ChiNext Index Hits Record High! CPO Switch Supply Tight, Huabao Fund's ChiNext AI ETF Soars 4.75%, Ranking 8th in Market ETF Gains!

Today (May 13), the three major A-share indices collectively strengthened, with the ChiNext Index returning to the 4000-point level, surpassing the high from June 2015 to set a new historical record. The combined turnover for the Shanghai, Shenzhen, and Beijing markets reached 3,264.5 billion yuan, marking the sixth consecutive trading day above the 3 trillion yuan threshold. Over 3,200 stocks rose across the market, with 147 hitting their daily limit-up.

In terms of market performance, computing hardware saw a major surge. 新易盛 Xinyisheng and 中际旭创Zhongji Xuchuang both reached new highs together. The Huabao ChiNext Artificial Intelligence ETF (159363), which has over 50% exposure to CPO (Co-Packaged Optics) optical modules, surged 4.75% intraday to continue setting new record highs, closing with the eighth-highest gain among all market ETFs. 工业富联 Industrial Fulian topped the list of A-share stocks attracting the most capital inflows. Coupled with limit-up gains for PCB leader 鹏鼎控股 Pengding Holdings and 生益科技 Shengyi Technology, the Huabao Electronic ETF (515260) saw its intraday gain reach as high as 3.7%, also setting a new high.

Memory chips continued their strong performance, with 澜起科技 Langqi Technology and 佰维存储 Baiwei Storage refreshing their historical highs. The Huabao STAR Market Chip ETF (589190) saw its price rise 3% intraday to explore new highs again. Computing chips extended their offensive, with 寒武纪 Cambricon rising over 3%. The Huabao STAR Market Artificial Intelligence ETF (589520), which focuses on the domestic AI industry chain, refreshed its post-listing high today.

The hard tech sector advanced triumphantly. The Huabao STAR & ChiNext 50 ETF (588330), a broad-based hard tech fund covering both optical modules and semiconductors, saw its price rise another 3.28% intraday to set a new high.

China Merchants Securities pointed out that the pull from AI is clearly spreading from computing chips, and the independent and controllable industry chain is seeing favorable conditions. Since April, the Philadelphia Semiconductor Index has continued to rise. Global CSP (Cloud Service Provider) capital expenditures are expected to total approximately $830 billion in 2026, driving a sustained improvement in the AI industry chain's prosperity. The supply-demand gap in the memory industry is expected to persist until 2027. The trend of domestic memory capacity expansion is clear, localization rates are set to increase, equipment orders continue to be favorable, and the performance of the independent and controllable sector is viewed positively.

Huatai Securities noted that the disclosure of A-share 2025 annual reports and 2026 first-quarter reports is complete, and the current A-share profit cycle has entered an upward trend. Revenue growth has rebounded for three consecutive quarters, passive destocking may be nearing its end, and the recovery in corporate profits has just begun. Structural differentiation is intensifying, with TMT and advanced manufacturing continuing their upward trajectory, cyclical and consumer sectors bottoming out, while traditional export and infrastructure chains face pressure. The inflection point for the broad manufacturing capacity cycle has just been crossed, and comprehensive indicators of A-shares' short-to-medium cycle position suggest that ROE (Return on Equity) is entering a recovery cycle.

Regarding allocation, Huatai Securities suggests newly focusing on industries with dual supply and demand improvements, such as consumer electronics and minor metals. Additionally, batteries, power grid equipment, construction machinery, photovoltaic equipment, and commercial vehicles remain worthy of continued attention.

[ETF Insights Hot Review] Focus on discussing the trading and fundamental situations of ETFs like ChiNext AI, Electronics, and STAR Market Chip.

