On Friday (May 15th), the ChiNext AI sector experienced volatile declines, with the CPO (Co-Packaged Optics) segment leading the downturn. Stocks such as TFC, Cbonds, and Lonttech fell over 5%, while performance within the "Yizhongtian" group diverged. T&W Communications closed up 2%, continuing its new high trend, while Zhongji Innolight dropped over 2% and XS Technology declined more than 1%. In contrast, AI applications and computing power leasing sectors showed resilience against the broader market trend. Easyshare led gains with a 9% increase, and R&Z Technology rose nearly 3%.
Regarding popular ETFs, Huabao's ChiNext Artificial Intelligence ETF (159363), which has a 50% weighting in the CPO segment, saw intense intraday trading battles between bulls and bears. It retreated from afternoon highs, closing down 1.14% and testing its five-day moving average. Daily turnover reached 1.7 billion yuan, ranking first among all AI-themed ETFs in the market. Significant net inflows were observed on the dip, with the fund seeing an increase of 66 million units for the day.
Market analysis suggests that the substantial capital inflows into ChiNext AI stocks on weakness, positioning for a future rebound in computing hardware like optical modules, may be driven by three key factors: 1. Nvidia's stock price achieved a seven-day winning streak, reaching a record high. As a leading indicator for the ChiNext AI sector, Nvidia's sustained strength reinforces optimistic expectations for the computing power industry chain, including optical modules. 2. Continued increases in capital expenditures by cloud service providers. Overseas cloud providers are accelerating AI monetization and have broadly raised their capital expenditure guidance. The construction of AI data centers is expected to accelerate in the second half of the year, with optical modules likely to benefit from both volume and price increases. 3. CPO commercialization is progressing faster than expected. Supply of Foxconn's CPO switches is tight, indicating the technology has entered a substantive mass production phase. 2026 could be a breakout year for CPO development, and domestic optical module manufacturers are expected to enter the supply chain.
Looking ahead, Industrial Securities noted that capital expenditures from overseas CSP (Cloud Service Provider) vendors remain high, coupled with the accelerated implementation of AI commercial closed loops and the rapid expansion of leading AI companies' businesses, which collectively solidify investment confidence in the computing power sector. Optical interconnect technology continues to evolve, with multiple paths like XPO, CPO, and OCS showing promise. CPO is transitioning from the "technology validation" phase to an inflection point of "small-scale commercial deployment." In the new era of communication driven by AI agents, it is advisable to maintain focus on leading optical module manufacturers.
Regarding valuation, Cao Xuchen, the fund manager of Huabao ChiNext Artificial Intelligence ETF (159363), recently commented that the overall optical module sector does not exhibit excessive bubble-like characteristics. He suggests holding leading companies within specific sub-sectors at this stage, which is beneficial for capturing potential accelerated growth while preparing for possible market consolidation. Taking the ChiNext AI sector as an example, although stock prices of leading optical module companies are high, their valuations remain manageable as they are not primarily driven by price hikes.
To gain targeted exposure to leading CPO opportunities, investors may consider focusing on Huabao ChiNext Artificial Intelligence ETF (159363), which leads its peers in both size and liquidity, along with its corresponding feeder funds (Class A: 023407, Class C: 023408). The underlying index currently has a 50% weighting in optical modules, providing comprehensive coverage of the "Yizhongtian" segment. Approximately 30% of the portfolio is allocated to AI applications, positioning it not only as a core computing power play but also as a representative of AI applications.
It is noteworthy that as of May 14, 2026, Huabao ChiNext Artificial Intelligence ETF (159363) reached a size of 7.382 billion yuan, ranking first in size within the dual-innovation (ChiNext & STAR Market) AI thematic ETF space. Its average daily turnover over the past six months was approximately 800 million yuan, also ranking first in trading activity among all AI-themed ETFs.
Data source: SSE, SZSE, etc. *Institutional viewpoint reference source: Industrial Securities "Communications Industry Mid-Year 2026 Strategy: The New Era of Communication Driven by Agents."
ETF Fee Note: Subscription and redemption agents may charge a commission not exceeding 0.5% of the transaction value when investors subscribe for or redeem fund units. On-market trading fees are subject to the rates charged by the securities firm. No sales service fee is charged.
Feeder Fund Fee Note: Huabao ChiNext Artificial Intelligence ETF Feeder Fund Class C charges no subscription fee. A redemption fee of 1.5% applies for holdings less than 7 days; holdings of 7 days or more incur a 0% redemption fee. A sales service fee of 0.3% per annum is charged. For Huabao ChiNext Artificial Intelligence ETF Feeder Fund Class A, subscription fees are as follows: 1% for subscriptions below 1 million yuan, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and a fixed 1000 yuan per transaction for 2 million yuan (inclusive) and above. A redemption fee of 1.5% applies for holdings less than 7 days; holdings of 7 days or more incur a 0% redemption fee. No sales service fee is charged.
Risk Disclosure: 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 performance of the ChiNext Artificial Intelligence Index from 2021 to 2025 was: +17.57%, -34.52%, +47.83%, +38.44%, and +106.35%, respectively. Index constituents are adjusted according to the index methodology, and its backtested historical performance is not indicative of future results. The mention of index constituents herein is for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading动向 of any fund managed by the asset manager. 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 are subject to the sales机构. All information appearing in this article (including but not limited to individual stocks,评论, forecasts, charts, indicators, theories, and any form of表述) is for reference only. Investors are responsible for their own investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any kind to the reader, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment involves risks. The past performance of a fund is not indicative of its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.
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