On Monday, August 24th, computing power hardware stocks broadly declined, with major optical module and CPO leaders suffering significant losses. Tianfu Communication fell 8.63%, Zhongji Innolight dropped 7.72%, and Eoptolink Technology declined 6.79%. The high-light ChiNext AI ETF Huabao (159363) once again experienced a technical pullback to its 20-day moving average, with capital continuing to focus on entry opportunities.

Regarding the reasons for the decline, Industrial Securities believes that recent volatility in global technology stocks stems on one hand from the disturbance caused by the rapid rise in overseas ultra-long-term bonds, and on the other hand from the disruption brought by Anthropic's latest ARR figures falling short of expectations. However, these concerns are expected to begin easing gradually from mid-to-late September, which will mark an important decisive window for the technology sector.

In terms of allocation, Industrial Securities points out that prosperity remains the core clue. First, after the previous digestion of valuations and positioning, the beta of prosperity has returned since August, and the support of performance for stock prices has been restored. Second, after the global interest rate center has risen, the market will also focus more on the certainty of prosperity in structural choices. Third, next week A-shares will enter the intensive interim report disclosure period, and overseas tech giants are also about to usher in earnings verification.

The institution believes that high-quality hard technology assets are still expected to be the core driving force leading the market repair. Internally, it continues to value the North American computing power chain such as optical modules, PCB, and optical fiber cables, which are leading this repair and still have high cost-performance. To deploy the high-light main line, attention should be paid to the ChiNext AI ETF Huabao (159363) and its off-market feeder funds (Class A 023407, Class C 023408), focusing on optical module and CPO leaders while also covering AI applications. The underlying index contains approximately 40% of "Zhongji Innolight + Eoptolink Technology + Tianfu Communication", serving as the core flag bearer of AI computing power.

Data sources: Shanghai and Shenzhen stock exchanges, etc. Note: As of August 21, 2026, according to the Guozheng Index, the top three constituent stocks of the ChiNext AI Index are Eoptolink Technology (accounting for 13.77%), Zhongji Innolight (accounting for 13.17%), and Tianfu Communication (accounting for 10.56%).

*Institutional views reference source: Industrial Securities "September Will Be an Important Decisive Window for Technology"

ETF fund related fee description: When investors subscribe or redeem fund shares, the subscription and redemption agency may charge a commission at a standard of no more than 0.5%. On-exchange trading fees are subject to the actual charges of the securities company, and no sales service fee is charged.

Feeder fund related fee description: The Huabao ChiNext AI ETF Feeder Fund Class C does not charge subscription fees; redemption fees are 1.5% within 7 days, and 0% for 7 days (inclusive) or more; the sales service fee is 0.3%. The Huabao ChiNext AI ETF Feeder Fund Class A has a subscription fee of 1% for amounts below 1 million yuan, 0.6% for amounts from 1 million yuan (inclusive) to 2 million yuan, and 1000 yuan per transaction for amounts of 2 million yuan (inclusive) or more; redemption fees are 1.5% within 7 days, and 0% for 7 days (inclusive) or more; no sales service fee is charged.

Risk warning: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, which has a base date of December 28, 2018, and a release date of July 11, 2024. The index's annual gains and losses from 2021 to 2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. During the same period, the index's annualized volatility rates were 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The index's constituent stock composition is adjusted in accordance with the index compilation rules, and its backtested historical performance does not indicate future index performance. The index constituent stocks mentioned in this article are for display purposes only, and the description of individual stocks does not constitute any form of investment advice, nor does it represent the holdings or trading trends of any fund under the fund manager. According to the fund manager's assessment, the ChiNext AI ETF Huabao has a risk rating of R4 - medium-high risk, suitable for aggressive (C4) and above investors. Please refer to the sales institution for the suitability matching opinion. 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. Investors must be responsible for any investment decisions they make independently. In addition, any views, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor do they bear any responsibility for direct or indirect losses caused by the use of the content in this article. Fund investment carries risks. The 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 fund performance. Fund investment must be conducted with caution.