -34.52%, 47.83%, and 38.44% respectively. The index's constituent stocks are adjusted according to its compilation rules, and its past performance does not indicate future results.
Looking ahead to 2026, according to Guosheng Securities research, amid the high-growth cycle of the computing power industry chain, leading CPO manufacturers are accelerating capacity expansion in mainland China and Thailand. It is anticipated that the CPO industry will see concentrated capacity release in the first quarter of 2026, driving earnings into a new growth phase. The institution stated it remains bullish on the computing power sector and firmly recommends related companies in the computing power industry chain, such as leading CPO firms.
Industrial Securities noted that overseas computing power investment is expected to enter a new "in-flight refueling" stage: the pace of investment in computing infrastructure shows no signs of slowing and may even accelerate on top of the high growth of the past three years. There may be a divergence between expectations and reality for the CPO and related supply chains. The Blackwell architecture is pushing data centers into an "acceleration realization period," Rubin is progressing smoothly, and 1.6T optical modules are expected to become the main demand driver next year, with leading companies likely to maintain high earnings growth in the coming year.
To capture the computing power opportunity centered on optical modules, it is recommended to focus on the market's first ChiNext Artificial Intelligence ETF (159363) and its off-exchange联接 funds (Class A: 023407, Class C: 023408). The underlying index heavily weights the leading CPO trio "Yi Zhong Tian," with a current CPO concentration exceeding 56%. In terms of sector allocation, over 70% is invested in computing power and over 20% in AI applications, enabling efficient capture of AI thematic trends. (Data as of November 30, 2025)
In a peer comparison, as of December 24th, the Huabao ChiNext Artificial Intelligence ETF (159363) has a latest size exceeding 3.9 billion yuan, with an average daily turnover of over 600 million yuan in the past month, ranking first among the 7 ETFs tracking the ChiNext Artificial Intelligence Index!
Data source: Shanghai and Shenzhen Stock Exchanges, etc. Note: "The market's first" refers to the first ETF tracking the ChiNext Artificial Intelligence Index.
Risk Warning: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The annual performance of the ChiNext Artificial Intelligence Index from 2020 to 2024 was 20.1%, 17.57%, -34.52%, 47.83%, and 38.44% respectively. The index's constituent stocks are adjusted according to its compilation rules, and its past performance does not indicate future results. The constituent stocks mentioned herein 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 fund manager. The fund manager assesses this fund's risk等级 as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors; suitability matching opinions should be based on the sales institution. Any information appearing in this article is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks; past performance of a fund does not indicate its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment should be approached with caution.
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