During intraday trading on October 21, technology stocks continued their rebound, with the Technology ETF Huabao (515000), which tracks the overall performance of leading technology companies, remaining in positive territory.
The optical module supply chain led the gains, while computing power leasing showed active performance. The benchmark index of the high-"optical" ChiNext AI ETF Huabao (159363) rose more than 3%, with capital showing active participation.
Among popular individual stocks, Shenzhen Zesum Technology Co.,Ltd. (ASX: 301486) hit the 20% limit up, while O-Net Technologies, Xiechuang Data, and Changxin Bochuang gained over 7%. Tianfu Communication rose more than 6%, and both Zhongji Innolight and Eoptolink advanced over 2%.
The core driver of the optical module supply chain comes from the continued high prosperity of AI computing power demand combined with multiple catalytic factors. After the OCP Global Summit, NVIDIA and Cisco jointly launched the USFP new pluggable optical module, raising single-channel speed to 400G and increasing bandwidth density by 4 times, with 1.6T/3.2T demand expected to be released ahead of schedule. The standardization and industrialization of CPO and NPO optical interconnection are accelerating, compounded by Lumentum's optical device capacity being "sold out" through 2029 and optical chips being in short supply, fully validating the industry's prosperity.
Looking ahead, the high prosperity of the optical module supply chain has strong certainty. The period of 2026-2027 will be a phase of high-speed volume ramp-up for 800G and 1.6T generations, with leading manufacturers' orders already covering the full year and extending into 2027, demonstrating strong earnings delivery capability. CPO/NPO technology will enter initial large-scale implementation in 2026, which will drive demand growth in optical engines, CW light sources, FAU, MPO, and other segments. It is recommended to focus on leading players with large-scale delivery capability and breakthroughs with overseas customers.
To position in optical module leaders plus AI applications, it is suggested to pay attention to the ChiNext AI ETF Huabao (159363) and its off-exchange feeder funds (Class A 023407, Class C 023408), with a focus on optical module CPO leaders while also covering AI applications. The benchmark index's "Zhongji Innolight + Eoptolink + Tianfu Communication" weight exceeds 35%, making it a core standard-bearer for AI computing power.
Data source: Shanghai and Shenzhen Stock Exchanges, Wind, etc. Note: As of September 30, 2026, according to the China Securities Index, the top three constituent stocks of the ChiNext AI Index are Eoptolink (weight 12.98%), Zhongji Innolight (weight 12.09%), and Tianfu Communication (weight 10.8%).
Reminder: Recent market volatility may be significant, and short-term price movements do not predict future performance. Investors are advised to invest rationally based on their own financial conditions and risk tolerance, and to pay close attention to position and risk management.
ETF fund-related fee disclosure: When investors subscribe or redeem fund shares, the subscription and redemption agent may charge a commission of no more than 0.5%. On-exchange trading fees are subject to actual charges by the securities company, and no sales service fee is charged. Feeder fund-related fee disclosure: Huabao ChiNext AI ETF Initiating Feeder Fund Class C does not charge subscription fees; redemption fees are 1.5% within 7 days and 0% for 7 days (inclusive) or more; the sales service fee is 0.3%. Huabao ChiNext AI ETF Initiating Feeder Fund Class A subscription fees are 1% for amounts under 1 million yuan, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and 1,000 yuan per transaction for 2 million yuan (inclusive) and above; redemption fees are 1.5% within 7 days and 0% for 7 days (inclusive) or more; no sales service fee is charged.
According to the fund manager's assessment, the risk level of ChiNext AI ETF Huabao is R4-Medium-High Risk, suitable for investors with Aggressive (C4) level and above. The suitability matching opinion should be based on the sales institution's assessment.
Risk disclosure: ChiNext AI ETF Huabao passively tracks the ChiNext AI Index. The index base date is December 28, 2018, and the publication date is July 11, 2024. The index's annual returns from 2021 to 2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The annualized volatility rates for the same period were 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The index constituent stocks are adjusted in a timely manner according to the index compilation rules, and its back-tested historical performance does not predict the index's future performance. The index constituent stocks mentioned in this article are for display purposes only. Individual stock descriptions do not constitute investment advice in any form, nor do they represent the holdings or trading trends of any fund managed by the manager. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors must be responsible for any independent investment decisions they make. In addition, any views, analyses, and forecasts in this article do not constitute investment advice in any form to readers, nor shall they bear any responsibility for direct or indirect losses caused by the use of the content herein. Fund investment involves risks, past performance of funds does not represent future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Fund investment requires caution.
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