The AI sector on the Growth Enterprise Market continues its bull run! The high "light" 159363 surged over 4% to hit a new high again!

During the trading session on April 16, the AI sector on the ChiNext board continued its bull run, hitting new highs again! Computing power stocks frequently emerged as top performers, with the computing power leasing concept stock Xiechuang Data leading gains of over 10% to set new highs. As of today's midday close, it has surged 48% this week. The optical module leader Tianfu Communication soared over 8%, approaching previous highs, while New E-sun surged 7% and Zhongji Xuchuang rose over 2%, both recording new all-time highs!

Among popular ETFs, the ChiNext AI ETF Huabao (159363), which ranks first in size within the dual-innovation AI track, surged over 4% in the morning session, leading gains among all market ETFs. It successfully reversed and broke through previous highs, with real-time high-volume turnover exceeding 800 million yuan, ranking first in trading volume among all AI-themed ETFs in the market!

Looking at a longer timeframe, computing power segments such as optical modules and CPO are accelerating their breakthroughs. As of April 14, the underlying index of the ChiNext AI ETF Huabao (159363) has accumulated gains of over 176% in the past year, significantly outperforming peer indices like AI, CS AI, Sci-Tech Innovation & Entrepreneurship AI, and Sci-Tech Innovation AI. Looking ahead, multiple positive factors such as optical modules/CPO, IDC computing power leasing, and AI applications are resonating, and the ChiNext AI ETF Huabao (159363) is expected to continue benefiting.

Note: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index. The base date of this index is 2018.12.28, and the release date is 2024.7.11. The annual performance of the ChiNext AI Index from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, 106.35%.The composition of the index constituents is adjusted according to the index compilation rules, and its backtested historical performance does not predict future index performance.

I. Optical Modules: Sky-High Prosperity, Orders Locked Until 2028

Leading overseas optical communication company Lumentum stated that tech giants' demand for optical components is accelerating, with 2028 capacity already facing sell-out. The current industry cycle can maintain its prosperous state for at least another 5 years. Huatai Securities pointed out that demand for optical modules in 2027 is gradually becoming clear, with leading companies showing outstanding performance and valuation attractiveness. Regarding CPO, NVIDIA's GTC has clarified the implementation timeline, with Scale-out scenarios entering mass production first and Scale-up scenarios being introduced in 2028, benefiting upstream core components first.

II. Computing Power Leasing: Supply-Demand Imbalance, Price Hike Cycle Begins

Data from New York-based data provider Ornn shows that spot rental prices for NVIDIA's full range of GPUs have risen significantly, with hourly rental rates for Blackwell series chips reaching $4.08, up 48% from two months ago. Huaxi Securities noted that major price adjustments in the cloud services market, driven by supply-demand imbalances, are pushing up computing power costs. Major players including Alibaba Cloud, Tencent Cloud, and Baidu Intelligent Cloud have successively adjusted prices, benefiting domestic AI chip and computing power leasing-related manufacturers.

III. AI Applications: Intense Competition in Large Models, Commercialization Accelerates

Since April, global AI large models have been released intensively: MiniMax open-sourced the M2.7 multimodal large model with a 30% performance improvement; OpenAI released GPT-6. Changjiang Securities pointed out that recent acceleration in AI capitalization has reignited consensus in the AI industry. As AI application commercialization accelerates, referencing the US AI development path where capital expenditure leads commercialization by about a year, AI applications are also about to reach a commercialization inflection point in 2026.

In summary, as AI moves from training to multimodal applications, computing power demand grows non-linearly. Optical modules and other core global computing power infrastructure enjoy high prosperity supported by both performance and orders. The ChiNext AI ETF Huabao (159363) and its OTC feeder funds (Class A 023407, Class C 023408) have an underlying index with about 70% allocation to computing power (optical module/CPO leaders) and about 30% to AI applications, making it not only a core computing power play but also a representative of AI applications.

Data source: Shanghai and Shenzhen Stock Exchanges, etc.

ETF fee description: When investors subscribe for or redeem fund shares, subscription and redemption agents may charge a commission not exceeding 0.5%. On-exchange trading fees are subject to the actual charges by securities companies, and no sales service fee is charged.

Feeder fund fee description: ChiNext AI ETF Feeder Fund Class C charges no subscription fee; redemption fee within 7 days is 1.5%, 7 days (inclusive) and above is 0%; sales service fee is 0.3%. ChiNext AI ETF Feeder Fund Class A subscription fee is 1% for amounts below 1 million yuan, 0.6% for 1 million (inclusive) to 2 million yuan, and 1000 yuan per transaction for 2 million yuan (inclusive) and above; redemption fee within 7 days is 1.5%, 7 days (inclusive) and above is 0%; no sales service fee is charged.

Risk Disclosure: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index. The base date of this index is 2018.12.28, and the release date is 2024.7.11. The annual performance of the ChiNext AI Index from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, 106.35%.The composition of the index constituents is adjusted according to the index compilation rules, and its backtested historical performance does not predict future index performance. The index constituents mentioned in this article are for display only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading trends of any fund under the management company. The fund manager assesses this fund's risk level as R4 - Medium-High Risk, suitable for aggressive (C4) and above investors. Suitability matching opinions are subject to the sales institution. 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 are responsible for any independent investment decisions. Furthermore, any views, analyses, and forecasts in this article do not constitute investment advice of any form to readers, and no responsibility is assumed for any direct or indirect losses arising from the use of this article's content.Fund investment carries risks. The past performance of a fund does not indicate its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.