On Tuesday (December 9), optical modules and CPO-related computing hardware continued their strong rally, with the ChiNext AI sector reaching new highs despite broader market weakness. Among the standout performers, the "Big Three" optical module stocks surged aggressively:
Among ETFs, the ChiNext AI ETF Huabao (159363), heavily weighted in computing power with over 56% exposure to optical modules, defied the market downturn to rise 2.72%, marking a new high and extending its winning streak to four consecutive days. Daily turnover exceeded 1 billion yuan.
Year-to-date, buoyed by robust demand for AI computing power, optical modules and CPO-related hardware have enjoyed both earnings growth and valuation expansion. Thanks to its over 56% weighting in optical modules and CPO, the benchmark index tracked by ChiNext AI ETF Huabao (159363) has repeatedly刷新 highs, surging 104.85% this year—more than doubling—and significantly outperforming同类 AI-themed indices like AI Index, CS AI, and STAR AI.
Note: ChiNext AI ETF passively tracks the ChiNext Artificial Intelligence Index, with a base date of December 28, 2018, and a release date of 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. Constituents are adjusted per the index methodology, and past performance does not guarantee future results.
In related news, former U.S. President Trump announced on social media on December 8 that the U.S. government would allow NVIDIA to sell its H200 AI chips (Hopper architecture) to qualified customers in China and other countries, provided the company remits 25% of sales revenue to the U.S. government. The rule also applies to other U.S. firms like AMD and Intel.
Cao Xuchen, fund manager of ChiNext AI ETF Huabao (159363), commented that the H200, the previous-generation mainstream training chip in the U.S., serves as the foundation for current overseas AI models. While its computing power is weaker than the B30, its memory bandwidth is superior. The unrestriction of H200 primarily enables the deployment of training base models in China. Investment-wise, the move is expected to boost NVIDIA's sales, benefiting traditional overseas computing power supply chains like optical modules.
Guosheng Securities added that the computing power industry is in a high-growth cycle, with explosive demand facing supply bottlenecks in the optical module sector. To address the gap, leading optical module manufacturers are actively expanding产能 in both China and Thailand, with集中产能释放 anticipated in Q1 next year, marking a new phase from "capacity expansion" to "earnings ramp-up."
To capitalize on computing power opportunities centered on optical modules, investors may consider the first ChiNext AI ETF (159363) and its场外联接 (Class A: 023407; Class C: 023408). The benchmark index has over 56% exposure to optical module leaders like
Among peers, as of December 8, ChiNext AI ETF Huabao (159363) leads with assets exceeding 3.3 billion yuan and average daily turnover over 600 million yuan in the past month, ranking first among seven ETFs tracking the ChiNext AI Index.
Source: SSE, SZSE. Note: "First in the market" refers to the first ETF tracking the ChiNext AI Index.
Risk Disclosure: The ETF passively tracks the ChiNext AI Index, whose past performance does not indicate future results. Constituent mentions are for illustrative purposes only and do not constitute investment advice or reflect fund holdings. The fund is rated R4 (higher risk) and suits aggressive (C4+) investors. Investment decisions carry risks, and historical returns are no guarantee of future performance.
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