On the afternoon of April 24, the CPO (Co-Packaged Optics) optical module sector showed a significant rebound. Eoptolink narrowed its decline to 8%, while Zhongji Innolight turned positive. Coupled with the strength in Deepseek-related concept stocks, the ChiNext AI index narrowed its decline to 2%. Among individual stocks, Fullhan Microelectronics hit the 20% daily limit up, HopeRun Software surged over 10%, and Ruijie Networks, Sangfor Technologies rose more than 5%.
Regarding popular ETFs, the ChiNext AI ETF Huabao (159363), which holds heavy positions in optical module leaders like Eoptolink, Zhongji Innolight, and Tianyu Communication, experienced a V-shaped recovery. Its on-market decline narrowed to 2%, accompanied by substantial net subscriptions exceeding 200 million units and a real-time turnover surpassing 1.4 billion yuan.
On the news front, on the evening of April 23, leading stock Eoptolink released its first-quarter financial report. The company reported Q1 revenue of 8.338 billion yuan, a year-on-year increase of 105.76%. Net profit attributable to shareholders was 2.78 billion yuan, up 76.80% year-on-year but down 13% quarter-on-quarter. Analysis pointed out that while revenue grew significantly, exchange losses dragged net profit below expectations. Nevertheless, foreign institutions Goldman Sachs and Citigroup remained firmly optimistic.
According to market analysis, Goldman Sachs analyst Ting Song explicitly stated in a report that the lower-than-expected net profit was primarily due to increased financial expenses from exchange losses, which are non-operational disturbances and do not alter the assessment of the company's subsequent fundamentals.
Citigroup also indicated in its report that the Q1 results do not affect Eoptolink's robust prospects. Citing the company, it noted that the flat quarter-on-quarter revenue was mainly due to tight raw materials and production capacity, a situation expected to gradually improve starting in the second quarter.
Regarding the overall CPO optical module sector, institutions suggest that leading companies' valuations still have room for improvement. GF Securities stated that while valuations for leading optical module companies have seen some recent recovery, their projected 2027 P/E ratios remain relatively low. Historically, the valuation anchor for optical module leaders has typically been around 15-20x the following year's P/E. The firm is optimistic about the sustainability of the current optical module uptrend, particularly highlighting leading companies' competitive barriers, material procurement capabilities, and long-term product layout advantages, suggesting potential for further valuation increases.
For a consolidated opportunity in leading CPO optical module players, focus is recommended on the ChiNext AI ETF Huabao (159363) and its off-exchange联接 funds (Class A: 023407, Class C: 023408). The underlying index allocates approximately 70% to computing power (including optical module/CPO leaders) and about 30% to AI applications, representing not just core computing power but also AI application segments.
Data source: Shanghai and Shenzhen Stock Exchanges. As of April 17, 2026, the ChiNext AI ETF Huabao had a latest size of 6.531 billion yuan, with an average daily turnover exceeding 700 million yuan over the past six months, ranking first in both size and turnover among 26 ETFs tracking the ChiNext AI Index, STAR AI Index, and STAR Market & ChiNext AI Index.
*Institutional views reference source: GF Securities report "Reviewing the Sustainability of the Current Optical Module Trend from the Past Two Years' Performance."
ETF fee note: When subscribing or redeeming fund units, subscription/redemption agents may charge a commission of up to 0.5%. On-market trading fees are subject to the securities firm's actual charges; no sales service fee is levied.
联接 fund fee note: ChiNext AI ETF联接 Fund Class C charges no subscription fee; redemption fee is 1.5% within 7 days, 0% for 7 days or more; sales service fee is 0.3%. Class A subscription fee is 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan per transaction for 2 million yuan or more; redemption fee is 1.5% within 7 days, 0% for 7 days or more; no sales service fee is charged.
Risk warning: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The index's annual performance from 2021 to 2025 was: +17.57%, -34.52%, +47.83%, +38.44%, +106.35%. Index constituent stocks are adjusted per the index methodology; past performance does not indicate future results. Constituent stocks mentioned are for illustrative purposes only; individual stock descriptions are not investment advice and do not represent holdings or trading动向 of the fund manager. The fund manager assesses this fund's risk level as R4 (medium-high risk), suitable for aggressive (C4) or higher investors. Suitability matching is subject to the selling institution. Any information herein is for reference only; investors are responsible for their investment decisions. Views, analysis, and forecasts do not constitute investment advice, and no liability is accepted for direct or indirect losses. Fund investment carries risks; past performance does not guarantee future results; other funds' performance by the manager does not guarantee this fund's performance. Invest cautiously.
A MACD golden cross signal has formed, indicating positive momentum for these stocks.
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