On December 9, the market experienced consolidation, with most major A-share indices in the red. However, the Dual Innovation Leaders ETF (588330), which fully invests in hard-tech sectors aligned with new productive forces, bucked the trend, rising over 1.8% intraday before settling at a 0.96% gain. The ETF is now poised for a fourth consecutive daily increase, trading above all key moving averages with strong upward momentum. Trading volume exceeded 71 million yuan, reflecting robust activity.
Among its constituents, CPO concept stock Shenghong Technology led gains with an 8% surge. Optical module leaders Zhongji Innolight, Eoptolink, and TFC Optical Communication rose 6.24%, 3.37%, and 0.77%, respectively. AI chip leader Cambricon Technologies gained nearly 1%, surpassing Kweichow Moutai to become the highest-priced A-share stock. Solar leader Daqo New Energy climbed over 3%, while Canadian Solar and Sungrow Power also advanced.
On December 8, former U.S. President Trump announced that the U.S. government would allow NVIDIA to sell its H200 AI chips to China, with similar arrangements extended to AMD, Intel, and other AI chip manufacturers.
Guosheng Securities noted that explosive growth in computing demand has created a supply gap in the optical module industry. Against a backdrop of structural shortages in upstream optical chips and slow production ramp-ups for high-speed modules, demand for 800G/1.6T optical modules compatible with H200 chips has surged. Leading manufacturers' capacity expansions and technological advantages are expected to translate into earnings growth, with a wave of new capacity set to be released in Q1 next year.
Huaan Securities added that optical modules are a core beneficiary of the computing power theme, with H200 chip volume directly driving module shipments. Combined with premium pricing from technological upgrades, optical module firms enjoy strong earnings visibility.
Looking ahead, Ping An Securities believes new productive forces will leverage China's "engineer dividend" to achieve disruptive technological breakthroughs. Everbright Securities sees the TMT and advanced manufacturing sectors—central to new productive forces—entering the second phase of an upward cycle, with significant growth potential through 2026 driven by technological breakthroughs, policy support, and commercialization.
[Investing in China’s "Nasdaq": Key Features of Dual Innovation Leaders ETF (588330) and Its Off-Exchange Fund (Class A: 013317/Class C: 013318)] 1. Cross-market diversification, 100% focused on strategic emerging industries: The underlying index selects 50 large-cap strategic emerging industry stocks from STAR Market and ChiNext, covering high-growth leaders in sectors like new energy, solar, optical modules, semiconductors, and medical devices. 2. Growth-oriented "battleground fund" for China’s top tech: Amid global tech competition, self-reliance and supply chain control have become critical, positioning this ETF as China’s answer to Nasdaq. 3. High-beta tool for tech rallies, low-threshold access: The index’s 20% daily price limit enhances rebound potential, while ETF investment lowers barriers—entry starts under 100 yuan at current prices. 4. Hard-tech "mini powerhouse": Since its April 8 low, the index has surged 89.28%, outperforming ChiNext (76.53%), STAR Composite (54.39%), and STAR 50 (46.16%).
Data period: April 8, 2025 – December 8, 2025. Risk disclosure: The ETF tracks the CSI STAR & ChiNext 50 Index (base date: Dec 31, 2019; launch: June 1, 2021). Historical annual returns: 2020-2024: 86.90%, 0.37%, -28.32%, -18.83%, 13.63%. Constituents are adjusted per index rules; past performance doesn’t guarantee future results. Stock mentions are illustrative, not investment advice or indicative of fund holdings. The fund is rated R4 (high risk) for aggressive investors (C4+). Investment decisions carry risks; views expressed don’t constitute advice or liability for losses. Fund performance isn’t guaranteed.
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