8月27日早盘，通信ETF（515880）高开震荡上行，涨幅超过4%。值得注意的是，截至8月26日，通信ETF（515880）近一年累计涨幅已近120%，在主 题类ETF中表现极为亮眼，市场活跃度和资金热情均维持高位。 消息面上，国务院近期印发的《"人工智能+"行动方案》提出，要加快构建智能网络和算力基础设施，推动人工智能与实体经济深度融合。这一政策导 向对通信行业具有重大意义，因其为AI算力传输和智能终端应用提供了不可或缺的底层支撑。随着"AI+通信"场景逐步落地，通信设备需求有望迎来新一轮 上升，政策层面的利好也将成为通信板块上涨的直接催化剂。 从投资逻辑来看，光模块是"AI+通信"产业融合中不可或缺的关键环节。AI模型训练需要巨量算力，算力互联依赖高速光通信实现，这使得光模块行业 成为算力和AI应用爆发的核心受益方向。随着大模型训练规模不断扩大、边缘计算普及和AI终端的落地，光模块的需求具备持续性与高成长性。 对于投资者而言，通信ETF（515880）不仅是布局整个通信行业的有效工具，更是间接覆盖光模块优质标的的便捷渠道。在AI驱动的科技周期中，光模 块具备确定性较高的成长逻辑，是通信ETF长期配置价值 ...

东莞证券指出，2025年通信行业处于技术迭代与政策红利叠加期，AI、量子通信、低空经济等新质生 产力方向将持续释放增长动能，蜂窝物联网模组从库存调整中复苏回暖，基站、光缆线路、数据中心等 通信设施建设有望持续推进，带来新的器件、设备与服务运营需求。构建高效、安全、可持续的算力基 础设施，支撑信息通信业高质量发展，推动数字经济和技术创新是未来通信行业部署发展的重要方向。 卫星技术正成为地面网络的关键补充解决方案，技术进步、标准化推进及成本下降为消费级、企业级及 物联网市场创造新机遇。通信行业二级子板块近期整体上涨，其中通信网络设备及器件板块涨幅居前。 通信ETF（515880）跟踪的是通信设备指数（931160），该指数从市场中选取涉及通信网络基础设施、 通信终端及相关配套设备研发制造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。成分股具有高技术含量和创新能力，重点关注5G、光通信等前沿技术领域。 （文章来源：每日经济新闻） ...

每经编辑｜彭水萍 8月26日，国务院印发"人工智能+"行动意见，深入推进人工智能发展，"人工智能+"行动或将带动新一轮产业革新。 为什么是通信ETF（515880）？ 在AI算力基础设施中依赖高速光模块（如800G、1.6T）技术，也就是说算力基础设施建设是基础，企业想做人工智能，基础设施必须跟上，而中国通信龙 头公司在全球光模块生产商中占据重要地位，业绩落地性强。根据二季度企业披露的业绩，相关通信龙头公司业绩大超预期，也证明了这一点。 虽然市场上现在还没有"纯元"光模块ETF，但是聪明的资金已经纷纷用脚投票，涌向"甄嬛"通信ETF（515880）。截至8月26日，通信ETF规模达到68亿元， 过去10个交易日净流入资金超20亿元。 通信ETF（515880）标的指数中"光模块+服务器+铜连接+光纤"占比超过70%，良好地代表了算力硬件的基本面。 长城证券表示，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等大模型加速推进，考虑地缘政治及产业链稳定等因素，必 定带来国产算力需求的持续攀升，随着国产算力基础设施逐步建设，AI芯片技术逐步提升，将带来充分的算力国产自主化空间，持续看 ...

