贸易摩擦骤然升级，海外算力链被短线错杀？光模块巨头“易中天”四连跌，能否借道高“光”159363抄底买入？

Core Viewpoint - The recent escalation of trade tensions has led to a significant decline in A-shares, particularly affecting the overseas computing power sector centered around optical modules, with a notable drop in related stocks [1][3]. Group 1: Market Impact - A-shares opened sharply lower due to negative influences from trade friction, with the ChiNext AI sector experiencing a drop of over 5% at one point, although the decline has since narrowed [1]. - Major stocks in the optical module sector, such as Zhongji Xuchuang and Lian Te Technology, fell more than 5%, while others like Xinyi Sheng and Ruijie Network saw declines exceeding 2% [1]. - The largest and most liquid ChiNext AI ETF (159363) hit a 5% drop during trading but later reduced its decline to 2.86%, with real-time trading volume exceeding 500 million yuan [1]. Group 2: Long-term Outlook - According to China International Capital Corporation (CICC), the short-term impact of the trade tensions is not expected to alter the mid-term trend, with ongoing asset revaluation in China [3]. - The overall market foundation for upward movement remains intact, supported by upcoming policy plans and a favorable fundamental outlook for technology sectors [3]. - The global AI landscape is projected to maintain high activity levels through the first three quarters of 2025, with significant investments from major companies like OpenAI, Oracle, and Google [3]. Group 3: Investment Recommendations - Citic Securities emphasizes the sustained high demand for computing power infrastructure, with North American cloud service providers planning capital expenditures exceeding $370 billion in the 2025 fiscal year, a 40% year-on-year increase [4]. - Investors are encouraged to focus on optical devices and modules, particularly the ChiNext AI ETF (159363), which has over 70% of its portfolio in computing power and more than 20% in AI applications [4]. - The ChiNext AI ETF has a recent scale exceeding 4.3 billion yuan, with an average daily trading volume of over 1.1 billion yuan in the past month, ranking first among seven ETFs tracking the ChiNext AI index [4].