On Wednesday, April 22, the Co-Packaged Optics (CPO) sector for optical modules experienced a significant surge, with artificial intelligence stocks on the ChiNext board continuing to reach new highs. Eoptolink Technology Inc.,Ltd. saw its shares rise over 7% to a new record, while Tianfu Communication and Zhongji Innolight also advanced more than 6% and over 2%, respectively, also hitting fresh peaks. Recently, the combined market value of these leading AI stocks has consistently surpassed that of Kweichow Moutai Co.,Ltd.. Additionally, the computing power leasing segment showed strong performance, with Xichuang Data touching the 20% daily limit-up, and firms like Softing Power and Wangsu Technology following with gains exceeding 6%.
Among popular ETFs, the ChiNext AI ETF Huabao, which heavily weights top CPO optical module companies, saw a strong upward trend in the afternoon session, closing up 4.85% to set another new high. Trading volume surged sharply for the day, exceeding 1.2 billion yuan, with funds accumulating over 230 million yuan in the previous four trading days.
Over a longer period, recent rotations through CPO optical modules, computing power leasing, and AI applications have kept ChiNext AI stocks ahead of other similar AI-themed indices. As of April 22, the benchmark index for the high-growth ChiNext AI ETF Huabao has achieved a cumulative gain of 202% over the past year, significantly outperforming other AI-themed indices in the market and demonstrating sustained excess returns.
Note: The ChiNext AI ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was officially launched on July 11, 2024. The index's annual performance from 2021 to 2025 was 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The composition of the index is adjusted according to its rules, and past performance does not indicate future results.
In the CPO optical module sector, according to the latest research from TrendForce, the global market for AI-specific optical transceivers is entering a phase of rapid growth. The market size is projected to expand from $16.5 billion in 2025 to $26 billion in 2026, representing a year-on-year increase of over 57%. GF Securities expressed optimism about the sustainability of the current optical module rally, particularly highlighting the competitive barriers, material procurement capabilities, and long-term product strategies of leading companies, suggesting potential for further valuation increases.
Regarding computing power leasing, market reports indicate that the one-year lease price for H100 GPUs has surged from a low of $1.70 per hour in October 2025 to $2.35 per hour by March 2026, an increase of nearly 40%. Concurrently, on-demand GPU rental capacity has been sold out across all GPU types. Guosen Securities believes that computing power leasing is benefiting from the rapid growth in AI demand, with domestic suppliers beginning to enter a period of earnings realization.
To capture opportunities in the CPO optical module sector, investors may consider focusing on the ChiNext AI ETF Huabao, which leads its peers in both scale and liquidity. The fund's underlying index allocates approximately 70% of its weight to computing power, including leading optical module/CPO companies, providing comprehensive exposure to key players. The remaining 30% is allocated to AI applications, positioning the fund as a core holding for both computing infrastructure and AI software representation.
Data source: Shanghai and Shenzhen Stock Exchanges. As of April 21, 2026, the ChiNext AI ETF Huabao had a net asset value of 6.613 billion yuan, with an average daily trading volume exceeding 700 million yuan over the past six months, ranking first among 26 ETFs tracking the ChiNext AI, STAR AI, and ChiNext-STAR AI indices in both size and trading activity.
*Institutional views are sourced from: GF Securities report "Reviewing the Sustainability of the Optical Module Rally from the Past Two Years"; Guosen Securities report "Domestic Computing Power Leasing Industry Enters Earnings Realization Phase."
ETF fee note: When subscribing for or redeeming fund shares, agents may charge a commission of up to 0.5%. Trading fees for on-exchange transactions are subject to securities firms' actual charges, with no sales service fee applied.
Connecting fund fee note: The Class C share class of the ChiNext AI ETF联接 does not charge a subscription fee; a redemption fee of 1.5% applies for holdings under 7 days, and 0% for 7 days or more; a sales service fee of 0.3% is charged. For the Class A share class, subscription fees are 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan for 2 million yuan or more; redemption fees are 1.5% for under 7 days and 0% for 7 days or more; no sales service fee is charged.
Risk disclosure: The ChiNext AI ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The index's annual performance from 2021 to 2025 was 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. Index constituents are adjusted per its rules, and historical performance does not guarantee future results. Mentions of individual stocks are for illustrative purposes only and do not constitute investment advice or reflect the holdings or trading activities of the fund manager. The fund manager assesses this fund's risk level as R4 (medium-high risk), suitable for aggressive investors (C4) and above; suitability assessments should be confirmed with sales institutions. All information provided is for reference only, and investors are responsible for their own investment decisions. The views, analyses, and forecasts presented 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 indicate future results, and the performance of other funds managed by the fund manager does not guarantee this fund's performance. Invest with caution.
Comments