Lumentum's earnings report validates the high prosperity of the optical module sector. The "Easy-Zhong-Tian" trio (referring to key optical module stocks like Eoptolink, Zhongji Innolight, and Tianfu Communication) remains active. The ChiNext AI ETF, Huabao (159363), rose over 2% against the market trend.
During intraday trading on August 14, the optical module and computing power leasing sectors continued to strengthen, with the ChiNext AI index once again crossing its 50-day moving average. Tecnotion and Wangsu Technology rose over 6%, while Changxing Bochuang, Zhishang Technology, Optical Technology, Dongtian Micro, and Eoptolink gained over 4%. Tianfu Communication and Zhongji Innolight were up over 3%. Among popular ETFs, the ChiNext AI ETF Huabao (159363), which heavily weights optical module leaders, rose over 2% against the broader market downturn.
On the news front, major "optical" giants in the US stock market intensively released their financial reports. Three leading overseas firms—Tower, Lumentum, and Coherent—operating in different segments (foundry, light source, and full-stack), sent a highly consistent signal in their latest earnings: accelerating demand, tight capacity, and orders scheduled through 2027. Their performance resonance serves as an overseas mirror reflecting the high prosperity of A-share optical modules.
• Tower (Silicon Photonics Foundry): Reported Q2 FY2026 revenue of $460 million (+23.7%), with silicon photonics revenue surging 270% year-over-year to an annualized run rate exceeding $680 million, targeting $1 billion by Q4. Customer contracts have locked in approximately $1.3 billion in silicon photonics revenue for 2027, with foundry capacity secured in advance, confirming high utilization rates for module leaders like Zhongji Innolight and Eoptolink.
• Lumentum (Light Source Leader): Reported Q4 FY2026 revenue of $1.01 billion (+110%), with next-quarter guidance of $1.225–$1.275 billion, achieving its target model ahead of schedule. Growth is driven by multiple factors including 1.6T modules, OCS, and CPO lasers, with EML shipments up over 50% year-over-year. Sustained tightness in upstream components reflects the high prosperity of the A-share components segment, such as Tianfu Communication.
• Coherent (Full-Stack Integration): Reported Q4 FY2026 revenue of $2.05 billion (+34%), with a record full-year revenue of $7.12 billion, and next-quarter guidance of $2.2–$2.4 billion. InP laser production increased 80% year-over-year, with capacity continuously doubling but still unable to meet demand. Even this full-stack leader faces supply "bottlenecks," validating the real and structural nature of demand.
Galaxy Securities stated that the expansion of optical communication has moved from the planning stage to substantive capital expenditure, with the optical industry's prosperity continuing to rise. The optical communication industry chain is entering a new round of intensive capital expenditure cycles, covering core segments such as upstream optical chips, optical components and optical fiber preforms, and midstream optical modules. With continued breakthroughs in high-end optical chip technology, the optical communication industry chain is poised to start a new volume-and-price-driven prosperity cycle.
On the AI trading theme, besides computing power positions like optical modules, significant attention should also be paid to AI applications. Referencing the US-listed SaaS benchmark, Palantir's quarterly results exceeded expectations, and the market is assigning a very high premium to the ability to implement AI applications. The ChiNext AI index gathers a large number of "software + hardware" combination targets (such as industry vertical applications), which, compared to pure hardware communications, benefit more from the dual logic of applications layer performance delivery and valuation system reshaping.
The ChiNext AI ETF Huabao (159363) and its OTC feeder funds (Class A: 023407, Class C: 023408) focus on optical module CPO leaders while also considering AI applications. The underlying index components, including Zhongji Innolight, Eoptolink, and Tianfu Communication, account for about 40% of the weight, making it a core player in AI computing power. Furthermore, the ChiNext AI ETF Huabao (159363) has a latest scale exceeding 7 billion yuan, with an average daily turnover of over 1 billion yuan in the past six months, leading the 8 ETFs tracking the same underlying index in both scale and liquidity.
Data sources: Shanghai and Shenzhen stock exchanges, etc. ETF fee explanation: When investors subscribe or redeem fund shares, the subscription/redemption agency may charge a commission of up to 0.5%. On-exchange trading fees are subject to actual charges by securities companies, with no sales service fee. Feeder fund fee explanation: ChiNext AI ETF Feeder C does not charge a subscription fee; the redemption fee is 1.5% for holding periods within 7 days and 0% for periods of 7 days or more; the sales service fee is 0.3%. ChiNext AI ETF Feeder A charges a subscription fee of 1% for amounts under 1 million yuan, 0.6% for amounts from 1 million to 2 million yuan, and 1,000 yuan per transaction for amounts of 2 million yuan or more; the redemption fee is 1.5% for holding periods within 7 days and 0% for periods of 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 2018.12.28 and a release date of 2024.7.11. The index's annual returns for 2021-2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The annualized volatility for the same periods was 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The index's constituent stocks are adjusted according to its compilation rules. The back-tested historical performance does not indicate future index performance. The index constituent stocks shown are for display purposes only. Descriptions of individual stocks do not constitute investment advice of any form and do not represent the holdings or trading activities of any fund managed by the fund manager. According to the fund manager's assessment, the risk level of the ChiNext AI ETF Huabao is R4 (Medium-High Risk), suitable for investors with an aggressive (C4) risk profile or above. The appropriateness matching opinion should be based on the sales institution. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors must be responsible for their own investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any form for readers, nor shall any liability be assumed for direct or indirect losses arising from the use of this article. Fund investment involves risk. Past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment requires caution. MACD golden cross signal forms, these stocks are performing well!
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