On Monday, April 27th, the ChiNext Artificial Intelligence sector experienced narrow fluctuations with divergent performance in computing power stocks. Leading optical module companies saw pullbacks, with Zhongji Innolight falling 3%, while computing power leasing firms like Glodon Company Limited and Wangsu Science & Technology dropped over 5%. On the gainers' side, terminal chip concept stock Fullhan Microelectronics led with an increase of over 13%, and CPO concept stock TAIE Technology rose over 11%.
Among popular ETFs, the Huabao ChiNext Artificial Intelligence ETF (159363), which focuses on leading optical module companies, saw a slight intraday decline of 0.47%, marking its third consecutive negative daily close. Trading volume shrank to 1.075 billion yuan. However, capital quietly flowed in during the late trading session, with net subscriptions reaching 84 million units for the day. Estimated based on the day's average price, this represents approximately 106 million yuan. Notably, capital inflows have accumulated to 477 million yuan over the past week.
Recently, three major catalysts have jointly validated the sustained strength of the global and domestic AI computing power sector: NVIDIA's market capitalization surpassing $5 trillion, the release of Google's new TPU products, and the open-sourcing of the DeepSeek-V4 model. Although short-term market performance shows divergence, the underlying industry trend remains intact. The ChiNext AI sector may still possess upward potential after a period of consolidation and could present buying opportunities on dips.
First, NVIDIA's $5 trillion milestone validates the high demand in computing power. At the close of trading last Friday, NVIDIA's stock hit a record high, with its market capitalization once again breaking through the $5 trillion mark since last October. As a leading indicator for the ChiNext AI sector, NVIDIA's continued strength not only reflects the explosive growth in global AI computing power demand but also reinforces optimistic market expectations for the computing power industry chain, including data centers and optical modules.
Second, the release of Google's new TPUs is expected to continue benefiting optical modules. Google Cloud Next 2026 opened on April 22nd in Las Vegas, Nevada, USA, where two eighth-generation TPU models were launched. Kaiyuan Securities believes this event may mark the beginning of Google's new technological roadmap, potentially creating opportunities in optical modules, optical circuit switches, and liquid cooling.
Third, the domestic IDC industry is poised to benefit from DeepSeek's new model. DeepSeek announced the official launch and open-sourcing of the preview version of its new model series, DeepSeek-V4. Guojin Securities stated that DeepSeek has achieved leading capabilities domestically and in the open-source field regarding Agent functionality, world knowledge, and reasoning performance, which bodes well for the development of the domestic IDC industry and the model supply chain.
To capture opportunities in leading optical module and CPO companies, it is recommended to focus on the Huabao ChiNext Artificial Intelligence ETF (159363), which leads its peers in both size and liquidity, along with its off-exchange counterparts (Class A: 023407, Class C: 023408). The underlying index allocates approximately 70% of its weight to computing power (including leading optical module/CPO companies), providing comprehensive exposure, and about 30% to AI applications, representing not just the core of computing power but also AI application leaders.
Data Source: Shanghai and Shenzhen Stock Exchanges, etc.
Note: As of April 24, 2026, the Huabao ChiNext Artificial Intelligence ETF had a latest size of 6.891 billion yuan, with an average daily turnover exceeding 700 million yuan over the past six months. Its size and trading volume rank first among 26 ETFs tracking the ChiNext AI Index, STAR AI Index, and STAR Market & ChiNext AI Index.
*Institutional views reference sources: Kaiyuan Securities "Analysis of Google's New TPUs and Beneficiary Targets"; Guojin Securities "Google Next Conference Concludes Successfully, Deepseek Releases V4 Large Model"
ETF Fee Description: When investors subscribe for or redeem fund units, subscription/redemption agents may charge a commission of up to 0.5%. Intraday trading fees are subject to the rates charged by the securities firm; no sales service fee is charged.
Connecting Fund Fee Description: The Huabao ChiNext AI ETF Connecting Fund Class C does not charge a subscription fee. The redemption fee is 1.5% within 7 days and 0% for 7 days or more. The sales service fee is 0.3%. For the Huabao ChiNext AI ETF Connecting Fund Class A, the 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 above. The redemption fee is 1.5% within 7 days and 0% for 7 days or more. No sales service fee is charged.
Risk Warning: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index. The index base date is December 28, 2018, and its release date is July 11, 2024. The annual performance of the ChiNext AI Index 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 historical backtested performance is not indicative of future results. The index constituents mentioned are for illustrative purposes only; descriptions of individual stocks are not investment advice and do not represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses this fund's risk等级 as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors. Suitability matching opinions are subject to the selling institution. Any information appearing in this text is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to the reader, 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 is not indicative of its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest cautiously in funds.
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