CPO equipment shortage surge + Goldman Sachs turns bullish: The underlying index of China Southern Asset Management's ChiNext Artificial Intelligence ETF (159382) surged 5%

Gelonghui, September 7 | In the afternoon, gains in the AI hardware sector widened further, with the CPO sector leading the rally. As of 13:45, the underlying index of China Southern Asset Management's ChiNext Artificial Intelligence ETF (159382) jumped 5.05%. On the news front, the sector benefited from multiple positive catalysts: reports of a CPO equipment shortage, Goldman Sachs doubling the target price for optical module leaders, and breakthroughs in AI intelligence: ① The CPO equipment shortage has ignited a wave of order backlogs from international clients to Taiwan. Media reports indicate that as silicon photonics commercialization accelerates, demand for packaging and testing equipment has exploded. Some key equipment and precision components are in short supply. Hiwin Technologies confirmed that international customers have continuously placed additional orders. The procurement boom has spread from equipment to precision transmission and positioning platforms, prompting related manufacturers to work overtime to meet demand. ② On the morning of September 7, Goldman Sachs released an in-depth report on China's leading optical module companies, initiating coverage on H-shares while reiterating a Buy rating on A-shares, with a target price of RMB 2,645. Based on the report's reference price of RMB 814, this implies a potential upside of 224.9%. ③ Goldman Sachs defined OpenAI's Astra model as "the capability breakthrough AI bulls have been waiting for." The head of Goldman Sachs' Delta One trading desk pointed out that Astra's capabilities significantly lead peers. Compared to simple price cuts, stronger model intelligence is expected to open up new application scenarios, expand the AI demand curve, and drive the industry to continue increasing computing power investment, reigniting the AI capital expenditure cycle. ④ Earnings realization validates prosperity. All semi-annual reports for the 82 listed companies in the A-share CPO sector have been disclosed. Among them, 52 reported year-on-year growth in net profit attributable to shareholders. The rapid penetration of 800G optical modules and the intensive release of 1.6T orders indicate that the AI computing power boom has entered the earnings realization phase. CICC stated in its research report that it is optimistic about the high growth potential of the optical communication cooling sector against the backdrop of continuous expansion of AI computing clusters, recommending focused attention on opportunities in optical module vertical cavity surface emitting lasers (VCSELs), liquid-cooled cages, and liquid cooling for co-packaged switches. China Southern Asset Management's ChiNext Artificial Intelligence ETF (159382) tracks the ChiNext Artificial Intelligence Index, with the top three optical module leaders accounting for nearly 34.85% of the weight. It is one of the A-share ETFs focusing on the high-speed optical module theme, with feeder funds available over-the-counter (Class A: 024725; Class C: 024726). $China Southern SZSE ChiNext Artificial Intelligence ETF (159382.SZ)$

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