Recent market analysis indicates that from a valuation perspective, the market has reached an attractive "buying zone" for accumulation. Between November 25 and December 9, the market exhibited two key trends: (1) High-valuation sectors like optical modules continued their strong performance, with valuations reaching new highs. (2) Non-leading stocks in weaker sectors faced resistance levels but rebounded without breaking previous lows. This reflects persistent upward momentum, though low-valuation sectors lack compelling narratives to attract capital from high-flying peers. The market remains bifurcated—institutional investors cluster around high-growth themes while quant-driven momentum trades dominate elsewhere.
The Fed’s December FOMC decision, due early Thursday, is widely expected to deliver a 25bps rate cut with no further easing projected until Q1 2026. This hawkish tilt suggests limited risk-off impact even if the pace of cuts disappoints. Marvell’s acquisition of optical interconnect firm Celestial has bolstered confidence in OIO/CPO technologies, driving outperformance in ETFs like the ChiNext AI ETF HuaBao (159363), which hit record highs recently.
**NVIDIA H200 Chip Impact Analysis** The H200, a mainstream training chip for overseas AI models, trails the B30 in computing power but excels in memory bandwidth. Its release enables onshore deployment of training infrastructure in China. However, domestic tech firms currently rely on overseas training and local inference—raising doubts about any immediate surge in local training demand.
Key implications: 1. **Positive for NVIDIA’s supply chain**: Optical modules and PCBs stand to benefit. Monitor the ChiNext AI ETF HuaBao (159363). 2. **Potential capex boost for local servers**: Companies like Inspur and Huaqin may see margin expansion. Watch the Big Data Industry ETF (516700) and Xinchuang ETF (562030). 3. **Neutral for domestic AI chips**: Sentiment may dip slightly, but the self-sufficiency trend remains intact. Focus on the Hang Seng IT ETF (159131), STAR AI ETF HuaBao (589520), and HuaBao STAR Chip Index Fund (021224).
December 9 trading revealed: (1) Optical modules remain growth leaders, lifting sector sentiment; (2) Skepticism over local capex growth triggered profit-taking in related stocks; (3) Domestic chip stocks rebounded on unwavering autonomy themes. Markets now prioritize established trends over marginal catalysts lacking fundamental support.
**Investment Strategy** With tech valuations at attractive levels, investors could capitalize on post-FOMC volatility. Key opportunities: 1. **Optical module plays**: ChiNext AI ETF HuaBao (159363) offers efficient exposure to growth. 2. **Selective ETFs**: Hang Seng IT ETF (159131), FinTech ETF (159851), Auto 50 ETF (520780), STAR AI ETF HuaBao (589520), and Internet ETF (513770) present tactical options. 3. **Server theme**: Big Data Industry ETF (516700) and Xinchuang ETF (562030) may see sentiment-driven upside despite modest fundamentals.
**Risk Warning** Recent volatility underscores the need for disciplined risk management. All mentioned ETFs are managed by HuaBao Fund, with risk ratings ranging from R3 (moderate) to R4 (high). Investors should assess suitability based on individual risk profiles. Past performance does not guarantee future results.
Disclaimer: This analysis does not constitute investment advice. Investors bear full responsibility for decisions and should consult fund documents before investing. Regulatory approval does not imply endorsement of product merits.
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