On November 9, the GEM artificial intelligence ETF Huabao surged and retreated, rising more than 3.6% in the intraday period. By the end of the day, the increase narrowed to 0.24%, with a turnover of 584 million yuan. Cathay Pacific Haitong said that demand for overseas optical communications continued to grow, with Lumentum's revenue up 136.5% year on year and Coherent's revenue up about 50% year on year; the median revenue guidance for the next fiscal quarter of the two companies was about 27% and 12% higher than this quarter, respectively. The visibility of 800G/1.6T orders increased, and orders for both types of products from Zhongji Xuchuang increased sequentially in the third quarter. Major customer orders have basically covered 2027. Subsequent emphasis is placed on verifying the availability of materials, production capacity release, and customer pick-up pace. Nearly packaged and co-packaged optics began to receive large procurement commitments. Lumentum disclosed its second large-scale NPO/CPO project, with supporting procurement commitments exceeding US$5 billion; it is still necessary to track delivery starting points, mass production yield, and revenue recognition. It is recommended that priority be given to tracking high-speed optical module leaders with clear orders, mass production capacity and delivery records; upstream focus on customer verification of high-power CW light sources, precision fiber arrays, and optical test equipment. Huaxin Securities pointed out that Zhongji Xuchuang has benefited from the deepening development of global AI computing power infrastructure. Demand for high-speed optical modules remains strong, and sales of high-end optical modules such as 800G and 1.6T continue to increase. Computing power expansion, bandwidth upgrades, and optical connectivity application scenarios continue to expand, driving the demand for high-end optical interconnection solutions to continue to rise. The 1.6T optical module is entering the centralized introduction stage for downstream core customers. Currently, preliminary preparations related to Zhongji Xuchuang are progressing in an orderly manner. It is expected that demand and order growth will be highly elastic, and the shipping scale will maintain a high level of operation. 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.

On November 9, the GEM artificial intelligence ETF Huabao surged and retreated, rising more than 3.6% in the intraday period. By the end of the day, the increase narrowed to 0.24%, with a turnover of 584 million yuan. Cathay Pacific Haitong said that demand for overseas optical communications continued to grow, with Lumentum's revenue up 136.5% year on year and Coherent's revenue up about 50% year on year; the median revenue guidance for the next fiscal quarter of the two companies was about 27% and 12% higher than this quarter, respectively. The visibility of 800G/1.6T orders increased, and orders for both types of products from Zhongji Xuchuang increased sequentially in the third quarter. Major customer orders have basically covered 2027. Subsequent emphasis is placed on verifying the availability of materials, production capacity release, and customer pick-up pace. Nearly packaged and co-packaged optics began to receive large procurement commitments. Lumentum disclosed its second large-scale NPO/CPO project, with supporting procurement commitments exceeding US$5 billion; it is still necessary to track delivery starting points, mass production yield, and revenue recognition. It is recommended that priority be given to tracking high-speed optical module leaders with clear orders, mass production capacity and delivery records; upstream focus on customer verification of high-power CW light sources, precision fiber arrays, and optical test equipment. Huaxin Securities pointed out that Zhongji Xuchuang has benefited from the deepening development of global AI computing power infrastructure. Demand for high-speed optical modules remains strong, and sales of high-end optical modules such as 800G and 1.6T continue to increase. Computing power expansion, bandwidth upgrades, and optical connectivity application scenarios continue to expand, driving the demand for high-end optical interconnection solutions to continue to rise. The 1.6T optical module is entering the centralized introduction stage for downstream core customers. Currently, preliminary preparations related to Zhongji Xuchuang are progressing in an orderly manner. It is expected that demand and order growth will be highly elastic, and the shipping scale will maintain a high level of operation. 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.