On Monday (October 12), A-shares adjusted on lower volume, with technology stocks coming under pressure once again. The underlying index of the high-profile ChiNext Artificial Intelligence ETF Huabao (159363) fell 3%, with trading momentum weakening somewhat, while capital has recently continued to focus on positioning opportunities. Constituent stocks showed divergence, with optical modules and other computing hardware names declining again. Eoptolink and Zhongji Innolight dropped more than 6%, both posting nine consecutive losing sessions, while T&S Communications fell more than 2%. The AI application side, represented by the culture and media sector, continued its strong run, with Huace Film & TV leading gains of more than 8%, Mango Excellent Media rising more than 5%, and Chinese Online and Wondershare Technology gaining more than 3%. Overall, the current market picture is not a full-scale retreat of the AI main line, but rather an internal rotation between high and low: hardware adjusting while applications pick up the baton. Looking ahead, three points deserve attention: first, whether market volume can expand again; second, whether optical modules and other computing hardware can stop falling and stabilize; third, whether the heat in culture and media and other AI application segments can continue to spread. If volume continues to shrink, the index may remain in consolidation in the short term; if the application side continues to strengthen, structural opportunities are likely to persist.
On the AI application front, positive overseas industry developments continue to ferment. Nvidia plans to acquire Reflection AI at a valuation of $25 billion, further confirming the commercialization value and growth potential of the global AI application track. The pace of domestic industrial implementation continues to accelerate. The daily active user data of ByteDance's Hongguo app continues to climb, with user scale steadily expanding. The first domestic AI film, "Sanxingdui: Future Past," has been scheduled for release on October 23, marking that AI film and television has entered the industrialization stage of feature-length production. Soochow Securities stated that AI film and television is moving toward industrialization, with short-form content validating the model first and feature-length production accelerating toward implementation. It is bullish on AI film and television transitioning from technology demonstration to commercial delivery, and believes that improved model capabilities and coordination in production workflows are expected to drive content supply expansion and improve production efficiency. It recommends paying attention to relevant companies with high-quality IP reserves, content production capabilities, or AI tool platform layouts, to seize development opportunities brought by industrialization validation.
In contrast to the continued heating up of the AI application side, when optical modules and other AI hardware directions will stop falling and stabilize has become another focus of current market attention. A research report from CITIC Securities pointed out that post-holiday A-share performance fell short of expectations, with the technology sector becoming the center of adjustment. In the short term, it was directly hit by FCC restrictions on optical modules and OpenAI's revenue falling short of expectations; the fundamental reason is that A-shares are in the second wave of leverage structure adjustment, compounded by overseas liquidity tightening and Middle East geopolitical disruptions, keeping risk appetite under continuous pressure. However, positive signals have begun to accumulate. If macro disturbances ease and third-quarter earnings validation follows, market expectations may be reversed.
Focusing on optical modules, Guosheng Securities pointed out that Q3 supply chain bottlenecks have been substantially alleviated, 1.6T optical module shipments are rising quarter by quarter, and leading module manufacturers are actively stocking up on materials and inventory, providing raw material support for subsequent high-speed optical module volume ramps, with strong visibility for major optical players' Q3 performance. At the same time, AI industry giants such as Nvidia and Intel are intensively betting on optical interconnect startups, systematically locking in next-generation technology directions including OCS, silicon photonics, and optical interconnect reliability, and the sector is also expected to see technology-side catalysts.
To position in optical module leaders plus AI applications, attention is recommended on the ChiNext Artificial Intelligence 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 underlying index has a weight of over 35% in "Zhongji Innolight + Eoptolink + T&S Communications," 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 CNI Index, the top three constituents of the ChiNext Artificial Intelligence Index are Eoptolink (weight 12.98%), Zhongji Innolight (weight 12.09%), and T&S Communications (weight 10.8%). Reminder: Recent market volatility may be relatively large, and short-term gains or losses do not predict future performance. Investors must invest rationally based on their own capital conditions and risk tolerance, and pay close attention to position and risk management.
Institutional views reference sources: Soochow Securities, "AI Film and Television Industry: Model Capabilities and Production Workflow Coordination, Industrialization Enters Validation Period"; CITIC Securities, "Defense First, Waiting for Turning Point"; Guosheng Securities, "AI Winds Gradually Warming." ETF fund related fee explanation: When investors subscribe to 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 what the securities company actually charges, and no sales service fee is charged. Feeder fund related fee explanation: Huabao ChiNext Artificial Intelligence ETF Initiating Feeder C does not charge a subscription fee; the redemption fee is 1.5% within 7 days and 0% on or after 7 days; the sales service fee is 0.3%. Huabao ChiNext Artificial Intelligence ETF Initiating Feeder A has a subscription fee of 1% for amounts below RMB 1 million, 0.6% for RMB 1 million (inclusive) to RMB 2 million, and RMB 1,000 per transaction for RMB 2 million (inclusive) and above; the redemption fee is 1.5% within 7 days and 0% on or after 7 days; no sales service fee is charged. According to the fund manager's assessment, the risk level of ChiNext Artificial Intelligence ETF Huabao is R4-Medium-High Risk, suitable for aggressive (C4) and above investors, and the suitability matching opinion should be based on the sales institution. Risk disclosure: ChiNext Artificial Intelligence ETF Huabao passively tracks the ChiNext Artificial Intelligence Index. The index base date is December 28, 2018, and the release 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%, while the index's annualized volatility over the same period was 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The index constituent composition is 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 in this article are for display only, and individual stock descriptions do not constitute investment advice in any form, nor do they represent the holdings or trading trends of any fund under 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 investment decisions they make independently. 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 of this article. Fund investment involves risks, past performance of a fund does not represent its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment must be cautious. MACD golden cross signals have formed, and these stocks have performed well.
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