On the morning of November 12, optical modules and other computing hardware continued their recovery. The ChiNext AI ETF (159363), which focuses on optical module leaders, moved higher in a single directional trend, with its underlying index rising over 3% again, rebounding continuously from low levels, drawing intense market attention to positioning opportunities.

Optical module leaders continued to rebound, with the "Yizhongtian" trio all surging over 4%. Second-tier names followed strongly, as Changxin B ochuang and O-Net Technologies rose more than 5%.

On the news front, visibility into optical module demand has been confirmed once again. On November 11, Anthropic updated its prospectus: ARR (annualized revenue run rate) grew by $10 billion month-over-month in October to $81 billion, representing a monthly growth rate of approximately 14%, with total long-term computing procurement commitments approaching $900 billion.

The biggest prior concern was that "AI capital expenditure was burning cash detached from real demand." Accelerating paid revenue from model developers combined with trillion-level computing long-term orders directly proves that the closed loop of "application payment to computing procurement to optical module demand" is now working. Unlike cloud providers' CapEx guidance, model developers are the direct consumers of computing power.

Overall, optical modules are recently in a "strong reality, weak pricing" recovery rally: Microsoft lobbying to abandon the ban on optical modules to China, with the restriction threshold potentially moved back to 3.2T, means the biggest suppression from export bans is loosening. Leading companies' orders cover through 2027, with customers already providing 2028 guidance. Anthropic's computing commitments and overseas leaders' guidance mutually confirm demand. The industry trend is certain, and the next things to watch are delivery pace and FCC rule text.

To position in optical module leaders, investors may consider the ChiNext AI ETF (159363) and its off-exchange feeder funds (Class A 023407, Class C 023408), which focus on optical module CPO leaders while also covering AI applications. The underlying index has approximately 30% weight in "Zhongji Innolight plus Eoptolink plus T&S Communications," making it a core standard-bearer for AI computing power.

Data source: Shenzhen and Shanghai Stock Exchanges, Wind, etc. Note: As of October 31, 2026, according to the CNI Index, the top three constituents of the ChiNext AI Index are Zhongji Innolight (weight 11.49%), Eoptolink (weight 9.08%), and T&S Communications (weight 8.51%).

Reminder: Recent market volatility may be significant, and short-term price movements do not predict future performance. Investors should invest rationally based on their own financial conditions and risk tolerance, paying close attention to position sizing and risk management.

ETF fee disclosure: When investors subscribe to or redeem fund shares, subscription and redemption agents may charge a commission of no more than 0.5%. On-exchange trading fees are subject to actual charges by securities companies, and no sales service fee is charged.

Feeder fund fee disclosure: Class C of the feeder fund charges no subscription fee; redemption fee is 1.5% within 7 days and 0% on or after 7 days; sales service fee is 0.3%. Class A of the feeder fund charges a subscription fee of 1% for amounts under 1 million yuan, 0.6% for 1 million yuan (inclusive) to 2 million yuan, and 1,000 yuan per transaction for 2 million yuan (inclusive) and above; redemption fee is 1.5% within 7 days and 0% on or after 7 days; no sales service fee is charged.

According to the fund manager's assessment, the risk levels of the ChiNext AI ETF, the Hong Kong Stock Connect Information Technology ETF, and the STAR Chip ETF are R4-medium-high risk, suitable for aggressive (C4) and above investors. Suitability matching opinions should be based on the sales institution's assessment.

Risk disclosure: The ChiNext AI ETF passively tracks the ChiNext AI Index. The index base date is December 28, 2018, and the launch date is July 11, 2024. The index's annual returns from 2021 to 2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The annualized volatility of the index over the same period was 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%, respectively. The index constituent composition is adjusted in a timely manner according to the index compilation rules, and its back-tested historical performance does not predict the index's future performance.

The index constituents mentioned in this article are for illustrative purposes only. Individual stock descriptions do not constitute investment advice in any form, nor do they represent the holdings or trading activities of any fund under the manager. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors are responsible for any investment decisions they make independently. In addition, any views, analyses, and forecasts in this article do not constitute investment advice in any form to readers, nor shall they bear any responsibility for direct or indirect losses caused by the use of the content herein. Fund investment involves risks. Past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment requires caution.

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