AI算力行情持续演绎，通信ETF（515880）收红，关注光模块占比超40%的“光模块ETF”通信ETF

Core Insights - The AI development is expected to continuously drive the demand for high-end optical modules, indicating strong long-term growth momentum in the optical module industry [1] - The global optical module sales are projected to grow by 10% quarter-on-quarter by Q2 2025, primarily driven by the demand for 800G Ethernet optical modules, with contributions from 1.6T products [1] - The global Ethernet optical module market is forecasted to maintain a growth rate of around 50% in 2025, followed by a stable growth phase with a compound annual growth rate (CAGR) of 15% to 18% over the next five years [1] Industry Overview - The deployment of 800G technology is accelerating, becoming the main driver of growth in the optical module market, while 1.6T products are gradually increasing in volume [1] - The optical module market is expected to maintain high prosperity due to ongoing investments in computing infrastructure [1] - New technological paths such as LPO and CPO are maturing, paving the way for high-density deployments aimed at the 3.2T era [1] ETF Insights - The Communication ETF (515880) effectively represents the AI market, tracking the communication equipment index and selecting listed companies involved in communication equipment manufacturing and services [2] - The Communication ETF has over 40% exposure to optical modules, with the top three companies, referred to as "Yizhongtian," accounting for over 32% of the ETF, positioning it to benefit from the surge in AI computing demand [2] - The top ten constituents of the index include companies like Xinyi Technology (15.08%), Zhongji Xuchuang (13.59%), and ZTE Corporation (9.59%) [3]