The ongoing shortage of computing power continues to transmit, with the Communication ETF Huaxia (515050) surging over 3.5%, and Guangku Technology rising over 10%.

April 3, major A-share indexes showed mixed performance. The Shanghai Composite and the Shenzhen Component opened higher and then fell back. Boosted by AI compute power directions such as CPO (optical module), optical communications, and optical fibers, the ChiNext Index fluctuated but strengthened. As of 10:53, the ChinaAMC Communication ETF Huaxia (515050) surged nearly 4%. Among its holdings, Guangji Technology rose more than 10%, while Hengtong Optic-Electric, Fiberhome, China Electronics Technology Group, Source Photonics, Changxin Bochuang, and Dongshan Precision saw gains of more than 5% in multiple shares. According to the annual report data, in 2025 the ChinaAMC Communication ETF Huaxia (515050) generated profits of 5.21B yuan for investors, ranking first among comparable funds in the same sector.

With the surge in AI demand and tight compute power demand, the trend of cloud service price increases has continued. Since overseas AWS and Google Cloud announced price hikes, domestic first-tier cloud vendors have followed with price-increase announcements. On March 11, Tencent Cloud announced it would adjust the billing strategy for certain models. On March 18, Alibaba Cloud and Baidu Intelligent Cloud both released price-adjustment notices. While basic cloud services are becoming more expensive, domestic large-model API call services are also showing a price-hike trend. On February 12, Zhipu published a price adjustment letter. Huaxi Securities stated that the rise in prices for domestic large-model API call services reflects the growth in current demand, while also indirectly confirming today’s shortage of compute power.

CITIC Securities data shows that for leading companies in optical modules, optical fiber and cables, PCB, and storage, the 2027 Wind consensus Forward PE is generally below 20x, with the possibility of outperforming expectations. Under geopolitical fluctuations, the sector’s earnings certainty is relatively high. Optical module stocks show resilience in price performance, with potential opportunities for CSP to add orders in May and June. During the OFC conference, Lumentum and Coherent’s long- and medium-term market outlooks significantly improved the visibility of the optical communications market space, increasing the probability that the sector’s 2027 and forward earnings will exceed expectations.

The ChinaAMC Communication ETF Huaxia (515050) closely tracks the CSI 5G Communication Theme Index, focusing deeply on AI compute power hardware such as optical modules, servers, optical fiber and cables, storage chips, and PCB. The weight of equity holdings of data center concept stocks accounts for nearly 70%. Its latest scale is nearly 8 billion yuan, helping support a one-click layout for the optical communications compute power boom cycle. Top 10 holdings: New Hengtong, MKS, Luxshare Precision, Industrial & Commercial Union, Zhaojier Innovation, Tianfu Communication, Dongshan Precision, Huagong Tech, Shennan Circuits, and ZTE. Over-the-counter connection (Class A: 008086; Class C: 008087)

Daily Economic News

(Editor: Dong Pingping)

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