On September 10th, the CPO sector showed notable resilience against a broader market downturn, with Suzhou Tfc Optical Communication Co.,Ltd. surging 6% to lead the charge, while 新易盛 traded in positive territory and other names like 太辰光 and 光库科技 advanced over 1%. Capital flows are pivoting toward the high-optics index strategy, driving significant on-exchange activity for the ChiNext AI ETF 华宝 (159363).

In terms of market catalysts, the 27th China International Optoelectronic Expo (CIOE) opened in Shenzhen from September 9th to 11th, with this year's event centered on the optical interconnect architecture upgrades driven by the rapid scaling of compute clusters. Based on product developments disclosed by exhibitors, 1.6T optical modules are gradually moving into volume production, while 3.2T and higher-tier products are progressing through sample deliveries and customer validation phases.

As AI cluster deployments continue to expand, the industrialization progress of novel architectures such as NPO, CPO, and XPO is expected to be a key focal point at this expo. CPO has officially entered mass-production scaling, and a shortage wave is beginning to spread across related equipment segments. Some enterprises have revealed that as silicon photonics commercialization accelerates, demand for related packaging and testing equipment has surged, with critical tools and precision components now in tight supply.

International customers are placing successive follow-up orders, with the restocking wave extending from equipment to precision transmission and positioning platforms, prompting related suppliers to implement overtime production schedules across the board. According to LightCounting data, the global optical module market is projected to achieve a compound annual growth rate (CAGR) of approximately 22% from 2025 to 2030, with 800G optical module demand expected to peak in 2028, while CPO products are anticipated to begin ramping up volumes between 2026 and 2027.

These technological shifts are triggering a profit redistribution across the value chain, with incremental gains preferentially migrating toward upstream segments such as optical chips, which are approaching performance bottlenecks. For investors seeking to capture the high-optics theme alongside AI applications, the ChiNext AI ETF 华宝 (159363) and its off-exchange feeder funds (Class A: 023407, Class C: 023408) warrant attention, offering concentrated exposure to leading optical module and CPO players while balancing AI application opportunities. The underlying index holds a combined weight of over 35% in 中际旭创, 新易盛, and Suzhou Tfc Optical Communication Co.,Ltd., positioning it as a core vehicle for AI compute infrastructure.

Data sources: Shanghai and Shenzhen Stock Exchanges, Wind, etc. Note: As of August 31, 2026, based on Guozheng Index data, the top three constituent stocks of the ChiNext AI Index are 新易盛 (12.61% weight), 中际旭创 (11.99% weight), and Suzhou Tfc Optical Communication Co.,Ltd. (10.25% weight).

Reminder: Recent market volatility may be elevated, and short-term performance does not predict future results. Investors should make rational decisions based on their own capital positions and risk tolerance, with particular attention to position sizing and risk management.

ETF fee disclosure: When subscribing or redeeming fund shares, the subscription/redemption agency may charge commissions up to 0.5%. On-exchange trading fees are subject to actual brokerage charges, with no sales service fee applied.

Feeder fund fee disclosure: The Class C shares of the 华宝 ChiNext AI Feeder Fund do not charge a subscription fee; the redemption fee is 1.5% for holdings within 7 days and 0% for holdings of 7 days or more; the sales service fee is 0.3%. For Class A shares, the subscription fee is 1% for amounts below 1 million yuan, 0.6% for amounts between 1 million and 2 million yuan, and 1,000 yuan per transaction for amounts of 2 million yuan or above; the redemption fee is 1.5% for holdings within 7 days and 0% for holdings of 7 days or more; no sales service fee applies.

According to the fund manager's assessment, the ChiNext AI ETF 华宝 carries a risk rating of R4 (medium-high risk), suitable for aggressive investors (C4 and above); suitability matching opinions should be based on sales institution guidance.

Risk disclosure: The ChiNext AI ETF 华宝 passively tracks the ChiNext AI Index, with a base date of December 28, 2018, and an official release date of July 11, 2024. The index recorded annual returns of 17.57%, -34.52%, 47.83%, 38.44%, and 106.35% from 2021 to 2025, respectively, with corresponding annualized volatility of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1% over the same period. Index constituent composition is adjusted periodically according to index compilation rules, and backtested historical performance does not indicate future index performance. Constituent stocks mentioned in this article are for illustrative purposes only, and descriptions of individual stocks do not constitute investment advice in any form, nor do they represent the holdings or trading activities of any fund under the manager's purview. Any information presented in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, or any other form of expression) is for reference only, and investors bear full responsibility for their independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice to readers and shall not incur liability for any direct or indirect losses arising from the use of this content. Fund investing carries risks; past performance does not represent future results, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Fund investing requires caution.