On the afternoon of the 12th, the computing hardware sector experienced a broad decline, with optical module and CPO (co-packaged optics) stocks weakening. Leading the downturn, Tianfu Communication, Zhongji Innolight, and Eoptolink each fell more than 4%. Among popular ETFs, the ChiNext Artificial Intelligence ETF (159363), which holds significant positions in leading optical module companies, saw its losses widen to over 2.5% in the afternoon session. The ETF recorded real-time trading volume exceeding 300 million yuan, with net subscriptions surpassing 30 million units as investors bought the dip.
A research report from China Securities Co., Ltd. stated that looking ahead to March, against a backdrop of both overseas and domestic computing demand consistently exceeding expectations, the upstream segment's high activity and price increases are expected to persist. This remains the most certain primary trend for allocating to the "growth by景气" direction within the tech sector currently.
On one hand, recent developments from OpenAI and Anthropic continue to drive cloud computing and token demand beyond expectations. Competition among large language models is fueling growth in both inference and training, leading CSPs (Cloud Service Providers) to continually revise their investment plans upwards. However, variables remain regarding ROI and cash flow, making the upstream segment more certain in terms of earnings growth.
On the other hand, domestic large language models are accelerating their iterations. Models like GLM-5, KIMI K2.5, and others are gradually narrowing the gap with overseas counterparts. Some models have achieved usability and price increases in application areas such as coding and video generation, reflecting extreme tightness in computing power. Prices are rising across the entire industry chain, from cloud services and tokens/APIs to storage, advanced manufacturing, optical communications, liquid cooling, and power supply.
Additionally, Guosheng Securities pointed out that the Nvidia GTC 2026 conference is scheduled for March 16th-19th. As a bellwether in the global AI computing sector, this conference is expected to showcase cutting-edge breakthroughs including the next-generation GPU architecture, CPO, power supply liquid cooling, and more. It has the potential to mark the starting point of a new round of technological iteration for the AI computing industry chain, once again catalyzing enthusiasm for the computing sector. They advise continued focus on related companies within the computing industry chain, such as leading optical module firms.
To capture opportunities from AI hotspots, investors can consider the ChiNext Artificial Intelligence ETF (159363) and its off-exchange counterparts (Class A: 023407, Class C: 023408), which provide one-click exposure to "computing power + AI applications." These products directly benefit from the growth红利 of the AI technology commercialization boom. In terms of portfolio allocation, approximately 60% of the ChiNext Artificial Intelligence ETF is invested in computing power (including leading optical module and IDC companies), while about 40% is allocated to AI applications, making it not only a core play on "computing power" but also a genuine representative of "AI applications."
Data source: Shanghai and Shenzhen Stock Exchanges, etc.
ETF fee information: When subscribing for or redeeming fund units, subscription and redemption agents may charge a commission of up to 0.5%. On-exchange trading fees are subject to the rates charged by securities firms, and no sales service fee is levied. Link fund fee information: The ChiNext Artificial Intelligence ETF Link Fund Class C does not charge a subscription fee; a redemption fee of 1.5% applies for holdings under 7 days, and 0% for 7 days or more; a sales service fee of 0.3% is charged. For the ChiNext Artificial Intelligence ETF Link Fund Class A, a subscription fee of 1% applies for amounts below 1 million yuan, 0.6% for 1 million (inclusive) to 2 million yuan, and a flat fee of 1,000 yuan per transaction for 2 million yuan (inclusive) or more; a redemption fee of 1.5% applies for holdings under 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 index base date 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, and its backtested historical performance is not indicative of future results. The mention of index constituents herein is for illustrative purposes only; descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses this fund's risk rating as R4 (Medium-High Risk), suitable for Aggressive (C4) and above investors. Suitability matching opinions are subject to the selling institution. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to the reader, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks. The past performance of a fund is not indicative of its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.
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