1. [Can Optical Modules Still Be Chased? ChiNext AI ETF (159363) Soars 4.75% to New High, Fund Manager Provides Timely Analysis!] Computing hardware continues to climb, coupled with an outbreak in computing power leasing, driving the ChiNext AI sector up over 4.5%, outperforming similar AI and communication indices! In computing hardware, optical module leader 天孚通信 Tianfu Communication surged over 10%, just a step away from a new high. 新易盛 Xinyisheng rose over 6% to successfully reach a new high. 中际旭创 Zhongji Xuchuang gained over 3% to set another new high, with its market value stabilizing above one trillion yuan. In computing power leasing, 网宿科技 Wangsu Technology, 协创数据Xiechuang Data, and 润泽科技 Runze Technology all surged over 10%.

Regarding popular ETFs, the Huabao ChiNext Artificial Intelligence ETF (159363), with over 50% exposure to CPO optical modules, accelerated its rise in the afternoon session, closing up 4.75% intraday to set a new high, leading the entire market! Its single-day volume exceeded 14 billion yuan, ranking first in trading activity among all market AI-themed ETFs!

On the news front, a major positive development emerged in the CPO direction! Hon Hai has already shipped its all-optical CPO switch cabinets to NVIDIA ahead of schedule, with supply being extremely tight—even demonstration cabinets have been delivered, potentially canceling the planned live showcase at the computer exhibition. As NVIDIA's sole foundry for all-optical CPO, Hon Hai's shipment expectations have been significantly revised upward: from over 10,000 units originally projected for 2026 to over 50,000 units for 2026-2027. This further validates the high prosperity of the optical module-related industry chain.

Currently, optical modules are experiencing a continuous short squeeze. Since the launch of this super-cycle for the optical module sector on April 8 last year, the underlying index of the ChiNext AI ETF (159363) has consistently led the way, frequently hitting new highs and becoming the "vanguard" of the AI theme. As of May 13, the ChiNext AI index has accumulated a gain of 261%, significantly outperforming its peers! So, what is the current valuation of optical modules? Can they still be bought?

Note: The Huabao ChiNext AI ETF passively tracks the ChiNext Artificial Intelligence Index. The base date for this index is December 28, 2018, and its release date is July 11, 2024. The annual gains/losses for the ChiNext AI Index from 2021 to 2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The index composition is adjusted according to its rules, and its backtested historical performance does not indicate future index performance.

Cao Xuchen, the fund manager of the Huabao ChiNext AI ETF (159363), provided the latest analysis, stating that from a fundamental value investing perspective, the core pricing of technology assets lies in their prosperity level. The premise for prosperity-based pricing is that the industry's growth rate remains at a relatively fast pace. Generally, there are two modes of rapid growth: product upgrades coupled with sales volume growth (e.g., GPUs, optical modules) and the more dramatic price increases (e.g., memory chips).

Cao Xuchen believes that from the perspective of current valuations: In the optical module and chip sectors, NVIDIA's valuation this year is approximately 26 times PE, while 中际旭创 Zhongji Xuchuang is also at 26 times PE (and Zhongji Xuchuang is expected to have faster growth next year), overall not showing excessive frothiness. As the market gradually moves towards valuation froth, the certainty in the latter half of the rally is more concentrated in large-cap stocks.

Cao Xuchen suggests that at the current stage, holding leading companies in sub-sectors is advisable, as it helps capture accelerating trends and prepares for potential consolidation later. Taking ChiNext AI as an example, although the stock prices of leading optical module companies are high, their valuations remain controllable because they are not driven by price hikes. Therefore, even if the market weakens in the future, such assets are expected to perform more steadily.

To capture opportunities in leading CPO optical module companies with one click, it is recommended to focus on the Huabao ChiNext AI ETF (159363) and its off-exchange联接 funds (Class A 023407, Class C 023408), which lead in scale and liquidity among peers. The underlying index's latest optical module exposure is 50%, comprehensively covering leaders like 新易盛 Xinyisheng, 中际旭创 Zhongji Xuchuang, and 天孚通信 Tianfu Communication, with about 30% allocation to AI applications, representing not just the core of computing power but also AI applications.

