A strong start to May! On May 6, A-shares rebounded with heavy volume, with total market turnover reaching 3.23 trillion yuan. The computing power leasing sector led the gains, with the ChiNext AI index climbing over 3%. Among the top performers, Oriental Nations soared by the 20% daily limit, while Tongniu Information and Capital Online surged more than 10%. Companies including Glorious Internet, Synacron Data, Wangsu Technology, and Runze Technology advanced over 8%. However, optical module leaders Zhongji Innolight and Eoptolink unexpectedly turned lower in the afternoon session, closing with minor losses.
Among popular ETFs, the market-leading ChiNext AI ETF Huabao (159369) rose 3.23% with a turnover of 886 million yuan. The fund has seen continuous capital inflows over the past five days, accumulating net inflows exceeding 700 million yuan.
The rally was fueled by a significant new order in the computing power leasing sector. On May 5, Dongyang Sunshine announced that its subsidiary, Dongguan Dongyang Sunshine Yunzhisuan Technology, signed a framework agreement with leading Company A for computing power services. The contract is valued at approximately 16-19 billion yuan (including tax) with a 60-month term following project acceptance.
Soochow Securities noted that rapid development in domestic AI models is accelerating commercialization, driving strong token demand and widening the supply-demand gap. Domestic computing power supply primarily comes from leasing services and local infrastructure. Computing power leasing companies received new orders and implemented price hikes in Q1 2026, with leading firms reporting robust quarterly results, suggesting continued sector opportunities.
Regarding optical modules and CPO (co-packaged optics), capital expenditures from four major North American cloud service providers totaled $131.6 billion in Q1 2026, a 70.25% year-over-year increase. Full-year 2026 capital expenditure is projected to reach $710 billion, with strong growth expected to continue into 2027. China Securities (CSC) highlighted that upward revisions in capital expenditure forecasts by cloud giants indicate the peak for computing infrastructure investment remains distant.
Guosheng Securities concurred, stating that recent earnings reports from overseas cloud providers show accelerating AI monetization and upward revisions to full-year capital expenditure guidance, serving as key indicators of robust AI computing demand. Despite a slowdown in capital expenditure execution by Microsoft and Meta in Q1, AI data center construction is expected to reaccelerate in the second half, benefiting optical module and related infrastructure suppliers through volume and price increases.
For targeted exposure to leading optical module and CPO companies, investors may consider the ChiNext AI ETF Huabao (159363) and its feeder funds (Class A: 023407, Class C: 023408). The underlying index allocates approximately 50% to optical modules, covering major players comprehensively, with about 30% exposure to AI applications, positioning it as a core holding for both computing infrastructure and AI application themes.
Notably, as of April 30, 2026, the ChiNext AI ETF Huabao (159363) reached a record high asset size of 7.045 billion yuan, ranking first in the dual-class (ChiNext and STAR Market) AI thematic ETF space. Its average daily turnover over the past six months was approximately 800 million yuan, leading liquidity in the AI sector.
Data source: Shanghai and Shenzhen Stock Exchanges.
ETF fee structure: Subscription and redemption agents may charge up to 0.5% in commissions. Trading fees for场内 transactions are subject to securities firms’ policies, with no sales service fee applied.
Feeder fund fees: Class C shares of the ChiNext AI ETF feeder fund charge no subscription fee; redemption within 7 days incurs a 1.5% fee, dropping to 0% after 7 days; a 0.3% sales service fee applies. Class A shares charge a 1% subscription fee for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan fee above 2 million yuan; redemption fees follow the same schedule as Class C, with no sales service fee.
Risk disclosure: The ChiNext AI ETF Huabao passively tracks the ChiNext Artificial Intelligence Index (base date: December 28, 2018; launch date: July 11, 2024). The index’s annual returns from 2021 to 2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. Index constituents are adjusted per its methodology, and past performance does not guarantee future results. Constituent mentions are for illustrative purposes only and do not constitute investment advice or reflect the fund manager’s holdings. The fund is rated R4 (medium-high risk) and is suitable for aggressive (C4) or higher risk-profile investors. suitability assessments are determined by distributors. All information provided is for reference only; investors are responsible for their decisions. No content constitutes investment advice, and the fund manager assumes no liability for losses. Fund investments carry risks; past performance does not indicate future returns, and other funds’ performance does not guarantee this fund’s results. Invest with caution.
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