Policy Boost and Computing Power Drive Growth of AI Index on ChiNext

On May 8, 2026, the National Development and Reform Commission and two other departments jointly issued the “Implementation Opinions on the Standardized Application and Innovative Development of Intelligent Agents”. This aims to implement the State Council’s opinions on deeply promoting the “AI+” initiative and to promote the standardized application and innovative development of intelligent agents. Intelligent agents are intelligent systems capable of autonomous perception, memory, decision-making, interaction, and execution, representing an important form of AI products and services. The opinions propose to solidify the technological foundation and improve the standard system to enrich intelligent agent products and services.

In this context, the AI industry chain is experiencing dual benefits from policies and industry developments, with the ChiNext AI Index continuing to strengthen, leading the mainstream technology sector in performance this year.

Computing Power Foundation and High Elasticity of AI Index

The ChiNext AI Index selects 50 listed companies involved in computing and network equipment, data and software services, and application scenarios related to AI as index samples to reflect the stock price changes of listed companies related to the AI theme on ChiNext.

Specifically, the AI industry chain can be divided into three layers: the foundational resource layer (chips, servers, optical modules), the technology layer (large models, algorithms), and the application layer (office software, smart terminals).

Currently, China has built 42 intelligent computing clusters, with an intelligent computing power scale exceeding 1,590 EFLOPS, ranking among the top globally, effectively supporting the rapid development of the AI industry.

Additionally, data from the Ministry of Industry and Information Technology shows that as of January 2026, AI has penetrated over 70% of the business scenarios in leading factories, accumulating over 6,000 vertical field models, driving the large-scale application of more than 1,700 key intelligent manufacturing equipment and industrial software.

Moreover, top-level strategic guidance from policies is evident. As a strategic emerging industry, the 14th Five-Year Plan clearly proposes to coordinate the construction of computing power facilities, model algorithm development, and high-quality data resource supply. The comprehensive implementation of the “AI+” initiative aims to seize the high ground of AI industry applications.

Driven by multiple favorable industry factors, the AI Index has shown impressive performance. With the high elasticity of ChiNext, the AI Index has become a popular track in the current market. As of May 11, 2026, the ChiNext AI Index has seen increases of 15.44%, 22.69%, and 36.82% over the past month, three months, and year-to-date, respectively, with an annualized return of 55.34% over the past three years.

Growth Driven by Optical Modules and Leading Companies

Currently, the ChiNext AI Index exhibits a clear characteristic of being “led by optical modules,” with the top three weighted stocks being Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, collectively accounting for over 40% of the index.

As of May 11, 2026, six companies with a market capitalization of over 100 billion yuan dominate the index. The top ten holdings of the index account for 64.23%, covering areas such as computing chips, optical modules, storage, and servers, serving as a barometer for the development of the AI industry.

Specifically, the top ten constituent stocks of the ChiNext AI Index are Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Xiechuang Data, BlueFocus, Runze Technology, Changxin Bochuang, Beijing Junzheng, Kunlun Wanwei, and Tonghuashun, covering the entire AI industry chain.

According to data from Dongfang Caifu Choice, as of May 11, 2026, based on the Shenwan secondary industry classification, the constituent stocks of the ChiNext AI Index have the highest weight in the communication equipment and IT services II industries, accounting for 51.16% and 11.05%, respectively, with a combined share of 62.21%. Additionally, software development, communication services, and semiconductor industries account for 6.92%, 6.23%, and 6.15%, respectively. The index also involves application segments such as gaming, advertising, and publishing, presenting an AI industry structure characterized by “computing power infrastructure as the base and application scenarios as the wings.”

Currently, AI is transitioning from industry narrative to performance realization. Zhongji Xuchuang, a global leader in optical modules, benefits from the demand for AI computing interconnects. In the first quarter of 2026, its revenue reached 19.496 billion yuan, a year-on-year increase of 192.12%; net profit attributable to the parent company was 5.735 billion yuan, a year-on-year increase of 262.28%. Xinyi Sheng, a core supplier of high-speed optical modules, continues to increase its overseas market share. Its first-quarter revenue was 8.338 billion yuan, a year-on-year increase of 105.76%; net profit attributable to the parent company was 2.78 billion yuan, a year-on-year increase of 76.8%.

In summary, with the rapid development of new-generation AI technologies such as large models, intelligent agents are accelerating their deep integration with cyberspace and the physical world, profoundly changing human production, lifestyle, and social governance models.