On Friday (August 21), optical module and co-packaged optics (CPO) stocks rallied sharply, with ZJ INNOLIGHT closing up 6.76% and ZJ INNOLIGHT advancing over 4%. Among popular ETFs, the ChiNext AI ETF Huabao (159363), which heavily weights optical module and CPO leaders, saw on-exchange turnover exceed 1.4 billion yuan, marking a notable increase in trading volume.

Co-packaged optics (CPO) is now benefiting from a dual catalyst. First, NVIDIA announced full-scale production of its Spectrum-X Ethernet silicon photonics switches, fulfilling the promise of the world's first mass-produced CPO switch. Shortly after, SK Hynix highlighted that CPO is key to scaling system-level HBM innovation, noting that next-generation AI infrastructure will extend optical interconnects to memory interfaces.

Guotai Haitong Securities pointed out that vertical scaling (Scale up) optical interconnect technologies centered on CPO and NPO have officially entered the commercialization cycle, unlocking a brand-new incremental market for the industry. The value weight of optical interconnects within AI computing clusters is expected to keep rising, with 2026 marking a critical inflection point for the sector. The firm believes that mature existing products will achieve volume growth through established use cases, while cutting-edge new technologies like CPO and NPO will simultaneously move into mass production, creating a dual-driven growth dividend. It recommends focusing on high-barrier niche segments and leading industry players for investment opportunities.

For those looking to ride the high-brightness optical theme, the ChiNext AI ETF Huabao (159363) and its off-exchange feeder funds (Class A: 023407, Class C: 023408) are worth attention, with a core allocation to optical module and CPO leaders while also covering AI applications. The underlying index holds approximately 40% weight in ZJ INNOLIGHT, ZJ INNOLIGHT, and TFC Optical Communication, positioning it as a flagship for AI computing power.

Data sources: Shanghai and Shenzhen stock exchanges, etc. Note: As of August 19, 2026, according to Guozheng Index, the top three constituent stocks of the ChiNext AI Index are ZJ INNOLIGHT (13.16% weight), ZJ INNOLIGHT (12.84% weight), and TFC Optical Communication (11.01% weight).* Institutional views reference: Guotai Haitong's report "US Optical Communications Companies' Earnings Guidance Beats Expectations, NPO Demand Clear, Continued Optimism for Communications Inflection Opportunity."

ETF fund fee details: When investors subscribe or redeem fund shares, the subscription/redemption agency may charge a commission of up to 0.5%. On-exchange trading fees are subject to actual charges by securities firms, with no sales service fee. Feeder fund fee details: Huabao ChiNext AI ETF Feeder Fund Class C charges no subscription fee; redemption fee is 1.5% within 7 days, 0% for 7 days (inclusive) or more; sales service fee is 0.3%. Huabao ChiNext AI ETF Feeder Fund Class A charges a 1% subscription fee for amounts below 1 million yuan, 0.6% for 1 million (inclusive) to 2 million yuan, and 1,000 yuan per transaction for 2 million yuan (inclusive) or more; redemption fee is 1.5% within 7 days, 0% for 7 days (inclusive) or more; no sales service fee.

Risk disclaimer: ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, with a base date of December 28, 2018, and a release date of July 11, 2024. The index's annual returns for 2021-2025 were: 17.57%, -34.52%, 47.83%, 38.44%, and 106.35%, respectively, with corresponding annualized volatility of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1%. Index constituent composition is adjusted periodically per index rules, and backtested historical performance does not indicate future index performance. Index constituents are shown for illustrative purposes only; stock descriptions do not constitute investment advice in any form, nor do they represent holdings or trading activities of any fund under the manager. Based on the fund manager's assessment, ChiNext AI ETF Huabao carries a risk rating of R4 (medium-high risk), suitable for aggressive (C4) and above investors; suitability matching opinions are subject to sales institutions. Any information in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, or any form of expression) is for reference only, and investors are solely responsible for their own investment decisions. Additionally, any views, analyses, or forecasts herein do not constitute investment advice to readers, nor do they assume any liability for direct or indirect losses arising from the use of this content. Fund investment carries risks; past performance does not guarantee future results, and performance of other funds managed by the manager does not constitute a guarantee of this fund's performance. Investors should invest cautiously.