今日，算力板块继续高开高走，通信ETF（515880）大涨近4%，成分股大幅上涨。流动性牛市背 景下，算力板块利好不断，带动行情持续景喷。 消息面，2025中国算力大会透露，我国智能算力设施建设正在加速推进，预计2025年智能算力规模 增长将超40%。 8月21日，DeepSeek-V3.1正式发布。DeepSeek-V3.1使用了UE8M0 FP8 Scale的参数精度，DeepSeek 官微在置顶留言里表示"UE8M0 FP8 是针对即将发布的下一代国产芯片设计"。 通信ETF（515880）标的指数的光模块占比超过40%，加上服务器、铜连接、光纤等占比超过 70%，算力核心环节占比应该是目前主流人工智能指数和通信指数中非常高的。 当前资金持续净买入中，根据wind数据，截止8月22日，通信ETF近10日净流入额超17亿元，当前 规模近60亿元，较年初增长超50%。 感兴趣的投资者可以关注通信ETF（515880）投资机会，把握算力以及科技股反弹行情。 风险提示：数据来源wind，截止2025年8月22日。基金规模数据仅供参考，不代表投资建议。本基 金属于股票型基金，其预期收益及预期风险水平高于混合型基金 ...

Group 1 - The communication ETF (515880) has seen a significant increase of over 4% in intraday trading, indicating strong market interest in the communication sector [1] - The ETF has attracted over 1.6 billion yuan in the past 10 days, reflecting a rapid accumulation of allocation demand amid rising industry expectations [1] - Leading stocks in the optical module segment have shown substantial gains, contributing to the overall rise of the index and demonstrating a strong resonance effect within the sector [1] Group 2 - The acceleration of AI applications is driving up the demand for optical modules, with the release of DeepSeek-V3.1 enhancing inference efficiency and multimodal capabilities [2] - The optical module market is experiencing a rapid increase in demand due to the expansion of data centers and cloud computing, supported by rising capital expenditure expectations from cloud service providers in the US and Europe [2] - Domestic leading companies have made breakthroughs in the R&D and production of 800G and 1.6T optical modules, enhancing their competitiveness in the global market [2][3] Group 3 - The optical module market is expected to maintain high prosperity due to ongoing investments in computing infrastructure both domestically and internationally [3] - The communication ETF (515880), which has over 40% exposure to optical modules, is well-positioned to benefit from the surge in AI computing demand [3] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect A (007817) and Connect C (007818) as alternative investment options [3]

Group 1 - The core viewpoint of the news highlights a recent decline in the communication ETF (515880) by over 1.5%, despite a net inflow of over 1.7 billion yuan in the past 10 days, bringing the total scale to over 5.6 billion yuan [1] - The AI industry chain in A-shares, particularly in sectors like optical modules and PCBs, has seen significant growth due to factors such as Nvidia's GB200 shipments and higher-than-expected capital expenditures from overseas internet cloud companies [1] - The optical module sector holds a core position in the global supply chain, with demand from North American firms primarily fulfilled by companies in mainland China, indicating a strong growth trajectory for leading companies in this space [1] Group 2 - The communication ETF (515880) has over 40% of its index composition in optical modules, with servers and copper connections making up over 60%, suggesting a high concentration in key segments of the AI and communication indices [1] - The acceleration of the AI arms race is expected to drive significant growth in the performance of overseas communication equipment chains, indicating further investment opportunities in this area [1]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, China's digital infrastructure, digital technology innovation, and digital economy are developing rapidly and are at a world-leading position [1] - As of June 30, 2025, China's total computing power ranks second globally, driving rapid development in related industrial chain demand [1] - The successful launch of China's low-orbit satellite internet and the "one arrow, eleven stars" launch of the Geely constellation signify rapid internet development in the country [1] Group 2 - The low-altitude economy, as a typical scenario of the integration of the digital economy and manufacturing, is driving a new wave of infrastructure construction [1] - Communication operators, leveraging their natural advantages in network connectivity, have entered multiple low-altitude economic pilot zones and demonstration areas [1] - The rapid development of computing power in China is continuously enhancing the demand for related industrial chains, while the fast growth of satellite internet presents new development opportunities for the communication industry [1] Group 3 - The Communication ETF (515880) tracks the communication equipment index (931160), focusing on the communication equipment manufacturing sector [1] - This index selects listed company securities involved in the research, production, and development of communication network infrastructure, transmission equipment, and terminal devices to reflect the overall performance of the communication equipment industry [1] - The index is characterized by high technological content and growth potential [1]

