光模块不香了？三季报后龙头双双大跌，花旗：或为买入机会！资金借道“光模块ETF”大举增持

Core Insights - The core viewpoint of the articles highlights a significant decline in the performance of optical module-related stocks, particularly in the AI sector, while also noting a positive outlook for the sector driven by Nvidia's market performance and upcoming product deliveries [1][2][3]. Group 1: Market Performance - Optical module stocks, particularly in the AI sector, experienced a sharp decline, with companies like Tianfu Communication and Xinyi Sheng dropping over 11% and 8% respectively [1]. - The largest and most liquid AI ETF on the ChiNext, which focuses on optical modules, saw a pullback of over 3% after reaching a new high, with a trading volume of 884 million yuan [1]. - Despite the downturn, there was a significant net subscription of 108 million units in the AI ETF, indicating investor optimism about the future of the sector [1]. Group 2: Company Earnings - Xinyi Sheng reported a third-quarter revenue of 6.8 billion yuan, a year-on-year increase of 152.53%, and a net profit of 2.385 billion yuan, up 205.38% [5]. - Tianfu Communication's third-quarter revenue was 600 million yuan, reflecting a 74.4% year-on-year increase, with a net profit of 566 million yuan, up 75.7% [5]. - Citigroup analysts noted that Xinyi Sheng's third-quarter performance was below expectations due to delayed customer orders, but they anticipate a significant profit increase in the fourth quarter driven by product deliveries [2]. Group 3: Industry Outlook - Nvidia's market capitalization recently surpassed 5 trillion USD, which is expected to catalyze growth in the optical module sector, particularly with the anticipated performance of their new chip platform [2]. - The AI ETF manager indicated that the ETF has consistently mirrored Nvidia's performance, suggesting a strong correlation between Nvidia's announcements and the optical module industry's future earnings [2]. - The first AI ETF tracking the ChiNext index has a significant allocation towards optical module leaders, with over 70% of its portfolio focused on computing power and over 20% on AI applications, positioning it well to capture AI market trends [4].