On November 2, the GEM artificial intelligence ETF Huabao surged in volume. As of press time, it had an increase of 2.48%, with a turnover of 806 million yuan, ranking first in its class in terms of liquidity. In terms of capital flow, it received a net subscription of 33.83 million yuan last Friday, and received a net inflow of 294 million yuan on the 20th alone. From a valuation perspective, the latest GEM AI Index tracked by the GEM AI ETF Huabao has a price-earnings ratio of only 30.4 times, which is at an all-time low. Guosheng Securities said that the leading optical module company is currently in the “platform period” for the rapid uptake of 1.6T products. There is a phased mismatch between the steep demand for intergenerational product switching and the linear expansion of the internal operation system at this stage. On the demand side, the volume slope of 1.6T is steeper than 800G; however, on the internal management and supply chain side, the lengthening preparation cycle for core materials and the complexity of collaborative management of cross-regional factories all constitute bottlenecks that limit the explosion of shipments over a short period of time. Judging from the long-term cycle of industry evolution, this kind of “platform period” is only one time energy on the growth curve. Once it crosses the critical point of internal management run-in and supply chain capacity release, the performance of leading enterprises will be more fully released. We continue to recommend companies related to the computing power industry chain, such as Zhongji Xuchuang, Xinyisheng, etc., and also recommend focusing on optical devices “one big five small” Tianfu Communications+Shijia Photonic/Taichenguang/Changxin Bochuang/Decolli/Dongtian Micro, PIC Design Kechuan Technology, etc., and it is recommended to focus on AI infrastructure such as Invek, Gaolan Co., Ltd., and Shenling Environmental, etc. with liquid cooling at the core. Jinyuan Securities believes that the current investment logic for leading optical module stocks has moved from anticipating rapid growth to verifying the ability to achieve growth. After the recent sharp drop in stock prices of key optical module companies, valuations have fallen to a low level. It is recommended to seize the upstream and downstream investment opportunities in the optical communications industry again. According to data, half of the weight of the GEM Artificial Intelligence ETF Huabao Tracking Index is concentrated in the optical module CPO sector, while the other half covers domestic computing power and AI software application fields, forming a balanced layout of “hardware+application”. Seize AI-themed opportunities in all aspects and focus on Huabao, the first GEM artificial intelligence ETF in the market, and OTC linked funds.
Zhitongcaijing · 2d ago
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On November 2, the GEM artificial intelligence ETF Huabao surged in volume. As of press time, it had an increase of 2.48%, with a turnover of 806 million yuan, ranking first in its class in terms of liquidity. In terms of capital flow, it received a net subscription of 33.83 million yuan last Friday, and received a net inflow of 294 million yuan on the 20th alone. From a valuation perspective, the latest GEM AI Index tracked by the GEM AI ETF Huabao has a price-earnings ratio of only 30.4 times, which is at an all-time low. Guosheng Securities said that the leading optical module company is currently in the “platform period” for the rapid uptake of 1.6T products. There is a phased mismatch between the steep demand for intergenerational product switching and the linear expansion of the internal operation system at this stage. On the demand side, the volume slope of 1.6T is steeper than 800G; however, on the internal management and supply chain side, the lengthening preparation cycle for core materials and the complexity of collaborative management of cross-regional factories all constitute bottlenecks that limit the explosion of shipments over a short period of time. Judging from the long-term cycle of industry evolution, this kind of “platform period” is only one time energy on the growth curve. Once it crosses the critical point of internal management run-in and supply chain capacity release, the performance of leading enterprises will be more fully released. We continue to recommend companies related to the computing power industry chain, such as Zhongji Xuchuang, Xinyisheng, etc., and also recommend focusing on optical devices “one big five small” Tianfu Communications+Shijia Photonic/Taichenguang/Changxin Bochuang/Decolli/Dongtian Micro, PIC Design Kechuan Technology, etc., and it is recommended to focus on AI infrastructure such as Invek, Gaolan Co., Ltd., and Shenling Environmental, etc. with liquid cooling at the core. Jinyuan Securities believes that the current investment logic for leading optical module stocks has moved from anticipating rapid growth to verifying the ability to achieve growth. After the recent sharp drop in stock prices of key optical module companies, valuations have fallen to a low level. It is recommended to seize the upstream and downstream investment opportunities in the optical communications industry again. According to data, half of the weight of the GEM Artificial Intelligence ETF Huabao Tracking Index is concentrated in the optical module CPO sector, while the other half covers domestic computing power and AI software application fields, forming a balanced layout of “hardware+application”. Seize AI-themed opportunities in all aspects and focus on Huabao, the first GEM artificial intelligence ETF in the market, and OTC linked funds.
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