Core Insights - The GEO concept, a significant emerging branch of AI applications, is gaining increasing market attention, with Elon Musk announcing the open-sourcing of the latest content recommendation algorithm on platform X, signaling an intention to enter the GEO field [1] - The secondary market saw a surge in GEO concept stocks, with companies like Yidian Tianxia, Zhongwen Online, and Tianlong Group experiencing a 20% limit-up, while the AI application and computing power-focused ChiNext AI ETF (159363) rose by 7.85%, reaching a new high with over 1 billion yuan in trading volume [1] Market Performance - The current price of the ChiNext AI ETF (159363) is 1.127 yuan, approaching the pre-ex-dividend closing price of 1.191 yuan, indicating a potential "filling rights" market trend, reflecting high industry sentiment [3] - The ChiNext AI index has risen over 12% since the beginning of the year, significantly outperforming the communication equipment index, highlighting a divergence in performance driven by core configuration differences [3] Investment Themes - As of December 2025, approximately 60% of the ChiNext AI sector's positions are allocated to computing power, while 40% are focused on AI applications, representing a core focus on both computing power and effective AI application capture [3] - Recent reports indicate that AI applications are on the verge of an explosion, with advancements in LLM reasoning capabilities and multimodal abilities, alongside reduced training costs, accelerating commercialization progress in both domestic and international markets [5] - The market is entering a new phase of AI investment, emphasizing application over infrastructure, with the ChiNext AI ETF (159363) and its associated funds positioned to benefit directly from the commercial explosion of AI technologies [5]

22日早盘，光模块CPO继续活跃，重仓光模块的创业板人工智能涨超2%。其中，长芯博创领涨超12%，中际旭创涨超5%，新易盛涨超4%再 创新高，太辰光、金信诺、锐捷网络、光库科技等多股跟涨超2%。 热门ETF方面，同类规模最大、流动性最佳的创业板人工智能ETF（159363）高开高走，现场内价格涨近3%，逼近历史高点，实时成交额超 1.5亿元。 展望2026年，算力依然是科技方向最为景气的方向之一，A股光模块等厂商"卖铲人"逻辑较强，或将持续受益。配置上看，因重仓以光模块为 核心的算力链，创业板人工智能年内累计涨幅翻倍，大幅领跑人工智能、CS人工智、科创AI等同类AI主题类指数，持续超额表现，值得重点 关注创业板人工智能配置机会。 把握以光模块为核心的算力机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场外联接（A类023407、C类023408），标的指 数重点布局光模块龙头"易中天"，光模块含量最新超56%。从赛道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主 题行情。（截至2025.11.30） 同类对比看，截至12月18日，创业板人工智能ETF华宝（159363 ...

把握光模块等算力核心机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场外联接（A 类023407、C类023408），标的指数重点布局光模块龙头"易中天"，光模块含量超54%。从赛道分布 看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主题行情。（截至2025.10.31） 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11。创业板人工智能指数2020-2024年年度涨跌幅分别为：20.1%、17.57%、-34.52%、 47.83%、38.44%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的 持仓信息和交易动向。基金管理人评估的本基金风险等级为R4-中高风险，适宜积极型（C4）及以上的 投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、 ...

Core Viewpoint - The AI market experienced significant volatility on September 4, with a sharp decline in optical module stocks, particularly affecting the entrepreneurial board AI index, which has over 51% optical module content [1] Group 1: Market Performance - The leading optical module companies, including "Yizhongtian" (Xinyi Sheng, Zhongji Xuchuang, Tianfu Communication), saw declines exceeding 12% [1] - The entrepreneurial board AI ETF (159363), which tracks the largest and most liquid index, experienced a drop of over 9%, potentially marking its largest single-day decline since April 8, with a real-time transaction volume exceeding 2.1 billion [1] Group 2: Fund Manager Insights - Fund manager Cao Xuchen noted that the optical module sector had become a focal point for market investment due to strong fundamentals and profit effects, leading to significant gains [3] - The rapid increase in stock prices led to profit-taking by short-term investors, resulting in a potential sell-off if new capital fails to sustain price increases [3] - The current market is characterized by short-term profit-taking and long-term investors gradually entering the market, with initial short-term pressures likely dominating [3] Group 3: Investment Recommendations - It is recommended to focus on the entrepreneurial board AI ETF (159363) and its associated funds, which allocate approximately 70% to computing power and 30% to AI applications, effectively capturing AI market trends [4] - As of September 3, 2025, the entrepreneurial board AI ETF (159363) reached a new high of over 5.1 billion, with an average daily transaction volume exceeding 700 million over the past month, ranking first among six ETFs tracking the entrepreneurial board AI index [4]