算力延续强势，通信ETF（515880）大涨近4%，资金持续流入中

Core Insights - The computing power sector continues to rise, with the communication ETF (515880) increasing nearly 4%, driven by strong liquidity and positive news in the sector [1] - The 2025 China Computing Power Conference indicates that the construction of intelligent computing power facilities is accelerating, with an expected growth of over 40% in computing power scale by 2025 [1] - The release of DeepSeek-V3.1, designed for next-generation domestic chips, highlights advancements in domestic computing power technology [1] - Nvidia has informed some component suppliers to pause production of its H20 AI chips for the Chinese market, bringing the focus back to domestic alternatives [1] Industry Trends - The AI industry is on a clear upward trend, with North America's top four internet companies' capital expenditures reaching $95.8 billion in Q2 2025, a 64% year-on-year increase, indicating sustained global AI industry growth [2] - The geopolitical context of US-China relations presents a significant opportunity for domestic computing power alternatives, with Nvidia's projected revenue in China for 2024 at approximately $17.1 billion, translating to over 100 billion RMB [2] - The demand for GPUs in the Chinese market is expected to reach several hundred billion RMB annually, while domestic GPU production remains limited due to semiconductor supply chain constraints [2] Market Dynamics - The communication ETF (515880) has over 40% exposure to optical modules, with server, copper connections, and optical fibers making up over 70%, indicating a high concentration in core computing power segments [3] - As of August 22, the communication ETF has seen a net inflow of over 1.7 billion RMB in the past 10 days, with its total size nearing 6 billion RMB, reflecting a growth of over 50% since the beginning of the year [3]