Today (November 26), the ChiNext and STAR markets rallied together, driving the hard-tech broad-based Dual-Listed Leaders ETF (588330), which covers high-growth leaders from both boards, to surge by up to 4.32% intraday. It is currently up 3.74%, reclaiming its 5-day and 10-day moving averages. If the rally continues, it may also recover its 60-day moving average.
In sector highlights, the top three optical module giants led the charge: Zhongji Innolight surged over 15% to a record high, with its market capitalization exceeding 610 billion yuan. Meanwhile, New Essex and Tianfu Communication rose over 11% and 9%, respectively. PCB leader Victory Giant Technology gained nearly 7%, and AI chip leader Cambricon climbed over 5%.
The catalyst behind the rally stems from the intensifying competition between Google’s TPU and NVIDIA’s AI chips, which is expected to fuel a global AI computing power expansion race. As a core hardware component for data transmission in AI computing clusters, Zhongji Innolight—deeply tied to both Google and NVIDIA—stands to benefit significantly across demand, pricing, and order volumes.
Central China Securities noted that leading cloud providers’ optimistic capital expenditure outlooks reflect robust demand across the AI computing supply chain. The industry is transitioning from 800G to 1.6T technology, with top optical module makers leveraging their technological edge, stable client relationships, and mass-production capabilities to solidify their dominance. AI-driven data center expansion is also driving optical component suppliers into a high-growth phase.
Shenwan Hongyuan emphasized that A-shares’ sustained breakout will rely on tech leadership. Guosen Securities added that during rapid market rallies, leading sectors typically align with dominant industries—such as "Internet+" in 2015 and EVs in 2021—and reiterated its bullish stance on tech for the coming year.
Fund flows further supported the rally: Electronics, Communications, Pharmaceuticals, and Power Equipment attracted net inflows of 19.8 billion, 14.8 billion, 6.8 billion, and 2.4 billion yuan, respectively, ranking among the top five sectors. These four industries account for over 90% of the Dual-Listed Leaders ETF (588330)’s index weighting as of October.
**Key Features of Dual-Listed Leaders ETF (588330) and Its Linked Funds (A:013317 / C:013318):** 1. **Cross-market diversification, 100% strategic emerging industries**: The index selects 50 large-cap strategic emerging firms from ChiNext and STAR, spanning themes like renewables, photovoltaics, optical modules, semiconductors, and medtech. 2. **Growth-oriented "battle-ready" fund**: Targets China’s top tech innovators amid global tech rivalry, positioning as the "Chinese Nasdaq." 3. **High-beta tool for tech rallies**: The index’s 20% daily volatility limit enhances rebound potential, while ETF accessibility lowers entry barriers (sub-100 yuan per share). 4. **Hard-tech "small-cap king"**: Since April 8 lows, the index has surged 73.26%, outperforming ChiNext (64.95%), STAR Composite (48.61%), and STAR 50 (40.90%).
*Data range: April 8, 2025 – November 25, 2025.* *Risk disclosure: The ETF tracks the CSI Sci-Tech Innovation 50 Index (base: Dec 31, 2019; launched: June 1, 2021), which gained 86.90% (2020), 0.37% (2021), -28.32% (2022), -18.83% (2023), and 13.63% (2024). Past performance ≠ future results. Holdings are illustrative, not recommendations. Fund risk rating: R4 (high risk), suitable for aggressive (C4+) investors. Investment decisions bear personal responsibility.*
MACD golden cross signals emerge as select stocks rally sharply.
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