It is worth noting that as of May 12, 2026, the latest size of the Huabao ChiNext AI ETF (159363) exceeded 72 billion yuan, ranking first in scale in the market's STAR & ChiNext AI sector! Its average daily turnover in the past six months was about 8 billion yuan, also ranking first in trading activity in the market's AI sector.

2. [CPO Switches in High Demand! Computing Hardware Soars, Industrial Fulian and 2 Others Hit Limit-Up! Huabao Fund Electronic ETF (515260) Rises 3.7% to New High!] The electronics sector once again led the market, with the computing hardware concept rallying in the afternoon. 工业富联 Industrial Fulian, 鹏鼎控股 Pengding Holdings, and 生益科技 Shengyi Technology all hit their daily limit-up, while 卓胜微 Zhuoshengwei rose over 15%. The Huabao Electronic ETF (515260), which aggregates core leaders in the electronics sector, saw its intraday gain reach as high as 3.7%, closing up 3.46% to set another historical high! Along with the hot market, this ETF attracted 6.89 million yuan in net inflows yesterday.

In terms of capital flows, the electronics sector received net main fund inflows of 64.593 billion yuan for the day. Over a longer period, it attracted 136.280 billion yuan and 344.776 billion yuan in the past 5 and 20 days, respectively, continuously ranking first in capital attraction among the 31 Shenwan primary industries! 工业富联 Industrial Fulian, a constituent of the Huabao Electronic ETF (515260), received net main fund inflows of 9.1 billion yuan, topping the list of A-share capital attraction.

Recently, the surge in Q1 capital expenditures by North American cloud providers, coupled with Hon Hai's significant upward revision of CPO switch cabinet shipment targets, has once again made the AI computing sector a focus for capital.

Regarding key stocks, Hon Hai Group, the parent company of 工业富联 Industrial Fulian, has already shipped its all-optical CPO switch cabinets to NVIDIA ahead of schedule, far faster than previous market expectations, with shipment targets also revised upward to over 50,000 units for 2026-2027. Notably, Hon Hai Group's (Foxconn) factory in Vietnam has begun production of all-optical CPO switch cabinets and is supplying NVIDIA ahead of schedule. Currently, product supply cannot meet demand, and capacity is extremely tight; even demonstration cabinets have been fully delivered to NVIDIA, indicating a situation of high demand exceeding supply.

From an industry chain transmission perspective, global major CSPs like Google, Meta, and ByteDance have recently revised their 2026 capital expenditure guidance upward again, injecting sustained growth momentum into the AI computing industry chain. Guosheng Securities believes that CSP vendors represented by Google have significantly and continuously demonstrated a positive feedback model of computing power investment-order growth-computing power shortage-capital expenditure revision. Their cloud business growth is expected to be even faster, with a relatively optimistic outlook for the sustainability of subsequent growth momentum, which is anticipated to further inject growth动力 into the AI computing industry chain.

Looking ahead, CITIC Securities is optimistic that "price increases + AI + independent controllability" are expected to become strong main themes贯穿 the electronics sector throughout the year. The prosperity of the electronics industry is expected to continue, with AI remaining the biggest driving force. Overseas and domestic computing power will resonate in growth, and the expansion of advanced logic/memory production is expected to accelerate. They firmly看好 the future行情 of the electronics sector as a whole, recommending four main lines: the domestic computing power chain, semiconductor equipment chain, overseas computing power chain, and the overall recovery of consumer electronics.

[Embracing Tech Giants, Seizing Development Opportunities] The Huabao Electronic ETF (515260) and its联接 funds (Class A: 012550 / Class C: 012551) passively track the CSI Electronic 50 Index, heavily weighting the semiconductor and consumer electronics industries, aggregating hot industries such as AI chips, automotive electronics, 5G, and printed circuit boards (PCBs). Its top holdings include 立讯精密 Luxshare Precision, 寒武纪 Cambricon, 工业富联 Industrial Fulian, and 中芯国际 SMIC.同时, this ETF is a margin trading and short selling + Stock Connect标的, serving as an efficient tool for one-click allocation to core assets in the electronics sector.

