GEM ETF GF (159952) rose more than 2%, with the underlying index standing above 3500 points to set a new stage high.
On April 14, the market continued its upward trend, with major stock indices rising across the board. As of midday, the ChiNext Index tracked by the GF ChiNext ETF (159952) rose more than 2%, standing above 3,550 points, setting a new high in over four years.
The ChiNext Index is composed of the 100 most representative stocks listed on the ChiNext board, gathering leading companies from emerging industries. The top four sectors are batteries, communication equipment, photovoltaic equipment, and semiconductors; the top ten constituent stocks include battery leader CATL, CPO giants Zhongji Innolight, Eoptolink, and TFC Optical Communication, and PCB leader Shengyi Technology. The development of these companies directly influences the movement of the ChiNext Index, and the recent global boom in the optical communication sector is injecting strong momentum into these related heavyweight stocks.
Orders from overseas optical communication leaders have surged, leading to a global supply crunch. Last Friday, the CEO of U.S. optical communication leader Lumentum publicly stated that the demand from global tech giants for its optical components is accelerating. Based on current trends, the entire 2028 production capacity will be completely sold out within the next two quarters.
Driven by the surge in AI computing capital expenditure from cloud providers like NVIDIA, Microsoft, and Google, the global supply-demand gap for optical modules and optical chips continues to widen. Domestic manufacturers like Zhongji Innolight, Eoptolink, and TFC Optical Communication are capitalizing on this trend, actively deploying high-speed optical interconnect products such as 800G and 1.6T, while advancing the implementation of CPO-related packaging processes and integrated solutions, providing core hardware support for global large-scale cloud providers and computing companies. The explosive demand has directly driven soaring performance for related companies. Zhongji Innolight revealed on an interactive platform that its 2025 gross margin for optical module products reached 42.61%, a significant increase from 34.65% in 2024; financial reports show that the company's 2025 total operating revenue was 38.24 billion yuan, a year-on-year increase of 60.25%, and net profit attributable to shareholders was 10.797 billion yuan, a year-on-year increase of 108.78%.
Industry sentiment continues to climb, with institutions and leading companies offering optimistic forecasts. Shenwan Hongyuan points out that traditional copper interconnects are approaching their physical limits, and new technologies like Optical Circuit Switches (OCS) and Co-Packaged Optics (CPO) are maturing rapidly. Lumentum predicts the AI optical communication market size will surge from $18 billion in 2025 to $90 billion in 2030, with a compound annual growth rate of 40%. It is worth noting that NVIDIA has strategically invested $2 billion in Lumentum and locked in billions of dollars in production capacity, which not only confirms the core value of optical communication in the full-stack AI layout but also highlights the technological evolution direction of optical engines directly connecting to computing chips.
Meanwhile, the wave of computing power rental price hikes continues to spread, with the industry entering a period of rising profitability. Following Alibaba Cloud and Baidu AI Cloud, Tencent Cloud announced on April 9th that AI computing services will be uniformly increased by 5% starting in May, marking its second price hike this year. The current GPU shortage, high hardware costs, coupled with the explosive demand for AI large model training, have led to continuously rising domestic computing power leasing prices. The performance forecast disclosed by ChiNext-listed company X-Creation on April 13 shows that the estimated net profit attributable to shareholders for Q1 2026 is between 6.5 billion to 8.5 billion yuan, a year-on-year increase of 284.14% to 402.33%. The core reason is the substantial growth in the company's intelligent computing product and service business.
Guojin Securities states that the domestic computing power industry is facing development opportunities. With the acceleration of digital transformation, the demand for computing power continues to be released, and collaborative innovation across the industry chain is driving technological breakthroughs and the expansion of application scenarios, laying a solid foundation for the industry's long-term healthy development.
As of midday, the GF ChiNext ETF (159952) rose more than 2%, hitting a new high since its listing. Among its constituent stocks, X-Creation hit the 20% daily upper limit, Zhongji Innolight rose over 5% to a new high, Eoptolink rose over 3% to a new high, Shengyi Technology rose over 3%, and TFC Optical Communication rose over 2%.
As of April 13, the GF ChiNext ETF (159952) has gained 82.18% over the past year, with its latest AUM reaching 10.631 billion yuan. Its average daily trading volume over the past month was 362 million yuan, indicating active on-exchange trading and outstanding advantages in scale and liquidity.
The management fee rate for the GF ChiNext ETF (159952) is 0.15%, the custody fee rate is 0.05%, and the total expense ratio is 0.2%. The relatively low fees can effectively reduce cost expenditures for investors.
One-click investment in GF ChiNext ETF (159952), off-exchange feeder funds (Class A: 003765; Class C: 003766).
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