Optical module and CPO names staged a strong rebound on Wednesday, with Zhishang Technology hitting the 20% upside limit, Changxin Bochuang surging nearly 13%, and Liantech Technology rising over 8%. Leading players powered higher as Eoptolink Technology closed up 6.72%, Zhongji Innolight advanced more than 5%, and Tianfu Communication gained 4.51%. Among popular ETFs, the high-exposure ChiNext AI ETF Huabao (159363) saw active on-exchange trading, with its underlying index closing nearly 4% higher as investors closely tracked opportunities in this optically-focused benchmark.

The resurgence of the optically-oriented ChiNext AI Index is underpinned by four converging industry-level signals. First, Goldman Sachs has raised its shipment forecasts. The bank's significant upward revision to global optical module market projections reflects not merely higher numbers, but a reassessment of how AI cluster expansion drives optical interconnect demand - both the quantity and speed of optical connections per chip are increasing in tandem. With ASIC-based custom chip volumes ramping up, the demand base for optical modules has broadened from a single-GPU pathway to a wider AI computing ecosystem.

Second, the recent Optics Expo confirmed robust industry momentum. This year's event drew stronger attendance than previous editions, with leading manufacturers unveiling a dense lineup of 1.6T products, some of which have already entered small-batch delivery. Order visibility now extends into 2027, with "locking orders" and "securing materials" emerging as key themes on the show floor. Supply-demand tightness is cascading from optical modules upstream to optical chips, fiber, and other components, with multiple links across the supply chain simultaneously experiencing rising activity levels.

Third, NVIDIA is elevating the strategic importance of high-speed interconnect. The company continues to push deployment of high-speed Ethernet and optical interconnect within AI factory architectures, explicitly articulating the view that "Scale-Out AI depends on optics." As AI cluster sizes evolve toward ultra-large scale, optical interconnect is transitioning from a supporting role to critical infrastructure that determines overall cluster efficiency, with its strategic weight steadily increasing.

Fourth, valuation and crowding concerns have been partially digested. Following the earlier period of volatile consolidation, the elevated trading premiums in the communications sector have been somewhat unwound, easing valuation pressures. This recent pullback appears to reflect valuation compression within an ongoing uptrend rather than a reversal of the industry thesis, with positioning now healthier than before.

For investors seeking exposure to the optical connectivity theme alongside AI applications, attention may turn to the ChiNext AI ETF Huabao (159363) and its off-exchange feeder funds (Class A: 023407, Class C: 023408), which focus on optical module and CPO leaders while also covering AI application names. The underlying index features a combined weight of more than 35% in Zhongji Innolight, Eoptolink Technology, and Tianfu Communication, positioning it as a core vehicle for the AI computing theme.

Data sources include the Shanghai and Shenzhen stock exchanges and Wind. As of August 31, 2026, according to Guozheng Index, the top three constituents of the ChiNext AI Index are Eoptolink Technology (12.61% weight), Zhongji Innolight (11.99%), and Tianfu Communication (10.25%).

Investors are reminded that recent market volatility may be significant, and short-term gains or losses do not predict future performance. Please invest rationally based on your own capital position and risk tolerance, with close attention to position sizing and risk management. Regarding ETF fees: when subscribing or redeeming fund shares, agents may charge commissions of no more than 0.5%. On-exchange trading fees are determined by securities firms and no sales service fees apply. For the feeder funds: Class C charges no subscription fee; redemption fees are 1.5% within 7 days and 0% for holdings of 7 days or more; sales service fee is 0.3%. Class A charges a 1% subscription fee for amounts below 1 million yuan, 0.6% for 1 million to 2 million yuan, and 1,000 yuan per transaction for 2 million yuan or above; redemption fees are 1.5% within 7 days and 0% thereafter, 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 investors (C4) and above; suitability matching opinions should be confirmed with sales institutions.

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% respectively, with corresponding annualized volatility of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. Index constituent composition adjusts according to the index methodology, and backtested historical performance does not indicate future index returns. Index constituents shown in this article are for illustration only; descriptions of individual stocks do not constitute investment advice of any form, nor do they represent the holdings or trading activities of any fund under the manager's umbrella. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, or any form of expression) is for reference only, and investors bear full responsibility for their own investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice to readers, and no liability is assumed for direct or indirect losses arising from the use of this content. Fund investment carries risks; past performance does not guarantee future results, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Please invest in funds with caution.