3. [Intraday Major Reversal, China's "Chip" Forces a Short Squeeze! Huabao Fund STAR Market Chip ETF (589190) Rises 3% to Explore New High Again, Underlying Index Surges 52% Year-to-Date to Lead] Domestic chips staged a major intraday reversal! Overnight, the U.S. chip sector retreated, with the Philadelphia Semiconductor Index falling over 3%. In early trading, A-share chips opened lower and corrected. The intraday price of the Huabao STAR Market Chip ETF (589190) once fell over 3%, then stabilized and rallied, accelerating its upward move in the afternoon with gains一度 exceeding 3% to创 another historical high, closing up 2.94% with an intraday amplitude as high as 6.28%.

In terms of market performance, semiconductor materials led the gains. 中船特气 Zhongchuan Special Gas hit its limit-up for the second time in three days. 天岳先进 Tianyue Advanced rose over 12%, while 华海清科 Huahai Qingke and 华峰测控 Huafeng Measurement & Control both gained over 6%, all setting new historical highs. The iteration of AI servers, advanced packaging, and HBM technology is driving a surge in the usage of硅片 and electronic special gases. Combined with the Middle East energy crisis pushing up化工原料 costs, semiconductor materials across all categories are entering a stage of simultaneous volume and price increases.

Memory chips continued their strong performance, with 澜起科技 Langqi Technology and 佰维存储 Baiwei Storage refreshing their historical highs. 东芯股份 Dongxin Co., Ltd. rose over 5%. Computing chips extended their offensive, with 寒武纪 Cambricon gaining over 3% and 芯原股份 Xinyuan Co., Ltd. rising over 2%.

The AI wave is reshaping the global semiconductor industry landscape, with a chip super-cycle driven by large models and intelligent agents accelerating comprehensively. According to Precedence Research data, the global AI chip market size in 2024 was approximately $73.2 billion and is expected to reach $336 billion by 2030, with a CAGR of 28.9% during the period. Domestically, according to Frost & Sullivan forecasts, China's AI chip market size will surge from 142.5 billion yuan in 2024 to 1.34 trillion yuan, with a CAGR of 53.7% from 2025 to 2029, far exceeding the global同期 growth rate.

In this process, domestic chip companies are gradually entering a period of performance realization, with memory chips, AI chips, and semiconductor equipment all performing突出. 寒武纪 Cambricon's Q1 operating revenue and net profit attributable to the parent increased by 159.56% and 185.04% year-on-year, respectively. 海光信息 Haiguang Information's Q1 revenue exceeded 40 billion yuan. 佰维存储 Baiwei Storage achieved a Q1 net profit of 28.99 billion yuan, surpassing the full-year figure of the previous year, continuously验证 the industry's high prosperity.

Regarding the pace of the market, Guojin Securities pointed out that although the current market's "grouping" level, measured by the trading volume ratio of the top 5% of stocks to total trading volume, is indeed接近 the level before the market adjustment at the end of September 2025, there is still a significant gap compared to当时 in terms of the forward P/E of the technology sector. This is because, after超预期的盈利大幅消化估值 and analysts raising远期盈利 forecasts during technological iterations, there are still "not expensive" directions within the current technology sector, mainly集中在 application类 and chip manufacturing类中.

It is worth mentioning that in this round of行情, STAR Market chips have demonstrated impressive upward进攻性. Since the beginning of the year, the SSE STAR Market Chip Index has accumulated a gain of 52.64%, performing relatively well among semiconductor chip indices.

Note: The SSE STAR Market Chip Index's gains/losses for the past five complete years were: 2021: 6.87%, 2022: -33.69%, 2023: 7.26%, 2024: 34.52%, 2025: 61.33%. The index composition is adjusted according to its rules, and its backtested historical performance does not indicate future index performance.

To position for the chip industry's "super cycle,"优选 20CM high-elasticity品种! Public information shows that the Huabao STAR Market Chip ETF (589190) and its联接 funds (Class A 021224, Class C 021225) passively track the SSE STAR Market Chip Index. While均衡配置 and全链布局 the chip industry, they have a weight exceeding 90% in core areas like integrated circuits and semiconductor equipment, featuring high hard-tech content and strong technical barriers.

