Investment Rating - The report indicates a positive outlook for the communication industry, suggesting a potential shift towards a "stronger gets stronger" dynamic due to technological and capital barriers [1]. Core Insights - The communication industry is experiencing a transformation driven by technology and policy support, with a shift in demand from traditional to emerging services [1][39]. - The industry is expected to enter a recovery phase in Q3 2025, with capital expenditure expansion driven by technological breakthroughs and new infrastructure initiatives [39]. - The demand for AI computing power, accelerated commercialization of 5G-A, breakthroughs in 6G technology, and the rise of the "low-altitude economy" are key factors driving the industry's upgrade [1][39]. Supply Capacity Analysis - The report highlights the growth in the optical communication sector, particularly in high-speed optical modules, driven by AI computing demand and increased capital expenditure from global cloud service providers [3][10]. - The domestic penetration rate of traditional optical fiber and cable is nearing saturation, prompting companies to accelerate international expansion [5][4]. - The communication equipment integration market is recovering, with the Asia-Pacific region leading in 5G system integration and services [6]. Demand Matching Capability Analysis - The demand for optical modules, especially high-speed products for data centers, is robust, with a projected shipment increase from 6.4 million units in 2023 to over 31.9 million units by 2025 [3]. - The communication equipment market is experiencing strong growth, with a year-on-year revenue increase of 18.9% in Q2 2025, despite a contraction in 5G investment [11]. - The telecommunications service sector is seeing a shift towards emerging businesses, with significant growth in AI computing and quantum communication services [15][30]. Industry Chain Position Analysis - The communication industry is characterized by a high degree of market concentration, particularly among leading companies in optical communication and equipment integration [24][27]. - The report notes that traditional communication services are facing saturation, with new business areas becoming the core of competitive differentiation [28]. Innovation Capability Analysis - The report emphasizes the importance of policy support for technological advancements, particularly in AI, 6G, and satellite communication [31][32]. - Significant R&D investments are being directed towards AI and 6G technologies, with major companies like China Mobile leading initiatives in these areas [34]. Credit Rating Situation Analysis - The communication industry is witnessing a favorable credit environment, with a total bond issuance of 17.35 billion yuan in Q2 2025, primarily from leading companies [36][37]. - The report indicates that the dual barriers of technology and capital for leading firms will become more pronounced, reinforcing the trend towards market consolidation [36]. Cycle Development Outlook - The communication industry is expected to see revenue and profit growth, with cash flow recovery anticipated in Q3 2025 [38]. - The report forecasts a transition to an expansion phase driven by new infrastructure investments and a focus on domestic demand [39]. Key Segment Development Trends - The optical communication sector is evolving towards ultra-high-speed, intelligent, and integrated solutions, supporting the AI computing network [40]. - The commercialization of 5G-A and advancements in 6G technology are expected to enhance the capabilities of communication equipment integrators [41]. - Telecommunications services are anticipated to diversify, with new opportunities arising from the low-altitude economy and satellite internet developments [42].

（文章来源：证券时报网） 数据宝统计，截至11:13，新易盛成交额139.02亿元，超上一日全天。最新股价上涨0.60%，换手率 4.40%。上一交易日该股全天成交额为138.60亿元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the computing power sector, driven by overseas news and strategic partnerships, particularly between Nvidia and OpenAI [1][3] - Nvidia and OpenAI have announced a strategic collaboration to build and deploy at least 10 gigawatts of AI data centers, utilizing millions of Nvidia GPUs, with Nvidia potentially investing up to $100 billion [3] - The cloud computing ETF, Huatai-PineBridge (159273), has seen a net inflow of over 700 million yuan in the past 20 days, indicating strong investor interest [1] Group 2 - The optical module sector is experiencing a boom due to rapid iterations of Nvidia GPUs and self-developed ASICs, leading to a doubling of bandwidth capacity with each generation [5] - The market recognizes a conversion ratio of GPU to optical modules at 1:2.5, with potential future ratios reaching 1:11.5 in certain applications [5] - The demand for computing power is driving significant capital expenditures among global cloud providers, with a projected 50% increase in capital spending to $333.8 billion by 2025 [6] Group 3 - The expansion of computing clusters, referred to as "ten thousand card clusters," is seen as a ticket to participate in the current model competition, with major operators and internet companies increasing their investments [7] - The cloud computing ETF Huatai-PineBridge (159273) aims to capture the growth opportunities in AI-driven cloud computing, covering a wide range of sectors including hardware, cloud services, and data center operations [7]

云计算ETF沪港深（517390）紧密跟踪中证沪港深云计算产业指数（931470.CSI），同时布局港股的互 联网企业，A股算力企业和A股的计算机龙头。Wind数据显示，该指数前十大重仓股包括腾讯控股、中 际旭创、新易盛、中科曙光等。此外该ETF还配有场外联接基金（A类：019171/C类：019170）。 计算机ETF（159998）跟踪中证计算机主题指数（930651.CSI）。该指数以中证全指为样本空间，选取 涉及信息技术服务、应用软件、系统软件、电脑硬件等业务的上市公司股票作为成分股。计算机ETF （159998）配有场外联接基金（A类：001629/C类：001630）。 9月23日，云计算ETF沪港深（517390）开盘走强，截至发稿涨1.14%，成交额超1000万元。成分股中， 科华数据、东华软件涨超5%，中际旭创、新易盛等股跟涨。 资金流向上看，截至9月22日，云计算ETF沪港深（517390）近10个交易日中有8个交易日获资金净流 入，累计"吸金"超8400万元。 值得注意的是，云计算ETF沪港深（517390）年初至今份额变动率为467.65%，居同标的产品第一。 此外，计算机ETF（15 ...

