光模块市场有望保持高增，关注通信ETF（515880）

Group 1 - The core viewpoint is that the AI infrastructure is optimistic, and the high demand for AI is expected to continue, with the optical module market anticipated to maintain high growth this year [1] - Overseas cloud vendors remain optimistic about capital expenditures in the AI sector, with expectations for continued growth in capital expenditures next year [1] - 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 [1] Group 2 - Nvidia is set to launch the Rubin architecture in 2026, with optical modules expected to upgrade to 1.6T; by 2027, a new trend of "optical modules in cabinets" is anticipated, with the market size expected to reach 4-5 times that of the external market [1] - Analysts have high expectations for optical module shipments in 2026, which may lead to a supply-demand imbalance in the industry [1] - As of January 29, 17 out of 50 components of the communication ETF have reported earnings, with a median profit growth rate of 50%, ranking among the top across sectors [1] Group 3 - The related industry chain companies are still in the capacity expansion phase, and performance limits may be determined by supply capabilities [1] - The communication ETF (515880) is viewed positively, as it deeply participates in the overseas computing power industry chain, with over 66% of its components being optical modules and servers, making it an efficient tool for investors to allocate to the AI infrastructure sector [1]