通信龙头年报业绩集体预喜，通信ETF（515880）盘中涨超2%，近10日净流入超7亿元

Group 1 - The core viewpoint of the article highlights that the three leading companies in the A-share CPO concept, "Yizhongtian," have released their 2025 performance forecasts, showing significant increases in net profits [1] - Relevant institutions indicate that overseas cloud vendors maintain an optimistic outlook on capital expenditures and guidance in the AI sector, suggesting that growth in capital expenditures will continue into next year [1] - Historical trends suggest that the market often underestimates the annual growth rate of cloud vendors' capital expenditures at the beginning of the year, leading to discrepancies in expectations [1] Group 2 - In terms of fundamentals, NVIDIA is set to launch the Rubin architecture in 2026, with accompanying optical modules upgraded to 1.6T; by 2027, a new trend of "optical modules in cabinets" is expected to emerge [1] - The market size for in-cabinet optical modules is projected to be 4-5 times larger than that of the out-of-cabinet market, indicating substantial growth potential [1] - Analysts have high expectations for the shipment volume of optical modules in 2026, which may lead to a supply-demand imbalance in the industry [1] Group 3 - The communication ETF (515880) has been the top performer in 2025, with an annual increase of 125.81%, making it the highest in the market [1] - Not only does the communication ETF (515880) show impressive growth, but it also holds the largest scale among its peers, with over 46% of its content in optical modules and nearly 20% in servers as of December 31, 2025 [1] - This ETF represents the fundamental strength of overseas computing power and remains a preferred choice in a favorable market environment, warranting continued attention [1]