Investment Rating - The industry investment rating is "Outperform the Market" [1][43] Core Insights - The report highlights a continuous growth trend in the market, with the Shanghai Composite Index rising by 3.54% in July 2025, while the communication sector increased by 10.7% and the computer sector by 3.86% [5][12] - The AI industry is experiencing significant growth, with the scale of China's AI industry expected to exceed 700 billion yuan in 2024, maintaining a growth rate of over 20% [23] - The demand for AI computing power is surging, driven by the widespread adoption of AI applications, which is expected to sustain high market activity in China's AI computing sector [5][12] Summary by Sections Market Review - From July 1 to July 31, 2025, the communication sector saw a notable increase, with Nvidia receiving U.S. government approval to resume sales of its "special version" H20 chips to China [5][12] - The report indicates that the top ten domestic telecom server manufacturers include ZTE, Inspur, and others, with ZTE holding a market share of 20.51% [37][40] Communication Industry - The domestic telecom business revenue reached 162.95 billion yuan in June 2025, reflecting a year-on-year growth of 4.86% [15][17] - The three major telecom operators are enhancing their AI capabilities, with significant investments in AI models and intelligent agents [6][23][29] Computer Industry - The domestic software industry reported revenues of 1,479.6 billion yuan in June 2025, marking a year-on-year increase of 13.53% [30] - The report notes that the domestic server market is expected to grow rapidly over the next three years, driven by increasing demand for domestic servers and technological innovation [7][40]

Group 1 - Nvidia has received approval from the Trump administration to resume sales of the "special version" H20 to China, following a meeting between CEO Jensen Huang and President Trump [1] - Nvidia is preparing to launch a new GPU based on the Blackwell architecture that complies with U.S. export regulations, which may be used in smart factories and logistics [1] - The easing of U.S.-China trade tensions since June has alleviated concerns over the "chip shortage" in domestic computing power, potentially benefiting AI data centers, applications, and overseas supply chains [1] Group 2 - The upcoming A-share semi-annual reports are significant, with several North American computing power chain companies recently disclosing earnings forecasts, showing strong performance in Q2 for leading firms in the optical module and PCB sectors [1] - Some representative companies are expected to see their net profits attributable to shareholders grow several times year-on-year by 2025 [1] - The overall computing power sector remains optimistic due to previous expansion actions and high market demand [1] Group 3 - The Communication ETF (515880) effectively represents the AI market, tracking the communication equipment index and selecting listed companies involved in communication equipment manufacturing and technology services [2] - The Communication ETF has good liquidity and over 40% of its composition is in optical modules [2]

每经编辑｜彭水萍 受到基本面和消息面的利好催化，今日早盘通信板块冲击三连阳，光模块含量近30%的通信ETF（515880）涨超2%。 关于业绩表现，从英伟达和北美云厂产业链来看，A股上市公司中能在北美算力产业链占据较大优势的环节主要包括光模块、PCB、ODM等。从我们的跟踪 及已发布的公告看，目前占据主要份额的企业在业绩层面均出现了较大幅度的增长。 通信ETF（515880）很好地代表了AI的行情。通信ETF跟踪通信设备指数，从A股市场中选取涉及通信设备制造、通信技术服务等业务的上市公司证券作为 指数样本，以反映通信设备行业相关上市公司证券的整体表现。通信ETF（515880）在同类ETF中流动性好，光模块占比较高，加上服务器和运营商占比， AI直接相关的成分占比接近60%。 消息面上，在CEO黄仁勋与美国总统特朗普会晤数天后，英伟达于当地时间周一宣称已收到美国政府的许可，恢复向中国销售"特供版"H20芯片。此外，黄 仁勋还称英伟达准备推出一款基于Blackwell架构且符合美国对华出口规定的新GPU，该GPU将可能用于智能工厂和物流等领域。此前，美国政府曾于今年4 月关税冲突的高点限制H20芯片的对华出售， ...