Capital Flows In! Huabao Fund's ChiNext AI ETF (159363) Rebounds Over 1%! NVIDIA's Earnings Beat Expectations, AI Computing Power May Heat Up Again

In early trading on May 21st, the ChiNext artificial intelligence sector rebounded and rose, with leading optical module companies and AI application stocks performing actively. Tonghuashun led gains, surging over 11%, while stocks like Thunder Software, BlueFocus, Ruijie Networks, and Dongtu Technology rose over 3%. In the optical module segment, Shenzhen Sunwin Intelligent Co., Ltd. and Zhongji Innolight both gained over 1%.

Among popular ETFs, the ChiNext Artificial Intelligence ETF Huabao (159363), which has an optical module/CPO weighting exceeding 50%, recovered from an intraday dip to rise over 1%. Capital continued its net inflow, with over 300 million yuan having been added in the previous five trading days.

On the news front, NVIDIA's Q1 FY2027 financial report showed company revenue reached a record high of $81.62 billion, up 85% year-over-year, with net profit at $58.3 billion, a 211% increase. Notably, Data Center revenue was $75.2 billion, up 92% year-over-year, contributing over 90% of total revenue and also setting a new quarterly record. Furthermore, NVIDIA is expected to begin production and shipment of its next-generation rack-scale AI system, Vera Rubin, in the second half of this year.

As a leading indicator for the ChiNext AI sector, NVIDIA's strong earnings performance is expected to directly catalyze the A-share market's overseas computing power chain, including optical modules, and may further boost market confidence in the AI computing power industry chain.

Looking ahead, Huaxi Securities indicated that at the current juncture, the computing power sector is expected to maintain its momentum, gradually entering a period of earnings realization. Downstream demand remains robust, with segments including CPO, OCS, and domestic related chains poised to benefit. Additionally, driven by capital expenditure growth and demand for NVIDIA computing cards, the computing power rental market is expected to maintain high growth momentum.

To capture opportunities in leading optical module/CPO companies, it is suggested to focus on the ChiNext Artificial Intelligence ETF Huabao (159363) — which ranks first in its category by both size and liquidity — and its corresponding feeder funds (Class A: 023407, Class C: 023408). The underlying index's latest optical module weighting is 50%, providing concentrated exposure to major players. Approximately 30% of the portfolio is allocated to AI applications, representing not just the core of computing power but also AI application leaders.

It is noteworthy that as of May 20, 2026, the ChiNext Artificial Intelligence ETF Huabao (159363) reached a latest size of 7.44 billion yuan, ranking first in size within the full market for the dual-innovation AI theme. Its average daily turnover over the past six months was approximately 800 million yuan, also ranking first in trading activity within the full-market AI theme.

Data source: Shanghai and Shenzhen Stock Exchanges, etc.

ETF-related fee note: When subscribing for or redeeming fund units, subscription/redemption agents may charge a commission not exceeding 0.5%. On-exchange trading fees are subject to the actual charges by securities firms, with no sales service fee charged.

Feeder fund-related fee note: The ChiNext AI ETF Feeder Fund Class C 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. For the ChiNext AI ETF Feeder Fund Class A, subscription fees are 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan (inclusive), and a flat 1000 yuan per transaction 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.

Risk Disclosure: The ChiNext Artificial Intelligence ETF Huabao passively tracks the ChiNext Artificial Intelligence Index. The index 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%, +106.35%, respectively. Index constituents are adjusted according to its compilation rules; its backtested historical performance does not indicate future results. Constituent stocks mentioned are for illustrative purposes only; individual stock descriptions do not constitute investment advice in any form nor represent the holdings or trading intentions of any fund managed by the fund manager. The fund manager assesses this fund's risk level as R4 (Medium-High Risk), suitable for Aggressive (C4) and above investors. Suitability matching opinions are subject to the sales institution. Any information appearing herein (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors are solely responsible for their independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks. 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.