To The Moon

On August 3, AI hardware showed divergent trends, with optical communication sectors like optical modules and fiber optics rebounding, while memory chips continued to decline. Tianfu Communication notably strengthened, rising 6%, Liantek Technology surged 14%, Copper Bull Information gained 8%, and Zhongji Innolight moved into positive territory. Among popular ETFs, the ChiNext Artificial Intelligence ETF Huabao (159363), which heavily weights optical module leaders, opened lower but climbed during the session, turning positive several times, demonstrating resilience.

Guosheng Securities pointed out that the optical communication sector has recently undergone significant adjustments, with panic sentiment intensively released. Amazon provided a clear breakdown of its AI capital expenditure logic, effectively addressing market concerns about whether massive investments can generate returns. From the perspective of adjustment magnitude, the sector's short-term decline has approached levels seen in previous deep corrections, with valuations falling to historically reasonable lows. After the panic release, the optical communication sector is moving towards a reversal of fortunes. Valuations of domestic optical module leaders are below historical averages.

As of Friday's close, from the PE (FY1, latest forecast year) perspective, both Zhongji Innolight and Xinyi Sheng are below their historical median values. Current market pessimistic expectations for optical communication have been fully priced in, while the industrial trend has not experienced a directional reversal. When valuations are compressed to extremes and fundamentals remain upward, the market will eventually recalibrate pricing for optical communication.

The ChiNext Artificial Intelligence ETF Huabao (159363) and its OTC link funds (Class A 023407, Class C 023408) focus on deploying optical module CPO leaders. The underlying index contains approximately 40% of "Zhongji Innolight + Xinyi Sheng + Tianfu Communication," making it a core flagship for AI computing power. Additionally, the ChiNext Artificial Intelligence ETF Huabao (159363) has a latest scale exceeding 6.3 billion yuan, with an average daily turnover of over 1 billion yuan in the past six months, leading its peer ETFs tracking the same index in scale and liquidity.

Data source: Shanghai and Shenzhen stock exchanges, etc. Fee description for ETFs: When investors subscribe or redeem fund shares, the subscription and redemption agency may charge a commission of up to 0.5% of the standard rate. On-exchange trading fees are subject to actual charges by the securities company, with no sales service fee. Fee description for linked funds: The ChiNext Artificial Intelligence ETF Initiating Linked Fund Class C does not charge subscription fees; redemption fee is 1.5% within 7 days, 0% for 7 days (inclusive) or more; sales service fee is 0.3%. The ChiNext Artificial Intelligence ETF Initiating Linked Fund Class A charges a subscription fee of 1% for amounts below 1 million yuan, 0.6% for amounts between 1 million yuan (inclusive) and 2 million yuan, and 1,000 yuan per order for amounts of 2 million yuan (inclusive) or more; redemption fee is 1.5% within 7 days, 0% for 7 days (inclusive) or more; no sales service fee.

Risk warning: The ChiNext Artificial Intelligence ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, with a base date of December 28, 2018, and a release date of July 11, 2024. The index's annual returns from 2021 to 2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The index's annualized volatility over the same period was 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The composition of index constituents is adjusted according to the index compilation rules, and back-tested historical performance does not indicate future index performance. The index constituents shown in this article are for display purposes only, and descriptions of individual stocks do not constitute any form of investment advice, nor do they represent the holdings or trading intentions of any fund under the management company. According to the fund manager's assessment, the ChiNext Artificial Intelligence ETF Huabao has a risk rating of R4-medium to high risk, suitable for active (C4) and above investors. Please refer to the sales institution for suitability matching opinions. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors must be responsible for any independent investment decisions. In addition, any views, analyses, or forecasts in this article do not constitute any form of investment advice to readers, nor do they assume any responsibility for direct or indirect losses arising from the use of this content. Fund investment carries risks. Past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment should be cautious. MACD golden cross signal formed, these stocks are showing good upward trends!