Core Insights - The optical module industry is experiencing a "volume and price increase" development phase due to multiple factors on both supply and demand sides [3] - The leading companies in the optical module sector are actively expanding production to meet the growing demand driven by robust capital expenditure from global cloud providers [3] - The A-share optical module manufacturers are expected to benefit from the ongoing growth in computing power investments and technological advancements [3] Market Performance - On the morning of the 22nd, the optical module CPO remained active, with the ChiNext AI index rising over 2%, led by Changxin Bochuang with a gain of over 12% [1] - The largest and most liquid ChiNext AI ETF (159363) opened high and rose nearly 3%, approaching historical highs with real-time transaction volume exceeding 150 million yuan [1] Investment Opportunities - The first ChiNext AI ETF (159363) is recommended for investment, focusing on leading optical module companies, with over 56% of its holdings in optical modules [4] - The ETF has a significant allocation of over 70% in computing power and over 20% in AI applications, effectively capturing the AI thematic market [4] - As of December 18, the ChiNext AI ETF Huabao (159363) had a scale exceeding 3.7 billion yuan, ranking first among seven ETFs tracking the ChiNext AI index [4]

Core Viewpoint - The optical module industry is experiencing a "volume and price increase" development phase driven by multiple factors on both supply and demand sides, with strong growth in cloud computing capital expenditure and accelerated technological iterations among leading manufacturers [3][8]. Group 1: Market Performance - The optical module CPO remains active, with the ChiNext AI index rising over 2%, led by stocks such as Changxin Bochuang up over 12% and Zhongji Xuchuang up over 5% [1][6]. - The largest and most liquid ChiNext AI ETF (159363) opened high and rose nearly 3%, approaching historical highs with real-time transaction volume exceeding 150 million yuan [1][6]. Group 2: Industry Outlook - Demand from global cloud companies continues to increase, and the supply side is seeing accelerated technological iterations, leading to a sustained high prosperity level in the optical communication industry chain [3][8]. - Goldman Sachs forecasts that the AI dividend will expand by 2026, benefiting a broader range of industries and companies that can leverage AI to enhance profitability and productivity [3][9]. Group 3: Investment Opportunities - The first ChiNext AI ETF (159363) is recommended for investment, focusing on leading optical module companies, with over 56% of its holdings in optical modules and more than 70% allocated to computing power [4][9]. - As of December 18, the ChiNext AI ETF Huabao (159363) has a scale exceeding 3.7 billion yuan, with an average daily transaction volume of over 600 million yuan, ranking first among seven ETFs tracking the ChiNext AI index [4][9].

Group 1 - The core viewpoint of the news highlights the strong performance of the optical module CPO concept sector, with stocks like Changxin Bochuang, Zhishang Technology, Zhongji Xuchuang, and Xinyi Sheng showing significant gains [1] - The AI ETF Huaxia (159381) and the 5G Communication ETF (515050) have seen nearly 3% increases, with the former attracting over 600 million yuan in the last 20 days, indicating high investor enthusiasm [1] - Goldman Sachs' 2026 global stock market outlook suggests that the current dominance of the technology sector is supported by sustained profit growth since the financial crisis, rather than solely driven by AI, with AI benefits expected to expand to a broader range of industries and companies [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index and has a current scale exceeding 8 billion yuan, focusing on companies like Nvidia, Apple, and Huawei [2] - The Huaxia AI ETF (159381) tracks the ChiNext AI Index and has a significant weight in optical module CPOs at over 57%, with top holdings including Zhongji Xuchuang (28.1%), Xinyi Sheng (19.8%), and Tianfu Communication (4.45%) [2] - The Huaxia AI ETF has a low comprehensive fee rate of only 0.20%, making it the lowest in its category, which enhances its attractiveness to investors [2]

数据显示，易米基金旗下1只基金重仓新易盛。易米中证科创创业50指数增强发起A（016392）三季度 减持6080股，持有股数7100股，占基金净值比例为7.98%，位居第二大重仓股。根据测算，今日浮盈赚 取约16.51万元。 易米中证科创创业50指数增强发起A（016392）成立日期2023年1月4日，最新规模2800.84万。今年以来 收益49.61%，同类排名471/4197；近一年收益47.99%，同类排名424/4152；成立以来收益39.5%。 12月22日，新易盛涨5.35%，截至发稿，报457.55元/股，成交41.21亿元，换手率1.03%，总市值4547.92 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 从基金十大重仓股角度 截至发稿，贺文奇累计任职时间2年354天，现任基金资产总规模7830.64万元，任职期间最佳基金回报 39.5%， ...

