AI高景气料将延续，关注通信ETF（515880）、半导体设备ETF（159516）

Core Viewpoint - The AI infrastructure is expected to maintain high growth due to optimistic guidance and gradual application deployment, with the optical module market projected to continue its rapid growth this year, supported by domestic substitution demand for computing hardware [1][2]. Group 1: Market Trends - The capital expenditure of overseas cloud vendors in the AI sector remains optimistic, with expectations for continued growth this year [2]. - Historical trends indicate that the market often underestimates the annual capital expenditure growth of cloud vendors at the beginning of the year, leading to expectation discrepancies [2]. - The communication ETF (515880) is highlighted as an efficient tool for investors to gain exposure to the AI computing infrastructure sector, with over 66% of its holdings in optical modules and servers [2]. Group 2: Application Development - AI Agents are on the verge of a breakthrough, with both domestic and international companies launching terminal agents based on local PC deployments, accelerating towards multi-agent systems [9]. - Major domestic internet companies like Tencent and Baidu are expected to distribute significant cash bonuses during the Spring Festival to promote AI applications [9]. - The expansion of applications is likely to create positive feedback for upstream infrastructure investments, further driving demand [9]. Group 3: Domestic Substitution Opportunities - The long-term prospects for domestic substitution in computing power are viewed positively, despite recent approvals for the export of certain advanced chips to China [9]. - There is a narrowing gap between domestic computing power and advanced overseas processes in applications such as small models and inference [9]. - Policy support is anticipated to increase investments in the computing hardware sector, with initiatives like Shanghai's plans for advanced intelligent computing infrastructure [9].