1.6T光模块加单，通信ETF（515880）涨超3%，光模块占比近50%

Core Viewpoint - Nvidia's Rubin shipment expectations for 2026 have been raised, with a total demand for 1.6T modules expected to reach 15 million, indicating a strong and sustained high demand cycle for optical modules driven by AI computing power [1] Group 1: Market Demand and Supply - The demand for 1.6T optical modules is expected to increase significantly, benefiting leading companies and enhancing their profit forecasts [1] - North American cloud service providers (CSPs) plan to increase capital expenditures to over $370 billion by FY2025, a 40% year-on-year increase, which will directly benefit the optical module and IDC sectors [2] - The market for 100G+ optical modules is projected to grow significantly, with estimated market sizes of $14.4 billion, $24.4 billion, and $32.7 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 54%, 69%, and 34% [3] Group 2: AI and Infrastructure Investment - The AI investment wave is expected to create structural opportunities in the market, with a focus on optical modules, which account for nearly 50% of the communication ETF [4] - Domestic cloud service providers in China are expected to invest over 450 billion yuan in AI computing power by 2025, accelerating the industrialization of domestic super-node computing clusters [2] - The communication ETF (515880) has seen a rise of over 3%, indicating potential opportunities for gradual investment [4] Group 3: Future Outlook - The AI infrastructure investment is anticipated to continue growing, with significant room for expansion, supported by strong performance and valuation [10] - The optical module market is expected to maintain a high level of prosperity due to ongoing investments in computing infrastructure both domestically and internationally [10] - The leading companies in the A-share market are positioned to benefit from the increasing demand for components from major chip manufacturers like Nvidia and Oracle [9]