Mei Ri Jing Ji Xin Wen·2025-08-11 02:21Core Viewpoint - The strong performance of leading optical module companies is driving a bullish trend in the optical module market, supported by significant growth in AI-related capital expenditures and technological advancements in AI infrastructure [1][3]. Group 1: Market Performance - The optical module market is experiencing a robust rally, influenced by the impressive earnings reports from leading companies in the sector [1]. - The Communication ETF (515880) and the Growth Enterprise Market AI ETF (159388) have both seen increases of over 2.5% [2]. Group 2: Industry Growth - The global market for optical modules is projected to grow at a compound annual growth rate (CAGR) of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029 [3]. - Domestic and international cloud service providers are significantly increasing capital expenditures, leading to rapid expansion in AI infrastructure demand, particularly for high-speed optical modules [3]. Group 3: Company Performance - Industrial Fulian reported record high revenue and net profit in its 2025 semi-annual report, benefiting from growth in AI business [1]. - Several optical module companies have disclosed strong performance in their semi-annual earnings forecasts, contributing to a high level of industry optimism [4]. Group 4: Technological Advancements - NVIDIA's H20 sales recovery and the rapid ramp-up of the Blackwell GPU are expected to enhance the demand for optical modules as major AI companies accelerate their infrastructure development [5]. - The Blackwell GPU is noted for its fastest ramp-up speed in NVIDIA's history, further driving the demand for optical modules [5]. Group 5: ETF Composition - The Communication ETF (515880) has over 40% exposure to optical modules, positioning it to benefit from the ongoing development of AI computing capabilities [6]. - The top ten constituents of the Communication ETF include key players in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, which have significant weightings [8]. - The Growth Enterprise Market AI ETF (159388) tracks an index focused on the AI industry chain, providing greater elasticity due to its structure [9].