In early trading on November 7, the CPO (Co-Packaged Optics) segment of the optical module sector saw a partial rally, with Suzhou Tfc Optical Communication Co., Ltd. surging 14% against the market trend, while T&S Communications gained over 2%. Meanwhile, InnoLight Technology briefly turned positive during the session. Among popular ETFs, the ChiNext AI ETF (159363), which heavily invests in leading optical module companies, also turned positive intraday, aiming for three consecutive daily gains, with real-time trading volume exceeding 300 million yuan.
On the news front, Alibaba Group CEO Wu Yongming stated in a speech at the World Internet Conference that Alibaba is constructing a large-scale AI infrastructure and increasing investments to build a super AI cloud, leveraging its full-stack technological capabilities to provide global developers with cutting-edge AI services. Analysts noted that domestic and international tech giants are jointly ramping up investments in AI computing power, which is expected to enhance the AI industry ecosystem and accelerate the iteration and upgrade of large AI models. Companies in the AI computing power supply chain, such as optical module manufacturers, stand to benefit.
Shanxi Securities recommended seizing the short-term performance-expectation mismatch in the optical module sector. Nvidia’s recent GTC event provided guidance for Blackwell-Rubin, projecting $500 billion in revenue, reinforcing investment certainty in areas like 1.6T optical modules. Additionally, North American CSPs (Cloud Service Providers) are expected to see strong capital expenditure growth in Q3 2025, with the early "locking-in" of capital expenditure forecasts likely shifting the investment logic from earnings speculation to valuation restructuring, driven by expectations of technological breakthroughs and unexpected surges in application demand.
The firm noted that capacity expansion in the optical module sector remains the dominant theme, with leading companies like InnoLight Technology, Eoptolink Technology, and Suzhou Tfc Optical Communication Co., Ltd. showing continued quarter-on-quarter and year-on-year growth in fixed assets and ongoing factory construction. The gross margin trend for new-generation products remains stable. Short-term performance releases may vary due to factors such as customer order timing, revenue recognition conditions, and shortages of optical chips, but the overall outlook for the optical module sector in 2026 remains optimistic.
To capitalize on core opportunities in computing power, including optical modules, investors are advised to focus on the first ChiNext AI ETF (159363) and its off-exchange counterparts (Class A: 023407, Class C: 023408). The underlying index heavily weights leading optical module players, with over 54% exposure to the sector. In terms of sector allocation, more than 70% of the portfolio is allocated to computing power, while over 20% targets AI applications, enabling efficient capture of AI-themed market trends. (Data as of October 31, 2025.)
Among comparable products, as of October 31, the ChiNext AI ETF (159363) had a latest size exceeding 3.5 billion yuan, with an average daily trading volume of over 700 million yuan in the past month, ranking first in both size and liquidity among the seven ETFs tracking the ChiNext AI Index.
Risk Disclosure: The ChiNext AI ETF passively tracks the ChiNext AI Index, which has a base date of December 28, 2018, and was officially launched on 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 the index methodology, and past performance does not indicate future results. Stock mentions are for illustrative purposes only and do not constitute investment advice or reflect fund holdings. The fund is rated R4 (medium-high risk) and is suitable for aggressive (C4) or higher-risk investors. Investors should make independent decisions and bear their own risks. No liability is accepted for direct or indirect losses arising from the use of this content. Fund investments carry risks, and past performance is not indicative of future results.