To The Moon

On Tuesday, August 4th, a sharp rebound in the optical module and CPO sector was fueled by rising AI capital expenditure, robust demand for computing power, and a clearing of market positions. 天孚通信 surged over 17%, while 新易盛 and 中际旭创 both jumped more than 13%. Meanwhile, AI applications remained active, with 易点天下 continuing its strong rally, climbing over 16%.

Among the most active ETFs, the 创业板人工智能ETF华宝 (159363), which holds a significant weight in optical module leaders, surged 9.95% on the day, ranking first among all ETFs. Trading volume exceeded 1.7 billion yuan, with net fund inflows reaching 112 million units.

Identifying the Shifting Market Logic

The 创业板人工智能指数 rose 9.39% on Tuesday, significantly outperforming the broader telecom equipment sector (up 9.11%), 5G communications (up 8.42%), and other communication-focused indices. This performance gap signals a deeper shift in market pricing logic. The market is no longer solely driven by the "hardware certainty" narrative but is transitioning to a model where both hardware and software applications rise in tandem. AI investment is moving from the "construction phase" to the "harvest phase," where a return-on-investment cycle is becoming apparent. The 创业板人工智能ETF华宝 (159363), with its dual focus on computing power positions and application ecosystems, is well-aligned with the industry's transition from hardware infrastructure to practical application deployment. It benefits from both sustained high CSP capital expenditure and the burgeoning growth of AI applications. The following analysis breaks down this differentiated logic from two angles: weight structure and software valuation re-rating.

Advantage in Large-Cap Weighting and High "Yi-Zhong-Tian" Concentration

The 创业板人工智能指数 has a high concentration of core computing power stocks like the "Yi-Zhong-Tian" group (新易盛, 中际旭创, 天孚通信), with a single stock weight cap of 15%. In a liquid market environment, these large-cap leaders demonstrate strong flexibility and high offensive potential. In contrast, the telecom equipment sector remains constrained by the valuation anchors of traditional equipment manufacturers, with a clear PE ceiling that may limit upside.

Re-Rating of Software Valuations and Potential for AI Applications to Follow the US Market Path

Drawing parallels to US SaaS benchmarks like Snowflake and Datadog, which have hit new highs, and Palantir's strong quarterly results, the market is increasingly awarding high premiums to AI applications with proven deployment capabilities. The 创业板人工智能指数 aggregates many stocks that combine both "software and hardware" elements, such as industry-specific vertical applications. Compared to pure hardware communications, these stocks are more likely to benefit from a dual-driver logic: the realization of earnings from the application layer and a re-rating of their valuation systems.

Summary: Focus on Computing Power and Application Leaders

In the new AI era, expectations for strong earnings from overseas CSPs are rising, and the computing power infrastructure sector is accelerating from a "construction" to a "harvest" phase. Against this backdrop, investment focus should be on two key directions: 1) computing power companies with core advantages, such as optical module leaders, and 2) AI application companies that are the first to achieve a commercial closed loop. Computing power provides certainty for growth, while applications unlock valuation potential. This synergy forms the core theme of AI investment. The 创业板人工智能ETF华宝 (159363) and its over-the-counter feeder funds (Class A: 023407, Class C: 023408) focus on optical module and CPO leaders while also covering AI applications. The underlying index has approximately a 40% weighting in 中际旭创, 新易盛, and 天孚通信, making it a key vehicle for AI computing power investment. The ETF's net asset value has surpassed 6.4 billion yuan, with an average daily trading volume exceeding 1 billion yuan over the past six months, leading its eight other peer ETFs in both scale and liquidity.

Data source: Shanghai and Shenzhen Stock Exchanges, etc.

Fee Information: For subscription and redemption of fund shares, the agent may charge a commission of up to 0.5%. On-exchange trading fees are as per the securities company's actual charges. No sales service fee is charged for on-exchange transactions. For the feeder funds: Class C shares have no subscription fee; the redemption fee is 1.5% for holding periods under 7 days and 0% for periods of 7 days or more; the sales service fee is 0.3%. Class A shares have a subscription fee of 1% for amounts under 1 million yuan, 0.6% for amounts between 1 million and 2 million yuan, and 1,000 yuan per transaction for amounts of 2 million yuan or more; the redemption fee is 1.5% for holding periods under 7 days and 0% for periods of 7 days or more; no sales service fee is charged.

Risk Warning: The 创业板人工智能ETF华宝 passively tracks the 创业板人工智能指数, which has a base date of December 28, 2018, and was published on July 11, 2024. The index's annual returns for 2021-2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The annualized volatility for the same periods was 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The index's constituent stocks are adjusted according to its compilation rules. Historical back-tested performance does not predict future index performance. The index constituents shown are for illustrative purposes only and do not constitute investment advice or represent the holdings or trading activity of any fund managed by the fund manager. According to the fund manager's assessment, the 创业板人工智能ETF华宝 has a risk rating of R4 (medium-high risk) and is suitable for active (C4) and above investors. Please refer to the sales institution for suitability matching advice. Any information in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors must be responsible for their own investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice. The fund manager is not liable for any losses arising from the use of this content. Fund investment involves risk. Past performance does not guarantee future results. The performance of other funds managed by the fund manager does not constitute a guarantee for the performance of this fund. Invest in funds with caution.