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].

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 ...