--- title: "The high \"light\" GEM AI ETF (159363) plunged 4%, with massive capital inflows!" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40160076.md" description: "On the morning of April 24th, due to earnings falling short of expectations, XYS (New Eastsun) plunged 9%. The optical module CPO sector saw a significant pullback, with Tianfu Communication following down over 6%. Among popular ETFs, the GEM AI ETF Huabao (159363), heavily weighted in the optical module leader "Yi Zhong Tian," fell over 4% intraday, breaking below the 10-day moving average. Funds net subscribed 78 million shares on the dip. On the news front, on the evening of April 23rd, the high-flying stock XYS released its Q1 financial report, with the company's Q1 operating revenue reaching 8.338 billion yuan..." datetime: "2026-04-24T03:57:18.000Z" locales: - [en](https://longbridge.com/en/topics/40160076.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40160076.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40160076.md) author: "[同壁财经](https://longbridge.com/en/profiles/26505347.md)" --- # The high "light" GEM AI ETF (159363) plunged 4%, with massive capital inflows! On the morning of April 24th, **driven by earnings falling short of expectations, Xinyisheng plunged 9%**, the optical module CPO sector saw a significant correction, and **Tianfu Tongxin followed with a drop of over 6%.** Regarding popular ETFs, the **GEM Artificial Intelligence ETF Huabao (159363)**, which heavily invests in the optical module leaders "Yizhongtian," **saw an intraday correction of over 4%, falling below the 10-day moving average, with net subscriptions of 78 million units during the dip.** On the news front, on the evening of April 23rd, the high-flying stock Xinyisheng released its Q1 financial report. The company's Q1 operating revenue was 8.338 billion yuan, a year-on-year increase of 105.76%; **net profit attributable to the parent company was 2.780 billion yuan, a year-on-year increase of 76.80%, but a quarter-on-quarter decrease of 13%**. The market pointed out that this data fell below the consensus expectations of mainstream institutions for Q1. While the company's own growth is not weak, it completely failed to meet the extremely high expectations of capital. Furthermore, some analysis noted that **this quarterly report is insufficient to support a continued sharp rise in the stock price, but it is far from disproving the long-term logic.** Overall, revenue met expectations, but profits are controversial. **Regarding the optical module CPO sector as a whole, institutions suggest that the valuation of leading companies still has room for further improvement.** GF Securities stated that the valuation of leading optical module companies has seen some recent recovery, but the 2027 P/E ratio for these companies **remains relatively low.** Based on past experience, the valuation anchor for optical module leaders is typically 15-20x P/E for the following year. We **are optimistic about the sustainability of this round of the optical module rally**, particularly favoring the competitive moats, material sourcing capabilities, and long-term product layout advantages of leading companies, and believe **valuations have the potential to rise further**. \* **To capture the opportunity in optical module CPO leaders with one click**, it is recommended to focus on the **GEM Artificial Intelligence ETF Huabao (159363)**, which ranks first in scale and liquidity among similar products, and its off-exchange feeder funds (Class A 023407, Class C 023408). The underlying index allocates approximately **70% of its portfolio to computing power** (optical module/CPO leaders), **covering "Yizhongtian" comprehensively**, and about **30% to AI applications**, representing not only the core of computing power but also AI applications. Data source: Shanghai and Shenzhen Stock Exchanges, etc. As of April 17, 2026, the latest size of the GEM Artificial Intelligence ETF Huabao is 6.531 billion yuan, with an average daily turnover exceeding 700 million yuan over the past 6 months. Its size and turnover rank first among the 26 ETFs tracking the GEM Artificial Intelligence Index, the STAR AI Index, and the STAR & GEM AI Index. \* Reference for institutional views: GF Securities, "Reviewing the Sustainability of the Current Optical Module Rally Based on the Past Two Years' Performance." ETF Fee Description: When investors subscribe for or redeem fund units, subscription/redemption agents may charge a commission of up to 0.5%. Intraday trading fees are subject to the actual charges by securities firms, with no sales service fee charged. Feeder Fund Fee Description: GEM Artificial Intelligence ETF Feeder Fund C does not charge a subscription fee. The redemption fee is 1.5% for holdings within 7 days and 0% for 7 days or more. The sales service fee is 0.3%. For GEM Artificial Intelligence ETF Feeder Fund A, the subscription fee is 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 (inclusive) or more. The redemption fee is 1.5% for holdings within 7 days and 0% for 7 days or more. No sales service fee is charged. Risk Disclosure: The GEM Artificial Intelligence ETF Huabao passively tracks the GEM Artificial Intelligence Index. The base date of this index is December 28, 2018, and its release date is July 11, 2024. The annual performance of the GEM Artificial Intelligence Index from 2021 to 2025 was: 17.57%, -34.52%, 47.83%, 38.44%, 106.35% respectively. **The composition of the index constituents is adjusted according to the index's compilation rules, and its back-tested historical performance does not indicate future index performance.** The index constituents mentioned in this article are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings information or trading trends of any fund under the management company. The fund manager assesses this fund's risk level as R4 - Medium to 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, expressions of any form, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any form to readers, and no responsibility is accepted for any direct or indirect losses arising from the use of this content. **Fund investment carries risks. The past performance of a fund does not guarantee its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.** ### Related Stocks - [300502.CN](https://longbridge.com/en/quote/300502.CN.md) - [00336.HK](https://longbridge.com/en/quote/00336.HK.md) - [300394.CN](https://longbridge.com/en/quote/300394.CN.md)