EOPTOLINK(SZ:300502) Xin Lang Ji Jin·2025-11-21 11:34Core Viewpoint - The recent significant drop in the ChiNext AI sector, primarily driven by a sharp correction in optical module and computing hardware, has led to notable declines in key stocks, while AI application stocks have shown resilience with some experiencing gains [1][3]. Group 1: Market Performance - On November 21, the ChiNext AI sector experienced a nearly 5% drop, with stocks like Xinyisheng falling over 8%, Tianfu Communication down more than 7%, and Zhongji Xuchuang declining over 5% [1]. - The ChiNext AI ETF (159363), which has over 54% exposure to optical modules, closed down 4.83%, marking a new low since the correction began in October, with a daily trading volume of 920 million yuan [1]. - The cumulative decline for the ChiNext AI sector was 1.18% for the week, with a more than 12% drop from the peak at the end of October [3]. Group 2: Optical Module Market Dynamics - Nvidia's better-than-expected earnings report confirms the high demand for global computing power, suggesting that short-term fluctuations will not alter the overall positive trend in computing power demand [3]. - The retail price of 1.6T optical modules has increased from approximately $1200 at launch to over $2000 currently, while the price decline for 800G and lower-speed optical modules has slowed, indicating a shift to a "volume and price increase" scenario in the optical module industry [3][4]. - Projections indicate that global demand for 800G optical modules could reach 40 million units next year, with 1.6T optical modules expected to exceed 7 million units [3]. Group 3: Future Outlook for AI Applications - The launch of Alibaba's "Qianwen APP" signals a new phase in AI applications, moving towards an "ecological integration" model, which may lead to a rebound in AI application stocks [4]. - International developments, such as Google's new multimodal AI model, are accelerating the commercialization of AI, reinforcing the positive industry trend [4]. - The AI application sector, despite its limited recent gains compared to other segments, is expected to experience a rebound due to the ongoing evolution of the AI industry [4]. Group 4: Investment Recommendations - Investors are advised to focus on the first ChiNext AI ETF (159363) and its associated funds, which have a significant allocation to optical module leaders, particularly "Yizhongtian" [5]. - The ETF's portfolio is heavily weighted towards computing power, with over 70% allocated to this sector and more than 20% to AI applications, positioning it to effectively capture AI thematic trends [5].