The ChiNext Artificial Intelligence ETF (159243) rose over 4%, heavily invested in "Yi Zhongtian," resonating with both prosperity and growth

On the afternoon of June 2, the optical module (CPO) index surged to lead the market. In terms of individual stocks, Guangku Technology rose over 14%, LianTe Technology rose over 11%, Xinyi Sheng and Taicheng Guang both rose over 10%, Zhishang Technology rose over 9%, Changxin Bochuang rose over 8%, Zhongji Innolight rose over 6%, and Tianfu Communication rose over 5%. Among popular ETFs, the China Merchants SZSE ChiNext Artificial Intelligence ETF (159243) significantly increased by over 4%.

From an industrial logic perspective, there is currently a supply shortage of high-end optical modules, with leading companies having full order books. Among global optical module leaders, Zhongji Innolight is deeply tied to overseas tech giants such as Nvidia, Google, Microsoft, and Meta, with a global market share of over 42% for its 800G optical modules. It is the only manufacturer in the world to achieve mass supply of 1.6T products, with order schedules extending to 2028. The company's self-developed silicon photonic chip has a yield rate of 95%, maintaining an advantage in traditional pluggable solutions while also laying out technologies for the next generation of CPOs. The 3.2T optical module has been sent for testing to Nvidia, showcasing a significant technological lead.

It is noteworthy that 2026 has been defined by institutions as the first year of CPO (Co-packaged Optical Module) industrialization. Compared to traditional pluggable solutions, CPO can significantly reduce the power consumption of 800G ports from 14-16W to 5.2-5.6W, with estimates from Zhongtai Securities indicating a reduction of 60%-68%, which is crucial for the construction of AI clusters at the ten-thousand-card level. According to LightCounting's predictions, the CPO market size is expected to reach $10 billion by 2030, bringing clear domestic opportunities for upstream silicon photonic wafer testing and other equipment segments.

From the overall industry data perspective, according to data released by the General Administration of Customs in March 2026, China's optical module exports show a "decrease in volume and increase in price" characteristic, with the average export price rising by 23% year-on-year, reflecting that the industry is accelerating the iteration towards high-speed products. Additionally, LightCounting predicts that from 2025 to 2030, the global optical module market will have an average annual growth rate of 22%. The current industry landscape shows significant differentiation: low-end capacity is oversupplied and under price pressure, while high-end capacity is in short supply and cannot meet demand.

Among them, the supply-demand gap for high-end optical chips is particularly prominent. According to Lumentum data, the global EML (Electrically Modulated Laser) chip supply-demand gap exceeds 30%, indicating a severe supply shortage. Domestic optical chip leader Yuanjie Technology benefits from this, with a year-on-year increase of 1153.07% in net profit attributable to the parent company in the first quarter of 2026, and a gross margin of 77.81%, fully demonstrating the replacement space and bargaining power of domestic manufacturers in the context of "chip shortages." Overall, upstream high-speed optical chips and high-end production equipment are still mainly concentrated overseas, with a low domestic substitution rate, which also provides clear growth space for domestic industrial chain companies.

Looking ahead to the second half of 2026, CITIC Securities points out that the high valuation and crowded positions of global tech stocks are the biggest challenges currently, while the potential IPOs of SpaceX, Anthropic, and OpenAI in the next six months to a year may impact market liquidity Considering that macro liquidity in the second half of this year is marginally tighter compared to the same period in 2025, market performance will increasingly rely on the continuous realization and verification of earnings. The institution believes that as long as the industrial trend remains stable, if liquidity shocks lead to valuation adjustments, the opportunities presented may outweigh the risks.

From an index perspective, the ChiNext Artificial Intelligence Index has significant structural advantages. Data shows that as of May 31, the index contains over 57% of "optical modules," with key allocations to leading companies such as "Yi Zhongtian" (New Yisheng 18%, Zhongji Innolight 21%, Tianfu Communication 11%), demonstrating stronger profit elasticity compared to similar indices. Over the past three years, this index has increased by 266%, significantly outperforming similar indices such as Sci-Tech Innovation AI and CS Artificial Intelligence; at the same time, the expected growth rate of net profit attributable to the parent company in 2025 is as high as 127.36%, far exceeding the overall level of the ChiNext Index, with prosperity and growth likely to form a dual resonance