光模块卖铲人逻辑较强，资金抢筹布局，通信ETF（515880）近20日资金净流入超27亿元

Group 1 - The core viewpoint highlights strong investment interest in optical modules, with significant capital inflow into the communication ETF (515880), exceeding 2.7 billion yuan over the past 20 days [1] - Overseas cloud providers are significantly increasing their capital expenditure (Capex) guidance, leading to a valuation recovery in the industry chain. Google expects its 2026 Capex to be between 175 billion to 185 billion USD, nearly doubling year-on-year; Meta's full-year Capex guidance is 115 billion to 135 billion USD, a 73% increase; and Amazon's guidance is 200 billion USD, a 53% year-on-year growth [1] - The industry outlook is positive, with US earnings reports reaffirming the certainty of AI, and a continued shortage in computing power supply. Google reports that its Gemini 3.0 model is the fastest in its history, with over 750 million monthly active users. Management indicates that AI infrastructure investment will gradually increase throughout the year, with a pre-calculated power shortage expected to persist [1] Group 2 - Recent strong rebounds in the US computing chain and optical communication sectors have positively influenced sentiment and risk appetite in the A-share market. A-share segments like optical modules and servers are positioned at the core of the global AI industry chain, suggesting a strong "sell shovel" logic that may continue to benefit [1] - The communication ETF (515880) holds key overseas computing industry stocks, with core components such as optical modules, servers, optical fibers, and copper connections accounting for over 76%, effectively representing the fundamental industry outlook [1]