算力回调，情绪面导致下跌，或可重视算力低位布局机会

Market Overview - The computing power sector experienced a significant pullback, with communication ETFs and AI ETFs on the ChiNext index dropping around 4% [1]. Factors Behind the Decline - The recent concerns regarding CPO (Chiplet-based Optical) technology have intensified, particularly due to pressure from Google's OCS, leading Nvidia to promote CPO advancements. There are mixed opinions on production schedules and shipment volumes, but overall market sentiment remains wary of CPO's negative impact on pluggable optical modules [1]. - The U.S. stock market faced a sharp decline, with the Nasdaq opening high but closing lower, reflecting weak performance in tech stocks. Investors are worried about Anthropic's new legal plugin potentially replacing traditional software companies, which caused a significant drop in the software sector, further spreading panic in market sentiment [1]. Future Outlook - Despite the lack of significant negative fundamentals, the current pullback is primarily driven by emotional concerns related to CPO, presenting potential opportunities for low-position investments [1]. - The technology industry's progress and iteration are normal, and leading companies in optical modules have accumulated CPO technology, positioning them to benefit from industry chain advantages. Major domestic pluggable optical module manufacturers have established strong customer loyalty, which is expected to help them secure a majority of orders as CPO penetration increases, potentially improving gross margins due to higher integration levels [1]. - The optical module market is projected to face a supply shortage by 2026, with expectations for continued high growth into 2027. The rapid penetration of 1.6T optical modules and chip shipments could lead to significant market expansion, marking a golden period for profit growth for leading optical module manufacturers. Upcoming quarterly reports and the GTC conference are expected to serve as strong catalysts, reinforcing a robust fundamental outlook [2]. - The implementation and penetration of CPO will be a lengthy process, and domestic manufacturers possess relevant technical capabilities, suggesting limited impact from CPO. The high demand for 1.6T optical modules in 2026-2027 is anticipated to provide numerous catalysts for growth. Overall, the recent decline in computing power is mainly sentiment-driven and does not alter the high growth trend in the optical module industry, offering a favorable time for investment in communication ETFs and ChiNext AI ETFs [2].