Goldman Sachs raises its optical module shipment forecast, as enthusiasm builds for the Optical Expo, and the Huabao ChiNext Artificial Intelligence ETF attracts 550 million yuan in bargain-hunting capital over the past 20 days.

On September 15, the ChiNext Artificial Intelligence ETF (Huabao) surged then pulled back, rising over 1% intraday before closing down slightly by 0.5%, with a turnover of 578 million yuan. In terms of fund flows, it received a net subscription of 54.8 million yuan yesterday and a net inflow of 555 million yuan over the past 20 days, with the latest scale at 7.1 billion yuan. A recent Goldman Sachs report significantly raised its optical module shipment forecasts, upgrading the global optical module market TAM for 2026-2028 by 33%/81%/115%, respectively, with shipments for 1.6T and above revised up by 29%/61%/50% compared to previous estimates. CITIC Securities stated it continues to be bullish on AI development and maintains long-term optimism on the North American computing power industry chain and the domestic AI computing power industry chain. Shenwan Hongyuan believes that domestic and international computing power investment continues to expand, industry demand remains highly prosperous, and sustained growth in related capital expenditures at home and abroad is expected to drive demand release in segments such as servers, storage, PCBs, optical interconnects, network equipment, and data center supporting facilities. Galaxy Securities stated that the rising popularity of the Optical Expo, with supply-demand tightness transmitting step by step from optical modules to upstream chips, optical fibers, and testing equipment. Industrial Securities pointed out that it continues to be optimistic about the long-term growth space of AI optical interconnects. Currently, overseas cloud providers' AI capital expenditures remain at high levels, and the expansion of computing clusters is driving continuous growth in demand for high-speed optical modules. According to information, half of the weight of the index tracked by the ChiNext Artificial Intelligence ETF (Huabao) is concentrated in the optical module CPO sector, while the other half covers domestic computing power and AI software application areas, forming a balanced layout of "hardware + applications." To comprehensively capture AI theme opportunities, pay attention to the first ChiNext Artificial Intelligence ETF (Huabao) in the entire market and its off-exchange feeder fund.