On Friday (November 13), AI hardware stocks came under notable pressure, with the underlying index of the Huabao ChiNext Artificial Intelligence ETF (159363), which focuses on leading optical module companies, closing down 4.42% and falling back below all its moving averages amid heightened investor attention.
The so-called "Yizhongtian" trio saw sharp pullbacks, with Tianfu Communication leading the decline with a drop of more than 10%, while Eoptolink Technology and Zhongji Innolight Co., Ltd. each fell more than 8%.
On the news front, the short-term sentiment pressure on the optical module sector stems mainly from a sudden management change at an overseas computing power leader. On November 12 local time, NVIDIA announced that Jensen Huang would immediately step down from his roles as president, chief executive officer, and board member. As one of the A-share segments most closely tied to NVIDIA within the overseas computing power supply chain, optical modules have experienced pronounced sentiment swings.
Analysis suggests that Huang's resignation primarily creates a gap in NVIDIA's function as the "coordination hub" of the AI computing power supply chain, pushing the industry from a phase of "certain growth" into one of "pace yet to be verified." In the short term, optical module order pace, capacity release, and valuations face pressure; over the medium term, the strategic continuity of the new management, cloud providers' capital expenditure, and order fulfillment bear watching. If the coordination function is restored, the demand logic may still hold.
Cao Xuchen, fund manager of the Huabao ChiNext Artificial Intelligence ETF (159363), stated that after Huang's resignation, if NVIDIA turns more conservative and the advancement of new technologies such as CPO slows, the lifecycle of traditional pluggable optical modules could be extended, potentially benefiting companies like Zhongji Innolight Co., Ltd. and Eoptolink Technology. However, amid the tug-of-war between the AI computing buildout cycle and valuation downward revisions, the impact on optical module fundamentals remains to be seen, with short-term effects likely neutral. He recommends continued monitoring.
Currently, institutions say optical communication demand both domestically and overseas continues to show strong growth momentum. Guotai Haitong noted that optical giants Lumentum and Coherent guided next-quarter revenue midpoints roughly 27% and 12% higher than the current quarter, respectively, confirming that overseas computing infrastructure demand remains robust. Domestically, visibility for 800G and 1.6T optical module orders has improved significantly. Zhongji Innolight Co., Ltd. saw quarter-on-quarter order growth in both product categories in the third quarter, with major customer orders essentially covering all of 2027.
To position in optical module leaders, investors may consider the Huabao ChiNext Artificial Intelligence ETF (159363) and its off-exchange feeder funds (Class A 023407, Class C 023408). The underlying index focuses on optical module CPO leaders while also covering AI applications. Among its holdings, the combined weight of Zhongji Innolight Co., Ltd., Eoptolink Technology, and Tianfu Communication is approximately 30%, making it a core player in AI computing power. Data source: Shenzhen and Shanghai Stock Exchanges, Wind, etc.
Note: As of October 31, 2026, according to Guozheng Index, the top three constituents of the ChiNext Artificial Intelligence Index are Zhongji Innolight Co., Ltd. (11.49%), Eoptolink Technology (9.08%), and Tianfu Communication (8.51%).
Reminder: Recent market volatility may be significant, and short-term gains or losses do not predict future performance. Investors should invest rationally based on their own financial situation and risk tolerance, and pay close attention to position sizing and risk management. Institutional views are sourced from Guotai Haitong's "Communications Industry Weekly: Overseas Optical Communication Guidance Trends Upward, Focus on High-Speed Optical Module Delivery."
ETF fee disclosure: When investors subscribe to or redeem fund shares, subscription and redemption agents may charge a commission of no more than 0.5%. On-exchange trading fees are subject to actual charges by securities firms, with no sales service fee. Feeder fund fee disclosure: Huabao ChiNext Artificial Intelligence ETF Feeder C charges no subscription fee; redemption fee is 1.5% within 7 days and 0% from 7 days (inclusive) onward; sales service fee is 0.3%. Huabao ChiNext Artificial Intelligence ETF Feeder A subscription fee is 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 fee is 1.5% within 7 days and 0% from 7 days (inclusive) onward; no sales service fee. According to the fund manager's assessment, the risk rating of the Huabao ChiNext Artificial Intelligence ETF is R4-medium-high risk, suitable for aggressive (C4) and above investors. Suitability matching opinions should be based on the selling institution's assessment.
Risk disclosure: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index. The index base date is December 28, 2018, and the launch date is July 11, 2024. The index's annual returns for 2021-2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively, with annualized volatility of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1% over the same period. Index constituent composition is adjusted in a timely manner according to the index compilation rules, and its back-tested historical performance does not predict future index performance. Index constituents mentioned in this article are for illustrative purposes only. Individual stock descriptions do not constitute investment advice of any form, nor do they represent the holdings or trading activities 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 are responsible for any investment decisions they make independently. In addition, any views, analyses, and forecasts in this article do not constitute investment advice of any form to readers, nor shall they bear any responsibility for direct or indirect losses arising from the use of this content. Fund investment carries 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 fund performance. Fund investment requires caution. MACD golden cross signals have formed, and these stocks are performing well.
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