On Thursday (October 30), computing hardware stocks centered on optical modules saw a sharp decline, with the ChiNext AI Index—comprising over 51% optical module stocks—dropping more than 3%. Among the decliners, TFC Optical Communication plunged over 11%, while Eoptolink fell nearly 8%. Other notable losers included Lightwave Logic, T&S Communications, Ruijie Networks, and Lumentum Holdings, all down over 4%. On the upside, BlueFocus Communication rose over 8%, with RunZe Tech, Tongniu Information, and OFILM Group gaining more than 2%.
In the ETF space, the largest and most liquid ChiNext AI ETF (159363), which hit a record high the previous day, retreated over 3% intraday, testing its five-day moving average. Daily turnover reached 884 million yuan, with investors capitalizing on the dip to add 108 million shares in net inflows. Over the past two days, cumulative inflows exceeded 110 million yuan, signaling optimism about the sector's outlook.
On October 29, Eoptolink and TFC Optical Communication released their Q3 2025 earnings, which may have disappointed investors: - Eoptolink reported Q3 revenue of 6.8 billion yuan, up 152.53% YoY, with net profit at 2.385 billion yuan, surging 205.38%. - TFC Optical Communication posted Q3 revenue of 600 million yuan, up 74.4% YoY, and net profit of 566 million yuan, rising 75.7%.
Citigroup noted that Eoptolink’s Q3 net profit fell short of expectations, likely triggering a negative market reaction. However, the bank suggested this could be a one-off event, with a significant rebound expected in Q4 due to delayed order deliveries, making any stock dip a potential buying opportunity. Citigroup maintained its "Buy" rating, citing anticipated profit growth from 1.6T product deliveries and deferred revenue recognition.
Looking ahead, NVIDIA—the global AI leader—hit a $5 trillion market cap on October 29, potentially providing sustained momentum for A-share optical module stocks. At its GTC conference, NVIDIA projected its Blackwell/Rubin chip platform backlog to exceed $500 billion (including networking revenue) by end-2026, implying data center revenue of $350–400 billion over the next five quarters—20% above consensus estimates of $318 billion.
Cao Xuchen, portfolio manager of the ChiNext AI ETF (159363), highlighted the ETF’s consistent correlation with NVIDIA’s performance across recent market cycles. NVIDIA’s guidance reinforces the optical module sector’s earnings visibility through 2026, transitioning the theme from expectation-driven to earnings-driven growth.
For exposure to the optical module sector, investors may consider the pioneering ChiNext AI ETF (159363) and its feeder funds (Class A: 023407; Class C: 023408). The underlying index heavily weights optical module leaders like Eoptolink, TFC, and Lumentum (“Yi-Zhong-Tian”), with over 51% allocation to the subsector. The ETF allocates over 70% to computing power and 20%+ to AI applications, efficiently capturing AI thematic trends (data as of September 30, 2025).
Among peers, the ChiNext AI ETF (159363) leads with a 3.6 billion yuan AUM and average daily turnover of 700 million yuan over the past month, topping the seven ETFs tracking the ChiNext AI Index (data as of October 29).
Risk Disclosure: The ChiNext AI ETF passively tracks the ChiNext AI Index (base date: December 28, 2018; launch date: July 11, 2024). The index’s annual returns from 2020–2024 were 20.1%, 17.57%, -34.52%, 47.83%, and 38.44%. Constituent adjustments follow index methodology, and past performance does not guarantee future results. Holdings are illustrative and not investment advice. The fund is rated R4 (high risk) for aggressive (C4) investors. Investment decisions carry risks; historical returns do not predict future performance.