一则研报突袭，算力黑马集体杀跌，机构吵翻了！杠杆资金大举加仓，高“光”159363融资余额创新高！

Group 1 - The core viewpoint of the articles indicates a recent pullback in the AI sector, particularly in the optical module stocks, following a significant rise in previous days, with the ChiNext AI index dropping over 2% [1][3] - Despite the pullback, certain sectors like storage chips, computing leasing, and cloud computing showed resilience, with Beijing Junzheng leading gains of over 14% [1] - The largest and most liquid ChiNext AI ETF (159363) experienced a net subscription of 86 million units, indicating strong investor interest despite a 2.24% decline [1][4] Group 2 - Morgan Stanley's report suggested that the significant rise in optical module stocks has reflected most positive fundamental factors, recommending profit-taking amidst optimistic market sentiment [3] - Contrarily, other institutions like Citigroup and Goldman Sachs maintain a bullish outlook on optical modules, citing strong demand visibility through 2027 and the need for reevaluation of stock prices [3][4] - The optical module industry's fundamentals remain robust, driven by exponential growth in AI computing demand and increased capital expenditures from cloud service providers [4][6] Group 3 - Leveraged funds have been actively increasing their positions in the optical module sector through ETFs, with the financing balance for the ChiNext AI ETF reaching a historical high of over 400 million [4][6] - The ChiNext AI index has outperformed other AI indices, with a cumulative increase of over 82% year-to-date, highlighting its strong demand logic [6] - The first ChiNext AI ETF (159363) has a significant allocation towards optical modules, capturing the AI theme effectively, with a recent average daily trading volume exceeding 1.1 billion [7]