光模块专题 20250922 摘要 AI 应用闭环加速，谷歌 Gemini token 处理量激增，微软云受益于 OpenAI 调用量，Oracle 订单暴增，表明 AI 需求爆发推动云厂商资本 开支加速，形成正向飞轮效应，利好 AI 基础设施相关企业。 头部云厂商如谷歌、亚马逊、微软、Meta 单季度资本开支约千亿美元， 全年预计超 4,000-6,000 亿美元。英伟达预计总资本开支投入将达 3-4 万亿美元，并保持 30%-40%以上增速，云厂商对 AI 基础设施投入明确 且持续。 光模块应用场景扩展至机柜内部互联（scale up）和数据中心之间互联 （DCI），其中机柜内部通信需求远大于柜外，光互联将从可选项变成 刚需，推动光模块行业进入新一轮成长周期。 英伟达 Spectrum XGS 平台采用以太网协议，降低客户适配难度，将 数据中心互联话语权从传统设备商转移至英伟达，国内头部光模块公司 有望进入这一新市场，实现长期增长。 英伟达 RUMBA CPS 机柜分为双机柜和混合托盘版本，总带宽均接近 230T，GPU 和网卡数量及速率翻倍增长，显著增加对光模块的需求， 推动未来产能提升。 Q&A AI ...

截至发稿，杨旭累计任职时间10年255天，现任基金资产总规模1244.75万元，任职期间最佳基金回报 61.12%， 任职期间最差基金回报-92.46%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，山证资管旗下1只基金重仓新易盛。山证资管创新成长混合发起式A（018281）二季度持有 股数5000股，占基金净值比例为5.1%，位居第二大重仓股。根据测算，今日浮盈赚取约10.89万元。 山证资管创新成长混合发起式A（018281）成立日期2023年8月28日，最新规模1235.6万。今年以来收益 45.8%，同类排名1321/8172；近一年收益83.41%，同类排名1130/7995；成立以来收益66.21%。 山证资管创新成长混合发起式A（018281）基金经理为杨旭。 9月23日，新易盛涨6.35%，截至发稿，报364.78元/股，成交104.14亿元，换手率3.26%，总市值3625.81 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成 ...

Group 1 - The telecom business revenue in China reached 1,043.1 billion yuan in the first seven months, showing a year-on-year growth of 0.7%. The total telecom business volume, calculated at constant prices from the previous year, increased by 8.9% [1] - In July, China's optical module exports decreased significantly, with a year-on-year drop of 30% for the month and a cumulative decline of 14% from January to July. This is attributed to domestic optical module companies establishing factories overseas [1] - Major cloud service providers, including Microsoft, Google, Meta, and Amazon, reported substantial capital expenditures in Q2 2025, with increases of 28%, 70%, 102%, and 91% respectively [1] Group 2 - Huawei announced its Ascend AI chip and Kunpeng CPU technology roadmap at the 2025 Connect Conference, planning to launch the Ascend 950PR chip with a computing power of 1 PFLOPS by 2026 [2] - The optical communication sector has experienced significant volatility recently, but strong demand for AI computing power indicates that the fundamentals of the optical module industry remain solid. The AI-driven computing expansion cycle is far from over [2] - As of September 23, 2025, the Guozheng Communication Index rose by 2.04%, with the Guangfa Communication ETF (159507) increasing by 2.23%, marking six consecutive days of gains [2]

Group 1 - Nvidia's stock rose nearly 4%, reaching a record high following the announcement of a strategic partnership with OpenAI to establish AI data centers utilizing Nvidia's GPUs [1] - OpenAI plans to deploy at least 10GW of AI data centers and Nvidia is set to invest up to $100 billion in this collaboration [1] - The AI sector is experiencing a positive cycle of performance and capital expenditure, with significant acceleration in the domestic AI industry chain, including large models, computing power, and applications [1] Group 2 - As of September 22, 2025, the CSI Artificial Intelligence Theme Index (930713) increased by 1.51%, with notable gains from stocks such as Xinyi Sheng (5.83%) and Zhongji Xuchuang (5.79%) [1] - The AI Artificial Intelligence ETF (512930) opened high and rose by 1.54%, with a recent price of 2.18 yuan, and has seen a cumulative increase of 3.12% over the past week [1] - The AI Artificial Intelligence ETF has a turnover rate of 1.02% during trading, with a total transaction volume of 28.95 million yuan [2] Group 3 - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing foundational resources, technology, and application support for AI, reflecting the overall performance of AI-related stocks [2] - The top ten weighted stocks in the index account for 60.82%, with companies like Xinyi Sheng and Zhongji Xuchuang holding significant shares [2][4]

每经AI快讯，9月23日，CPO等算力硬件股盘初活跃，中际旭创涨超8%，新易盛涨超7%，天孚通信涨 超6%，胜宏科技、景旺电子、源杰科技跟涨。 每日经济新闻 ...

创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为42.17%，近一个月回报为19.14%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 9月23日，创业50ETF（159682）开盘涨1.34%，报1.440元。创业50ETF（159682）重仓股方面，宁德时 代开盘跌0.55%，东方财富跌1.19%，汇川技术涨0.01%，中际旭创涨6.94%，迈瑞医疗跌0.37%，新易盛 涨5.28%，阳光电源跌0.02%，胜宏科技涨5.59%，亿纬锂能涨0.00%，同花顺跌1.34%。 ...