On Friday (September 11), leading optical module stocks staged a solid afternoon rally, helping to narrow the decline in the ChiNext Index. With capital flows concentrating on high-"optical" index opportunities, the ChiNext AI ETF Huabao (159363) saw elevated on-market trading activity, as its underlying index staged a "V-shaped" rebound during the day.

Across the optical module supply chain, Zhongji Innolight bucked the downtrend to close up 4%, while Eoptolink Technology gained nearly 3%. Zhaolong Interconnect led the sector with a surge of 8.63%, and Kingsignal Technology advanced more than 7%. AI application stocks were also active in the afternoon, with the cost-reduction logic for AI-driven film and video content generation gaining traction, pushing Mango Excellent Media sharply higher during the trading session.

According to market reports, on September 10 (local time), the U.S. Federal Communications Commission (FCC) published a final rule in the Federal Register titled "Safeguarding Communications Networks from National Security Threats through Equipment Authorization." The rule, which was approved on July 22, is slated for official publication in the Federal Register on September 11 and will take effect 30 days after publication.

Notably, the 13-page rule document does not mention Eoptolink Technology, Zhongji Innolight, or Tianfu Communication, the major optical module companies. Market analysts interpret this as a clear alleviation of concerns surrounding optical communications following the FCC policy's formal implementation. The restrictions primarily target logic devices on the Covered List and do not extend to the broader optical communications product category. Moreover, no listed companies have been added to the prohibition list, meaning the most extreme negative scenarios that markets had previously feared have largely failed to materialize.

Among the segments, the policy clarity is even higher for passive components, which is generally expected to improve overall risk sentiment in the optical communications sector.

Zhongtai Securities notes that optical modules remain the segment with the strongest earnings delivery at present. The industry is poised to continue benefiting from three key growth drivers: AI computing power expansion, speed upgrades, and network architecture evolution. On the optical module front, 800G products are sustaining robust demand, 1.6T has entered the volume ramp phase, and the industry is evolving toward 3.2T and CPO/NPO architectures. Overall, the sector remains in an upcycle, with future focus areas including the sustainability of AI capital expenditures, the pace of high-speed product rollouts, and the profitability delivery capabilities of each sub-segment.

For investors looking to position along the high-"optical" mainline and AI applications, the ChiNext AI ETF Huabao (159363) and its off-market feeder funds (Class A: 023407, Class C: 023408) offer targeted exposure. The ETF emphasizes leading CPO optical module companies while also covering AI application stocks. The underlying index has a combined weight of over 35% for Zhongji Innolight, Eoptolink Technology, and Tianfu Communication, positioning it as a core proxy for the AI computing power sector.

Data source: Shenzhen and Shanghai Stock Exchanges, Wind, etc. As of August 31, 2026, according to Guozheng Index data, the top three constituent stocks of the ChiNext Artificial Intelligence Index are Eoptolink Technology (12.61%), Zhongji Innolight (11.99%), and Tianfu Communication (10.25%).

Institutional views reference source: Zhongtai Securities, "Optical Communications Industry Sustains Momentum, Awaiting Valuation Recovery - Optical Communications Industry 2026 Semi-Annual Review."

Reminder: Recent market volatility may remain elevated. Short-term gains or losses do not predict future performance. Investors should make rational decisions based on their own capital positions and risk tolerance, paying close attention to position and risk management.

Fee disclosures for ETF products: When subscribing or redeeming fund shares, the authorized broker may charge a commission of no more than 0.5% of the transaction amount. On-exchange transaction fees are subject to the actual rates charged by securities firms, with no sales service fee applicable. For feeder fund fees: Huabao ChiNext AI ETF Feeder Fund Class C charges no subscription fee; redemption fees are 1.5% for holdings within 7 days and 0% for holdings of 7 days or more; the sales service fee is 0.3%. For Class A, the subscription fee is 1% for amounts below 1 million yuan, 0.6% for amounts between 1 million and 2 million yuan, and a flat 1,000 yuan per transaction for amounts of 2 million yuan or above; redemption fees are 1.5% for holdings within 7 days and 0% for holdings of 7 days or more; no sales service fee applies. According to the fund manager's assessment, the ChiNext AI ETF Huabao carries a risk rating of R4 (medium-high risk), suitable for aggressive investors (C4) and above; the final suitability determination should be based on the sales institution's guidelines.

Risk statement: The ChiNext AI ETF Huabao passively tracks the ChiNext Artificial Intelligence Index, which has a base date of December 28, 2018, and a publication date of 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, with corresponding annualized volatilities of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. The index's constituent stocks are adjusted periodically according to the index methodology. Historical backtested performance does not predict future index performance. The index constituents mentioned in this article are shown for illustrative purposes only. Any description of individual stocks does not constitute investment advice of any form, nor does it represent the holdings or trading activities of any fund managed by the fund manager. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, or any form of expression) is for reference only. Investors are solely responsible for their own investment decisions. Furthermore, any viewpoints, analyses, or forecasts in this article do not constitute investment advice of any form to readers, and the article bears no responsibility for any direct or indirect losses arising from the use of its content. Fund investing involves risk. 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 a fund's performance. Please invest cautiously.