Xin Lang Ji Jin·2025-09-26 06:49Core Viewpoint - The ChiNext Index has reached a three-year high, with the ChiNext AI sector leading global performance, having increased by 174% over the past year, significantly outperforming other major AI indices in the A-share market [1][5]. Group 1: Index Performance - The ChiNext Index has risen by 97% from September 24, 2024, to September 24, 2025, leading major global indices [1]. - The ChiNext AI Index has shown a cumulative increase of 174% during the same period, marking it as the strongest performer among various indices [1][5]. Group 2: Key Drivers of Growth - The strong performance of the ChiNext AI sector is attributed to three main factors: embracing the AI explosion (β), focusing on computing power hardware (α), and benefiting from policy and capital-driven growth (γ) [5]. - The ChiNext AI Index has over 74% exposure to computing power infrastructure, with more than 51% in optical module CPOs, indicating a strategic focus on the core components of the AI industry [5][6]. Group 3: Major Constituents - The top three constituents of the ChiNext AI Index are optical module leaders: NewEase (20.28% weight), Zhongji Xuchuang (18.79% weight), and Tianfu Communication (6.5% weight), collectively accounting for over 45% of the index [7]. - Zhongji Xuchuang has become the global leader in the optical module market since 2022, while NewEase ranks among the top three globally, together holding approximately 40%-50% of the high-speed optical module market [7]. Group 4: Global Demand for AI Computing Power - Morgan Stanley forecasts that global cloud capital expenditures will reach a historical high, with the top 11 cloud providers expected to increase spending to $445 billion in 2025, a 56% year-on-year growth [8]. - In China, Alibaba plans to invest significantly in AI infrastructure, with a projected tenfold increase in energy consumption for its global data centers by 2032 [8]. Group 5: Technological Advancements - The upcoming release of NVIDIA's new B300 chip is expected to drive demand for high-speed optical modules, leading to a significant increase in procurement across the supply chain [9]. - The evolution of large models like GPT-5 is creating unprecedented demands for computing infrastructure, further accelerating the deployment of 800G optical modules [9]. Group 6: Policy and Capital Support - Recent policies have enhanced the development of AI across various sectors, with state-owned enterprises opening numerous AI application scenarios, providing a broad market for technology implementation [10]. - Significant capital inflows have been observed in leading optical module companies, with Zhongji Xuchuang and NewEase seeing net purchases of 135.03 billion and 104.06 billion yuan, respectively, this year [10].