Seven ministries and commissions jointly issued a document to ramp up AI infrastructure, marking the return of computing hardware stocks as market leaders! The underlying index of Tianhong ChiNext ETF (159977) surged by over 3.6%.

Gelong Hui, September 7 | Computing hardware stocks make a comeback: Zhongji Innolight surged over 10%, while Accelink Technologies, Jiangfeng Electronics, Eoptolink, and Xiechuang Data rose more than 8%, driving the underlying index of Tianhong ChiNext ETF (159977) up by over 3.6%. Tianhong ChiNext ETF (159977) tracks the ChiNext Index. As the main battleground for "new quality productive forces," the ChiNext Board covers high-growth new economy sectors such as batteries (CATL), optical communications (Zhongji Innolight/Eoptolink/Tfc Optical Communication), photovoltaic equipment (Sungrow Power Supply), and semiconductors/AI hardware. It serves as a concentrated broad-based index representing new quality productive forces in the A-share market, continuously benefiting from the global wave of AI computing infrastructure build-out and energy transition. Feeder funds: (Class A: 001592, Class C: 001593, Class Y: 022960). On the news front, the industry is seeing multiple tailwinds. 1. Seven ministries and commissions jointly issued a document to strengthen AI infrastructure, with policies explicitly aiming to cultivate over 10,000 AI sci-tech innovation enterprises within three years. 2. Goldman Sachs initiated coverage on Zhongji Innolight's H-shares with a "Buy" rating and a target price of HK$3,267. Goldman Sachs released a research report initiating coverage on Zhongji Innolight's H-shares with a "Buy" rating and a 12-month target price of HK$3,267 (implying 224.8% upside potential); it reaffirmed its "Buy" rating on the A-shares, maintaining a target price of RMB 2,645 (implying 224.9% upside potential). 3. OpenAI released GPT-6 Astra, describing it as the world's most intelligent and best-aligned model to date. Institutions noted that the release of Astra further validates that frontier model training remains on an expansion path characterized by ultra-large clusters, heavy capital intensity, and strong reliance on interconnectivity. The most direct beneficiaries are the supply chains for 800G/1.6T and future 3.2T high-speed optical modules. CITIC Securities pointed out that driven by robust demand for AI computing power, shipments of optical module terminals continue to increase, and rate upgrades are driving rapid growth in demand for related analog chip SKUs. Guidance from leading domestic and overseas manufacturers has been positive. Projections indicate that global demand for optical module analog chips will exceed RMB 10 billion by 2026. Currently, the global landscape is dominated by overseas leaders, but domestic substitution is accelerating. Since 2026, leading domestic analog companies have seen rapid volume growth in their optical module-related businesses, thereby driving rapid earnings growth. $Tianhong ChiNext Composite ETF (159977.SZ)$

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