On Thursday (December 11), the AI sector experienced a sudden adjustment, with optical module CPO and other computing hardware stocks leading the decline. The ChiNext AI Index fell over 3.5% after hitting a new high, with most constituent stocks in the red. Among them, Zhishang Technology led the drop with a decline of over 13%, while Changxin Bocreat, Lantech, TFC Optical, and Ruijie Networks plunged more than 5%. Leading optical module stocks such as Zhongji Innolight, Eoptolink, and TFC Communications also dropped over 3%.
In terms of popular ETFs, the ChiNext AI ETF (159363), which has over 56% exposure to optical module CPO, closed down 3.63% after hitting a record high the previous day, testing its five-day moving average. Despite the pullback in high-profile stocks, funds seized the opportunity to buy the dip, with 159363 recording a net inflow of 86 million shares in a single day.
Market analysis suggests that the short-term weakness in the optical module CPO sector may be attributed to two factors: first, the sector's significant gains in the past have accumulated substantial profit-taking pressure, leading to a short-term correction; second, Oracle, an overseas AI giant, saw a sharp post-market decline due to reduced capital expenditure expectations. However, from a medium- to long-term perspective, short-term sentiment fluctuations do not alter the demand logic for optical modules driven by AI.
According to the latest research from TrendForce, high-speed interconnect technology has become a key factor in determining the efficiency and scalability of AI data centers. By 2025, global shipments of 800G+ optical transceiver modules are expected to reach 24 million units, with projections of nearly 63 million units by 2026—a growth of 2.6 times. CITIC Securities notes that leading optical communication companies hold significant advantages in R&D barriers, material and capacity reserves, and new technology solutions, recommending continued attention to the sector.
Guosheng Securities believes that the sustained investment in computing infrastructure by overseas AI giants, significant increases in capital expenditures by cloud providers, and the formation of commercial monetization cycles all confirm the high growth and solid fundamentals of the computing power industry, including optical modules. The recent adjustment is primarily due to sentiment fluctuations and previous gains, which do not affect the long-term demand logic for optical modules driven by AI. The firm remains bullish on the computing power sector and strongly recommends related companies in the supply chain, such as leading optical module players.
To capitalize on computing power opportunities centered on optical modules, investors are advised to focus on the ChiNext AI ETF (159363) and its off-exchange counterparts (Class A: 023407, Class C: 023408). The underlying index heavily weights leading optical module stocks like Eoptolink, Zhongji Innolight, and TFC Communications, with optical module exposure exceeding 56%. In terms of sector allocation, over 70% of the portfolio is allocated to computing power, while more than 20% is allocated to AI applications, enabling efficient capture of AI-themed market trends. (Data as of November 30, 2025.)
Among comparable products, as of December 8, the ChiNext AI ETF (159363) managed by Huabao had a size exceeding RMB 3.3 billion, with an average daily turnover of over RMB 600 million in the past month—ranking first among the seven ETFs tracking the ChiNext AI Index.
Data source: SSE, SZSE, etc. Note: "First in the market" refers to the first ETF tracking the ChiNext AI Index.
Risk Disclosure: The ChiNext AI ETF (159363) passively tracks the ChiNext AI Index, with a base date of December 28, 2018, and a release date of 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. Constituent stocks are adjusted according to the index rules, and past performance does not indicate future results. The stocks mentioned are for illustrative purposes only and do not constitute investment advice or reflect the holdings or trading trends of any fund managed by the fund manager. The fund manager rates this fund as R4 (medium-high risk), suitable for aggressive (C4) and above investors. Suitability assessments should be based on sales institutions. Any information in this article (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, or any other form of expression) is for reference only, and investors are responsible for their own investment decisions. The views, analysis, and forecasts herein do not constitute investment advice, and no liability is accepted for any direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future results, and the performance of other funds managed by the fund manager does not guarantee this fund's performance. Invest with caution.
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