感兴趣的投资者可以逢低分批配置通信ETF（515880）平滑风险，没有股票的投资者可以关注通信ETF联接基金（联接A：007817；联接C：007818）。 从基本面看，AI发展仍处在极早期阶段，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。通信ETF（515880）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，标的指数光模块权重占比近40%，本轮AI浪潮下充分受益。 从历史表现来看，通信ETF（515880）近一年以来涨幅达39.77%，高于同期的800通信和5G通信指数，业绩表现更优。 通信行业基本面呈现三重驱动逻辑。首先是光模块需求爆发构成核心引擎。800G产品引领全球市场增长，1.6T技术逐步上量，LPO与CPO技术成熟为3.2T时 代奠基；其次是龙头企业业绩集体超预期，新易盛上半年净利润同比激增327%~385%，中际旭创增长53%~87%，光迅科技Q2单季表现亮眼。最后是AI算力 基建加速形成关键支撑。英伟达H20芯片恢复对华供 ...

Group 1 - The National Communication Index has risen strongly by 1.85%, with key stocks such as Changfei Optical Fiber and Cambridge Technology hitting the daily limit, and Shijia Photon increasing by 8.59% [1] - The Communication ETF (159695) has increased by 1.92%, and over the past week, it has accumulated a rise of 4.23% [1] - The trading volume of the Communication ETF was 12.0158 million yuan, with a turnover rate of 10.86%, indicating active market trading [4] Group 2 - The Communication ETF has seen a significant growth in scale, increasing by 13.6845 million yuan over the past week, ranking first among comparable funds [4] - The ETF's net value has risen by 32.51% over the past year, with the highest single-month return reaching 24.48% since its inception [4] - The Light Counting report indicates that the optical module market in Q2 2025 is primarily driven by 800G modules, with data center optical device market revenue expected to exceed $16 billion, a year-on-year increase of over 60% [4] Group 3 - The AI sector is moving towards a "productivity reconstruction" phase, necessitating domestic substitution in computing power, while the communication industry transitions from "connectivity empowerment" to "intelligent driving" [5] - The top ten weighted stocks in the National Communication Index account for 59.17% of the index, with major players including Zhongji Xuchuang, China Telecom, and China Mobile [5] - The satellite constellation is entering a normalized launch phase, and the integration of 6G with NTN networks is deepening [5]

Group 1 - The core viewpoint of the news highlights the positive performance of the communication sector, with the Guozheng Communication Index rising by 0.91% and several component stocks showing significant gains, such as Changxin Bochuang up by 11.15% and Xinyi Sheng up by 9.99% [1] - The Communication ETF (159695) has seen a weekly increase of 4.55% as of July 15, 2025, indicating strong market activity [1][2] - The liquidity of the Communication ETF is robust, with a turnover rate of 14.4% and a trading volume of 15.82 million yuan, reflecting active market participation [2] Group 2 - The Communication ETF has experienced a net asset value increase of 33.43% over the past year, showcasing its strong performance [2] - The top ten weighted stocks in the Guozheng Communication Index account for 59.17% of the index, with major players including Zhongji Xuchuang and China Telecom [3] - The news mentions that Nvidia plans to resume sales of its H20 product in China and launch a new GPU compatible with the Chinese market, which is expected to boost AI investment opportunities in the technology sector [2]

Core Viewpoint - The recent surge in the communication sector, particularly driven by the performance of the Communication ETF (515880), indicates a positive trend in the market, with significant gains in related stocks and a favorable outlook for the AI-driven computing industry [1][3]. Group 1: Market Performance - The Shanghai and Shenzhen markets are experiencing high-level fluctuations, with the ChiNext Index rising by 1.15% [1]. - The Communication ETF (515880) has seen an increase of nearly 2.89%, with key holdings like Ruijie Networks and Industrial Fulian approaching their daily limit [1]. Group 2: AI Catalysts - Nvidia's market capitalization reached a historic high of $3.92 trillion, surpassing Apple's previous record, which has positively impacted related stocks in the domestic supply chain [3]. - CoreWeave has deployed Nvidia's GB300NVL72 system, achieving a 50-fold increase in output compared to the previous generation [3]. Group 3: Company Performance - Century Internet has raised its revenue guidance from 9.1-9.3 billion yuan (10%-13% year-on-year growth) to 9.15-9.35 billion yuan (11%-13% year-on-year growth), driven by faster-than-expected entry of wholesale IDC customers and improved operational efficiency [3]. Group 4: Investment Opportunities - The AI training demand is resonating globally, suggesting an increase in the prosperity of related computing power sectors, including optical modules, copper connections, AIDC, and liquid cooling [3]. - The Communication ETF (515880) tracks the communication equipment index and has shown a performance increase of 8.52% since April 1, 2025, outperforming the 800 communication and 5G communication indices [4].

