In terms of news, Zhongji Innolight's capital expenditure reached 1.93 billion yuan in the first quarter (accounting for 70% of last year's total of 2.76 billion yuan), exceeding expectations and igniting a high boom in optical module equipment. Faced with a massive demand of 60 million units for 800G and 20 million units for 1.6T globally by 2026, as well as a total of 130-140 million units by 2027, coupled with labor constraints for overseas factories, the procurement of automation equipment has become a necessity. At the same time, matching NVIDIA's one-year small version and two-year large version iterations, the technology is evolving towards NPO/CPO, pushing the unit price of high-precision solder paste printers to 1.2 million yuan and soldering machines to 1.5-2 million yuan, with the testing phase accounting for 30% of the production line's value.
Institutions believe that the market previously concentrated pricing for optical communication highly on the performance realization of the optical module manufacturing end, but Zhongji Innolight's capital expenditure of 1.93 billion yuan in the first quarter (reaching 70% of last year's total in a single quarter) completely shattered the market's stereotype of the equipment end being &#34;niche and low elasticity.&#34; This hard data directly reveals the strongest expectation gap in the current industry: the expansion of computing power clusters in the Scale Up domain is forcing optical interconnection technology to evolve from pluggable to NPO/CPO, which not only brings about a leap in optical module shipments from tens of millions to over a hundred million units but also triggers a qualitative change in the equipment end from &#34;linear expansion&#34; to &#34;non-linear technological iteration.&#34; The current optical module equipment track is on the eve of an explosion from 0 to 1, with a market space of 30-40 billion yuan for equipment accelerating to be realized.
As of April 20, 2026, at 09:50, the CSI Cloud Computing and Big Data Theme Index (930851) surged by 1.55%, with constituent stocks such as Inspur Information rising by 9.16%, Dawning Information Industry rising by 8.03%, Unisplendour rising by 4.37%, and stocks like Zhongke Shuguang and Yuntian Lifa also following suit. The cloud computing ETF Penghua (159739) rose by 1.50%, hitting a three-day consecutive rise. The latest price reported is 1.76 yuan.
The cloud computing ETF Penghua closely tracks the CSI Cloud Computing and Big Data Theme Index, which selects 50 listed companies involved in providing cloud computing services, big data services, and related hardware equipment as index samples to reflect the overall performance of listed companies in the cloud computing and big data theme.
Data shows that as of March 31, 2026, the top ten weighted stocks in the CSI Cloud Computing and Big Data Theme Index (930851) are iFLYTEK, NewEase, Runze Technology, Zhongji Innolight, Inspur Information, Kingsoft Office, Unisplendour, Zhongke Shuguang, Tuo Wei Information, and Wangsu Technology, with the top ten weighted stocks accounting for a total of 49.81%.
Cloud computing ETF Penghua (159739), off-market connections (A: 021090; C: 021091; I: 022882)

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516510

159739

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516630

The Penghua Cloud Computing ETF rose by more than 1.4%, influenced by Zhongji Innolight's first-quarter capital expenditure exceeding expectations, leading to increased enthusiasm in the optical module equipment market. Zhongji Innolight's capital expenditure reached 1.93 billion yuan, accounting for 70% of last year's total of 2.76 billion yuan, driving advancements in optical communication technology and growth in equipment demand. Market expectations for optical modules are changing, and the equipment market space is expected to accelerate realization. The latest price of the Penghua Cloud Computing ETF is 1.76 yuan, closely tracking the CSI Cloud Computing and Big Data Theme Index

腾讯新闻 - 财经

Zhongji Innolight

E Fund CSI Cloud Computing and Big Data Theme ETF

Penghua CSI Cloud Computing and Big Data Theme ETF

Rongtong CSI Cloud Computing and Big Data Theme Index Fund(LOF)-A

ChinaAMC CSI Cloud Computing and Big Data Theme ETF

NVIDIA

IEIT

Sugon

UNIS

Intellifusion

IFLYTEK

Eoptolink

Range Technology

Kingsoft Office

TALKWEB

WANGSU

NVIDIA Corporation

The cloud computing ETF Penghua rose over 1.4%, as leading capital expenditures exceeded expectations, igniting the optical module market