On Wednesday (October 28), AI hardware staged a notable rebound, led by optical modules, as the ChiNext Artificial Intelligence Index tracked by the HuaBao ChiNext Artificial Intelligence ETF (159363), which focuses on optical module leaders, closed up 4.81% with brisk trading activity.
The optical module leaders known as the "E-Z-T" trio all surged, with Zhongji Innolight Co.,Ltd. (ASX: 300308) jumping more than 10% on heavy volume, Eoptolink rising 8%, and T&S Communications leading gains with a rise of more than 6%. Chip-related names were also active, with edge AI chip provider Fullhan Micro hitting the 20% daily limit and memory chip maker Ingenic Semiconductor surging more than 18%. Based on market information, the rebound was not driven by a single news item but by the convergence of three factors: upward revisions to overseas expectations, third-quarter earnings results, and disclosed orders from leading companies.
The direct trigger may have been the easing of financing constraints on computing power capital and confirmation that overseas computing power spending has not yet peaked. Anthropic filed for a Nasdaq IPO and committed to more than $518 billion in computing power and cloud service spending over the next decade; Meta launched a $95 billion equity financing, with the first tranche of $35 billion initiated and Nvidia and others planning to subscribe $5 billion; SpaceX secured $40 billion in GPU leasing financing. Together, these indicate that financing for leading players is flowing smoothly.
Second, as the third-quarter earnings window approaches, the path to earnings verification is clear and has already been preliminarily validated in profit forecasts, giving funds a relatively strong willingness to position at low points. Accelink Technologies, Afrctechnology, and T&S Communications have issued forecasts of strong growth, showing that downstream demand is spreading from optical modules to upstream optical components; verifiable clues such as orders, production scheduling, prices, and capacity utilization jointly support "rising volume and price," reinforcing the sustainability of the upcycle.
Finally, optical module leaders密集 announced密集, with "orders scheduled through 2027" moving from narrative to formal disclosure, which may mark the starting point of this rebound. On October 23, Zhongji Innolight Co.,Ltd. (ASX: 300308) said that orders from major customers are scheduled through 2027, with some customers providing 2028 guidance, and that the supply chain is stable, capacity is sufficient, and prices are healthy. Eoptolink said 800G and 1.6T are the main delivery products, with 1.6T continuing to ramp up, and launched an 800 million to 1 billion yuan buyback. T&S Communications said CPO-matched FAU and ELS are in stable mass production.
Overall, this round for optical modules represents a phase of repair after "upcycle verification and valuation compression." Investors should watch whether cloud providers' capital expenditure guidance continues to rise, as well as the 800G/1.6T mix and related gross margins in third-quarter earnings. North American cloud providers' results may become a key turning point for market expectations, with some AI commercialization gains potentially reflected in related cloud platform revenue. The optical module and optical fiber sectors have already gone through a period of bottoming, and with earnings catalysts approaching, investors are advised to watch valuation repair opportunities among leading companies.
To gain exposure to optical module leaders plus AI applications, investors may consider the HuaBao ChiNext Artificial Intelligence ETF (159363) and its off-exchange feeder funds (Class A 023407, Class C 023408), which focus on optical module CPO leaders while also covering AI applications. The underlying index has more than 35% weight in the "Zhongji Innolight, Eoptolink, and T&S Communications" trio, making it a core standard-bearer for AI computing power. Data source: Shenzhen and Shanghai stock exchanges, Wind, etc. Note: As of September 30, 2026, according to the China Securities Index, the top three constituents of the ChiNext Artificial Intelligence Index were Eoptolink (12.98%), Zhongji Innolight Co.,Ltd. (ASX: 300308) (12.09%), and T&S Communications (10.8%). Reminder: Recent market volatility may be significant, and short-term gains or losses do not indicate future performance. Investors should invest rationally based on their own financial situation and risk tolerance, and pay close attention to position and risk management. ETF fee details: When investors subscribe 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 actual charges by securities companies, and no sales service fee is charged. Feeder fund fee details: HuaBao ChiNext Artificial Intelligence ETF Initiating 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 Initiating Feeder A subscription fee is 1% for amounts below 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 is charged. According to the fund manager's assessment, the risk level of HuaBao ChiNext Artificial Intelligence ETF 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: 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 from 2021 to 2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. During the same period, the index's annualized volatility 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 indicate future index performance. The index constituents mentioned in this article are for display only, and descriptions of individual stocks do not constitute investment advice of any kind, nor do they represent the holdings or trading activities 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 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 kind to readers, and no responsibility is accepted 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 fund performance. Investors should exercise caution when investing. MACD golden cross signals have formed, and these stocks are performing well!
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