Inceptio Technology and NeoPhotonics both hit new all-time highs! The Huitianfu Cloud Computing ETF (159273) surged over 2.6%! AI computing power industry chain insight: 'Stand in the light, don’t just stand there'

Today (April 14), benefiting from the easing of international conflicts, the computing power sector launched a strong rebound!The 'Computing Power ETF' Cloud Computing ETF Huatai (159273) surged over 2.6% on heavy volume, aggressively aiming for a three-day winning streak! The intraday trading volume has already exceeded 31 million yuan!

In terms of news, a new round of US-Iran talks may be held in Islamabad on April 16. Affected by the easing of tensions, all three major US stock indexes closed higher last night.The Dow rose 0.63% to 48,218.25 points, the S&P 500 Index gained 1.02% to 6,886.24 points, and the Nasdaq climbed 1.23% to 23,183.74 points, with Oracle soaring 12.7%. The Nasdaq China Golden Dragon Index rose 0.72%, Kingsoft Cloud surged over 6%, and Pony AI jumped more than 5%. Investors are betting that the US will reach a peace agreement with Iran.

Agent applications are gaining popularity globally, with China's large models dominating open-source communities.According to data from the OpenRouter platform, the total token usage of the open-source AI agent Hermes Agent developed by Nous Research has quickly risen to 1.61 trillion, ranking second globally. In the list of large models it uses,the top three in terms of usage are all Chinese models.The latest weekly global large model ranking data from OpenRouter shows that the total token usage of global AI large models has increased to 27 trillion tokens, up 18.9% week-on-week.Chinese AI large models have surpassed the US for the fifth consecutive week, with a weekly usage of 12.96 trillion tokens.。

Most of the weighted stocks in the index tracked by Cloud Computing ETF Huatai (159273) are showing gains:Optical module sector shows strength, with InnoLight Technology up nearly 6% and Eoptolink Technology up nearly 5%, both hitting new all-time highs!Kingsoft Office Software rises over 5%, Runze Technology rises over 4%, and Wangsu Science & Technology rises over 3%.

Note: The constituent stocks of the underlying index are for display purposes only and should not be considered as individual stock recommendations.

[AI Computing Power Industry Chain Investigation: 'Stand in the light, don't just stand there']

Huatai Securities pointed out after conducting an investigation into the AI computing power industry chain:

1. With the rise of Agent AI applications represented by 'Little Dragon Shrimp,' domestic computing power chips are transitioning from demonstration projects into a demand-driven virtuous cycle.

Since the second half of 2025, AI chat services represented by DouBao and Agent AI applications represented by 'Little Dragon Shrimp' have rapidly emerged, driving the rapid growth of domestic inference-based computing power demand. However, GPUs from overseas manufacturers like NVIDIA still cannot circulate freely in the domestic market. The situation of insufficient supply of computing power chipsprovides development opportunities for domestic AI chips in the CSP inference computing power market.According to IDC statistics, in 2025, the shipment volume of China's AI acceleration card market is about 4 million units, of which domestic manufacturers collectively shipped approximately 1.65 million units, capturing a market share of about 41%.

2. 'Stand in the light, don't just stand there' was the most memorable phrase from Huatai Securities' visit, reflecting the strong desire of consumer electronics companies to enter the optical interconnection industry chain.

The investigation observed that traditional consumer electronics companies such as CIS manufacturers, precision optics manufacturers, and RF IDMsActively positioning optical interconnects as the next major growth track. Currently, the light source technology for optical interconnects in data centers mainly uses manufacturing processes based on III-V compound semiconductors (GaAs/InP), differing from the CMOS system and representing a core bottleneck for cost and supply chain in optical interconnects. New entrants are exploring opportunities not only within existing technological pathways but also investigating new directions such as MicroLED based on CMOS. If successful, this could significantly impact industry dynamics. Huatai Securities believes thatentering the optical communication business from consumer electronics could drive valuation increases for related industry chain companies。

(Source: Huatai Securities 20260412 'Feedback from AI Computing Power Industry Chain Visits: Domestic AI Computing Power Development Enters Positive Cycle')

[Optical communication continues to reach new highs; pay attention to domestic computing power opportunities!]

