On Wednesday (December 24), computing hardware stocks performed strongly, with the ChiNext AI sector rising over 1%. Among them, the optical module leader, InnoLight Technology, surged over 2% to reach a new high, while AI chip leader Ingenic Semiconductor jumped over 8%, and communication equipment leader Kinghelm Electronics gained over 5%. Additionally, multiple AI application concepts saw significant gains, with Royole Technology rising nearly 10%, followed by Yihua Recording & Energy and BlueFocus Communication, both up over 2%.
In terms of popular ETFs, the largest and most liquid ChiNext AI ETF (159363) surged again during the late trading session, closing up 1.33% intraday—its second-highest closing price in history—with trading volume expanding to RMB 552 million. Capital flowed in heavily throughout the day, with a net subscription of 100 million shares in a single session! Prior to this, the ChiNext AI ETF (159363) had already attracted a cumulative RMB 377 million in inflows over the past ten days.
The year-end rally atmosphere, centered on AI, is intensifying. Institutions believe the market can expect a year-end rally and a spring surge. Zheshang Securities noted that, from a medium-term perspective, the "year-end rally → spring surge" is unfolding. On the policy front, following the conclusion of two key meetings in December, work in early 2026 is expected to accelerate. On the capital front, domestic institutional investors are bringing stable incremental funds to the market, while overseas capital is likely to continue increasing allocations to Chinese assets amid expectations of sustained RMB appreciation. Additionally, the market anticipates a potential reserve requirement ratio (RRR) cut or interest rate reduction in Q1, which could stimulate the market.
From an allocation perspective, computing hardware such as optical modules remains highly prosperous, presenting key investment opportunities.
Recent reports indicate that NVIDIA has informed Chinese clients of plans to deliver its second-most powerful AI chip, the H200, by mid-February next year—just before the Chinese Lunar New Year. Earlier, Cao Xuchen, fund manager of the ChiNext AI ETF (159363), stated that the lifting of restrictions on the H200 would benefit NVIDIA’s product sales, meaning traditional overseas computing supply chains like optical modules are poised to continue benefiting.
Looking ahead to 2026, Industrial Securities noted that overseas computing power may enter a new "mid-air refueling" phase. Based on order guidance for overseas optical modules, NVIDIA’s GPU backlog, and capital expenditure plans from North American CSP providers, investment in computing infrastructure shows no signs of slowing down and may even accelerate after three years of high growth. Optical modules and related supply chains may present valuation gaps, with Blackwell driving data centers into an "acceleration phase" and Rubin progressing smoothly. The 1.6T optical module is expected to become the dominant demand next year, with leading companies likely to maintain high earnings growth.
To capitalize on computing opportunities centered on optical modules, investors are advised to focus on the market’s first ChiNext AI ETF (159363) and its off-exchange counterparts (Class A 023407, Class C 023408). The underlying index heavily weights optical module leaders like InnoLight Technology, with optical module exposure exceeding 56%. In terms of sector allocation, over 70% is allocated to computing power and over 20% to AI applications, enabling efficient capture of AI-themed market trends. (Data as of November 30, 2025.)
Among peers, as of December 23, the ChiNext AI ETF Huabao (159363) had a scale exceeding RMB 3.8 billion, with an average daily trading volume of over RMB 600 million in the past month—ranking first among the seven ETFs tracking the ChiNext AI Index.
Data source: SSE, SZSE, etc. Note: "First in the market" refers to the first ETF tracking the ChiNext AI Index.
Risk Disclosure: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, with a base date of December 28, 2018, and a release date of July 11, 2024. The index’s annual performance from 2020 to 2024 was 20.1%, 17.57%, -34.52%, 47.83%, and 38.44%, respectively. Constituent stocks are adjusted per index rules, and past performance does not indicate future results. Index constituents shown are for illustrative purposes only and do not constitute investment advice or reflect fund holdings. The fund manager rates this product as R4 (medium-high risk), suitable for aggressive (C4) or higher investors. Suitability assessments should align with sales institutions. Any information herein (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, etc.) is for reference only, and investors are responsible for independent decisions. Views expressed do not constitute investment advice, and no liability is assumed for direct or indirect losses. Fund investments carry risks; past performance does not guarantee future results, and other funds’ performance does not ensure this fund’s returns. Invest with caution.
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