Group 1 - FTSE Russell announced quarterly index review changes, effective after market close on September 19, 2025, with new additions to the FTSE China A50 Index including New Yisheng and Zhongji Xuchuang, both significant players in the computing power sector [1] - As of September 3, New Yisheng has increased over 300% year-to-date, while Zhongji Xuchuang has risen over 240%, with a market capitalization exceeding 470 billion yuan, surpassing Dongfang Caifu to become the second largest in the ChiNext board [1] - The inclusion of stocks in the FTSE Russell index compels index-tracking funds to buy these stocks around the effective date, leading to substantial and stable buying pressure, particularly noticeable on the adjustment day [1] Group 2 - The computing power hardware sector, particularly optical modules, has shown significant rebound, with the ChiNext AI index rising by 2%, outperforming similar AI indices [1] - Zhongji Xuchuang and New Yisheng are the top two holdings in the ChiNext AI index, together accounting for 39% of the index weight, indicating strong investment opportunities in AI computing power [1] - The largest and most liquid ETF tracking the ChiNext AI index (159363) has seen a nearly 2% increase, with a cumulative investment of 1 billion yuan over the past five days, and a net inflow of 2.2 billion yuan over the last 20 days [1][5] Group 3 - Guosheng Securities suggests that the current optical module market is just the beginning, as the industry transitions from rapid earnings growth to valuation enhancement, with leading companies moving from "earnings realization" to "value reassessment" [3] - CITIC Securities notes that the AI user penetration rate remains low, and the development of large models is still in its early stages, indicating a significant potential for capital expenditure growth alongside revenue increases from large models [3] - The ChiNext AI index has risen over 82% year-to-date, significantly outperforming other AI indices, highlighting ongoing investment opportunities in the AI computing sector [3][4]

Core Viewpoint - The communication sector is experiencing significant growth, with the National Communication Index rising by 4.20% and notable increases in individual stocks, indicating a bullish market trend [1][4]. Group 1: Market Performance - As of August 28, 2025, the National Communication Index has increased by 4.20%, with Tianfu Communication rising by 15.00% and Dekeli by 13.98% [1]. - The Communication ETF (159695) has risen by 4.37%, with a weekly cumulative increase of 9.78% as of August 27, 2025 [1][4]. - The Communication ETF has recorded a trading volume turnover of 11.66% and a total transaction value of 20.30 million yuan, reflecting active market trading [4]. Group 2: Fund Performance - The latest scale of the Communication ETF reached 169 million yuan, marking a one-year high and ranking first among comparable funds [4]. - The ETF's share count has reached 93.81 million, also a three-month high, maintaining its leading position among similar funds [4]. - Over the past three days, the ETF has seen continuous net inflows, with a peak single-day net inflow of 10.61 million yuan, totaling 19.72 million yuan [4]. Group 3: Industry Insights - According to Guosheng Securities, the optical module market is at the beginning of a growth phase, transitioning from rapid earnings growth to valuation enhancement [5]. - The top ten weighted stocks in the National Communication Index account for 61.8% of the index, with key players including Zhongji Xuchuang, Xinyi Sheng, and China Telecom [5][7]. - The industry is expected to benefit from three key factors: AI closed-loop developments, new fund inflows, and ongoing industry innovation [5].