Funding funds undergo major reallocation! Optical modules are being aggressively purchased, and semiconductor chips are being significantly repaid (see list)

The optical module sector is drawing attention for financing inflows, with multiple semiconductor chip stocks seeing significant repayment of margin financing.

This week’s A-share margin financing shows a net repayment trend

This week (March 23 to 27), A-share margin balances fluctuated at high levels, with the latest at 25,987.6 billion yuan (as of March 26). According to Securities Times·Data Bao statistics, A-share margin financing shows a net repayment trend, with total funds amounting to 19.704 billion yuan.

By industry, the electronics sector ranks first, with a net margin repayment amount of 3.293 billion yuan; the computer, defense and military industry, nonferrous metals, and auto industries follow closely, with net margin repayment amounts all exceeding 2 billion yuan.

In terms of net purchases, the power equipment industry ranks first, with net margin purchases of 1.508 billion yuan; industries such as utilities, coal, and non-bank financials all have net purchase amounts exceeding 200 million yuan.

Margin financing made large purchases of these stocks

On the individual stock level, this week, the net margin purchase amount for 70 stocks is all above 100 million yuan. AAC Technologies, Ping An, Demingli, and Gigadevice’s net margin purchase amounts all exceed 500 million yuan. Among them, AAC Technologies is the highest at 1.094 billion yuan.

AAC Technologies expects its 2025 net profit attributable to the parent company to be between 16.518 billion yuan and 17.186 billion yuan, up 23.59% to 28.59%. The company has a full-stack layout in the data center field, covering high-speed interconnects (copper connections, optical connections), thermal management, power management, and full systems.

CITIC Securities said the company’s communications business has strong growth potential, the auto business has high certainty for profit growth, and the consumer electronics business is expected to benefit from on-device AI development. It maintains a “buy” investment rating.

With margin financing drawing attention to the optical module sector, Tianfu Communication, ACM Research, and U-Nisplendour’s net margin purchase amounts are among the top, at 450 million yuan, 332 million yuan, and 209 million yuan, respectively.

According to CCID Consulting, the global optical module market will enter a new round of growth cycle driven by AI computing power in a comprehensive way. As demand for AI model training and inference computing power continues to surge, ultra-large-scale data centers and AI computing clusters are accelerating their expansion, with the demand for internal interconnect bandwidth growing exponentially. This directly drives optical modules to accelerate iteration and upgrades from 800G to 1.6T, and even to 3.2T. The share of high-speed products in the overall market will continue to rise, achieving a growth trend of both volume and price increasing. The agency expects that the global optical module market’s average growth rate will remain at 13% or above over the next three years, and the market size in 2028 is expected to exceed $21 billion.

Margin financing repaid multiple semiconductor chip stocks

According to Data Bao statistics, the net margin repayment amount for 83 stocks is all above 100 million yuan. CATL, Zijin Mining, Jianghuai Automobile, and Goldwind Technology’s net margin repayment amounts are 908 million yuan, 632 million yuan, 618 million yuan, and 571 million yuan, respectively.

Recently, lithium battery-related sectors have been doing well. A broker said the demand for lithium batteries is booming across the board due to high oil prices, and global lithium battery orders are flowing to China. In scenarios such as energy storage, new energy passenger vehicles, and new energy heavy trucks, the newly strong demand can be clearly felt.

During an investor event, CATL said that lithium resources are not scarce globally. The current round of price increases is mainly due to strong short-term market demand, while supply-side disruptions and the time required for capacity release. As lithium prices rebound, miners’ profits will recover, global lithium mining will significantly speed up, and it is expected that supply and demand in the lithium market will gradually improve afterward.

Multiple semiconductor chip stocks have seen margin financing withdraw. The net margin repayment amounts for Cambricon, Jiangbo Long, InnoLight, Beijing Junzheng, Singtek Microelectronics, and WillSemi are all above 250 million yuan.

China Galaxy Securities pointed out that supply chain security and independent controllability remain long-term trends. Against the backdrop of a surge in AI computing power demand, the competitive landscape in the chip market may be reshaped, and domestically produced AI chips are expected to enter a stage of large-scale volume growth.

Next week’s new energy sector is favored by investors

This week, the A-share market traded with low-level fluctuations, with the Shanghai Composite Index down cumulatively by 1.1%, and the latest closing at 3,913.72 points.

On March 28, Data Bao released a survey titled “Will there be another rebound next week?” It shows that respondents this week had poor money-making effects, with the proportion of profitable returns being less than 30%. The share with returns within 10% is 24%; the share with losses within 10% is 46%; and the share with losses between 10% and 20% is 17%.

By positioning, about 38% of investors are currently fully invested or fully invested with additional margin financing. In terms of position changes, 21% of investors chose to add to their positions this week, 22% chose to reduce their positions, 49% kept their holdings unchanged, and they will observe changes in the market.

With the A-share market fluctuating this week, investors believe next week’s market will continue this trend, with sentiment being relatively cautious.

Survey data shows that 55% of investors believe next week’s market will “trade sideways with fluctuations between 3,800 points and 4,000 points,” which is the most mainstream view. 24% of investors believe next week’s market will “continue to rise and stay above 4,000 points.” 15% of investors said next week’s market will “fluctuate downward and break below 3,800 points.”

From a sector perspective, new energy, pharmaceuticals, and nonferrous metals are the most popular, with survey shares rising by 10 percentage points, 6 percentage points, and 3 percentage points respectively compared with last week. The latest shares are 28%, 9%, and 8%, respectively.

Electric power and technology decreased by 4 percentage points and 9 percentage points compared with last week, respectively, with the latest shares being 15% and 24%.

From a concept perspective, investor-favored shares are led by lithium mines, innovative drugs, power grids, and computing power, in that order: 20%, 12%, 12%, and 11%.