机构称AI仍是主线叙事，关注国内海外算力链，云计算50ETF（516630）午后跌超2%

Group 1 - The core viewpoint indicates that the AI narrative remains strong, with significant capital expenditure from cloud vendors and a focus on "AI computing power" and "AI terminals" as key themes for the second half of 2025 [1] - In the optical communication sector, AI is driving rapid iterations in data center architecture, with optical modules and devices being the primary beneficiaries, leading to optimistic demand [1] - The performance and power advantages of CPO (Chiplet-based Optical) solutions are expected to promote a flatter next-generation data center architecture, becoming the mainstream optical interconnect solution [1] Group 2 - IDC (Internet Data Center) demand is surging, particularly from leading firms in Southeast Asia, with significant revenue recovery expected for major domestic IDC companies due to the release of AI demand [2] - Nvidia's recent stock surge suggests that the domestic computing power industry chain may benefit significantly from overseas demand trends [2] - The Cloud Computing 50 ETF (516630) tracks an index with a high AI computing power content, covering popular concepts such as optical modules, computing power leasing, data centers, AI servers, and liquid cooling [2]