In early trading on the 16th, computing hardware such as optical modules and CPO continued to decline, with Suzhou Tfc Optical Communication Co., Ltd. (300394) dropping over 4% for the fifth consecutive day. Meanwhile, Xinyisheng fell over 3%, and Zhongji Innolight declined over 1% for the fourth straight day. Among popular ETFs, the AI ETF (159363), which has over 56% exposure to optical modules and CPO, fell another 2% intraday, breaking below its 10-day moving average, with real-time turnover exceeding 200 million yuan.
Huatai Securities noted that by 2026, Chinese optical module companies may maintain their competitive advantages, with opportunities arising for new suppliers in the North American market. Over the past decade, domestic optical module manufacturers have gradually integrated into the supply chains of global cloud leaders by leveraging cost advantages, R&D capabilities, delivery efficiency, and rapid customer response. This has significantly elevated their position in the global optical module market.
Huatai Securities believes that as overseas CSPs ramp up AI computing investments, demand for high-speed optical modules (400G, 800G, 1.6T) is expected to expand substantially by 2026, creating opportunities for new suppliers. The firm recommends focusing on emerging players with strong delivery capabilities, technical expertise, and overseas production capacity (such as Lantech), which may gain entry into North American cloud providers' supply chains.
To capitalize on computing opportunities centered on optical modules, investors may consider the first AI ETF (159363) tracking the ChiNext AI Index, along with its off-exchange counterparts (Class A: 023407, Class C: 023408). The index heavily weights leading optical module firms like Yizhongtian, with over 56% exposure to the sector. In terms of sector allocation, more than 70% is allocated to computing and over 20% to AI applications, efficiently capturing AI-driven market trends. (Data as of November 30, 2025.)
Among peers, as of December 8, the AI ETF (159363) managed by Huabao had assets exceeding 3.3 billion yuan, with average daily turnover over 600 million yuan in the past month—ranking first among seven ETFs tracking the ChiNext AI Index.
Risk Disclosure: The AI ETF (159363) 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 rules, 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 (moderate-to-high risk) and suitable for aggressive (C4) or higher-risk investors. Investment decisions should be based on individual risk assessments.
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