On Friday, March 20, the artificial intelligence sector on the ChiNext board experienced a pullback from recent highs, with constituent stocks showing mixed performance. Coherent packaging optical (CPO) module stocks bucked the trend and moved higher. Eoptolink Technology Inc.,Ltd. closed up 8%, reaching a new historical peak, while Zhongji Innolight gained over 6%. Photonwave Technology surged more than 9%, with other companies including Changxin Bochuang, T&S Communications, and Tianfu Communication also rising over 1%. In contrast, the IDC computing power leasing segment unexpectedly saw a sharp decline, with Xiecang Data briefly hitting a 20% drop limit during the session.
Among popular ETFs, the largest fund of its kind, the ChiNext AI ETF Huabao (159363), initially climbed over 3% in the morning session. However, influenced by the sudden downturn in IDC computing power leasing stocks, it retreated in the afternoon, closing slightly down by 0.37%, with daily turnover reaching 871 million yuan. For the week, the ETF managed to record gains, marking two consecutive weeks of positive performance.
What caused the sudden shift in the computing power leasing sector in the afternoon? It may have been triggered by short-term market sentiment fluctuations due to an unverified report. According to the Shanghai Securities News, rumors circulated about "certain overseas server manufacturers being involved in illegal transactions," directly impacting the computing power leasing segment. Xiecang Data experienced a significant intraday plunge, briefly touching the跌停 limit. In response to the stock price volatility, Xiecang Data quickly issued a statement via media, clarifying that the matters in question were unrelated to the company. The company emphasized that its intelligent computing products are procured through compliant commercial channels and that its production and operations remain normal.
From a medium to long-term perspective, demand for computing power continues to rise. Domestic cloud providers like Alibaba and Tencent have initiated price increases, indicating that the logic of supply failing to meet demand is materializing. Profit expectations for the computing power leasing industry chain are anticipated to be revised upward continuously. Kaiyuan Securities suggests that the proliferation of AI applications is driving inference demand. Combined with constraints on NVIDIA's production capacity, rising hardware costs, and gaps in domestic substitution, these factors are pushing the computing power leasing market into a "seller's market," with price hikes likely to persist.
Regarding CPO optical modules, with NVIDIA's GTC conference formally introducing optical communication for inter-chip connectivity and the better-than-expected placement of orders for 1.6T optical modules, new technologies represented by CPO have entered a critical phase of validation for large-scale commercial use. CITIC Securities stated that focusing on the inflation theme within the computing power chain, against a backdrop of continuously exceeding global demand for computing power, the upstream segment's high景气度 and potential for price increases are expected to continue. Computing power remains the most certain growth主线 within the technology sector for current allocation.
To capture opportunities along the AI theme, investors may consider the ChiNext AI ETF (159363) and its off-exchange联接 shares (Class A: 023407, Class C: 023408), which provide a one-stop allocation to "computing power + AI applications," directly benefiting from the growth红利 of AI technology commercialization. In terms of sector allocation, the ChiNext AI index allocates approximately 60% to computing power (including leading optical module and IDC companies) and about 40% to AI applications, representing not only a core "computing power" play but also a genuine "AI application" portfolio.
Data source: Shanghai and Shenzhen Stock Exchanges, among others.
ETF fee description: When subscribing for or redeeming fund shares, subscription/redemption agents may charge a commission of up to 0.5%. Intraday trading fees are subject to the rates charged by securities firms, with no sales service fee levied.联接 Fund fee description: The ChiNext AI ETF联接 Fund Class C does not charge a subscription fee; a redemption fee of 1.5% applies for holdings less than 7 days, and 0% for 7 days 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 above; the redemption fee is 1.5% for holdings less than 7 days, and 0% for 7 days or more; no sales service fee is charged.
*Institutional views referenced from: Kaiyuan Securities report "Focusing on Three Major Investment Themes of the 'Token Factory'"; CITIC Securities report "Focusing on the Inflation Theme in the Computing Power Chain, Optimistic About NVIDIA GTC Reinforcing Confidence in Sustained AI Industry Growth".
Risk提示: The ChiNext AI ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and was launched on July 11, 2024. The index's annual performance from 2021 to 2025 was: +17.57%, -34.52%, +47.83%, +38.44%, +106.35%, respectively. The index's constituent stocks are adjusted according to its compilation rules, and its past performance does not indicate future results. The mention of index constituents is for illustrative purposes only; descriptions of individual stocks are not investment advice of any form and do not represent the holdings or trading动向 of any fund managed by the management company. The fund manager assesses this fund's risk等级 as R4 - Medium-High Risk, suitable for Aggressive (C4) and above investors; suitability matching opinions should be based on the sales institution. Any information appearing herein is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any opinions, analyses, or forecasts herein do not constitute investment advice to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks; past fund performance does not predict future results, and the performance of other funds managed by the fund manager does not guarantee this fund's performance. Fund investment should be approached with caution.
A MACD golden cross signal has formed, indicating positive momentum for these stocks.
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