Core Viewpoint - The AI sector is experiencing a significant bullish trend, with substantial capital inflow into related ETFs, indicating strong market confidence in AI technologies and their applications [1][9]. Group 1: ETF Performance - The Communication ETF (515880) rose by 4.26%, attracting over 1.5 billion yuan in the last 10 days, with a current scale exceeding 5.1 billion yuan [1][2]. - The ChiNext AI ETF (国泰) saw a 5.34% increase, reflecting similar positive market sentiment [2]. Group 2: Market Drivers - The North American computing power supply chain is a focal point, with key sectors including PCB, optical modules, and server ODM witnessing increased demand and expansion [2]. - PCB manufacturers are showing a strong willingness to expand production, with expectations for bulk orders in PCB equipment like laser drilling [2]. - The AI-driven demand, coupled with a recovering macroeconomic environment, has led to price increases among upstream copper-clad laminate manufacturers [2]. Group 3: Technological Advancements - DeepMind's Genie3 has made significant strides in creating interactive, physics-consistent environments, which can be utilized in various fields such as robotics, game development, and education [3][4]. - Genie3's capabilities allow for rapid prototyping in game design and exploration of creative possibilities, marking a paradigm shift in AI research [3]. Group 4: Valuation and Future Outlook - As of August 18, the Communication ETF (515880) has a P/E ratio of 45.5x, positioned at the 53.87 percentile since its inception [8]. - The demand from North American capital expenditures is exceeding expectations, with optimistic guidance from major cloud providers [8]. - The AI sector is viewed as a major opportunity, potentially the largest since cloud computing, warranting continued attention to the ChiNext AI ETF and Communication ETF [9].

美国7月CPI不及预期，降息再升温！科技板块利好再起，人工智能"双雄"通信ETF（515880）、创业板 人工智能ETF国泰（159388）大涨超5%！ 今年接下来的议息会议主要是9月17号、10月29号和12月10号这三次议息会议，可以重点关注。复盘去 年的9·24行情，大家能够发现，在国内的央行降息之前，其实也是美联储率先开启了降息周期，也给国 内的政策打开了相应的空间。 从基本面看，AI发展仍处在极早期阶段，可以关注20cm标的创业板人工智能ETF国泰（159388）进行 全产业链布局。此外，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。可以 关注光模块含量超40%的通信ETF（515880），三巨头占比超32%，有望充分受益于AI算力的需求爆 发。 注：数据来源：中证指数公司，wind，截至2025/7/16。中证全指通信设备指数前十大成份股为新易盛 （15.08%）、中际旭创（13.59%）、中兴通讯（9.59%）、工业富联（9.50%）、天孚通信（3.77%）、 中天科技（3.42%）、传音控股（3.02%）、亨通光电（2.71%）、闻泰科技（2.69%）、海格通信 （2.22 ...

Group 1 - The demand for AI computing power has surged, leading to significant increases in optical module stocks, with companies like Guangku Technology hitting the daily limit, and others like New Yisheng and Zhongji Xuchuang also experiencing substantial gains [1] - The communication ETF (515880) has risen over 4%, reaching new highs, with net inflows exceeding 800 million yuan in the past 10 trading days [1] Group 2 - The development of large models has accelerated, with the DeepSeek-R1 model launched in early 2025 achieving capabilities comparable to leading overseas models at a fraction of the training cost, sparking concerns over "computing power deflation" [3] - The global number of released large models has reached 3,755, indicating intense competition in the large model industry [3] Group 3 - AI commercialization is strengthening, with OpenAI's annual revenue reaching $12 billion, a significant increase from $4 billion in 2024, and Anthropic's revenue exceeding $4 billion, growing fourfold in the first half of 2025 [4] - The rise of "Chinese AI" is driving domestic investment, with major companies like Alibaba and ByteDance becoming core clients for cloud hardware [4] Group 4 - The market for optical modules is expanding due to increased usage and accelerated rate iterations, with the 800G optical module expected to see large-scale deployment in 2024 [5] - The global demand for 400G+ high-speed optical modules is projected to grow rapidly, with expectations of 20 million units for 800G and 1.6T demand reaching approximately 1.5 million units by 2025 [6] Group 5 - Leading companies in the high-speed optical module market are positioned to capitalize on product iteration opportunities, maintaining a significant market share due to their coverage of major internet clients and advancements in silicon photonics [9] - The communication ETF (515880), which includes major players in the optical module sector, is expected to benefit from the surge in AI computing power demand [9]