On November 21, the ChiNext AI sector gaped down nearly 5%, primarily dragged by a sharp correction in computing power hardware such as optical modules. By the close, Eoptolink Technology Inc., Ltd. (300502) slumped over 8% to its lowest level since September, while Tianfu Communications and Zhongji Innolight fell more than 7% and 5%, respectively. In contrast, AI applications bucked the trend, with Yeahka surging 20% (limit-up), and Wanxiang Technology, Chinese Online, and BlueFocus Communications gaining over 2%.
Among popular ETFs, the ChiNext AI ETF (159363), with over 54% exposure to optical modules, dropped 4.83% intraday, breaching all short-term moving averages to hit a new low since its October peak. Daily turnover reached 920 million yuan, with net inflows of 176 million units as investors seized the dip.
Weekly review shows the ChiNext AI sector initially rose before retreating, ending down 1.18% cumulatively—a 12% pullback from late October highs. Looking ahead, Nvidia’s stellar earnings reaffirm robust global computing power demand. Short-term volatility may not derail the sector’s growth trajectory, with A-share optical module leaders poised to spearhead a rebound. Additionally, Alibaba’s "Qianwen APP" catalyst could fuel catch-up rallies in AI applications, highlighting opportunities in ChiNext AI ETFs.
【Sustained Computing Power Boom: Optical Modules to Lead Recovery】 Nvidia’s earnings beat underscores resilient global computing power demand. Analysts note that amid soaring demand, 1.6T optical module prices have risen, while 800G and lower-speed modules see slower price declines, shifting the industry from "volume up, price down" to "volume and price rising."
Projections suggest 40 million 800G and 700,000+ 1.6T modules globally next year. Market data shows 1.6T modules launched at ~$1,200 now retailing above $2,000, with 800G prices stabilizing or rebounding in segments.
As data center critical hardware, optical modules will directly benefit from AI-driven computing demand. A-share leaders, deeply integrated into global supply chains, may rally the sector on technical strength and earnings momentum.
【AI Applications Poised for Catch-Up on Catalysts】 Domestically, Alibaba’s "Qianwen" signals AI’s shift toward ecosystem integration. Overseas, Google’s multimodal AI updates accelerate commercialization, reinforcing sector trends.
BOC Securities notes AI applications—lagging behind computing and storage plays—offer value with imminent industry inflection points.
For exposure to optical modules and AI applications, consider the pioneering ChiNext AI ETF (159363) and its feeder funds (Class A 023407, Class C 023408), with 54%+ optical module weight, including top holdings like Eoptolink. Over 70% of its portfolio targets computing power, while 20%+ covers AI applications, efficiently capturing AI themes. (Data as of Oct 31, 2025)
Risk Disclosure: The ETF tracks the ChiNext AI Index (base date: Dec 28, 2018; launched Jul 11, 2024). Historical index returns (2020-2024): 20.1%, 17.57%, -34.52%, 47.83%, 38.44%. Constituents adjust per index rules; past performance ≠ future results. Stock mentions are illustrative, not investment advice or fund holdings. Fund risk rating: R4 (high-risk), suitable for aggressive (C4+) investors. Investment decisions bear individual responsibility; no liability for losses. Fund performance varies; investing involves risks.
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