On Tuesday, March 17, the computing power sector experienced an unexpected downturn, with optical module and CPO (co-packaged optics) stocks leading the decline. Suzhou Tfc Optical Communication Co.,Ltd. dropped more than 10%, alongside other major decliners including Guangku Technology, Changxin Bochuang, and Taichenguang. Additional stocks such as Zhishang Technology, Ruijie Networks, Liante Technology, and Xin Yisheng also fell by over 5%.
Among popular ETFs, the ChiNext Artificial Intelligence ETF (159363), which holds significant positions in leading optical module companies, weakened throughout the afternoon session. Its price fell by 4.34%, marking the largest single-day drop in nearly four months and breaking below the 60-day moving average. Daily turnover reached 574 million yuan, with approximately 50 million fund units being purchased as investors bought the dip.
Despite NVIDIA's GTC conference unveiling multiple technological breakthroughs, A-share computing power and optical module stocks unexpectedly declined, drawing market attention. Analysts noted that NVIDIA's new rack-scale solutions may adopt a "both optical and copper" approach, leading to a systematic reassessment of market expectations for AI interconnection routes. With NVIDIA’s next-generation chips expected to launch in 2028, the long implementation cycle offers limited near-term earnings support, contributing to market sentiment fluctuations.
From a medium- to long-term perspective, today’s decline appears to be a short-term adjustment driven by sentiment and capital flow timing, rather than a shift in the sector’s underlying growth logic.
Huaxi Securities indicated that while ongoing geopolitical risks and reduced risk appetite may cause short-term volatility, AI remains a key investment theme. The AI industry is still in an accelerated scaling phase, and as the supply chain for computing chips diversifies, demand for tokens continues to grow rapidly. Underlying computing infrastructure, including optical modules, remains in an expansion cycle.
Investors looking to capture AI-related opportunities can consider the ChiNext Artificial Intelligence ETF (159363) and its feeder funds (Class A: 023407, Class C: 023408), which provide exposure to both computing power and AI applications. The ETF allocates approximately 60% of its portfolio to computing power—including leading optical module and data center stocks—and 40% to AI application companies, positioning it as a core representative of both computing and AI application segments.
Data source: Shanghai and Shenzhen Stock Exchanges.
ETF fee structure: Subscription and redemption agents may charge a commission of up to 0.5%. Trading fees for on-market transactions are subject to securities firms’ policies, with no sales service fee applied. Feeder fund fees: Class C shares do 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 Class A shares, subscription fees are 1% for amounts under 1 million yuan, 0.6% for 1–2 million yuan, and a flat 1,000 yuan for 2 million yuan or more. Redemption fees are 1.5% for holdings under 7 days and 0% for 7 days or more. No sales service fee is charged.
*Institutional views referenced from Huaxi Securities report, "Focus on Multiple Major AI Conferences and Exhibitions This Week."
Risk disclosure: The ChiNext Artificial Intelligence ETF tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was published on July 11, 2024. The index’s annual returns from 2021 to 2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. Index components are adjusted according to its rules, and past performance does not indicate future results. Stock mentions are for illustrative purposes only and do not constitute investment advice or reflect the fund manager’s holdings or trading activities. The fund manager assesses this fund as R4—medium to high risk, suitable for aggressive (C4) or higher risk-tolerant investors. Suitability assessments are subject to sales institutions. All information provided is for reference only, and investors are responsible for their own investment decisions. No views, analysis, or forecasts herein constitute investment advice, and no liability is accepted for direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future results, and the performance of other funds managed by the same manager does not ensure this fund’s future performance. Invest with caution.
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