AI computing power "water sellers" performance soars, ChiNext Artificial Intelligence ETF (159243) rises over 3%

On the first trading day of April, optical modules led the gains, with the 20CM ChiNext Artificial Intelligence ETF (159243) rising over 3.3%, constituent stock Tianfutong Communications up over 7%, and RuiJie Networks, Wangsu Science & Technology, Copper Cow Information, XieChuang Data, Runze Technology, Zhongji Xuchuang, and others also following the upward trend.

In terms of news, the leading optical module company “Yizhongtian” delivered an impressive performance. Zhongji Xuchuang achieved both revenue and profit growth. By 2025, the company’s net profit attributable to the parent is expected to reach 10.8B yuan, a year-on-year increase of 108.78%. Revenue reached 38.2 billion yuan, up 60% year-on-year. The company stated in its annual report that benefiting from strong downstream customer investments in computing infrastructure, the shipment volume of high-speed optical modules has grown rapidly, with the proportion of high-rate products continuously increasing. Coupled with ongoing product scheme optimization and operational efficiency improvements, both revenue and net profit have seen significant growth.

Data as of March 31, 2026

Xinyi Sheng’s net profit attributable to the parent is expected to increase by 231%-248%, Tianfutong Communications by 40%-60%. Also performing exceptionally well is Guangku Technology, with a year-on-year net profit growth rate of an astonishing 163.76%, and revenue growth approaching 48%. Runze Technology forecasted net profit growth of 179%-196%, and BlueFocus’s year-on-year growth was 161%-175%.

The core driver of this earnings surge is undoubtedly the rapid development of large-scale artificial intelligence models worldwide. As the parameters of these models increase exponentially, the demand for computing infrastructure is exploding. Companies are no longer just talking about stories but are investing real money into R&D and procurement, directly boosting orders for upstream hardware manufacturers.

The explosion in computing power starts with optical modules. In the AI computing industry chain, optical modules (CPO) serve as the “throat” of data transmission and are the most certain beneficiaries. AI server clusters require high-speed optical modules for interconnection. As giants like NVIDIA launch higher-performance chips, the demand for 800G and even 1.6T high-speed optical modules has surged, leading to a supply shortage. The doubling of performance at leading optical module companies is a direct validation of the AI computing power boom. As long as the global AI arms race continues, the optical module industry, as the “water seller,” will continue to enjoy high prosperity.

Data shows that the ChiNext Artificial Intelligence Index has a high concentration of optical module leaders, with the top three constituent stocks being Xinyi Sheng (15.29%), Zhongji Xuchuang (13.95%), and Tianfutong Communications (9.74%). From an industry distribution perspective, the ChiNext Artificial Intelligence Index covers the entire AI industry chain, including AI hardware, AI applications, and AI software. By 2025, the net profit attributable to the parent is expected to grow at a rate of 128%, significantly higher than the ChiNext Index, indicating an upward trend in industry prosperity.

Source: China Merchants Fund

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