天治趋势精选混合（350007）成立日期2009年7月15日，最新规模929.74万。今年以来收益56.18%，同 类排名637/8170；近一年收益53.08%，同类排名678/8139；成立以来收益33.33%。 12月22日，新易盛涨5.35%，截至发稿，报457.55元/股，成交39.95亿元，换手率1.00%，总市值4547.92 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 从基金十大重仓股角度 数据显示，天治基金旗下1只基金重仓新易盛。天治趋势精选混合（350007）三季度增持300股，持有股 数1460股，占基金净值比例为5.74%，位居第一大重仓股。根据测算，今日浮盈赚取约3.39万元。 天治趋势精选混合（350007）基金经理为梁莉。 截至发稿，梁莉累计任职时间4年253天，现任基金资产总规模6431.4万元，任职期间最佳基金回报 18. ...

Core Viewpoint - The article discusses the performance of the China Securities Artificial Intelligence ETF (159381) on December 22, highlighting its opening increase and the performance of its constituent stocks [1] Group 1: ETF Performance - The China Securities Artificial Intelligence ETF (159381) opened with a gain of 1.33%, priced at 1.822 yuan [1] - Since its inception on March 14, 2025, the fund has achieved a return of 79.76%, with a monthly return of 13.06% [1] Group 2: Constituent Stocks Performance - Among the top holdings, Zhongji Xuchuang increased by 3.20%, Xinyi Sheng by 3.88%, and Tianfu Communication by 1.85% [1] - Other notable performances include: - Xiechuang Data decreased by 0.10% - Ruantong Power decreased by 0.17% - Quanzhi Technology increased by 0.49% - Shenxinfeng increased by 0.36% - Beijing Junzheng increased by 1.00% - Zhongke Chuangda increased by 1.05% - Jingjiamei increased by 0.20% [1]

Group 1 - On December 19, a total of 3,747 stocks in the A-share market received financing funds, with 367 stocks having a buying amount exceeding 100 million [1] - The top three stocks by financing buying amount were Xin Yiseng, Zhongji Xuchuang, and Aerospace Electronics, with amounts of 2.908 billion, 2.162 billion, and 1.485 billion respectively [1] - Seven stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day [1] Group 2 - The top three stocks by the proportion of financing buying amount to total transaction amount were Jindalai, Longlide, and Songjing Co., with proportions of 46.11%, 39.64%, and 36.25% respectively [1] - There were 22 stocks that received a net financing buying amount exceeding 100 million [1] - The top three stocks by net financing buying amount were China Ping An, Zhaoyi Innovation, and C You Xun, with net buying amounts of 587 million, 576 million, and 521 million respectively [1]

