During the early trading session on the 15th, AI-themed stocks experienced a collective pullback, with the ChiNext Artificial Intelligence sector dropping over 3%. The AI applications segment was hit particularly hard by negative news: the high-flying stock Yidian Tianxia, which had doubled in just eight days, halted trading for a compliance review, while Yihualu plunged by the daily limit, and BlueFocus and Tuoersi tumbled more than 10%. However, the computing power sector showed localized activity, with stocks like Zhaolong Interconnect and Liante Technology rising over 5%.
Among popular ETFs, the ChiNext Artificial Intelligence ETF (159363), which has a dual focus on "computing power + AI applications," saw its market price drop sharply by 3%. Despite the decline, trading volume exceeded 500 million yuan, with investors continuing to rush in to buy. Real-time data showed a net subscription of 140 million shares, following a cumulative net inflow of 970 million yuan over the previous three trading days.
Looking at the current landscape, the ChiNext AI sector still benefits from multiple catalysts: the accelerated commercialization of AI applications is expected to deliver sustained results, while the computing power segment is simultaneously undergoing a revaluation. IDC providers are gaining from demand recovery and valuation repair, and the release of optical module production capacity is driving earnings growth. The AI and computing power industries are entering a new phase of synergistic development, highlighting the allocation value of ChiNext AI stocks.
The AI industry is currently buzzing with activity: overseas, companies like xAI and Anthropic have secured funding rounds, while domestically, the "AI + Manufacturing" policy has been introduced. The strong market debuts of Zhipu and MiniMax, coupled with the anticipated launch of DeepSeek-V4, are expected to spark a new wave of enthusiasm for AI applications. China Securities Co., Ltd. noted that as model capabilities continue to improve, particularly with significant reductions in reasoning and long-context window costs, downstream AI application scenarios are rapidly entering the phase of commercial validation.
The IDC (Internet Data Center) sector, a lower-valued segment of computing power, has shown notable movement and may be due for a repricing. Guosheng Securities pointed out that capital expenditure plans from major domestic firms like ByteDance have increased significantly, chip supply is showing marginal improvements, and ongoing iterations of domestic large language models are restarting data center procurement activities. With IDC sector valuations and price levels currently at cyclical lows, the window for investment is shifting from valuation recovery to earnings realization.
For the CPO (Co-Packaged Optics) optical module sector, performance catalysts are key. Guosheng Securities believes that against the backdrop of a high-growth cycle in the computing power industry chain, leading optical module manufacturers are accelerating capacity expansion in mainland China and Thailand. The industry is expected to see a concentrated release of new capacity in the first quarter of 2026, driving earnings into a new growth phase. The firm maintains a bullish outlook on the computing power sector and firmly recommends related companies in the computing power industry chain, such as leading optical module manufacturers.
As AI development progresses from infrastructure building to application deployment, the ChiNext Artificial Intelligence ETF (159363) and its off-exchange counterparts (Class A: 023407, Class C: 023408), which provide one-click exposure to both "computing power and AI applications," are positioned to directly benefit from the growth红利 of AI technology commercialization. In terms of sector allocation, the ETF invests approximately 60% of its portfolio in computing power (optical modules + IDC) and about 40% in AI applications, making it not only a core play on "computing power" but also a genuine representative of "AI applications."
Data source: Shanghai and Shenzhen Stock Exchanges, etc. Note: "First in the entire market" refers to the first ETF tracking the ChiNext Artificial Intelligence Index.
Risk Warning: The Huabao ChiNext Artificial Intelligence ETF is a passively managed fund that tracks the ChiNext Artificial Intelligence Index. The base date of the index is December 28, 2018, and its release date is 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's constituent stocks is adjusted according to its compilation rules, and its historical backtested performance is not indicative of future results. The individual stocks mentioned are for illustrative purposes only; descriptions are not intended as investment advice of any form and do not represent the holdings or trading activities of any fund managed by the fund manager. The fund manager has assessed this fund's risk level as R4 - Medium-High Risk, suitable for Aggressive (C4) and higher investor types. The appropriateness matching opinion shall be based on the selling institution. Any information appearing in this article is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice to readers and shall not be held liable for any direct or indirect losses resulting from the use of this content. Fund investment carries risks; past performance of a fund is not indicative of its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.
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