又见新高！——通信ETF大涨点评

Market Performance - The market experienced a volatile rise, with the Shanghai Composite Index reaching a ten-year high, approaching 4000 points. The total trading volume in the Shanghai and Shenzhen markets was 2.34 trillion, an increase of 365.9 billion compared to the previous trading day. The Shanghai Composite Index rose by 1.18%, the Shenzhen Component Index by 1.51%, and the ChiNext Index by 1.98%. The Communication ETF increased by 4.86%, and the Semiconductor Equipment ETF rose by 3.99% [1][2]. Factors Driving the Rise - Positive signals in US-China relations have alleviated significant valuation pressures. During the US-China economic talks held in Kuala Lumpur on October 25-26, both sides reached a basic consensus on addressing mutual concerns, guided by key agreements from previous communications between the two countries' leaders [2]. - A busy week for earnings disclosures is expected, with many leading companies in the optical module, PCB, and ODM sectors yet to release their Q3 financial reports. There is a strong possibility of sequential and substantial year-on-year growth in these sectors, which may highlight the technology sector's performance [2]. Future Market Outlook - The investment model for AI infrastructure is shifting from self-financing to financing, with potential increases in hardware shipments. OpenAI's recent activities indicate a growing demand for computing power, and the release of ChatGPT Atlas has led to a noticeable increase in token consumption, suggesting a potential exacerbation of computing power shortages. OpenAI's recent fundraising efforts may accelerate AI infrastructure development, with other companies likely to follow suit [3]. - There is a caution regarding potential market pullbacks, despite the positive signals from the US-China talks. Investors are advised to consider buying on dips as the market may experience short-term corrections [3]. - Investment strategies should include both domestic and overseas computing power. As of October 24, the Communication ETF had a 52% allocation in optical modules and a 22% allocation in servers, with a combined total of 81% when including fiber and copper connections, indicating a focus area for investors [3].