最后，短期来看，投资者可能需要注意的风险是海外科技股近期出现调整，即使上周鲍威尔放鸽后美股 大涨，标普的科技板块当周仍录得1.6%下跌，跑输能源、房地产等传统行业，这一情形可能出现扩 散。但长期来看，AI的应用仍处在非常早期，算力硬件板块的高景气料将延续。 投资逻辑上，人工智能具备"政策加持+产业需求+技术突破"三重驱动因素。首先，政策红利提供了稳 定的发展环境，各地政府相继出台支持AI产业的专项资金和人才政策，降低了企业扩张的不确定性。 其次，需求端的快速释放保证了行业高景气度，从消费级应用到工业、医疗等领域的渗透，带来了实实 在在的市场规模扩张。 对于投资者而言，20cm标的创业板人工智能ETF国泰（159388）集中覆盖人工智能产业链核心标的，能 够有效分散单一企业风险，同时把握AI产业长期成长的红利。中长期来看，随着AI在国民经济中战略 地位的提升，该ETF有望持续获得资金青睐，成为投资者布局新质生产力的重要工具。 （文章来源：每日经济新闻） 8月27日开盘，创业板人工智能ETF国泰（159388）开盘拉升超2%，延续了近期人工智能板块的强势行 情。 此前，根据海内外云服务商的Q2财报，资本开支增速维 ...

Group 1 - The communication industry is expected to maintain high prosperity in the first half of 2025, with the computing power sector showing the most significant performance due to accelerated global infrastructure construction and strong demand for 800G high-speed optical modules [1] - Leading companies in optical modules and optical devices have generally achieved both revenue and profit growth, driven by product structure optimization [1] - The data center main equipment, servers, and switches are experiencing rapid growth due to concentrated procurement from internet clients and the recovery of overseas demand [1] Group 2 - The operator sector continues to grow steadily, with an increasing proportion of revenue from digital transformation contributing significantly to profitability [1] - The satellite sector maintains steady growth, with emerging businesses like Beidou navigation and overseas market expansion becoming long-term drivers [1] - In the IoT sector, high-performance modules and overseas IoT demand are boosting profit growth for leading companies [1] Group 3 - The high prosperity in the communication industry is concentrated in core areas driven by computing power and AI, with leading companies accelerating volume growth based on technological and delivery advantages [1] - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which can have a daily fluctuation of up to 20%, reflecting the overall performance of listed companies involved in AI software and hardware development, algorithm research, and applications [1] - The industry allocation mainly favors information technology and high-end manufacturing, fully reflecting innovation and growth styles [1]

Group 1 - The communication industry is expected to maintain high prosperity in the first half of 2025, with the computing power sector showing the most significant performance due to accelerated global infrastructure construction and strong demand for 800G high-speed optical modules [1] - Leading companies in optical modules, optical devices, and optical chips, such as Zhongji Xuchuang and Xinyi Sheng, have achieved significant year-on-year growth in both revenue and profit [1] - The data center switch segment in the communication equipment field has experienced rapid growth driven by concentrated procurement from internet clients and the recovery of overseas demand, with companies like Ruijie Networks and StarNet achieving substantial year-on-year profit increases [1] Group 2 - The operator sector has shown steady growth, with major players like China Mobile and China Unicom experiencing slight increases in main business revenue, while the contribution of digital transformation revenue continues to rise significantly [1] - In the Internet of Things (IoT) sector, high-performance modules and overseas IoT demand have propelled profit growth for leading companies such as Mijuan Communication and Meige Intelligent, with year-on-year profit doubling [1] - The satellite sector continues to grow steadily, with emerging businesses like Beidou Navigation and overseas market expansion serving as long-term growth drivers [1] Group 3 - Overall, the high prosperity in the communication industry is concentrated in core areas driven by computing power and AI, with leading companies leveraging technological and delivery advantages to accelerate growth [1] - The Guotai Artificial Intelligence ETF (159388) tracks the ChiNext Artificial Intelligence Index (970070), which selects listed companies involved in machine learning and natural language processing, reflecting the overall performance of AI-related companies in the ChiNext market [1]

