On Thursday, June 11th, AI application stocks experienced a broad decline, with the optical module and CPO sector undergoing significant volatility, leading the ChiNext AI theme to pull back over 2%. Possibly impacted by news of a potential Hong Kong listing, Eoptolink Technology Inc.,Ltd. (ASX: 300502) saw an intraday swing of nearly 14%, surging over 4% in the morning session before plunging as much as 9.51% in the afternoon, ultimately closing down 4.55%. However, some individual stocks remained resilient, with TC Communication and Kinghelm both rising more than 3% against the market trend, benefiting from news of optical fiber capacity expansion.
Key ETF Performance
Among popular ETFs, the leading ChiNext Artificial Intelligence ETF (159363), notable for its scale and liquidity, fell as much as 4.8% in the afternoon before paring losses to close down 2.62%, with an intraday amplitude of 6% and turnover exceeding 16 billion yuan. Notably, during this pullback, substantial capital inflows added over 114 million fund units.
Reasons Behind the AI Pullback
Market analysts point to several key reasons for this adjustment in AI concept stocks:
1. External sentiment spillover. Overnight weakness in US-listed AI stocks dampened sentiment in related A-share sectors.
2. Profit-taking pressure. Significant cumulative gains in some stocks earlier, coupled with companies issuing risk warnings, triggered concentrated profit-taking.
3. Shareholder减持 plans. Disclosures of减持 plans by certain companies temporarily weighed on market sentiment.
Long-Term Investment Outlook
From a medium to long-term investment strategy perspective, Industrial Securities believes the recent adjustment in growth sectors stems mainly from factors like crowding and liquidity (denominator factors), rather than an end to the industry trend. The AI theme still has support from earnings and景气, making the回调 a potential buying opportunity. External disturbances do not alter the core A-share logic of focusing on景气 and profitability, where the earnings certainty of the AI方向 remains strong. As the July earnings season approaches, the effectiveness of景气 investing is expected to increase, with mid-year report验证 potentially becoming a new catalyst for AI.
Configuration Strategy
For allocation, Industrial Securities建议 adopting a long-term perspective to navigate short-term volatility, continuing to hold firm within the AI sector on the directions with the highest景气 certainty, represented by the North American computing power chain, including optical communication (optical modules, optical fibers and cables). Historical experience多次表明 that during market波动 caused by external扰动,品种 with high景气 certainty反而 become the market's focus and demonstrate greater resilience. During the July earnings period, these high-consensus景气品种 will likely remain the market's strongest consensus.
Focus on Core Holdings
For a one-click investment in leading optical module and CPO companies, it is建议 to focus on the leading ChiNext Artificial Intelligence ETF (159363) and its场外联接 funds (Class A 023407, Class C 023408). The underlying index has a latest optical module weighting exceeding 50%, with high exposure to key players, and allocates roughly 30% of its portfolio to AI applications, representing not just the core of computing power but also AI application leaders.
It is worth noting that as of June 9, 2026, the ChiNext Artificial Intelligence ETF (159363) had reached a latest规模 of 74.26 billion yuan, ranking first in scale within the dual-innovation AI赛道 across the market. Its average daily turnover over the past 6 months exceeded 900 million yuan, also ranking first in trading activity within the market's AI赛道.
Data source: Shanghai and Shenzhen Stock Exchanges.
ETF fund fee说明: When investors subscribe for or redeem fund units, the subscription/redemption agency may charge a commission of up to 0.5%.场内 trading fees are subject to the rates charged by the securities company, with no销售 service fee charged.
联接 fund fee说明: The ChiNext Artificial Intelligence ETF联接 Fund Class C charges no subscription fee; the redemption fee is 1.5% for holdings under 7 days and 0% for 7 days (inclusive) or more; the销售 service fee is 0.3%. The Class A fund charges a subscription fee of 1% for amounts below 1 million yuan, 0.6% for 1 million (inclusive) to 2 million yuan, and 1000 yuan per transaction for 2 million yuan (inclusive) or more; the redemption fee is 1.5% for holdings under 7 days and 0% for 7 days (inclusive) or more; no销售 service fee is charged.
Risk提示: The ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index. The index base date is December 28, 2018, and its release date was July 11, 2024. The index's annual performance from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, 106.35%, respectively. Index constituent stocks are adjusted according to the index methodology, and its back-tested historical performance does not indicate future results. Index constituents mentioned are for展示 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 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 are subject to the销售机构. Any information appearing herein is for reference only. Investors are responsible for their own investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, nor is there any liability for direct or indirect losses arising from the use of this content. Fund investment carries risks. Past fund performance does not indicate future results. The performance of other funds managed by the manager does not guarantee this fund's performance. Invest in funds with caution.
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