Venture(US:VEMLY) Xin Lang Ji Jin·2025-10-31 11:48Core Insights - The core viewpoint of the articles indicates a significant decline in the performance of companies focused on optical modules, particularly in the AI sector, while highlighting the ongoing interest in AI applications despite short-term market fluctuations [1][3][4]. Group 1: Market Performance - On October 31, optical module-focused hardware experienced a notable pullback, with major companies seeing declines of over 8%, including Tianfu Communication and Zhongji Xuchuang [1]. - The AI sector within the ChiNext board saw a drop of over 3%, marking a reversal after five consecutive weeks of gains [3]. - The largest and most liquid ChiNext AI ETF (159363) fell over 3% with a trading volume exceeding 900 million yuan, while net subscriptions reached 82 million units [1][4]. Group 2: Company Analysis - Despite strong performance in the first three quarters, New Yisheng reported a nearly 5% quarter-over-quarter decline in revenue for Q3, breaking a streak of consecutive growth since Q1 2023 [3]. - The decline in New Yisheng's revenue was attributed to changes in the delivery schedule from downstream customers, leading to a mismatch in revenue recognition and production [3]. - Analysts from Citigroup suggest that the stock price fluctuations of New Yisheng may be a one-time event, with expectations of significant profit growth in Q4, presenting a potential buying opportunity [3]. Group 3: Industry Outlook - Institutions maintain an optimistic long-term outlook for the optical communication industry, predicting a shift from "order acquisition" to "delivery assurance" by 2026, emphasizing the importance of delivery capabilities as a core competitive advantage [4]. - The AI industry is viewed as a key growth engine, with significant historical development opportunities anticipated [3][4]. - The first ChiNext AI ETF (159363) is recommended for investment, focusing on leading optical module companies, with over 70% of its portfolio allocated to computing power and over 20% to AI applications [4].