Mei Ri Jing Ji Xin Wen·2025-11-28 07:38Core Insights - The AI computing power industry chain is experiencing significant fluctuations, with notable movements in related ETFs and stocks [1] - Google is at the center of a new investment chain, launching multiple products that create a positive feedback loop, enhancing AI revenue through increased token consumption [1] - The vertical integration of computing power, models, and applications by Google is expected to clarify the business model of AI applications and establish a sustainable profit model [1] Group 1: Market Performance - The ChiNext AI ETF (159381) decreased by 0.61%, while the 5G Communication ETF (515050) fell by 0.35% [1] - Stocks such as Putian Technology hit the daily limit, while Jinxin Nuo and Changxin Bochuang rose over 4% [1] Group 2: Google and Alibaba's Strategies - Dongwu Securities highlights that Google and Alibaba are enhancing their full-stack capabilities in the AI industry, leading to increased demand for TPU and AI ASIC chips [2] - Customized computing clusters are raising networking requirements, with Google's TPU introducing new optical interconnection solutions [2] - The optimistic capital expenditure outlook from Google and Alibaba is expected to generate substantial incremental demand for the optical interconnection supply chain [2] Group 3: Related ETFs - The ChiNext AI ETF (159381) tracks the ChiNext AI Index and has a significant allocation in optical modules, with the top three holdings being Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%) [3] - The 5G Communication ETF (515050) focuses on the 5G communication theme index and has a scale exceeding 9 billion, with major holdings including Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, Industrial Fulian, and Zhaoyi Innovation [3]