Xin Lang Ji Jin·2025-10-20 11:52Core Viewpoint - The AI computing hardware market, particularly optical modules, is experiencing a significant rebound driven by strong demand, with leading companies in the sector showing robust performance and growth potential [1][3][4]. Market Performance - On October 20, optical modules and related computing hardware saw a collective rebound, with the ChiNext AI index leading the market, resulting in substantial gains for constituent stocks [1]. - Zhongji Xuchuang led the gains with a 7.87% increase, achieving a trading volume of 24.4 billion CNY, the highest in the A-share market [1]. - The largest and most liquid ChiNext AI ETF (159363) rose by 3.6%, recovering its five-day moving average with a total trading volume of 940 million CNY [1][4]. Industry Insights - Guosheng Securities noted that the optical module market is undergoing rapid growth and technological iteration, with price changes reflecting the industry's health rather than simple supply-demand dynamics [3]. - The report emphasized that leading optical module companies with advanced technology and global capacity will maintain strong profitability and competitive advantages, benefiting from the global data center construction and upgrade wave [3]. - Longjiang Securities highlighted that the actual performance PE of leading optical module companies is significantly lower than consensus expectations, indicating potential for upward valuation adjustments [3]. Future Demand Projections - Citigroup observed that the GPU ratio for 6T optical modules may increase from 1:2.5 to 1:5, suggesting that industry demand could rise from 8 million units to over 20 million units by 2026 if suppliers can meet orders [5]. - Recent surveys indicated that overseas major clients have raised their 2026 procurement plans for 6T optical modules from 1 million to 2 million units, driven by the rapid growth in AI training and inference network bandwidth needs [5]. Investment Recommendations - The report recommends focusing on the first ChiNext AI ETF (159363) and related funds, which have over 70% allocation to computing power and over 20% to AI applications, effectively capturing the AI theme market [4]. - The ETF has a significant scale of over 3.4 billion CNY and a high trading volume, indicating strong market interest [4].