In early trading on June 15th, CPO concept stocks saw a powerful surge, with the ChiNext AI ETF, which has over 50% exposure to optical module/CPO stocks, rising more than 3%. Among them, optical fiber concept stock T&S Communications Co.,Ltd. (SZSE: 300570) hit the 20% daily limit up. Ruijie Networks Co., Ltd., Sigmastar Technology Ltd., and Changxin Bochen all soared over 12%, while Tianfu Communications Technology Co., Ltd. gained more than 4%, and Zhongji Innolight Co., Ltd. rose over 2%.
Among popular ETFs, the largest and most liquid fund of its kind, the ChiNext Artificial Intelligence ETF Huabao (159363), surged over 4% in on-exchange trading, with turnover nearing 4 billion yuan.
Investment Thesis
A Goldman Sachs report suggests capital expenditure by hyperscale data center operators in AI may far exceed market expectations. Goldman Sachs analysts estimate that by 2027, capex for these operators could reach approximately $1.1 trillion, potentially climbing to $1.4 trillion in an optimistic scenario, compared to Wall Street's expectation of around $920 billion. This upside potential for AI capital expenditure implies corresponding upside for the earnings and share prices of AI infrastructure beneficiaries.
Strategic Positioning
Regarding portfolio strategy, Industrial Securities recommends a long-term approach, continuing to hold firm in the most certain direction of growth within the AI sector, represented by the North American computing power chain, including optical communication (optical modules, optical fibers and cables). Multiple historical instances indicate that during market volatility caused by external disruptions, assets with high growth certainty often become the market's focus and demonstrate greater resilience. During the July earnings season, these assets with strong consensus on growth prospects are expected to remain the market's strongest consensus.
Industry Perspective
Guosheng Securities stated that fiber optic cabling/MPO is poised to become the next super industry benefiting from optical interconnection. As optical interconnection evolves from Scale-out towards Scale-up and potentially future Scale-in, the value and importance of MPO/fiber optic cabling manufacturers are expected to increase significantly. Furthermore, under the current tight supply conditions for optical fibers/ferrules, the competitive landscape among leading companies is becoming more concentrated.
Focus on Key Players
To gain one-click exposure to leading optical module/CPO companies, it is suggested to focus on the largest and most liquid fund of its kind, the ChiNext Artificial Intelligence ETF Huabao (159363) and its off-exchange feeder funds (Class A 023407, Class C 023408). The underlying index has a latest optical module exposure exceeding 50%, with a high concentration in key 'AI core hardware' stocks, and approximately 30% of its allocation is in AI applications, representing not just computing power but also AI application leaders.
Key Fund Details
It is noteworthy that as of June 9, 2026, the ChiNext Artificial Intelligence ETF Huabao (159363) reached a latest size of 74.26 billion yuan, ranking first in size among all dual-board AI-themed funds in the market. Its average daily turnover over the past six months exceeded 900 million yuan, also ranking first in trading activity among all AI-themed funds in the market.
Investment Considerations
ETF Fee Structure: Investors may be charged a commission not exceeding 0.5% by the subscription/redemption agent when subscribing or redeeming fund units. On-exchange trading fees are subject to the actual charges by the securities company, with no sales service fee charged.
Feeder Fund Fee Structure: The ChiNext AI ETF Feeder Fund Class C does not charge a subscription fee. The redemption fee is 1.5% for holdings less than 7 days and 0% for 7 days or more. The sales service fee is 0.3%. For the ChiNext AI ETF Feeder Fund Class A, the subscription fee is 1% for amounts below 1 million yuan, 0.6% for 1 million (inclusive) to 2 million yuan, and 1,000 yuan per transaction for 2 million yuan (inclusive) or more. The redemption fee is 1.5% for holdings less than 7 days and 0% for 7 days or more. No sales service fee is charged.
Risk Disclosure
The ChiNext Artificial Intelligence ETF Huabao 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 performance of the ChiNext Artificial Intelligence Index for 2021-2025 was: 17.57%, -34.52%, 47.83%, 38.44%, 106.35%, respectively. The index constituents are adjusted according to its compilation rules, and its back-tested historical performance does not indicate future index performance. The index constituents mentioned are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form nor represent the holdings or trading动向 of any fund managed by the fund manager. The fund manager assesses this fund's risk等级 as R4 - Medium to High Risk, suitable for Aggressive (C4) and above investors. Please refer to the sales institution for the suitability matching opinion. Any information appearing in this article (including but not limited to individual stocks,评论, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice of any form to readers, nor is there any liability for direct or indirect losses arising from the use of this content. Fund investment involves risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Fund investment requires caution.
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