Core Viewpoint - The AI sector is experiencing a significant bullish trend, with substantial capital inflow into related ETFs, indicating strong market confidence in AI technologies and their applications [1][9]. Group 1: ETF Performance - The Communication ETF (515880) rose by 4.26%, attracting over 1.5 billion yuan in the last 10 days, with a current scale exceeding 5.1 billion yuan [1][2]. - The ChiNext AI ETF (国泰) saw a 5.34% increase, reflecting similar positive market sentiment [2]. Group 2: Market Drivers - The North American computing power supply chain is a focal point, with key sectors including PCB, optical modules, and server ODM witnessing increased demand and expansion [2]. - PCB manufacturers are showing a strong willingness to expand production, with expectations for bulk orders in PCB equipment like laser drilling [2]. - The AI-driven demand, coupled with a recovering macroeconomic environment, has led to price increases among upstream copper-clad laminate manufacturers [2]. Group 3: Technological Advancements - DeepMind's Genie3 has made significant strides in creating interactive, physics-consistent environments, which can be utilized in various fields such as robotics, game development, and education [3][4]. - Genie3's capabilities allow for rapid prototyping in game design and exploration of creative possibilities, marking a paradigm shift in AI research [3]. Group 4: Valuation and Future Outlook - As of August 18, the Communication ETF (515880) has a P/E ratio of 45.5x, positioned at the 53.87 percentile since its inception [8]. - The demand from North American capital expenditures is exceeding expectations, with optimistic guidance from major cloud providers [8]. - The AI sector is viewed as a major opportunity, potentially the largest since cloud computing, warranting continued attention to the ChiNext AI ETF and Communication ETF [9].

Group 1 - The global AI boom continues to drive rapid growth in the telecommunications and communication equipment industry, with AI server revenue growing over 60% year-on-year [1] - The GB200 series products have achieved mass production, and revenue from 800G high-speed switches is expected to increase nearly threefold compared to 2024, confirming the high demand for computing infrastructure [1] - The optical communication sector is performing well, with 400G and 800G optical modules achieving large-scale delivery, and the 1.6T product layout leading the market, while CPO solutions are driving the demand for liquid cooling [1] Group 2 - Domestic optical communication companies have seen rapid growth in performance, with Huagong Technology's connection business revenue increasing by 124% year-on-year, and Taicheng Light's dual layout in MPO and CPO fields [1] - The three major telecom operators are expected to see stable performance in the first half of 2025, with capital expenditure as a percentage of revenue continuing to decline and dividend ratios increasing [1] - The telecommunications industry overall is exhibiting a high prosperity trend, with outstanding performance in optical modules, IDC, and equipment manufacturers [1] Group 3 - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which can have a daily fluctuation of up to 20% [1] - This index selects listed companies involved in artificial intelligence technologies such as machine learning and natural language processing from the ChiNext market to reflect the overall performance of AI-related enterprises and highlight technological innovation and growth characteristics [1]

华创证券指出，中国星网低轨卫星密集发射已进入多场地协同阶段，截至2025年8月13日已完成8次 低轨卫星组成功发射，覆盖文昌、太原及海南商业航天发射场，形成多场地协同发射能力。中国星网自 2023年起分阶段推进卫星互联网星座建设，2024年12月正式启动低轨组网，目前已发射65颗正式低轨卫 星，下半年预计保持高密度发射态势。国内商业航天产业链中卫星制造及发射场能力渐趋成熟。此外， 全球光通信与AI算力领域需求强劲，Lumentum和Coherent财报显示数据中心与通信市场收入显著增 长，1.6T光模块等方案支持高性能AI数据中心，行业景气度持续高位。AI技术深度赋能通信应用，推动 产业链向上发展。 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅可达 20%。该指数从创业板市场中选取涉及人工智能技术及相关应用领域的上市公司证券作为指数样本，覆 盖软件开发、智能硬件制造等多个细分行业，以反映人工智能领域高成长性企业的整体市场表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不 ...

美国7月CPI不及预期，降息再升温！科技板块利好再起，人工智能"双雄"通信ETF（515880）、创业板 人工智能ETF国泰（159388）大涨超5%！ 今年接下来的议息会议主要是9月17号、10月29号和12月10号这三次议息会议，可以重点关注。复盘去 年的9·24行情，大家能够发现，在国内的央行降息之前，其实也是美联储率先开启了降息周期，也给国 内的政策打开了相应的空间。 从基本面看，AI发展仍处在极早期阶段，可以关注20cm标的创业板人工智能ETF国泰（159388）进行 全产业链布局。此外，在海内外算力基础设施持续投入的背景下，光模块市场有望维持高景气度。可以 关注光模块含量超40%的通信ETF（515880），三巨头占比超32%，有望充分受益于AI算力的需求爆 发。 注：数据来源：中证指数公司，wind，截至2025/7/16。中证全指通信设备指数前十大成份股为新易盛 （15.08%）、中际旭创（13.59%）、中兴通讯（9.59%）、工业富联（9.50%）、天孚通信（3.77%）、 中天科技（3.42%）、传音控股（3.02%）、亨通光电（2.71%）、闻泰科技（2.69%）、海格通信 （2.22 ...

