Major Rebalancing of Financing Funds! Optical modules are being aggressively purchased, and semiconductor chips are being significantly repaid (with list)

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The optical module sector has attracted attention from financing funds, and many semiconductor chip stocks have seen significant repayments of financing.

Financing funds in the A-share market this week

Show a net repayment trend

From this week (March 23 to 27), A-share financing balances fluctuated at a high level, with the latest figure at 25987.6 billion yuan (as of March 26). According to statistics from Securities Times · Data Treasure, A-share financing funds showed a net repayment trend, with a total amount of 19.704 billion yuan.

By industry, the electronics industry is in first place, with a net financing repayment amount of 3.293 billion yuan. The computer, defense and military industry, non-ferrous metals, and auto industries follow closely, with net financing repayment amounts all exceeding 2 billion yuan.

In terms of net purchases, the power equipment industry ranks first, with a net financing purchase amount of 1.508 billion yuan. Public utilities, coal, non-bank financials, and other industries all have net purchase amounts exceeding 200 million yuan.

Financing funds made major purchases of these stocks

As for individual stocks, this week 70 stocks had net financing purchase amounts all exceeding 100 million yuan. Luxshare Precision, Ping An, Demingli, and Zhaoji Innovations all had net financing purchase amounts exceeding 500 million yuan. Among them, Luxshare Precision is the highest, at 1.094 billion yuan.

Luxshare Precision expects to achieve attributable net profit of 16.518 billion yuan to 17.186 billion yuan in 2025, representing growth of 23.59% to 28.59%. The company has an end-to-end full-stack layout in the data center field, covering high-speed interconnect (copper connections, optical connections), thermal management, power management, and complete systems.

CITIC Securities said that the company’s communications business has great 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.

Optical module sector has attracted attention from financing funds; among them, Tianfu Communications, GDT Jixu, and New Ishine’s net financing purchase amounts are among the top, at 450 million yuan, 332 million yuan, and 209 million yuan respectively.

CICC (CCID) Consulting believes that the global optical module market will enter a new round of growth cycle driven by AI compute in an all-round way. As demand for compute for large-model training and inference continues to surge, ultra-large-scale data centers and AI compute clusters are accelerating their expansion. The demand for internal interconnect bandwidth will grow exponentially, directly driving optical modules to accelerate iteration and upgrades from 800G to 1.6T, and even 3.2T. The share of high-speed products in the overall market will continue to increase, achieving a growth trend with both volume and price rising. The institution expects that over the next three years, the global optical module market’s average growth rate will remain at 13% or above, and the market scale in 2028 is expected to exceed 21 billion USD.

Financing funds withdrew from many semiconductor chip stocks

According to statistics from Data Treasure, 83 stocks all had net financing repayment amounts exceeding 100 million yuan. CATL, Zijin Mining, Jianghuai Automobile, and Goldwind Science & Technology’s net financing repayment amounts were 908 million yuan, 632 million yuan, 618 million yuan, and 571 million yuan respectively.

Recently, related lithium battery sectors have been seeing strong gains. Some brokerages said that lithium battery demand is being fully unleashed due to high oil prices, and global lithium battery orders are flowing to China. In sectors such as energy storage, new energy passenger vehicles, and new energy heavy trucks, the strong emerging demand can be clearly felt.

At an investor event, CATL said that globally, lithium resources are not scarce. The price increase this round is mainly due to strong short-term market demand, while disruption at the supply end and the release of capacity require time. As lithium prices rebound, miners’ profits will recover. Global lithium mining is expected to accelerate significantly, and it is expected that later lithium market supply and demand will gradually improve.

Many semiconductor chip stocks have been seeing financing funds withdraw; the net financing repayment amounts for Cambricon, JIEBO Long, Ranken Technology, Beijing Junzheng, Guoke Micro, and Zhoushun Micro all exceed 250 million yuan.

China Galaxy Securities said that supply chain security and independent, controllable capabilities remain long-term trends. Against the backdrop of a surge in AI compute 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 production and volume growth.

Next week, the new energy sector is favored by investors

This week, the A-share market fluctuated at low levels; the Shanghai Composite Index fell cumulatively by 1.1%, and closed at 3913.72 points most recently.

On March 28, a survey released by Data Treasure titled “Will there be a rebound next week?” showed that investors surveyed had weak stock-earning effects this week, with the proportion of profitable returns accounting for less than 30%. The proportion of returns within 10% was 24%; the proportion of losses within 10% was 46%; and the proportion of losses from 10% to 20% was 17%.

In terms of positioning, about 38% of investors are currently fully invested or fully invested with financing. In terms of positioning changes this week, 21% of investors chose to add to their positions, 22% chose to reduce holdings, and 49% of investors kept their positions unchanged, observing market changes quietly.

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

Survey data shows that 55% of investors believe that next week the market will “trade sideways between 3800 points and 4000 points,” which is the most mainstream view. 24% of investors believe that next week the market will “continue rising and stand above 4000 points.” 15% of investors said that next week the market will “fluctuate lower and fall below 3800 points.”

By sector, new energy, pharmaceuticals, and non-ferrous metals are the most popular, increasing by 10 percentage points, 6 percentage points, and 3 percentage points respectively compared with last week’s survey. Their latest shares are 28%, 9%, and 8% respectively.

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

From a concept perspective, lithium mines, innovative drugs, power grids, and compute are the top by the proportion favored by investors, at 20%, 12%, 12%, and 11% respectively.

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