Xin Lang Ji Jin·2025-09-04 12:09Core Viewpoint - The A-share market experienced significant volatility, particularly in technology stocks, with the artificial intelligence sector facing substantial declines, especially in optical module stocks [1][3]. Group 1: Market Performance - The artificial intelligence index on the ChiNext board, heavily weighted with optical modules, fell over 9%, marking the largest single-day drop since April 8 [1]. - Leading optical module companies, including "Yizhongtian" (Xinyi, Zhongji Xuchuang, Tianfu Communication), saw declines exceeding 13% [1]. - The ChiNext artificial intelligence ETF (159363) also dropped 9.28%, with a trading volume exceeding 2.3 billion yuan [1][4]. Group 2: Causes of Market Movement - The fund manager of the ChiNext artificial intelligence ETF attributed the market's sharp decline to profit-taking by short-term investors after rapid gains in the optical module sector [3]. - The lack of new capital to sustain price increases led to a "踩踏效应" (stampede effect), resulting in significant downward pressure on stock prices [3]. Group 3: Future Outlook - The fund manager suggested that the current market phase involves short-term profit-taking and long-term investors gradually entering the market, with initial short-term pressures likely dominating [3]. - The AI computing power industry remains a strong long-term investment opportunity, provided that U.S.-China relations do not deteriorate [3]. - The anticipated increase in demand for NVIDIA's GB300 cabinets in Q4 could lead to performance recovery for the ChiNext artificial intelligence sector [3]. Group 4: Investment Recommendations - Investors are advised to focus on the ChiNext artificial intelligence ETF (159363) and related funds, which have a significant allocation to optical modules and AI applications [4]. - As of September 3, 2025, the ChiNext artificial intelligence ETF reached a new high of over 5.1 billion yuan in size, with an average daily trading volume exceeding 700 million yuan over the past month [4].