东莞证券指出，2025年通信行业处于技术迭代与政策红利叠加期，AI、量子通信、低空经济等新质生 产力方向将持续释放增长动能，蜂窝物联网模组从库存调整中复苏回暖，基站、光缆线路、数据中心等 通信设施建设有望持续推进，带来新的器件、设备与服务运营需求。 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），单日涨跌幅达20%，该 指数从创业板市场中选取涉及机器学习、自然语言处理等人工智能技术及应用的企业作为指数样本，以 反映创业板市场内人工智能相关上市公司的整体表现。该指数具有高科技、创新性强的特点，聚焦于人 工智能领域的核心技术及应用场景。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 中信建投表示，谷歌发布了新的AI模型Gemini3，并计划每六个月将其计算能力翻倍，目标是在未来四 到五年内提升千倍。英伟达在2026财年第三季度报告中显示收入增长强劲，预计下一季度销售额也将大 幅增加。 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，覆盖从硬件 制造到软件开发等多个环节，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，具有突出的 科技创新和成长性特征。 ...

国信证券指出，通信行业受益于全球算力高景气度延续，北美光模块等公司业绩指引强劲。 Tower2025Q3营收同比增长7%，硅光子业务收入同比大增70%，预计产能将提升3倍以上；AMD预计未 来3-5年数据中心业务年复合增长率超60%，其硅锗平台需求强劲；思科FY2026Q1营收同比增长8%， AI基础设施订单达13亿美元，全年相关收入预计超30亿美元。国内方面，百度发布昆仑芯超节点技 术，单卡性能提升95%，卫星互联网加速推进，第13组低轨卫星成功发射。运营商板块经营稳健，分红 比例持续提升，高股息价值凸显。整体来看，AI基础设施建设和算力需求驱动通信设备、光模块、液 冷等细分领域持续受益。 （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明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 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），单日涨跌幅达 20%，该指数从创业板市场中选取涉及人工智能技 ...

Group 1 - The global computing power remains in a high prosperity phase, with strong performance guidance from North American optical module companies and a projected increase in silicon photonics capacity by over 300% [1] - AMD anticipates a compound annual growth rate of over 60% in its data center business over the next 3-5 years [1] - Cisco reported an 8% year-on-year revenue growth for FY2026 Q1, primarily benefiting from a surge in AI infrastructure orders [1] Group 2 - Baidu has announced a roadmap for upgrading its computing power infrastructure, with Kunlun chip super nodes achieving a 95% performance improvement per card [1] - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which has seen a daily fluctuation of over 20%, reflecting the performance of listed companies in software development, smart hardware, and big data processing within the AI sector [1] - The index constituents are characterized by high growth potential and innovation, focusing on the development dynamics of the AI industry in China's ChiNext market [1]

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明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华泰证券指出，3Q25通信行业整体营收及归母净利润同比增长5.2%/12.3%，延续稳健增长态势。 全球AI算力侧投资加码驱动光通信板块归母净利润延续高增长，其中光模块及光器件板块总营收/归母 净利润分别同比增长51%/123%，800G及1.6T产品需求释放是关键动力。 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），单日涨跌幅达 20%，该指数从创业板市场中选取涉及人工智能技术与应用的上市公司证券作为指数样本，覆盖软硬件 开发、智能服务等多个领域，以反映人工智能相关企业在创业板的整体表现。该指数成分股具有高成长 性和创新性特征，体现了人工智能产业在创业板的发展态势。 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 ...

华泰证券指出，3Q2025通信行业整体营收及归母净利润同比增长5.2%/12.3%，延续稳健增长态 势。细分来看，电信运营商归母净利润保持稳健增长；光通信、铜连接板块中头部厂商受益于AI需求 持续兑现；液冷设备/ICT设备收入企稳回暖。展望4Q2025及2026年，全球AI算力侧投资加码有望驱动 光通信板块归母净利润延续高增长；电信运营商板块归母预计保持稳健增长；ICT设备及IDC板块有望 持续受益互联网巨头资本开支增长；铜连接板块有望持续释放产能兑现归母增长；光纤光缆中空芯光 纤、海缆与DCI需求值得关注。3Q2025光模块及光器件板块总营收/归母净利润分别同比增长 51%/123%，主要受益于海外800G光模块需求释放及1.6T产品起量；铜连接板块总营收/归母净利润同比 增长26%/72%，AI相关新产品规模化导入带动毛利提升。液冷设备板块2026年或将成为需求放量关键时 间点，产业链公司有望受益。 （责任编辑：董萍萍 ） 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），单日涨跌幅达 20%，该指数从创业板市场中选取涉及AI技术开发、应用及服务等领域的上市公司证券作为指 ...

