On Monday, September 14, AI hardware experienced broad pullbacks, with optical module leaders under notable pressure. Eoptolink Technology Inc., Ltd. fell 5%, Zhongji Innolight Co.,Ltd. closed down 5.72%, and Tianfu Communication along with Changxin Bochuang dropped over 1.5%. Despite the downturn, capital showed contrarian interest in high-optical-potential index opportunities, as the underlying index of the ChiNext AI ETF Huabao (159363) slipped 2%, with investors increasingly using the ETF to position at lower levels.
On the news front, the broad AI sector pullback may stem from "deceleration" comments emerging from Silicon Valley. Recently, several prominent AI leaders in the region have voiced concerns about the excessively rapid pace of AI development, urging the industry to slow down and strengthen regulatory oversight. Sam Altman hinted that OpenAI and others might be nearing an agreement to curb AI speed while jointly addressing safety risks, while Anthropic CEO Dario Amodei also called for prudent research and a slower pace of model capability advancement.
However, the fundamental strength of computing hardware industries like optical modules has not cooled. According to the latest Photonics Fair research from Guosheng Securities, attendee numbers hit a new record this year. The display density and industrialization maturity of NPO (near-package optics) exceeded expectations, with leading domestic cloud vendors having completed sample validation and planned pilot deployments. Meanwhile, OCS participation has expanded from Google as the sole player to a multipolar landscape including Microsoft, Meta, OpenAI, and NVIDIA. The high-frequency terms "shortage" and "capacity expansion" coexist, with top manufacturers' order books extending into next year, while inventories and prepayments have risen in tandem.
Looking ahead, institutional outlooks remain optimistic. Guosheng Securities notes that the dual vigor of industrial capacity expansion and demand is a direct reflection of the AI-driven prosperity cycle in the optical communications sector. "The mountain remains the mountain"—short-term positioning and sentiment may fluctuate, but long-term development trends and sector vitality remain unchanged. Continued attention is directed toward computing power chain players, such as optical module leaders and optical component frontrunners.
For investors seeking to capture the high-optical-potential theme alongside AI applications, the ChiNext AI ETF Huabao (159363) and its off-exchange feeder funds (Class A 023407, Class C 023408) are worth monitoring. This fund focuses on optical module CPO leaders while also covering AI applications. The underlying index holds a combined weight of over 35% in Zhongji Innolight, Eoptolink, and Tianfu Communication, positioning it as a core flag bearer of AI computing power.
Data sources include the Shanghai and Shenzhen stock exchanges and Wind. As of August 31, 2026, according to Guosen Index, the top three constituents of the ChiNext AI Index are Eoptolink Technology Inc., Ltd. (12.61%), Zhongji Innolight Co.,Ltd. (11.99%), and Tianfu Communication (10.25%). Institutional views reference Guosheng Securities' report "Photonics Fair Insights: The Mountain Remains the Mountain."
Reminder: Market volatility may be significant in the near term, and short-term gains or losses do not predict future performance. Investors should make rational decisions based on their own capital status and risk tolerance, with close attention to position sizing and risk management.
Regarding ETF fees: When subscribing or redeeming fund shares, the appointed agent may charge a commission of up to 0.5%. On-exchange trading fees are subject to actual brokerage charges, with no sales service fee levied. For the feeder funds: Huabao ChiNext AI ETF Feeder Fund Class C charges no subscription fee; redemption fees are 1.5% within 7 days and 0% at 7 days or more, with a sales service fee of 0.3%. Class A charges a subscription fee of 1% for amounts below 1 million yuan, 0.6% for 1 million (inclusive) to 2 million yuan, and 1,000 yuan per transaction for 2 million yuan or more; redemption fees are 1.5% within 7 days and 0% at 7 days or more, with no sales service fee. According to the fund manager's assessment, the ChiNext AI ETF Huabao carries a risk rating of R4 (medium-high risk), suitable for aggressive (C4) and above investors, with suitability matching opinions subject to the sales institution.
Risk disclosure: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, with a base date of December 28, 2018, and a release date of July 11, 2024. The index's annual returns for 2021-2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, with annualized volatility of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1% over the same period. Index constituent composition adjusts according to the index compilation rules, and backtested historical performance does not indicate future index returns. Index constituents shown here are for display purposes only, and individual stock descriptions do not constitute investment advice of any form, nor do they represent the holdings or trading activity of any fund under the manager. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, or any form of expression) is for reference only, and investors are solely responsible for their own investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice to readers of any form, and no liability is assumed for direct or indirect losses arising from the use of this content. Fund investing carries risks; past performance of a fund does not represent its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Investors should invest cautiously.