On January 19, the ChiNext Artificial Intelligence sector fluctuated and dipped by 1%, while substantial capital continued to pour in. Most constituent stocks declined, with Hang Yu Wei and BlueFocus leading the gains, rising over 5% by the time of writing. Tongniu Information, Capital Online, and Eoptolink Technology also saw increases exceeding 2%. On the downside, Ruijie Networks led the decline, falling over 10%, while Sangfor Technologies, Lante Technologies, T&S Communications, and Glorious Property all dropped more than 2%.
Regarding popular ETFs, the ChiNext Artificial Intelligence ETF (159363), which has a dual-strategy focus on "Computing Power + AI Applications," declined 1% in the secondary market, touching its 10-day moving average intraday, prompting investors to buy on the dip. Following a massive net inflow of nearly 1.7 billion yuan the previous week, the fund saw another net subscription of 300 million units intraday today, estimated at approximately over 300 million yuan based on the average secondary market price.
From a current perspective, Industrial Securities indicated that during the earnings disclosure period in the latter half of January, market focus will shift to fundamental adjustments in structure. In the short term, as market sentiment returns to rationality, coupled with the gradual release of annual report forecasts by listed companies, corporate earnings are expected to become a key factor driving the market. The market may undergo a structural adjustment centered on fundamentals, where previously popular sectors face earnings verification, while some undervalued sectors with strong performance may attract a new round of capital inflows.
Focusing on opportunities in computing power, earnings expectations are anticipated to catalyze repeated activity in the CPO sector. Cao Xuchen, Fund Manager of the Huabao ChiNext Artificial Intelligence ETF (159363), stated that short-term pullbacks do not alter the expectation of a strong performance in the A-share market for the first half of this year. During the correction phase, high-performance stocks in the optical module sector could become a focal point for market consolidation and are recommended for attention regarding allocation opportunities.
Guosheng Securities believes the optical module industry is currently in a high-growth cycle, with explosive demand for AI computing power driving rapid growth in demand for high-end optical modules, making supply the core constraint. 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. It is projected that the optical module industry will see a concentrated release of capacity in the first quarter of 2026, driving earnings into a new phase of growth.
Looking ahead, as AI development progresses from computing infrastructure construction to application implementation, the ChiNext Artificial Intelligence ETF (159363) and its off-shore联接 funds (Class A: 023407, Class C: 023408), which offer a one-click strategy for "Computing Power + AI Applications," are positioned to benefit more directly from the growth红利 of AI technology commercialization. In terms of sector allocation, the ChiNext AI index allocates approximately 60% of its weight to computing power (primarily optical modules) and about 40% to AI applications, representing not only a core "computing power" play but also a genuine "AI application" representative.
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.
ETF Fund Fee Description: When investors subscribe for or redeem fund units, the subscription/redemption agent may charge a commission of up to 0.5%. Secondary market trading fees are subject to the actual charges by securities firms.联接 Fund Fee Description: The ChiNext AI ETF联接 Fund Class C does not charge a subscription fee; the redemption fee is 1.5% within 7 days and 0% for 7 days (inclusive) or more; a sales service fee of 0.3% is charged. For the ChiNext AI ETF联接 Fund Class A, the subscription fee is 1% for amounts below 1 million yuan, 0.6% for 1 million (inclusive) to 2 million yuan, and a flat fee of 1,000 yuan per transaction for 2 million yuan (inclusive) or more; the redemption fee is 1.5% within 7 days and 0% for 7 days (inclusive) or more; no sales service fee is charged.
Risk Warning: The Huabao ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index. The base date for this index is December 28, 2018, and its release date is July 11, 2024. The annual price changes of the ChiNext Artificial Intelligence Index for 2021-2025 were: +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 back-tested historical performance is not indicative of its future performance. The index constituents mentioned herein are for display purposes only; individual stock descriptions are not investment advice in any form and do not represent the holdings or trading动向 of any fund managed by the management company. The risk rating assigned by the Fund Manager to this fund is R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors; the appropriateness matching opinion is subject to 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, analyses, or forecasts herein do not constitute investment advice of any kind to the reader, nor shall they be held liable for any direct or indirect losses arising from the use of this content. Fund investment carries risks; the past performance of a fund does not indicate its future performance, and the performance of other funds managed by the Fund Manager does not guarantee the performance of this fund. Invest in funds with caution.
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