数据显示，截至2025年10月31日，国证通信指数前十大权重股分别为中际旭创、新易盛、中兴通讯、中 国电信、中国移动、中国联通、天孚通信、中天科技、亨通光电、闻泰科技，前十大权重股合计占比 66.96%。 通信ETF(159695)紧密跟踪国证通信指数，一键布局光通信产业链。 来源：智通财经 截至2025年11月26日 11:25，国证通信指数强势上涨5.63%，成分股中际旭创上涨13.91%，信维通信上 涨10.38%，新易盛上涨10.10%，永鼎股份，剑桥科技等个股跟涨。 消息面上，谷歌正在利用其在人工智能（AI）模型领域的最新突破，对英伟达发起挑战。Meta正与谷 歌就2027年在其数据中心使用价值数十亿美元TPU芯片进行谈判，同时计划明年从谷歌云租用芯片。当 前AI趋势明确，人工智能军备竞赛持续，国内外云厂商资本开支高增。通信板块作为"卖铲子"的算力行 业，市场规模持续增长。 中信建投指出，"十五五"规划建议明确，新一轮科技革命和产业变革加速突破，要全面实施"人工智能 +"行动。目前世界正处于AI产业革命中，类比工业革命，影响深远，不能简单对比近几年的云计算、 新能源等，需要以更长期的视角、更高的视野 ...

2025年11月20日早盘，光通信模块一度高开超2%，截至10:25，国证通信指数上涨0.40%，成分股闻泰 科技上涨3.19%，中际旭创上涨1.87%，普天科技上涨1.45%，新易盛上涨1.37%，中海达上涨1.25%。 通信ETF(159695)紧密跟踪国证通信指数，一键布局光通信产业链。 消息面，英伟达发布2025财年第三季度财报，数据显示无论是营收、利润还是对下一季度的展望，均显 著高于市场预期。有市场分析认为，英伟达财报持续验证算力景气度，A股以光模块为核心的算力硬件 或迎重磅催化。 场外投资者可以通过通信ETF联接基金（019072）布局AI变革下的光通信投资机遇。 有机构认为，光模块持续受到海内外算力主线催化。一方面受惠于计算芯片放量，配套的光模块出货量 水涨船高，另一方面光模块800G/1.6T技术升级明确，渗透率或持续提高。总体上处于量价齐升状态， 市场规模迅速扩容，增速明年或比今年更高。从份额上看，格局总体稳定，中国头部大厂占据核心份 额。往后看，A股核心环节目前"卖铲人"的逻辑很清晰，龙头效应也有望加强。 数据显示，截至2025年10月31日，国证通信指数前十大权重股分别为中际旭创、新易 ...

Core Insights - The CPO concept is experiencing a strong upward trend, with the Guozheng Communication Index rising by 1.21% as of 09:50 on November 19, 2025, driven by significant gains in stocks such as LianTe Technology (+14.69%) and Changxin Bochuang (+6.29%) [1] - The 2025 6G Development Conference was successfully held in Beijing, focusing on the theme "Intelligent Connection of the World, Building a 6G Technology Innovation Ecosystem," discussing key topics such as application demands, critical technologies, international standards, and industry research and development [1] Industry Summary - According to Huatai Securities, the communication industry showed a steady growth trend in Q3 2025, with total revenue and net profit attributable to shareholders of listed companies growing by 5.2% and 12.3% year-on-year, respectively [2] - Looking ahead to Q4 2025 and 2026, increased investment in global AI computing power is expected to drive high growth in the optical communication sector's net profit, while telecom operators are projected to maintain steady profit growth [2] - The ICT equipment and IDC sectors are likely to benefit from increased capital expenditures by internet giants, and the copper connection sector is expected to continue releasing capacity, contributing to net profit growth [2] - Key areas of demand to watch include hollow-core optical fibers, submarine cables, and DCI within the optical fiber and cable sector [2] - As of October 31, 2025, the top ten weighted stocks in the Guozheng Communication Index accounted for 66.96% of the index, with major players including Zhongji Xuchuang, Xinyi Sheng, and ZTE [2] Investment Opportunities - The Communication ETF (159695) closely tracks the Guozheng Communication Index, providing a convenient way to invest in the optical communication industry chain [3] - Investors can also access the Communication ETF linked fund (019072) to capitalize on investment opportunities in optical communication under the AI transformation [4]