Note: For fee details, please refer to each fund's legal documents. Source: Shanghai and Shenzhen Stock Exchanges, etc., as of May 13, 2026. Reminder: Recent market波动可能较大, and short-term gains/losses do not indicate future performance. Investors must invest rationally based on their own financial situation and risk tolerance, paying high attention to position and risk management.

*Institutional观点参考资料来源: ① Huatai Securities report "Strategy Earnings Deep Dive: From Profit Inflection Point to ROE Inflection Point" released on May 13; ② Guosheng Securities report "Overseas CSPs Revise Up Capital Expenditures, Computing Hardware Demand Grows Strongly" released on May 5; ③ CITIC Securities report "Electronics Industry 2026 Q1 Earnings Summary—Industry Prosperity Continues Upward, Firmly看好 Four Directions" released on May 7; ④ Guojin Securities "Strategy Weekly: The演绎 and Diffusion Direction of the行情" released on May 10.

Risk提示: The Huabao ChiNext AI ETF passively tracks the ChiNext Artificial Intelligence Index (Base Date: Dec 28, 2018; Release Date: July 11, 2024). The Huabao STAR Market AI ETF passively tracks the SSE STAR Market Artificial Intelligence Index (Base Date: Dec 30, 2022; Release Date: July 25, 2024). The Huabao STAR Market Chip ETF passively tracks the SSE STAR Market Chip Index (Base Date: Dec 31, 2019; Release Date: June 13, 2022). The Huabao Electronic ETF passively tracks the CSI Electronic 50 Index (Base Date: Dec 31, 2008; Release Date: July 22, 2009). The Huabao STAR & ChiNext 50 ETF passively tracks the CSI Science and Technology Innovation Board 50 Index (Base Date: Dec 31, 2019; Release Date: June 1, 2021). Index composition is adjusted according to rules; backtested historical performance does not indicate future performance. Stocks mentioned are for客观展示列举 as index constituents only, not as individual stock recommendations, and do not represent the fund manager's or fund's investment direction. Any information appearing herein (including but not limited to stocks,评论, predictions, charts, indicators, theories,任何形式的表述等) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any观点, analysis, or预测 herein does not constitute investment advice of any form to readers, and Huabao Fund shall not be liable for any direct or indirect losses arising from the use of this content. Investors should carefully read the Fund Contract, Prospectus, Fund Product Key Facts Statement, and other legal documents to understand the fund's risk-return characteristics and choose products suitable for their own risk承受能力. Past fund performance does not predict future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. According to the fund manager's assessment, the risk等级 of the Huabao Electronic ETF is R3-Medium Risk, suitable for balanced型 (C3) and above investors. The Huabao ChiNext AI ETF, Huabao STAR Market AI ETF, Huabao STAR & ChiNext 50 ETF, and Huabao STAR Market Chip ETF are assessed as R4-Medium to High Risk, suitable for aggressive型 (C4) and above investors. Suitability matching opinions are subject to sales institutions. Sales institutions (including the fund manager's直销机构 and other sales机构) assess the above funds' risks according to relevant laws and regulations. Investors should promptly pay attention to the suitability opinions issued by the fund manager. Suitability opinions from various sales机构 may not necessarily be consistent, and the risk等级评价 results issued by fund sales机构 shall not be lower than those issued by the fund manager. The descriptions of fund risk-return characteristics in the fund contract and the fund risk等级 may differ due to different考虑因素. Investors should understand the fund's risk-return situation and谨慎选择基金产品 based on their own investment objectives, horizon, experience, and risk tolerance, bearing the risks themselves. The CSRC's registration of the above funds does not indicate its substantive judgment or guarantee of the funds' investment value, market prospects, or returns. Fund investment involves risks.

MACD golden cross signals formed, these stocks performed well!