Optical Module Sector Sees Divergence and Adjustment; ChiNext AI ETF (159363) Tests Five-Day Moving Average with Significant Inflow of 66 Million Units

On Friday (May 15), the ChiNext Artificial Intelligence sector experienced a volatile decline, with the CPO (Co-Packaged Optics) segment leading the losses. Stocks such as Tai-Cheng Optical, Longchip Bochuang, and Liantek Technology fell by over 5%. The performance of the "Yi-Zhong-Tian" group was mixed: Tianfu Communication closed up 2%, continuing its new high trend, while Zhongji Xuchuang dropped over 2% and Xinyisheng declined by more than 1%. Meanwhile, AI application and computing power rental sectors showed resilience against the broader market trend. Yidian Tianxia led the gains, rising 9%, and Runze Technology advanced nearly 3%.

Regarding popular ETFs, the Huabao ChiNext Artificial Intelligence ETF (159363), which has a 50% allocation to the CPO segment, witnessed intense trading activity. After a volatile session, it retreated in the afternoon, closing down 1.14% and testing its five-day moving average. Daily turnover reached 1.7 billion yuan, ranking first among all AI-themed ETFs in the market. Capital flowed in significantly during the dip, with a net subscription of 66 million units for the day.

Market analysis suggests three potential reasons behind the substantial capital inflow into the ChiNext AI sector on the dip, positioning for future opportunities in computing hardware like optical modules: 1. Nvidia's stock price has risen for seven consecutive sessions, reaching a record high. As a leading indicator for the ChiNext AI sector, Nvidia's sustained strength reinforces optimistic expectations for the computing power industry chain, including optical modules. 2. Continued increase in capital expenditures by cloud providers. Overseas cloud providers are accelerating AI monetization and have broadly raised their capital expenditure guidance. The construction of AI data centers is expected to accelerate in the second half of the year, with optical modules likely benefiting from both volume and price increases. 3. CPO commercialization exceeds expectations. Hon Hai's CPO switch supply is tight, having entered substantial mass production. 2026 may mark the beginning of significant CPO development, with domestic optical module manufacturers potentially entering the supply chain.

Looking ahead, Industrial Securities noted that capital expenditures from overseas CSP (Cloud Service Provider) manufacturers remain high. Combined with the accelerated implementation of AI commercial closed loops and the rapid expansion of leading AI companies' businesses, this solidifies investment confidence in the computing power sector. Optical interconnect technology continues to evolve, with multiple paths like XPO, CPO, and OCS advancing. CPO is transitioning from "technical validation" to the inflection point of "small-batch commercial use." In the new era of Agent-driven communications, it is advisable to continue focusing on leading optical module manufacturers.

Regarding valuation, Cao Xuchen, fund manager of the Huabao ChiNext Artificial Intelligence ETF (159363), recently stated that the optical module sector as a whole does not show excessive froth. He suggests holding leading companies in specific sub-sectors at this stage, which helps capture accelerating trends while preparing for potential market consolidation. Taking the ChiNext AI index as an example, although leading optical module companies have high stock prices, their valuations remain manageable as they are not driven by price hikes.

To capture opportunities in leading CPO optical module companies, it is recommended to focus on the Huabao ChiNext Artificial Intelligence ETF (159363), which leads its peers in both size and liquidity, along with its off-exchange feeder funds (Class A: 023407, Class C: 023408). The underlying index currently has a 50% allocation to optical modules, comprehensively covering the "Yi-Zhong-Tian" group. Approximately 30% of the allocation is in AI applications, representing not only the core of computing power but also AI application leaders.

It is noteworthy that as of May 14, 2026, the Huabao ChiNext Artificial Intelligence ETF (159363) reached a size of 7.382 billion yuan, ranking first in size within the dual-innovation AI sector across the market. Its average daily turnover over the past six months was approximately 800 million yuan, also ranking first in trading activity within the AI sector.

Data source: Shanghai and Shenzhen Stock Exchanges, etc.

*Institutional views reference source: Industrial Securities "Communications Industry Mid-2026 Strategy: The New Era of Agent-Driven Communications."

ETF fee description: When investors subscribe for or redeem fund units, subscription and redemption agents may charge a commission of up to 0.5%. In-market trading fees are subject to the actual charges by securities firms, with no sales service fee charged.

Feeder fund fee description: The Huabao ChiNext Artificial Intelligence ETF Feeder Fund Class C does not charge a subscription fee. The redemption fee is 1.5% within 7 days and 0% for 7 days or more. The sales service fee is 0.3%. For the Huabao ChiNext Artificial Intelligence ETF Feeder Fund Class A, the subscription fee is 1% for amounts below 1 million yuan, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and a flat 1000 yuan per transaction for 2 million yuan (inclusive) or above. The redemption fee is 1.5% within 7 days and 0% for 7 days or more. No sales service fee is charged.

Risk Disclosure: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext 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 ChiNext Artificial Intelligence Index from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The index constituents are adjusted according to its compilation rules. Its backtested historical performance does not predict future index performance. The index constituents mentioned are for illustrative purposes only. Descriptions of individual stocks do not constitute 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 to High Risk, suitable for Aggressive (C4) 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,评论, predictions, charts, indicators, theories, and any form of表述) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice to readers and do not bear responsibility 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. Caution is advised in fund investment.

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