消息面，华为将在11月21日发布AI领域的突破性技术，有望解决算力资源利用效率的难题。具体 来看，华为即将发布AI领域的突破性技术，可将GPU（图形处理器）、NPU（神经网络处理器）等算 力资源的利用率，从行业平均的30%至40%提升至70%，显著释放算力硬件潜能。 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，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 （责任编辑：董萍萍 ） 国信证券表示，AI对互联网巨头广告业务场景、云计算场景和企业效率方面的作用依然明显，各 公司依然保持积极的投资力度，但市场开始逐渐增加关注巨额CAPEX背后的ROI表现。国内大厂的资本 开支压力远小于海外，且AI对其相关业务的带动同样明显，同时利润端预计多家龙头公司经营效率提 升明显。 【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 ...

Group 1: Communication Industry Performance - The overall revenue and net profit attributable to the parent company in the communication industry for Q3 2025 grew by 5.2% and 12.3% year-on-year, indicating a steady growth trend [1] - Telecom operators maintained stable growth in net profit attributable to the parent company, while leading manufacturers in the optical communication and copper connection sectors continued to deliver results [1] - Revenue from liquid cooling equipment and ICT equipment showed signs of stabilization and recovery [1] Group 2: Future Outlook - For Q4 2025 and 2026, increased investment in global AI computing power is expected to drive high growth in net profit for the optical communication sector [1] - The telecom operator sector is projected to maintain stable growth in net profit attributable to the parent company [1] - The ICT equipment and IDC sectors are likely to benefit from increased capital expenditures by internet giants [1] Group 3: Segment Performance - In Q3 2025, the total revenue and net profit attributable to the parent company in the optical module and optical device sector grew by 51% and 123% year-on-year, driven by sustained demand for overseas 800G optical modules and the ramp-up of 1.6T products [1] - The copper connection sector saw total revenue and net profit attributable to the parent company increase by 26% and 72% year-on-year [1] - The liquid cooling equipment sector experienced total revenue and net profit growth of 28% and 5% respectively, with 2026 expected to be a key year for demand in the liquid cooling industry [1] Group 4: AI ETF Performance - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which saw a daily fluctuation of 20% [2] - The index selects listed companies involved in AI technology and applications from the ChiNext market, covering various fields such as software and hardware development and intelligent services [2] - The constituent stocks of the index exhibit high growth and innovation characteristics, reflecting the development trend of the AI industry in the ChiNext market [2]

国信证券指出，北美光模块光芯片公司业绩指引强劲，全球算力景气度延续。Fabrinet FY2026Q1营收 同比增长22%，环比增长8%，数据中心互联（DCI）业务需求强劲，收入同比增长92%，环比增长 29%。Coherent FY2026Q2营收指引15.6-17.0亿美元，受益于DCI ZR/OCS/1.6T VCSEL方案等技术驱 动。Lumentum FY2026Q2营收指引6.3-6.7亿美元，光模块需求强劲，EML激光器供应紧张，缺口从10% 扩大至20-30%，公司积极扩产激光器芯片，预计提升40%产能。中科曙光发布全球首个单机柜级640卡 超节点scaleX640，采用高密架构设计，单机柜算力密度提升20倍，可实现MoE万亿参数大模型训练推 理场景30%-40%的性能提升。英伟达将AI服务器卫星送入太空，谷歌启动"逐日计划"，推动太空AI基础 设施发展。全球AI投入CSP军备竞赛加速，算力基础持续受益。 （文章来源：每日经济新闻） 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），单日涨跌幅超20%，该 指数从创业板市场中选取涉及人工智能软硬件开发、算法研究 ...

Group 1: Industry Insights - North American optical module and chip companies show strong performance guidance, indicating sustained global computing power demand [1] - Fabrinet's FY2026 Q1 revenue increased by 22% year-on-year and 8% quarter-on-quarter, driven by robust demand in the Data Center Interconnect (DCI) business, which saw a 92% year-on-year and 29% quarter-on-quarter revenue growth [1] - Coherent's FY2026 Q2 revenue guidance is between $1.56 billion and $1.70 billion, benefiting from technological advancements in DCI ZR/OCS/1.6T VCSEL solutions [1] - Lumentum's FY2026 Q2 revenue guidance is between $630 million and $670 million, with strong demand for optical modules and a supply shortage of EML lasers expanding from 10% to 20-30%, leading to a planned 40% increase in production capacity [1] - Zhongke Shuguang launched the world's first single-cabinet 640-card super node scaleX640, enhancing computing density by 20 times for large-scale cluster deployments [1] - Global AI investment is accelerating, with companies like NVIDIA sending AI server satellites into space and Google initiating the "Daily Plan" to promote space AI infrastructure development [1] Group 2: Market Performance - The Guotai Artificial Intelligence ETF (159388) tracking the ChiNext Artificial Intelligence Index (970070) experienced a daily fluctuation of 20% [2] - The index selects listed companies involved in AI technology development and application from the ChiNext market, covering software, hardware, and related services, reflecting the overall performance of high-growth innovative enterprises in the AI sector [2] - The industry allocation is primarily concentrated in information technology and high-end manufacturing, showcasing the technological forefront and industrial upgrade characteristics of the sector [2]