Venture(US:VEMLY) Xin Lang Ji Jin·2025-11-17 11:49Core Insights - The AI application sector, driven by both AI applications and computing power, saw a rebound in the ChiNext market, with significant gains in stocks like Dongfang Guoxin and BlueFocus, which rose over 10% [1] - Alibaba's announcement of its "Qianwen" project to enter the AI to C market has sparked increased activity in AI applications, with the Qianwen app launched to compete with ChatGPT [2][3] - The AI-related ETF (159363) experienced a notable increase of 2.2% with a trading volume exceeding 500 million CNY, indicating a strong interest from investors [1][4] AI Applications - The launch of Alibaba's Qianwen app aims to integrate various life scenarios, enhancing its functionality and positioning it as a high-frequency super entry point in the market [3] - Analysts believe that Alibaba's extensive user base and AI infrastructure will benefit the AI application and computing power supply chain in the long term [3] Computing Power Sector - The optical module industry is experiencing a "volume and price increase" trend, with significant price hikes for 1.6T optical modules and stable demand for 800G and below products [3] - Factors driving this trend include increased capital expenditure from global cloud vendors and accelerated technological iterations among leading manufacturers [3] Market Outlook - UBS strategists predict a rebound in global economic growth by early 2026, with continued investment in technology and AI expected [3] - The current phase is characterized as early in the AI cycle, with low corporate leverage and reasonable valuations, particularly for Chinese companies in the emerging market [3] Investment Recommendations - Investors are advised to focus on the first ChiNext AI ETF (159363) and related funds, which have a significant allocation to leading optical module companies [4] - The ETF's composition includes over 70% in computing power and more than 20% in AI applications, making it a strategic choice for capturing AI market trends [4]