Currently, domestic Token consumption is experiencing explosive growth.At the China Development Forum 2026 annual meeting on March 23, the Chinese term 'Token' was officially named 'Ciyuan' and defined as the value anchor and supply-demand settlement unit of the intelligent era. Official data shows that in March 2026, the average daily Ciyuan usage in China reached 140 trillion, compared to 100 trillion at the end of 2025, and only 100 billion at the beginning of 2024. In ByteDance's latest announcement, as of the end of March, the daily Token consumption of its DouBao large model exceeded 120 trillion, compared to 63 trillion at the end of 2025. The official definition of Ciyuan indicates that AI development is formally entering the commercialization phase. First Shanghai believes thatamid the increasingly powerful AI application capabilities, high growth in Token consumption is driving an ongoing surge in computing power demand, and the gap between domestic computing power supply and demand will continue to widen。

The continuous strengthening of AI applications reinforces the CAPEX logic of computing power. First Shanghai remains optimistic about strong demand in the optical module industry in the coming years, with supply-demand conditions expected to remain tight.Last week, Lumentum CEO Michael Hurlston, during a media interview in Tokyo, Japan, stated that the scale of construction for US hyperscale data centers is extremely large, and the company’s supply is increasingly unable to keep up with demand. It is projected that the company’s production capacity for 2028 will be fully booked two quarters from now. The company is accelerating the renovation of existing facilities and speeding up the construction of new production capacity.As the leader in the upstream optical communication industry, Lumentum's outlook on the market conditions for the next three years is expected to attract more long-term capital investment into the optical communication sector.In overseas applications, Anthropic, in collaboration with Google and Broadcom, has secured a 3.5GW order for Google TPU chips, corresponding to approximately 5 million TPUs, with deliveries expected to begin in 2027. Correspondingly, Anthropic’s revenue forecast shows its annual recurring revenue (ARR) surging from $9 billion at the end of 2025 to $30 billion in just four months.

First Shanghai believes that against the backdrop of extremely strong demand for computing power, the growth trajectory of optical communications far exceeds the industry's average growth rate, and they continue to see investment opportunities in the optical communication sector. (Source: First Shanghai 20260413 'Technology Weekly Report: Optical Communication Continues to Reach New Highs, Focus on Domestic Computing Power Opportunities')

[Continuous policy support, frequent positive developments in domestic computing power chain!]

Driven by dual engines of inclusive computing power and 'AI + e-commerce', domestic computing power is receiving institutional support.On April 2nd, the General Office of the Ministry of Industry and Information Technology officially issued the 'Notice on Launching a Special Action for Inclusive Computing Power to Empower the Development of Small and Medium Enterprises'. Additionally, six departments, including the Ministry of Commerce, jointly released the 'Guidance Opinions of the Ministry of Commerce and Five Other Departments on Better Serving the Real Economy and Promoting High-Quality Development of E-Commerce', proposing 16 measures across five areas.The introduction of these two major favorable policies marks the formal transition of China's computing power industry from 'infrastructure construction' into a new phase of 'institutional innovation and scenario deepening'.。

In terms of local AI construction, on March 26th, Shenzhen's investment-built 11,000P intelligent computing power cluster was officially launched. Together with the 3,000P previously launched last year, this cluster has now been fully completed with 14,000P of intelligent computing power.This is the country's first all-stack, domestically controlled intelligent computing cluster using advanced domestic chips at the ten-thousand-card level. (Source: BOC Securities 20260413 'Three Arrows of Domestic Computing Power Chain')

OpenClaw goes viral! The cloud computing ETF from Huitianfu (159273), which covers all A+H leading companies in computing power, boasts the highest concentration of 'dragon-shrimp' in the entire market!Spanning Shanghai, Hong Kong, and Shenzhen, it offers comprehensive exposure to historic opportunities in cloud computing driven by AI computing power—capturing the AI development dividends of Hong Kong-listed tech leaders while aligning with breakthroughs in optical modules amid the computing wave. The index tracked by Huitianfu’s Cloud Computing ETF (159273) encompasses hardware equipment, cloud computing services, IT services, application software, data center operations, and platform software, maintaining a soft-to-hardware ratio of 6:4, with a weighting of over 26% in Hong Kong stocks!

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