Venture(US:VEMLY) Zheng Quan Shi Bao Wang·2025-09-26 07:31Core 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][4]. Group 1: Index Performance - The ChiNext Index has risen by 97% from September 24, 2023, to September 24, 2024, leading major global indices [1][3]. - The ChiNext AI Index has shown a remarkable increase of 174% during the same period, making it the top performer among various indices [1][4]. Group 2: Industry Drivers - The AI sector is experiencing a surge in demand for computing power, with global cloud capital expenditures expected to reach a historical high of $445 billion in 2025, reflecting a 56% year-on-year growth [8]. - Major cloud service providers like Amazon, Alphabet, Meta Platforms, and Microsoft are projected to contribute significantly to this growth, with their combined capital expenditures reaching $359 billion in 2025, a 57% increase from the previous year [8]. Group 3: Key Components - The top three constituents of the ChiNext AI Index are leading optical module companies: NewEase (20.28% weight), Zhongji Xuchuang (18.79% weight), and Tianfu Communication (6.5% weight), collectively accounting for over 45% of the index [7]. - These companies are primary beneficiaries of increased capital expenditures from global cloud giants, with Zhongji Xuchuang becoming the market leader in optical modules since 2022, holding a 40%-50% share in the global high-speed optical module market [7]. Group 4: Technological Catalysts - 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, necessitating substantial upgrades in data transmission rates within AI clusters and data centers [9]. Group 5: Policy and Funding Support - Recent government policies have accelerated the integration of AI across various industries, with state-owned enterprises opening numerous AI application scenarios, providing a broad market for technological implementation [10]. - Significant inflows of leveraged funds have been observed in leading optical module companies, with NewEase and Zhongji Xuchuang seeing net purchases of 13.5 billion and 10.4 billion yuan, respectively, since the beginning of the year [10].