海外市场的同步变化也对A股情绪形成助推。OpenAI、谷歌等国际巨头近期陆续推出性能更强、适 用性更广的新一代大模型，并在办公自动化、创意设计、数据分析等场景率先落地商业化，显著提升了 全球AI关注度。 全产业链迎修复，业绩兑现周期开启 8月13日，创业板人工智能ETF国泰（159388）盘中涨超5%，多只成分股放量大涨，市场交投火 热。 近期人工智能产业链利好不断。政策端，工信部在最新的人工智能产业推进会上明确提出，将在算 力基础设施、通用大模型与垂直行业模型落地等方向加大扶持力度，并推动人工智能与实体经济深度融 合。这一信号不仅巩固了AI作为国家战略性新兴产业的地位，也为行业内企业提供了明确的发展方 向。与此同时，多地政府公布新一批人工智能示范应用名单，覆盖智能制造、智慧交通、医疗健康等重 点领域，意味着政策驱动力正在加速传导到产业应用层面。 人工智能板块兼具高成长性与政策确定性，中长期投资逻辑清晰。首先，从全球视角看，AI产业 正处于由技术突破向大规模应用转化的临界点，行业景气度高且增长曲线陡峭。其次，国内在大模型研 发、算力安全可控以及行业应用等环节持续加码投入，使得国产AI产业链在国际竞争中逐渐形成 ...

8月12日，创业板人工智能ETF国泰（159388）早盘收涨超2%。 太平洋证券表示，GPT-5正式发布，幻觉大幅改善、编程能力提升。北京时间8月8日，OpenAI直播 正式发布GPT-5。GPT-5的系统由三部分组成，包括高效智能的模型、深度推理模型和实时路由器。实 时路由器可根据真实信号持续训练，能根据执行的具体任务，自动调用最优的模型。尽管GPT-5总体在 智能测评指标和新功能上提升幅度不大，但在幻觉减少、上下文长度和编程能力上有较大提升，同时在 定价方面较同类模型有较强的竞争力。 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），涨跌幅为20%，该 指数从创业板市场中选取涉及软件开发、智能硬件制造、大数据处理等人工智能技术及相关应用的上市 公司证券作为指数样本，以反映创业板市场内人工智能相关上市公司证券的整体表现。该指数聚焦中国 新兴科技产业的创新能力和成长潜力，涵盖了人工智能领域的代表性企业。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何 ...

Core Viewpoint - The strong performance of leading optical module companies is driving a bullish trend in the optical module market, supported by significant growth in AI-related capital expenditures and technological advancements in AI infrastructure [1][3]. Group 1: Market Performance - The optical module market is experiencing a robust rally, influenced by the impressive earnings reports from leading companies in the sector [1]. - The Communication ETF (515880) and the Growth Enterprise Market AI ETF (159388) have both seen increases of over 2.5% [2]. Group 2: Industry Growth - The global market for optical modules is projected to grow at a compound annual growth rate (CAGR) of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029 [3]. - Domestic and international cloud service providers are significantly increasing capital expenditures, leading to rapid expansion in AI infrastructure demand, particularly for high-speed optical modules [3]. Group 3: Company Performance - Industrial Fulian reported record high revenue and net profit in its 2025 semi-annual report, benefiting from growth in AI business [1]. - Several optical module companies have disclosed strong performance in their semi-annual earnings forecasts, contributing to a high level of industry optimism [4]. Group 4: Technological Advancements - NVIDIA's H20 sales recovery and the rapid ramp-up of the Blackwell GPU are expected to enhance the demand for optical modules as major AI companies accelerate their infrastructure development [5]. - The Blackwell GPU is noted for its fastest ramp-up speed in NVIDIA's history, further driving the demand for optical modules [5]. Group 5: ETF Composition - The Communication ETF (515880) has over 40% exposure to optical modules, positioning it to benefit from the ongoing development of AI computing capabilities [6]. - The top ten constituents of the Communication ETF include key players in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, which have significant weightings [8]. - The Growth Enterprise Market AI ETF (159388) tracks an index focused on the AI industry chain, providing greater elasticity due to its structure [9].