Core Insights - The communication index has shown a strong increase of 2.42%, with significant gains in constituent stocks such as Shijia Photon up 12.79% and Wentai Technology up 8.56% [1][4] - The communication ETF (159695) has risen by 2.55%, with a notable 11.55% increase over the past week, ranking first among comparable funds [1][4] - The "14th Five-Year Plan" emphasizes high-quality economic development and increased focus on technology, suggesting a shift in policy towards seizing technological development opportunities [4] Market Performance - The communication ETF recorded a turnover rate of 11.88% and a trading volume of 30.89 million yuan, indicating active market participation [4] - Over the past week, the ETF's scale increased by 10.33 million yuan, leading among comparable funds [4] - The ETF's net value has risen by 113.73% over the past two years, ranking 38th out of 2366 index equity funds, placing it in the top 1.61% [4] Return Metrics - The highest monthly return since the ETF's inception was 33.97%, with the longest consecutive monthly gain being 5 months and a maximum cumulative increase of 76.35% [4] - The average return during the months of increase is 7.57% [4] Industry Outlook - The demand for computing power is expected to continue growing, with the industry shifting from "competing for orders" to "ensuring delivery" by 2026, making delivery capability a key competitive indicator [4] - Leading companies are anticipated to excel due to their supply chain management capabilities [4] Major Holdings - As of September 30, 2025, the top ten weighted stocks in the communication index account for 66.02% of the total index, including major players like Zhongji Xuchuang and ZTE [5][7] - The detailed performance of these stocks shows varied increases, with Zhongji Xuchuang at 1.12% and New Yi Sheng at 7.12% [7] Investment Opportunities - Investors can access opportunities in optical communication under the AI transformation through the communication ETF linked fund (019072) [7]

Group 1 - The communication ETF has seen a turnover of 6.83% with a transaction volume of 17.29 million yuan, and its net value has increased by 76.97% over the past two years, ranking 80 out of 2353 index equity funds, placing it in the top 3.40% [3] - The highest monthly return since the establishment of the communication ETF is 33.97%, with the longest consecutive monthly gains being 5 months and a maximum increase of 76.35%, while the average return during rising months is 7.57% [3] - Galaxy Securities indicates strong demand and sustained prosperity in the AI-driven computing power industry, despite potential short-term market fluctuations and adjustments, maintaining a positive outlook for the AI computing sector from a medium to long-term perspective [3] Group 2 - According to Zheshang Securities, the communication industry is expected to see a 2.8% year-on-year revenue growth and a 7.8% increase in net profit attributable to the parent company in the first half of 2025, with steady performance improvements anticipated [3] - The report predicts continued high growth in sectors such as optical modules and liquid cooling in Q3 2025, with an ongoing improvement in the main business of operators and an increase in the proportion of innovative businesses [3] - The satellite internet industry is gradually establishing trends and is expected to see significant growth, with a positive outlook for opportunities in the communication sector in Q4 2025 [3] Group 3 - As of September 30, 2025, the top ten weighted stocks in the Guozheng Communication Index include Zhongji Xuchuang, Xinyi Sheng, ZTE Corporation, China Telecom, China Mobile, China Unicom, Tianfu Communication, Zhongtian Technology, Transsion Holdings, and Hengtong Optic-Electric, collectively accounting for 66.02% of the index [4] - The performance of individual stocks shows varied changes, with Zhongji Xuchuang increasing by 8.68% and Tianfu Communication rising by 9.80%, while China Telecom and China Mobile experienced slight declines [6] - Investors can access AI-driven optical communication investment opportunities through the communication ETF linked fund (019072) [6]

