Group 1 - The valuation levels of two IDC REITs projects are 16.5 and 14.3 times, which are expected to provide new valuation anchors for IDC companies [1] - IDC companies are currently at historical low valuations and represent a significant segment in the domestic computing power industry chain with strong capital carrying capacity [1] - The GB300 server raises higher requirements for high-speed interconnection, pushing the optical communication industry into the 1.6T era, benefiting core supply chain-related enterprises and enhancing performance growth certainty [1] Group 2 - Domestic customers show higher acceptance of B-series GPU servers, with computing power leasing offering a high ROI and ample profit margins [1] - The GB300 system integrates 72 Blackwell Ultra GPUs and 36 Arm Neoverse architecture-based Grace CPUs, improving AI computing power by 1.5 times compared to the GB200, achieving a computing density of 3 PFLOPS per cabinet, reducing large model training cycles by 30%, and lowering power consumption per computing power by 40% with a PUE below 1.08 [1] - The communication ETF tracks the communication equipment index, which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in communication network infrastructure, terminals, and related equipment from the A-share market to reflect the overall performance of the communication equipment industry [1]