The ChiNext Artificial Intelligence ETF Huabao (159363) fell more than 3%, with funds repeatedly building positions on dips! High-quality optical modules still lead, and Guangku Technology hit a new high against the market!

On April 2nd, the market came under pressure again, with technology stocks fluctuating and weakening, and the ChiNext AI sector dropping by 3%. Computing power leasing stocks led the decline, with multiple stocks such as Capital Online, Wangsu Technology, and Halo New Network falling over 6%. However, the optical module CPO direction remained active with repeated rebounds, and Guoku Technology rose 8% against the market to hit a new high, while Taichen Optoelectronics and Zhaolong Interconnection gained.

During the market consolidation, funds bought on dips, with the ChiNext AI ETF Huabao (159363), which has the largest scale and liquidity in its category, falling over 3% intraday, but funds repeatedly bought on dips, with a real-time net purchase of 36 million units.

On the news front, on April 1, 2026, Nvidia announced an investment of $2 billion in Marvell, with both parties jointly developing silicon photonics technology and custom XPU. According to LightCounting, the share of silicon photonics technology in the optical module market is expected to gradually increase, potentially rising from 30% in 2025 to 60% by 2030.

As the first quarter concludes, the allocation window opens. Guolian Minsheng Securities recommends focusing on high-performing companies in the first-quarter reports. The firm pointed out that the AI technology revolution is driving a new wave of growth, with significant development opportunities in optical connectivity, domestic computing power, AI edge applications, and commercial aerospace. It suggests selecting leading companies with strong performance support, such as top optical module manufacturers.*

Zhongtai Securities states that the upstream resilience in the technology sector is prominent, and the energy chain in the cyclical sectors is strengthening. Looking ahead, the market may still face volatility in the short term but without systemic large-scale decline risks. Structurally, the market may revolve around resilient, independent growth tracks. It recommends buying on dips in growth sectors to capture both profit recovery and valuation revaluation opportunities after market sentiment stabilizes.

To seize AI computing power opportunities, it is advised to focus on leading optical module stocks in the ChiNext AI ETF (159363) and off-market connections (Class A 023407, Class C 023408), which directly benefit from the explosive growth of AI technology commercialization. From the sector perspective, about 60% of the ChiNext AI ETF’s holdings are in computing power (optical modules/CPO leaders), and about 40% are in AI applications, representing not only the core of “computing power” but also true “AI application” leaders.

Data sources: Shanghai and Shenzhen Stock Exchanges, etc.

ETF-related fee explanation: When investors subscribe or redeem fund units, the agency handling subscriptions and redemptions may charge a commission of up to 0.5%. The trading fee on the exchange is based on the actual fee charged by the securities company; no sales service fee is collected.

Connection fund fee explanation: The ChiNext AI ETF launch-based connection C does not charge a subscription fee; redemption fee within 7 days is 1.5%, after 7 days (inclusive) is 0%; sales service fee is 0.3%. The launch-based connection A of the ChiNext AI ETF charges a subscription fee of 1% for amounts below 1 million yuan, 0.6% for 1-2 million yuan, and a flat 1,000 yuan per transaction above 2 million yuan; redemption fee within 7 days is 1.5%, after 7 days (inclusive) is 0%; no sales service fee is charged.

Risk reminder: The Huabao ChiNext AI ETF passively tracks the ChiNext AI Index, which has a base date of December 28, 2018, and was published on July 11, 2024. The annual gains and losses of the ChiNext AI Index from 2021 to 2025 are 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively. The index component stocks are adjusted periodically according to the index rules; past backtest performance does not predict future performance. The index component stocks shown are for display only; descriptions of individual stocks are not investment advice and do not represent holdings or trading trends of any fund managed by the manager. The risk level of this fund, assessed by the fund manager, is R4—medium-high risk, suitable for active investors (C4) and above. Suitability matching opinions are subject to the sales institution. Any information in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, or any form of statements) is for reference only; investors are responsible for their own investment decisions. The viewpoints, analyses, and forecasts in this article do not constitute investment advice and do not bear responsibility for any direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future results; the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Investors should exercise caution.

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Editor: Zhang Qiaosong