Group 1 - The communication index has shown a strong increase of 1.50%, with significant gains in constituent stocks such as Taicheng Technology rising by 14.54% and Runjian Co. hitting the daily limit [1][3] - The communication ETF (159695) has also risen by 1.39%, indicating positive market sentiment [1] - Over the past six months, the communication ETF has seen a substantial growth in scale by 910.18 million yuan, ranking first among comparable funds [3] Group 2 - The average daily trading volume of the communication ETF over the past year is 893.34 million yuan, with a turnover rate of 1.89% during the trading session [3] - The top ten weighted stocks in the communication index account for 58.75% of the total index, with major players including China Telecom, ZTE, and China Mobile [3] - The AI investment in global internet cloud companies is driving demand for high-speed optical modules, particularly in the rapidly growing 800G product segment [3] Group 3 - The commercial aerospace sector is benefiting from policies that promote the development of satellite internet [3] - The operator sector is performing steadily, with an increase in dividend payout ratios highlighting high dividend value [3] - Investors can access opportunities in optical communication under the AI transformation through the communication ETF linked fund (019072) [4]

Group 1 - The communication index increased by 0.73% as of May 26, 2025, with notable stock performances from Wuhan Fangu, Yongding Co., Wanma Technology, Haige Communication, and Shenglu Communication [1] - The communication ETF (159695) rose by 0.88%, with a 3.09% increase over the past month, ranking first among comparable funds [1] - The communication ETF recorded a trading volume of 1.0157 million yuan during the session, with an average daily trading volume of 8.9962 million yuan over the past year [4] Group 2 - The communication ETF's scale grew by 13.1801 million yuan in the past six months, leading in growth among comparable funds [4] - The ETF's shares increased by 13 million units in the last six months, also ranking first in new share growth among comparable funds [4] - The Ministry of Industry and Information Technology plans to accelerate the development of 5G-A and 6G technologies, enhancing modern industrial systems [4] Group 3 - The top ten weighted stocks in the communication index include China Telecom, ZTE, China Mobile, and China Unicom, accounting for 58.92% of the index [4] - Investors can access opportunities in optical communication under the AI transformation through the communication ETF linked fund (019072) [4]

Group 1 - The communication index has shown a strong increase of 1.23%, with notable stocks such as Qiyu Technology reaching the daily limit increase and Cambridge Technology rising by 7.18% [1] - The communication ETF has seen a weekly increase of 5.11%, ranking first among comparable funds [1] - The trading volume of the communication ETF was 4.34%, with a transaction value of 4.74 million yuan [3] Group 2 - The communication ETF has experienced a significant growth in scale, increasing by 2.26 million yuan over the past two weeks, leading among comparable funds [3] - The ETF's share count has grown by 22 million shares in the last three months, also ranking first among comparable funds [3] - Zhongji Xuchuang, a leading company in optical communication, reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [3] Group 3 - The first quarter of 2025 saw Zhongji Xuchuang achieve a revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [3] - Predictions indicate that global AI spending will reach 500 billion dollars in 2025, suggesting sustained high growth in revenue and profit for related companies [3] - Companies in the server and connector sectors are expected to perform well due to increased AI demand and capital expenditure growth from domestic and international internet firms [3] Group 4 - The top ten weighted stocks in the communication index account for 58.92% of the total, including major players like China Telecom, ZTE, and China Mobile [4] - Investors can access optical communication investment opportunities through the communication ETF linked fund [4]

利好事件： 近期，美国芯片政策放缓态度明显，另外关税谈判有可能产生新的重要进展；叠加光通信龙头公司一季 度业绩亮眼，通信板块持续反弹。截至5月8日，通信设备指数近一个月涨幅超16%领涨市场。 每经编辑｜叶峰 不过，国内光通信企业的核心优势在高频电路设计、精密光学封装以及硅光子混合集成工艺等，并不仅 是劳动力成本优势，通过全球化产能布局，不论是否受到关税影响，中国光通信公司在全球人工智能光 通信核心器件领域的领先地位不改。 科技龙头资本开支高增，光通信需求强劲 另外，近期海外云厂商相继发布一季度财报，资本开支维持高增长，体现AI的旺盛需求。2024年第四 季度，微软、Meta、谷歌、亚马逊资本支出同比增长69%至706亿美元，阿里巴巴、腾讯、百度合计 CAPEX同比激增253.50%达707亿元。 在微软、Meta、亚马逊披露的财报中，营收和净利润水平超出市场预期，表示AI对于业绩快速增长的 驱动，并强调会进一步增加在AI方向的投入。这一方面验证了AI商业化的可实现性，行业从"概念期"迈 入"数据验证期"，另一方面，更高的资本开支推动整个AI产业链加速发展，商业化进程持续加速，受益 于AI的产业和投资标的范围进 ...