Xin Lang Ji Jin·2025-11-27 11:45Core Insights - The A-share market showed a significant decrease in trading volume, with the ChiNext index briefly rising over 2% before closing in the red, indicating a volatile trading environment [1] - The light module CPO sector experienced a rebound followed by selling pressure, with leading stocks like Zhongji Xuchuang hitting new highs before retreating [1] - The long-term investment logic for the light module CPO industry remains clear, driven by global demand for computing power and technological advancements [3] Demand Side - The global competition for computing power is driving demand, with capital expenditures from major overseas cloud companies projected to reach $363.3 billion by 2025, a 63% year-on-year increase [3] - The introduction of Google's TPU to challenge Nvidia's GPU is expected to further stimulate the market, with expectations for increased production of 800G and 1.6T light modules by 2026 [3] Supply Side - Accelerated technological iterations are expected to alleviate supply constraints, with leading light module manufacturers actively expanding global production capacity [3] - The shortage of optical devices is improving, leading to anticipated growth in performance for light module manufacturers [3] Pricing Dynamics - The light module industry is experiencing a "volume increase and price improvement" scenario, with the price of 1.6T light modules rising from approximately $1,200 to over $2,000 [3] - Demand for 800G and lower products remains strong, with a noticeable slowdown in price declines, indicating a stabilization trend [3] Investment Opportunities - Institutions continue to favor investment opportunities in the AI computing power industry chain, with a focus on the first AI-themed ETF tracking the ChiNext index [4] - The ETF has over 70% of its portfolio allocated to computing power and more than 20% to AI applications, positioning it to effectively capture trends in the AI sector [4]