On Thursday, August 27th, NVIDIA's earnings report ignited the compute hardware sector, with optical module and CPO leaders powering ahead. Tianfu Communication closed up over 5%, Eoptolink Technology gained 2.59%, and Zhongji Innolight finished 1.79% higher. The high-optical ChiNext AI ETF (159363) benchmark index rallied strongly in tandem, closing up 3.96% on the day, while on-exchange trading activity continued to climb, keeping capital attention and market heat elevated.

On the news front, NVIDIA's fiscal 2027 Q2 results comprehensively beat expectations, with revenue hitting $96.2 billion, a 106% year-over-year surge, and Q3 guidance also exceeding forecasts. The company unprecedentedly provided early guidance for approximately 70% revenue growth in fiscal 2028, far surpassing the market's expected 45%, with management explicitly stating that supply remains the biggest bottleneck. Meanwhile, the Vera Rubin platform has entered full production and begun shipping, expected to contribute roughly 20% of data center revenue in Q3, underscoring that robust compute demand remains intact.

Mapping this to A-shares, the beneficiary logic for overseas compute supply chain players like optical module makers may be twofold. First, NVIDIA's substantial upward revision to long-term revenue guidance and its explicit supply bottleneck strengthen expectations for sustained capital expenditure in compute infrastructure. The expansion of AI cluster scale imposes higher demands on inter-node interconnection efficiency, accelerating the penetration of high-speed optical interconnect solutions. The optical module industry is deeply tied to GPU iteration cycles, and its prosperity correlation is becoming increasingly tight. A-share optical module leaders, as core links in the global compute supply chain, are poised to continue benefiting from overseas demand spillover.

Second, with Vera Rubin now in full production, its leap in compute density raises the bar for bandwidth requirements in Scale-Up network interconnection. The associated high-speed optical modules and interconnect solutions face structural upward shifts in both configuration ratios and speed tiers. Leading optical module manufacturers deeply embedded in the new platform's supply chain are likely to see a repricing of product value. A-share optical module leaders such as Zhongji Innolight, Eoptolink Technology, and Tianfu Communication occupy critical positions in overseas supply chains, with promising earnings elasticity.

For investors positioning along the high-optical theme, attention may be directed toward the ChiNext AI ETF Huabao (159363) and its off-exchange feeder funds (Class A 023407, Class C 023408), which focus on optical module and CPO leaders while also covering AI applications. The benchmark index holds a nearly 40% combined weight in Zhongji Innolight, Eoptolink Technology, and Tianfu Communication, making it a core flag-bearer for AI compute. Data sources include the Shanghai and Shenzhen stock exchanges and Wind. As of August 21, 2026, based on Guozheng Index data, the top three constituents of the ChiNext AI Index are Eoptolink Technology (13.77% weight), Zhongji Innolight (13.17%), and Tianfu Communication (10.56%).

A reminder: market volatility may be significant in the near term, and short-term gains or losses do not predict future performance. Investors should make rational decisions based on their own capital situation and risk tolerance, with close attention to position sizing and risk management. Regarding ETF fees, when subscribing or redeeming fund shares, the subscription/redemption agency may charge a commission of up to 0.5%. On-exchange trading fees are subject to actual charges by securities firms, with no sales service fee levied. For feeder fund fees: Huabao ChiNext AI ETF Feeder Fund Class C charges no subscription fee; redemption fees are 1.5% within 7 days and 0% at 7 days or more; the sales service fee is 0.3%. For Class A, subscription fees are 1% for amounts below 1 million yuan, 0.6% for 1 million to 2 million yuan, and 1,000 yuan per transaction for amounts of 2 million yuan or more; redemption fees are 1.5% within 7 days and 0% at 7 days or more; no sales service fee applies. According to the fund manager's assessment, the ChiNext AI ETF Huabao carries a risk rating of R4 (medium-high risk), suitable for aggressive investors (C4) and above; the suitability matching opinion is subject to the sales institution's confirmation.

Risk disclosure: The ChiNext AI ETF Huabao passively tracks the ChiNext AI Index, which has a base date of December 28, 2018, and a release date of July 11, 2024. The index's annual returns for 2021-2025 were 17.57%, -34.52%, 47.83%, 38.44%, and 106.35% respectively, with annualized volatility of 23.73%, 27.34%, 38.02%, 45.42%, and 41.1% over the same periods. Index constituent composition adjusts periodically per the index methodology, and backtested historical performance does not predict future index returns. Index constituents shown here are for illustrative purposes only, and individual stock descriptions do not constitute investment advice in any form, nor do they represent the holdings or trading activities of any fund under the manager. Any information in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, or any form of expression) is for reference only, and investors bear full responsibility for their own investment decisions. Furthermore, any views, analyses, or forecasts herein do not constitute investment advice to readers and shall not be held liable for any direct or indirect losses arising from the use of this content. Fund investment carries risks; past performance does not indicate future results, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Investors should invest with caution.