The optical module, CPO, and computing power rental sectors within the broader computing power theme remained active on Thursday, June 18th, with AI-focused stocks on the ChiNext board reaching new highs. Among them, optical module giant Zhongji Innolight Co.,Ltd. surged over 7% to a record high, with its market capitalization exceeding 1.5 trillion yuan and surpassing that of Kweichow Moutai Co.,Ltd.. Suzhou TFC Optical Communication Co., Ltd. closed up over 4%, also hitting a new high. In the computing power rental segment, Oriental Nations Corporation surged 20% to the daily limit, while memory chip stock Ingenic Semiconductor Corporation rose over 8%.
Regarding popular ETFs, after three consecutive days of gains, the largest and most liquid AI-themed ETF on the ChiNext board, the ChinaAMC ChiNext AI ETF (159363), continued its rise, gaining 3.43% intraday to set another new listing high, with trading volume exceeding 1.4 billion yuan, showing a noticeable increase.
Analyzing the Current Sector Dynamics
Recently, the overseas computing power supply chain, particularly represented by CPO optical modules, has consistently rallied to new highs. What are the current valuation drivers for this sector?
According to analysis, there are two primary pricing logics at play. Firstly, there is a supply shortage in the optical interconnect supply chain. Amid the trend of large-scale AI data center construction in North America, capacity constraints have led the market to assign valuation premiums to upstream core materials, key components, and testing companies for optical modules. Secondly, emerging technologies like CPO, DCI, and intelligent agents are gaining significant market attention.
Sector Outlook and Investment Strategy
Looking ahead to the second half of 2026 and the primary development trends in the optical communication sector, the following investment strategies are suggested:
First, scale-up networks are becoming a key innovation direction for AI data center networks. The development of scale-up networks downstream in data centers is creating important application scenarios for emerging optical interconnect technologies like CPO/NPO. The large-scale adoption of CPO/NPO is expected to drive silicon photonics architecture to become the mainstream technological path in the optical interconnect industry, potentially benefiting related supply chains significantly.
Second, the current tight supply in the optical interconnect supply chain is expected to persist throughout 2026. Domestic optical chip companies stand to benefit from a triple opportunity: overall growth in the optical interconnect market, structural opportunities in silicon photonics CW lasers, and an increase in domestic market share. Concurrently, the global high-speed optical module sector is in an expansion cycle, with leading domestic companies having secured production capacity in advance, positioning them to benefit first from order volume increases.
Long-Term Investment Perspective
From a medium to long-term allocation perspective, since the strong rebound of the overseas computing power chain, including CPO optical modules, began last year, the AI theme on the ChiNext board has continued to outperform comparable AI-focused indices. As of June 18th, the underlying index of the ChinaAMC ChiNext AI ETF (159363) has gained 288% year-to-date, significantly outperforming other broad-market AI-themed indices. It has demonstrated sustained outperformance with the lowest maximum drawdown in its category, offering a favorable holding experience.
Note: The ChinaAMC ChiNext AI ETF passively tracks the ChiNext Artificial Intelligence Index. The index's base date is December 28, 2018, and its release date is July 11, 2024. The index's annual performance 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 back-tested historical performance does not indicate future results.
For a one-click investment in leading optical communication companies, consider focusing on the largest and most liquid AI ETF on the ChiNext board, the ChinaAMC ChiNext AI ETF (159363), and its corresponding off-exchange fund (Class A: 023407, Class C: 023408). The underlying index has approximately 50% exposure to optical modules, a high concentration in key players, and allocates about 30% to AI applications, representing not only the core of computing power but also AI applications.
It is noteworthy that as of June 17, 2026, the ChinaAMC ChiNext AI ETF (159363) had reached a size of 7.81 billion yuan, ranking first in size within the dual-board (ChiNext and STAR Market) AI thematic segment. Its average daily turnover over the past six months exceeded 900 million yuan, also ranking first in trading activity within the AI thematic segment.
Data source: Shanghai and Shenzhen Stock Exchanges.
ETF fee structure: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%. Intraday trading fees are subject to the rates charged by securities firms; no sales service fee is charged.
Linked fund fee structure: The ChinaAMC ChiNext AI ETF Link Fund C Class charges no 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% applies. The ChinaAMC ChiNext AI ETF Link Fund A Class charges a subscription fee of 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat fee of 1,000 yuan per transaction for 2 million yuan 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 warning: The ChinaAMC ChiNext AI ETF passively tracks the ChiNext Artificial Intelligence Index. The index's base date is December 28, 2018, and its release date is July 11, 2024. The index's annual performance 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 back-tested historical performance does not indicate future results. 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 activities of any fund managed by the fund manager. The fund manager assesses this fund's risk level as R4 - medium to high risk, suitable for aggressive (C4) and above investors. Suitability matching opinions are subject to sales institutions. Any information appearing in this article (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are responsible for their own investment decisions. Furthermore, any views, analysis, or forecasts in this article do not constitute investment advice to readers in any form, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment involves risks. The past performance of a fund does not guarantee its future results. The performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Invest in funds with caution.
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