Group 1 - The A-share market showed mixed performance on February 2, 2026, with the optical module sector opening high and the ChiNext Growth ETF (159967) rising by 1.07% [1] - On January 30, Zhongji Xuchuang and Xinyi Sheng both released their 2025 earnings forecasts, reporting impressive performances with net profits exceeding 9 billion [1] - The three leading companies in the A-share CPO concept—Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication—have all announced significant increases in net profits for 2025 [1] Group 2 - CITIC Securities believes that the AI industry remains highly prosperous, and optical modules, as core components of computing networks, will directly benefit from this trend [1] - There is a substantial increase in capital expenditure from overseas cloud vendors, leading to strong demand for optical modules, while technological iterations (such as NPO and CPoE) will further solidify the advantages of leading companies [1]

Core Viewpoint - The communication industry is experiencing a recovery phase, with a notable increase in fund holdings in the optical module sector, driven by new technology iterations and upcoming performance forecasts [1] Group 1: Market Performance - The market saw a rebound after hitting a low, with the optical module sector experiencing significant gains, particularly in companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [1] - The Growth ETF for the ChiNext market (159967) rose over 3% [1] Group 2: Fund Holdings and Industry Outlook - Public fund data for Q4 2025 indicates a continued increase in holdings within the communication sector, with a focus on strengthening optical module allocations [1] - Guosheng Securities highlights that frequent new technology iterations in the optical module sector, such as OCS and coherent technology, are crucial for future valuation increases [1] Group 3: Future Events and Expectations - The sector is currently in a consolidation phase, but confidence in company performance is expected to rise with the release of Q4 2025 and Q1 2026 earnings forecasts [1] - Upcoming GTC and OSC meetings post-Spring Festival will focus on new products like 1.6T and 3.2T, which may further stimulate market activity [1]