Group 1: Market Performance - The communication ETF had a turnover rate of 4.55% during trading, with a transaction volume of 12.1969 million yuan. The average daily transaction volume over the past month reached 35.6798 million yuan as of October 15 [3] - Over the past three months, the communication ETF's scale increased by 155 million yuan, ranking first among comparable funds [3] - As of October 15, the communication ETF's net value rose by 79.80% over the past two years, placing it in the top 3.91% among 2,351 index equity funds [3] Group 2: Industry Developments - The Ministry of Industry and Information Technology reported significant progress in new infrastructure construction, with 4.598 million 5G base stations built, an increase of 395,000 from the end of the previous year. The number of gigabit broadband access ports exceeded 30.532 million, and the intelligent computing power scale reached 788 EFLOPS [3] - There are over 20,000 projects integrating 5G and industrial internet applications, positioning China's computing infrastructure as the second largest globally [3] Group 3: Future Outlook - Industry analysts predict that the communication sector will experience a dual opportunity period due to technological upgrades and policy support by 2025. Emerging fields such as artificial intelligence, quantum communication, and low-altitude economy will create new growth spaces [4] - The demand for AI is expected to dominate the Ethernet optical module market, with anticipated demand growth exceeding expectations from 2026 to 2030 [4] - Despite increasing international tariff disputes, suppliers in the computing power industry have mitigated impacts through capacity reserves and raw material switches, indicating limited fundamental disruption from policy shocks [4] Group 4: Key Stocks - The top ten weighted stocks in the communication index as of September 30, 2025, include Zhongji Xuchuang, Xinyi Sheng, ZTE Corporation, China Telecom, China Mobile, China Unicom, Tianfu Communication, Zhongtian Technology, Transsion Holdings, and Hengtong Optic-Electric, collectively accounting for 66.02% of the index [4]

Group 1: Communication ETF Performance - The Communication ETF has a turnover rate of 6.11% with a transaction volume of 18.11 million yuan on a single day. The average daily transaction volume over the past month is 50.60 million yuan [1] - Since the beginning of the month, the Communication ETF has seen an increase in scale by 42.68 million yuan, ranking first among comparable funds. Over the last 19 trading days, there have been net inflows on 10 days, totaling 56.56 million yuan [1] - As of September 25, the Communication ETF's net value has increased by 106.58% over the past year, ranking 342 out of 3031 index equity funds, placing it in the top 11.28% [1] Group 2: Alibaba's AI Developments - Alibaba has announced significant advancements in artificial intelligence, including a partnership with NVIDIA for Physical AI and the release of seven large model products, with Qwen3-Max being the strongest model to date [2] - The CEO of Alibaba stated that the company will invest an additional 380 billion yuan in AI infrastructure [2] - According to CITIC Securities, the capital expenditure driven by AI has substantial long-term potential, with a shift from network investment to computing power investment, indicating a strong growth trajectory for cloud services [2] Group 3: Optical Communication Sector Insights - Recent volatility in the optical communication sector has been noted, but strong demand and large orders in the overseas AI computing power market suggest that the fundamentals of the optical module industry remain solid [3] - The AI-driven expansion cycle in computing power is far from over, and the current market adjustments may provide better investment opportunities for investors [3] - As of August 29, 2025, the top ten weighted stocks in the Guozheng Communication Index account for 64.43% of the index, including companies like XinYiseng, Zhongji Xuchuang, and ZTE [3] Group 4: Stock Performance Overview - The stock performance of key companies in the optical communication sector shows varied results, with Zhongji Xuchuang down by 2.05%, China Telecom down by 0.45%, and ZTE down by 3.21% [5] - Investors can consider the Communication ETF linked fund (019072) to capitalize on investment opportunities in optical communication under the AI transformation [5]

