光模块强势反弹，通信ETF（515880）涨近1%

Group 1 - The core viewpoint highlights a strong rebound in optical modules, with the communication ETF (515880) rising nearly 1% [1] - The demand for computing power is expected to grow significantly due to the AI arms race, with major North American cloud providers forecasting a combined capital expenditure (Capex) exceeding $320 billion for 2025, representing a 43% increase from 2024 [1] - In China, Tencent's capital expenditure for Q1 2025 is projected at 27.5 billion yuan, a year-on-year increase of 91%, while Alibaba's Capex is expected to reach 24.6 billion yuan, up 121% year-on-year, with plans to invest over 380 billion yuan in the next three years [1] Group 2 - Chinese optical module companies hold over 60% of the global market share, demonstrating a significant first-mover advantage and high visibility in performance [1] - Optical modules account for nearly 30% of the CSI Communication Equipment Index, positioning them among the leading products in the market [1] - As of May 29, 2025, the index valuation stands at 29.10 times, which is at the historical 21.4% percentile, indicating a relatively low valuation and highlighting the cost-effectiveness of allocation [1]