On Tuesday, July 14th, after the A-share market broke below its annual support line, a counteroffensive emerged, with computing hardware leading a deep V-shaped reversal first! Optical module and CPO sectors launched a strong attack, with Liantong Technology surging 12.85%, Xinyisheng jumping 11%, Zhongji Xuchuang rising 6.86%, and Tianfu Communication gaining over 5%. The PCB sector saw a frenzy of limit-up gains, with stocks like Hudian Co., Ltd. and Shengyi Technology hitting the daily limit, and Shengyi Electronics soaring over 14%. The semiconductor industry chain was also active, with Langqi Technology and Huadian Technology rising over 6%.

Regarding popular ETFs, HuaBao Technology ETF (515000), which represents the overall performance of tech leaders, saw a straight-line surge in the afternoon session, closing up 3.75% for the day. Funds have been densely accumulating positions over the past 10 days, with a total inflow of approximately 760 million yuan. This ETF bundles leaders from various segments like optical modules, PCBs, semiconductor equipment, memory chips, and innovative drugs, offering a one-stop solution for investing in core tech assets. The continuous influx of funds is the best testament to this allocation logic.

HuaBao ChiNext Artificial Intelligence ETF (159363), heavily weighted in optical module leaders, rose 3.26% in the secondary market, reclaiming its 60-day moving average. In rebound scenarios, optical module leaders, with their high earnings certainty and core position in the industry chain, often become the preferred direction for funds replenishing positions. Following a substantial 466 million yuan increase the previous day, this ETF once again saw a large net subscription of 138 million units in a single day, indicating a clear acceleration in fund inflows.

Key Catalysts for the Tech Rally

A comprehensive analysis suggests several factors may have catalyzed today's strong tech sector rebound:

Technical Signal: The A-share market broke below its annual line the previous day. However, institutional reviews of historical data suggest this is a strong support level, implying current opportunities outweigh risks, which boosted confidence.

Risk Mitigation in South Korea: The South Korean government's emergency intervention in the leveraged ETF crisis led to a "deep V" rebound in its stock market, eliminating the contagion effect of foreign investor panic.

Fundamental Catalysts: Strong growth in exports of high-tech products in the first half of the year, combined with clarifications on performance rumors by leading companies and event-driven catalysts in the semiconductor chain, drove core sectors to lead the gains.

Performance Drives PCB Surge

Regarding specific sectors, the wave of limit-up gains in the PCB sector is performance-driven. On the news front, core PCB companies like Hudian Co., Ltd. and Shengyi Technology released their performance forecasts for the first half of 2026, showing significant year-on-year and quarter-on-quarter growth. A latest J.P. Morgan research report points out that the AI uptrend cycle remains intact. NVIDIA's Vera Rubin PCBs have entered mass production, and the addition of new suppliers does not automatically mean a loss of share for existing leaders. The final allocation will depend on the ability to deliver at scale.

Optical Module Outlook

Regarding optical modules, Guosheng Securities believes the current period is an important window for positioning in optical communication leaders. The core logic rests on three points: First, the capital expenditures (CapEx) of major North American Cloud Service Providers (CSPs) have not peaked and are expected to continue rising. Second, the pricing logic in optical communications is healthier and more growth-oriented compared to traditional cyclical products. Third, within the entire tech sector, optical communications offer extremely strong short-to-medium-term earnings certainty and remain the absolute "mainstay" for tech sector stabilization.

Staying in the "Light"

To maintain exposure to this trend, consider HuaBao ChiNext Artificial Intelligence ETF (159363) and its corresponding feeder funds (Class A: 023407, Class C: 023408). This ETF focuses on optical module and CPO leaders, with its underlying index having a combined weight of approximately 40% in Zhongji Xuchuang, Xinyisheng, and Tianfu Communication, making it a core standard-bearer for AI computing power. Furthermore, the latest size of HuaBao ChiNext Artificial Intelligence ETF (159363) exceeds 7.4 billion yuan, with an average daily turnover of over 1 billion yuan in the past six months, leading in both size and liquidity among the 8 ETFs tracking the same underlying index.

Investing in Tech Leaders

For exposure to tech bull markets, invest in the leaders! HuaBao Technology ETF (515000) and its feeder funds (Feeder A: 007873, Feeder C: 007874) select 50 listed companies from the technology sector based on large scale, high market share, strong growth capability, and high R&D investment. These companies collectively represent the core assets of A-share tech leaders, combining the attributes of "hard tech beta" and "excess alpha from high-performing leaders." Its top ten holdings aggregate leaders from various segments including optical modules, semiconductor equipment, memory chips, and PCBs.

Risk Disclosure

HuaBao ChiNext Artificial Intelligence ETF (159363) passively tracks the ChiNext Artificial Intelligence Index (Base Date: December 28, 2018; Release Date: July 11, 2024). HuaBao Technology ETF (515000) passively tracks the CSI Science & Technology Leaders Index (Base Date: June 29, 2012; Release Date: March 20, 2019). The composition of the index constituents is adjusted according to the index methodology, and its back-tested historical performance does not indicate future index performance. The index constituents mentioned herein are for illustrative purposes only. Descriptions of individual stocks do not constitute investment advice in any form nor represent the holdings or trading动向 of any fund managed by the asset manager. According to the fund manager's assessment, the risk rating of HuaBao Technology ETF (515000) is R3-Medium Risk, suitable for Balanced (C3) and above investors. The risk rating of HuaBao ChiNext Artificial Intelligence ETF (159363) is R4-Medium to High Risk, suitable for Aggressive (C4) and above investors. The appropriateness matching opinion is subject to the sales institution. Any information appearing in this article (including but not limited to stocks, commentary, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any kind to readers, and no liability is accepted for any direct or indirect losses arising from the use of this content. Fund investment carries risks. The past performance of a fund does not represent its future performance. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest in funds with caution.