In early trading on the 4th, computing hardware such as CPO optical modules remained active, with the "Yi Zhongtian" stocks extending their gains. Today, Tianfu Communications surged over 8%, aiming for a fifth consecutive rise, while New Essex climbed toward an eighth straight gain. Zhongji Innolight rose over 1%, with Changxin Borui, Tongniu Information, Kinghelm, and Lontium Technology among others gaining over 2%. Among popular ETFs, the ChiNext AI ETF (159363), which has over 56% exposure to CPO optical modules, rebounded from intraday lows, turning positive with a rise exceeding 1% and leading its peers with a trading volume of 500 million yuan.
On the supply side, according to Guosheng Securities research, amid the high-growth cycle of the computing power industry chain, leading optical module manufacturers are accelerating capacity expansion in mainland China and Thailand. The sector is expected to see concentrated capacity release in Q1 2026, driving earnings into a new upward phase. The firm remains bullish on the computing power sector, strongly recommending related companies in the supply chain, such as top optical module players.
On the demand side, Great Wall Securities noted that the continuous rollout of AI applications will further accelerate the construction of computing infrastructure, including edge computing. They maintain a positive outlook on investment opportunities across the related industrial chain, particularly in segments like optical modules, PCBs, primary equipment suppliers, and copper cables within the AIDC supply chain. These foundational components of computing power are experiencing rapid demand growth, leading to a potential "double boost" in earnings and valuations for the sector. Investors are advised to stay attentive.
CMSC pointed out that 2025 has been a standout year for optical module suppliers with high AI business exposure, as major players achieved significant revenue growth and margin expansion. Driven by sustained AI infrastructure investment and ongoing upgrades to higher-value solutions, this strong performance is expected to continue into 2026 and beyond.
To capture core opportunities in computing power and AI applications, investors may consider focusing on the market's first ChiNext AI ETF (159363) and its off-exchange counterparts (Class A: 023407; Class C: 023408). The underlying index heavily weights top optical module stocks like "Yi Zhongtian," with over 56% exposure to the segment. In terms of sector allocation, over 70% is allocated to computing power and more than 20% to AI applications, enabling efficient exposure to AI-themed market trends. (Data as of November 30, 2025.)
Source: SSE, SZSE, etc. Note: "First in the market" refers to the first ETF tracking the ChiNext AI Index.
Risk Disclosure: The ChiNext AI ETF passively tracks the ChiNext AI Index (base date: December 28, 2018; launch date: July 11, 2024). The index's annual returns from 2020 to 2024 were 20.1%, 17.57%, -34.52%, 47.83%, and 38.44%, respectively. Constituent stocks are adjusted per index methodology, and past performance does not indicate future results. Stock mentions are for illustrative purposes only and do not constitute investment advice or reflect fund holdings. The fund is rated R4 (higher risk) and suitable for aggressive (C4) or higher-risk investors. Investment decisions should be made independently, and no liability is assumed for direct or indirect losses arising from the use of this content. Past fund performance does not guarantee future results.
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