Core Insights - The communication index has shown a strong increase of 2.70%, with notable gains in individual stocks such as Ruijie Networks (up 13.62%) and Zhishang Technology (up 10.59) [1] - The communication ETF (159695) has also risen by 2.32%, with a cumulative increase of 13.20% over the past week [1][4] - The ETF has seen significant liquidity, with a turnover rate of 16.86% and a total transaction volume of 37.1 million yuan [4] Market Performance - The communication ETF reached a new high in scale at 216 million yuan and in shares at 112 million, ranking first among comparable funds [4] - Over the past five days, the ETF has experienced continuous net inflows, totaling 53.87 million yuan, with a single-day peak of 22.62 million yuan [4] - The ETF's net value has increased by 112.11% over the past year, placing it in the top 4.42% of index equity funds [4] Industry Trends - The communication industry is transitioning from scale expansion to a focus on existing value, with a 1% year-on-year growth in telecom business revenue for H1 2025 [5] - Emerging businesses such as cloud computing, big data, and IoT now account for 25% of revenue, showing a 10.6% year-on-year growth and contributing 78% to industry growth [5] - The industry is characterized by high barriers to entry, low valuations, and high dividend yields, with current PB and EV/EBITDA significantly below global averages, indicating substantial room for valuation improvement [5] Key Stocks - The top ten weighted stocks in the communication index account for 64.43% of the total index, with significant players including Xin Yi Sheng, Zhong Ji Xu Chuang, and Zhong Xing Communications [5][7] - Notable stock performances include Zhong Ji Xu Chuang (up 8.93%) and Xin Yi Sheng (up 5.18%), while China Telecom and China Mobile experienced slight declines [7] Policy Impact - The State Council's "Artificial Intelligence +" action plan aims for over 70% and 90% application rates of new intelligent terminals and agents by 2027 and 2030, respectively, which is expected to catalyze domestic computing power [4]

Core Viewpoint - The communication industry is experiencing a period of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy [4] Market Performance - As of August 29, 2025, the Guozheng Communication Index fell by 1.18%, with mixed performance among constituent stocks [1] - The Communication ETF (159695) has seen a cumulative increase of 18.08% over the past week, ranking first among comparable funds [1] - The Communication ETF recorded a turnover rate of 21.33% and a transaction volume of 43.78 million yuan, indicating active market trading [3] - The latest scale of the Communication ETF reached 205 million yuan, a one-year high, and its share count reached 106 million, also a one-year high [3] Fund Flows - The Communication ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 22.62 million yuan, totaling 42.35 million yuan [3] - The one-year net value of the Communication ETF has increased by 97.52%, ranking 202 out of 2985 in the index stock fund category [3] Sector Insights - The top ten weighted stocks in the Guozheng Communication Index account for 61.8% of the index, with major players including Zhongji Xuchuang, Xinyi Sheng, and China Telecom [4][6] - The industry is expected to see ongoing demand for communication facilities such as base stations, optical cables, and data centers, driven by new device and service operation needs [4] Policy Developments - The government has included computing power in the core category of new infrastructure, promoting the development of standards for data security and computing power scheduling [3] - Regional clusters like Beijing-Tianjin-Hebei and the Yangtze River Delta are forming cross-regional computing power networks to support low-latency scenarios such as high-frequency trading and remote decision-making for autonomous driving [3]

Group 1: Communication ETF Performance - The Communication ETF has a turnover rate of 5.42% and a transaction volume of 5.9067 million yuan during the trading session [3] - Over the past month, the Communication ETF's scale increased by 3.2637 million yuan, ranking first among comparable funds [3] - As of July 31, the net value of the Communication ETF has risen by 45.63% over the past year, placing it in the top 15.56% of index equity funds [3] Group 2: Industry Outlook - The telecommunications industry in China has shown stable operation in the first half of the year, with growth in telecom business volume and orderly progress in new infrastructure construction [3] - The user base for 5G, gigabit, and IoT continues to expand, with mobile internet access traffic maintaining rapid growth [3] - By 2025, the telecommunications sector is expected to experience a period of technological iteration and policy dividends, with new growth drivers emerging from AI, quantum communication, and low-altitude economy [3] Group 3: North American vs. Domestic Computing Power Chains - North American computing power chains, represented by "Yizhongtian," have significantly outperformed domestic counterparts like SMIC and Cambrian [4] - The divergence is primarily driven by performance, with North American cloud vendors reaffirming increased AI capital expenditures and clearer overseas optical module demand guidance for next year [4] - Since Q2, the performance of North American computing power chains has seen substantial upward revisions [4] Group 4: Major Stocks in the Communication Index - As of July 31, the top ten weighted stocks in the National Communication Index include Zhongji Xuchuang, Xinyi Sheng, China Telecom, ZTE, China Mobile, China Unicom, Zhongtian Technology, Transsion Holdings, Tianfu Communication, and Wentai Technology, collectively accounting for 61.8% of the index [4] - The performance of these stocks varies, with Zhongji Xuchuang down by 2.05% and Transsion Holdings up by 2.82% [6]