Mei Ri Jing Ji Xin Wen·2026-01-27 01:20Core Insights - The AI computing sector, represented by optical modules CPO, optical communication, and PCB, is experiencing fluctuations while capital is accelerating its investment [1] - The largest communication ETF, Huaxia (515050), has seen a continuous net inflow of 243 million yuan over the past five days, with a total scale exceeding 8 billion yuan [1] - The ETF focuses on electronic (chips, PCBs, consumer electronics) and communication (optical modules, servers) hardware, with CPO and CPB concept stocks accounting for over 76% of its weight, the highest in the market [1] Industry Analysis - According to CITIC Securities, the explosive demand for AI computing is driving upgrades in the optical communication industry, with ongoing capital expansion from overseas cloud providers and TSMC, indicating strong demand for AI infrastructure [1] - There is a current short-term supply gap for high-speed optical chips and materials, but upstream manufacturers are actively expanding production, and the penetration rate of silicon photonics is expected to alleviate supply chain bottlenecks [1] - Technological advancements, particularly NPO with its low power consumption, high bandwidth, and maintainability advantages, are becoming a key transitional solution at the Scaleup level, with leading companies already positioning themselves to drive the industry towards more efficient optical interconnection architectures [1] - The development potential of domestic optical communication leading companies is viewed positively, maintaining a "stronger than the market" rating for the communication industry [1]