In early trading on the 6th, the AI sector on the ChiNext board staged a strong rebound, led by optical module leaders. As of press time, Zhongji Innolight (300308) and Eoptolink (300502) both rose over 4%, while other stocks like Taichenguang, Changxin Bochuang, Ruijie Networks, and Tianfu Communication followed with gains exceeding 2%. Among popular ETFs, the ChiNext AI ETF (159363), which is heavily invested in optical modules, surged over 3% during the session, reclaiming its 10-day moving average, with real-time turnover exceeding 1.5 billion yuan, showing significant volume expansion.
On the news front, overseas optical component supplier Lumentum released its Q1 2026 fiscal year earnings report, projecting next-quarter revenue between $630 million and $670 million and non-GAAP EPS between $1.30 and $1.50, further validating the high growth prospects of the optical module industry.
Previously, financial reports from North America's four major cloud providers (MAMG—Microsoft, Amazon, Meta, Google) indicated continued heavy investments in AI. Their combined capital expenditures for Q3 2025 surged 68% YoY to $96.4 billion, with FactSet consensus projecting full-year 2025 capital expenditures at $363.3 billion (up 63% YoY).
CITIC Securities noted that the four North American CSPs (cloud service providers) reported accelerating capital expenditure growth in their Q3 earnings, with all maintaining a positive outlook on future infrastructure investments. The firm continues to recommend the AI computing power sector, including core companies in both North American and domestic computing supply chains.
First Shanghai highlighted that commercialization efforts by overseas AI giants like OpenAI are accelerating, driving widespread adoption of AI applications and sustaining strong demand for computing hardware. Short-term earnings volatility does not alter the high-growth trajectory of computing hardware in the coming years, suggesting investors focus on core metrics such as computing CAPEX, token consumption, and ARR. While market sentiment may be influenced by short-term factors like sector rotation and crowding, the fundamental strength of computing demand remains robust.
The institution believes the optical communication industry's growth momentum in the AI era may exceed expectations, with leading players likely to maintain dominance through technological innovation and next-gen R&D. Additionally, amid industry-wide supply shortages, opportunities for second-tier suppliers to enter core supply chains due to demand spillover are worth watching.
To capitalize on core opportunities in optical modules and computing, investors may consider the ChiNext AI ETF (159363) and its off-exchange counterparts (Class A 023407, Class C 023408). The underlying index focuses on optical module leaders, with over 54% exposure to the sector. In terms of sector allocation, more than 70% is invested in computing power, while over 20% targets AI applications, efficiently capturing AI-themed market trends (data as of October 31, 2025).
Among peers, as of October 31, the ChiNext AI ETF (159363) boasts the largest scale (over 3.5 billion yuan) and highest average daily turnover (over 700 million yuan) among the seven ETFs tracking the ChiNext AI Index.
Risk Disclosure: The ChiNext AI ETF passively tracks the ChiNext AI Index (base date: December 28, 2018; release date: July 11, 2024). The index's annual performance from 2020 to 2024 was 20.1%, 17.57%, -34.52%, 47.83%, and 38.44%, respectively. Index constituents are adjusted per 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 fund holdings. The fund is rated R4 (medium-high risk) and suitable for aggressive (C4) or higher-risk investors. Investment decisions should be made independently, and no liability is assumed for direct or indirect losses arising from the use of this content. Fund investments carry risks, and past performance is not indicative of future results.
Comments