The first trading day of 2026 saw the ChiNext Artificial Intelligence sector hitting new highs again, with computing power and AI applications showing broad-based activity! Among the gainers, BlueFocus and Hand Information led with surges of over 6%, while Runze Technology, Ingenic Semiconductor, and Tongniu Information rose more than 5%. Key optical module CPO leaders like Zhongji Innolight, Eoptolink, and TFC Optical Communication also advanced over 1%. Among popular ETFs, the highly liquid ChiNext Artificial Intelligence ETF (159363) climbed 2% intraday, setting a new post-listing high with real-time turnover exceeding 100 million yuan.
From a strategic perspective, Shenwan Hongyuan pointed out that the conditions for a comprehensive bull market in 2026 will gradually fall into place, describing it as a dynamically evolving process. It maintains its structural outlook for the spring season unchanged: thematic rallies offer higher elasticity, with AI computing chain and pro-cyclical sectors primarily presenting Alpha logic opportunities. The Alpha logic of optical connectivity is playing out, and after reaching a new price level, stocks are expected to experience high volatility.
Hualong Securities noted that benefiting from robust demand for Ethernet switches and high-speed optical modules driven by AI infrastructure build-out, coupled with the expanding application of optical interconnect technology in AI scale-up networks, the optical module market size is poised for sustained rapid growth. The 2024 global top 10 optical module ranking shows Chinese manufacturers already dominate this field (holding 7 spots). Rising demand for high-speed optical modules is expected to boost industry profitability, warranting attention on leading optical module manufacturers.
Regarding AI applications, multiple institutions indicated that large language models exhibit a high degree of certainty for strong performance in 2026. The competition for consumer-facing traffic portals will be a core focus for AI applications next year, alongside an anticipated explosion in multimodal capabilities, maintaining a positive outlook on the domestic AI industry chain. Supported by policies, the AI industry is expected to continue healthy development, with AI persistently empowering countless industries. Furthermore, increased capital market investment is likely to accelerate the domestic AI innovation cycle. Optimism remains high for an outbreak in the domestic AI application sector.
Looking back at 2025, optical modules/CPO and AI applications drove performance in succession. The ChiNext Artificial Intelligence Index, offering dual exposure to both computing power and AI applications, consistently led the pack, achieving a remarkable annual gain of 106.35%—more than doubling in value—and significantly outperforming comparable AI thematic indices like the AI Index and CSI Artificial Intelligence.
Note: The ChiNext Artificial Intelligence ETF passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The annual performance of the ChiNext Artificial Intelligence Index from 2021 to 2025 was +17.57%, -34.52%, +47.83%, +38.44%, and +106.35%, respectively. The index constituents are adjusted according to its compilation rules, and its past performance does not indicate future results.
To capture opportunities in computing hardware like optical modules and AI applications, it is recommended to focus on the market's first ChiNext Artificial Intelligence ETF (159363) and its corresponding feeder funds (Class A: 023407, Class C: 023408). The underlying index has a significant allocation to optical module leaders "Yi Zhong Tian" and, by sector, over 70% exposure to computing power and over 20% to AI applications, enabling efficient capture of AI thematic trends.
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