AI主线回调，通信ETF（515880）回调超2%，资金持续布局，连续4日净流入超24亿元

Group 1 - Meta and Microsoft continue to show high growth in capital expenditures, with Microsoft reporting a 66% year-on-year increase and Meta a 49% increase for Q4 2025. Both companies announced significant capital expenditure increases for 2026, projected to be around $115 to $135 billion, representing a year-on-year growth of 59% to 87%, which is significantly higher than previous expectations [1] - The performance of leading optical module companies, such as Zhongji Xuchuang and Xinyi Sheng, is in line with expectations, with forecasts for 2025 indicating a continuous increase in the proportion of high-speed optical modules and improved profitability, confirming strong industry demand [1] - The liquid cooling sector is experiencing accelerated penetration, with Amazon's demand for liquid cooling expected to be released following Meta and Google, further enhancing the market potential for ASIC liquid cooling [1] Group 2 - The communication ETF (515880) was the top performer in 2025, with an annual increase of 125.81%, and it also holds the largest scale among its peers, with a size of 15.784 billion yuan as of December 31, 2025, ranking first among 15 similar products [2] - As of December 31, 2025, the optical module content in the communication ETF exceeded 46%, and server content was nearly 20%, indicating a solid fundamental backing for overseas computing power, which remains a preferred choice in a favorable market [1][2]