通信ETF（515880）年内涨幅超115%，居全市场ETF榜首，原因为何？

Core Viewpoint - The communication ETF (515880) has outperformed the market with a year-to-date increase of over 115%, primarily due to its significant exposure to optical modules, which represent over 51% of its index, and more than 80% when combined with servers, copper connections, and optical fibers, reflecting the fundamentals of AI computing power [1][2]. Group 1 - The demand for computing power is surging, with companies exceeding performance expectations due to rapid advancements in artificial intelligence, leading to increased reliance on high-speed optical module technologies [1][2]. - Major companies in the optical module sector have reported earnings that significantly surpassed expectations, with a busy earnings disclosure period ahead for both domestic and North American cloud service providers [1][2]. Group 2 - Capital expenditures in artificial intelligence are rising sharply, with North America's top four internet companies reporting a total capital expenditure of $95.8 billion in Q2 2025, a 64% year-on-year increase, indicating a robust global AI industry [2]. - The domestic computing power sector is accelerating, with advancements in both software and hardware, narrowing the gap between China and the U.S. in AI capabilities [2]. Group 3 - A slow bull market trend is forming in the A-share market, supported by favorable liquidity and fundamentals, with AI expected to be the core theme driving this market rally [2].