Core Insights - The A-share market has seen significant net buying in the electronics sector, with a net inflow of 1.728 billion yuan, leading all industries, and New Yisheng alone received 609 million yuan in net buying, surprising many investors [1] - Despite the Shanghai Composite Index reaching a nearly ten-year high, over 40% of stocks have not reached new highs in four years, indicating a disconnect between index performance and individual stock performance [3] Group 1: Market Behavior and Analysis - Market changes are driven by trading behavior, which is often overlooked in traditional analysis methods [4] - Quantitative trading systems can filter out market noise and reveal the true trading behaviors that influence stock prices [4] - Price fluctuations are merely superficial; understanding institutional behavior is essential for making informed investment decisions [10] Group 2: Institutional Investment in Electronics - The concentrated inflow of institutional funds into the electronics sector reflects a strategic approach typical of professional institutions, which adhere to planned trading strategies despite short-term volatility [10] - Institutional investment in the electronics sector is not a fleeting trend; data indicates sustained activity over a significant period [11] - Funds are not evenly distributed across the sector but are highly concentrated in a few leading stocks, showcasing a clear investment strategy [11] Group 3: Recommendations for Investors - Investors should focus on trading behavior rather than price movements, as price is a result rather than a cause [11] - Continuous data analysis is crucial, as single-day data can be misleading; valuable insights come from persistent behavioral patterns [11] - Understanding the long-term strategies and risk management approaches of institutional investors is vital, as they prioritize medium to long-term positions over short-term fluctuations [11]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Views - The report highlights the potential recovery in fiber optic cable prices driven by increased demand from AI applications and the acceleration of domestic AI bidding processes [6][19] - The AI ecosystem is continuously evolving, with significant advancements in models and infrastructure, particularly from major players like ByteDance and Google [15][16] - The demand for fiber optic cables is expected to rise due to the increasing requirements for internal network connectivity in AI model training and application deployment [18] Summary by Sections 1. Weekly Investment Insights - The opening of the Volcano Engine FORCE conference showcased advancements in AI agent technology and cloud-native architecture [13] - The daily token usage of the Doubao model has surpassed 50 trillion, indicating rapid industry adoption [15] - Google is enhancing its AI ecosystem, with new TPU chips expected to drive demand for liquid cooling solutions [16] - Companies are increasingly interested in renting TPU chips, which will further stimulate ASIC demand [17] - AI is driving the demand for fiber optic cables, with prices expected to recover [18] - Investment recommendations focus on key sectors such as optical networks, liquid cooling, and domestic computing power [19] 2. Communication Data Tracking - As of October 2025, the total number of 5G base stations in China reached 4.758 million, with a net increase of 507,000 from the end of 2024 [28] - The number of 5G mobile phone users reached 1.184 billion, reflecting a year-on-year growth of 18.99% [28] - The shipment of 5G mobile phones in September 2025 was 24.106 million units, representing an 8.02% year-on-year increase [28] 3. Operator Performance - The revenue from cloud services for major operators showed strong growth, with China Mobile's cloud revenue reaching 56.1 billion yuan, up 11.3% year-on-year [47] - China Telecom's cloud revenue for the first half of 2025 was 57.3 billion yuan, a 3.8% increase [47] - The ARPU values for major operators remained stable, with slight decreases noted for China Unicom [47][52]

Market Overview - A-shares experienced a collective rise with nearly 4,500 stocks closing in the green, and the total trading volume in Shanghai and Shenzhen reached 1.73 trillion yuan, an increase of 704 billion yuan from the previous day [1][19][20] - The Shanghai Composite Index has shown three consecutive days of gains, recovering the 10-day and 20-day moving averages, with a key resistance level at approximately 3,912 points [1][19] Economic Indicators - Recent economic data from the US, including November's non-farm payrolls and CPI, along with Japan's central bank raising its target interest rate by 25 basis points to 0.75%, have alleviated external uncertainties for the A-share market [20] - The US CPI data has boosted market confidence, leading to increased expectations for a rate cut by the Federal Reserve in January [20][29] Sector Performance - The chemical sector continues to perform strongly, with the Chemical ETF (516020) rising by 1.75% and attracting over 2 billion yuan in net inflows over the past five trading days [4][20][25] - Key stocks in the chemical sector, such as Zangge Mining and Hangyang Co., saw significant gains, with Zangge Mining increasing by 6.56% [4][23] Investment Trends - The market is shifting focus from external factors to internal dynamics, with a notable interest in sectors benefiting from the "anti-involution" trend, particularly in chemicals and non-ferrous metals [20][22] - The Hong Kong market is also seeing a rebound, with the Hong Kong Internet ETF (513770) experiencing a net inflow of 13.3 billion yuan over the past ten days, indicating strong investor interest [20][30] Future Outlook - Analysts from Zhongyin Securities believe that the A-share market remains in an upward channel, with a transition from policy-driven momentum to profit-driven growth expected [22] - The chemical industry is anticipated to see a marginal improvement in its economic outlook, with supply-demand dynamics expected to stabilize [25][26] - The Hong Kong market is positioned for a rebound, with a focus on technology growth stocks as the market prepares for a potential upward trend [30][31]