【国信电子 立讯精密更新推荐】电子价值洼地，AI算力+端侧+机器人全范围打击 AI通信业务已成为公司中期最确定的增长极 铜连接在性价比、稳定性与成熟度上优势显著，公司已切入GB300/Rubin平台，ASP与份额同步提升，背板连接器 随NV新架构落地有望加速放量。 光模块、液冷仍处于技术验证与早期导入阶段，对业绩贡献更偏中长期。 24–26年通信收入有望由180亿元提升至约270亿 【国信电子 立讯精密更新推荐】电子价值洼地，AI算力+端侧+机器人全范围打击 AI通信业务已成为公司中期最确定的增长极 铜连接在性价比、稳定性与成熟度上优势显著，公司已切入GB300/Rubin平台，ASP与份额同步提升，背板连接器 随NV新架构落地有望加速放量。 光模块、液冷仍处于技术验证与早期导入阶段，对业绩贡献更偏中长期。 26年non-A整体仍有30%以上增长预期，长期看公司在全球non-AEMS市场渗透率不足20%，成长空间充足，管理层 目标27–28年non-A收入达千亿规模，路径清晰。 OpenAI新品也有望于2H26与市场见面。 汽车业务莱尼加持下向海外突破 连接器+线束全套布局+超强成本管控能力，国内客户50%增 ...

Group 1: Core Insights - The communication industry continues to focus on AI computing power, driven by the resonance of AI training and inference demand, with overseas CSPs continuously investing in computing power infrastructure [2][6] - The demand for optical interconnects is expected to increase significantly as the scale-up architecture evolves from in-cabinet to cross-cabinet and cluster designs [2][7] - Liquid cooling is transitioning from optional to a necessity due to rising cabinet power density, with overseas markets entering a realization phase and domestic commercialization accelerating [2][7] Group 2: Operators - The three major operators maintain stable performance, with a slight increase in profits despite revenue pressure, and improved cash flow quality [6][20] - Dividend payout ratios are steadily increasing, providing stable returns and valuation support for the sector, highlighting its attractiveness as a low-volatility defensive asset [6][24] Group 3: AI Computing Power - AI computing power remains in high demand, with both training and inference needs growing, leading to a clearer inflation logic in the network side [7][27] - The cost advantages of ASICs are accelerating their penetration, which is expected to enhance the share of optical modules in overall IT capital expenditures [7][45] - The growth of AI-related revenue is projected to continue, with significant increases in user engagement and request volumes for applications like Google's Gemini [27][30] Group 4: IDC (Internet Data Centers) - IDC valuations and positions are currently at the bottom range, with signs of marginal improvement in the industry [8][79] - Major internet companies are expected to significantly increase their capital expenditures in AI, which will positively impact the IDC market supply-demand dynamics [8][76] Group 5: Copper Connections - The acceleration of cabinet penetration is enhancing the outlook for copper connections, which are being integrated into high-end cabinet systems due to their low latency and power consumption advantages [8][82]

Core Insights - Shandong Province's AI core industry revenue is expected to exceed 120 billion yuan by 2025, accounting for approximately 10% of the national total, with a full-stack AI industry chain being developed [1] - The acceleration of AI applications in China is noted, with a focus on the commercialization and scaling of AI products [2] Group 1: Industry Development - Shandong has implemented the "Shandong Province Artificial Intelligence Industry High-Quality Development Action Plan" and has been recognized as a key province for AI innovation by the Ministry of Industry and Information Technology [1] - The AI sector is anticipated to drive growth in various industries, presenting new investment opportunities [1] Group 2: Investment Recommendations - Companies should focus on leading enterprises in AI terminals, AI agents, and potential killer AI applications as the industry accelerates [2] - Attention should be given to the application demands and innovative products in key sectors such as industry, agriculture, education, and new consumption [2] - The demand for computing power on the edge and inference side is expected to rise, emphasizing the need for infrastructure development in AI computing capabilities [2] - There is an urgent need to optimize the AI governance system, highlighting companies involved in safety methods and governance [2]

Group 1 - Google Cloud plans to double its computing capacity every six months, aiming for a 1000-fold increase in capability over the next 4 to 5 years [1] Group 2 - The communication sector is experiencing active performance in optical modules, with the Communication ETF (515880) rising over 1% and trading volume increasing [2] - The current AI trend and ongoing arms race in artificial intelligence are driving high capital expenditures from domestic and international cloud vendors, leading to continuous market growth in the communication sector [2] - The Communication ETF (515880) has over 50% exposure to optical modules, with "optical modules + servers + fiber + copper connections" accounting for over 80%, providing a comprehensive layout for the core computing engine [2] - Fund inflows have been significant, with a year-to-date growth of over 160%, bringing the current scale to over 12 billion yuan, making it the largest in its category [2]

Group 1 - The AI computing power industry chain is undergoing rapid adjustments, with significant declines in related ETFs and stocks, indicating increased market volatility [1] - Recent profit-taking in the computing power sector has led to a drop of over 2% in the 5G Communication ETF and the ChiNext AI ETF, while some stocks like Tianfu Communication fell over 7% [1] - Despite the market pullback, there has been a notable inflow of funds into the ChiNext AI ETF and the 5G Communication ETF, attracting 71.66 million and 160 million respectively over the past five days [1] Group 2 - The demand for AI is driving high growth in specific segments such as optical modules and copper connections, with projected revenue and gross profit growth for eight key sectors by Q3 2025 [1] - According to Huatai Securities, the growth rates for revenue and gross profit in the optical module and copper connection sectors are expected to reach 51%/88% and 28%/73% respectively [1] - Guoxin Securities suggests that the current AI market correction is a healthy adjustment rather than a systemic bubble burst, indicating a foundational transformation that will last for years [1] Group 3 - The top three holdings in the ChiNext AI ETF are Zhongji Xuchuang (24.78%), Xinyi Sheng (19.40%), and Tianfu Communication (5.11%), with a low comprehensive fee rate of 0.20% [2] - The top five holdings in the 5G Communication ETF include Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, Industrial Fulian, and Zhaoyi Innovation [2]

Group 1 - The core viewpoint of the article highlights the ongoing pullback in optical modules and the decline of the communication ETF (515880) by over 3.5%, despite significant capital inflows of over 2.4 billion yuan in the past 10 days, bringing its total size to over 11.7 billion yuan, making it the largest in its category [1] - Tianfeng Securities expresses a strong outlook on investment opportunities within the core segments of the computing power industry chain, noting that overseas companies continue to show high demand related to AI, with their financial reports reflecting robust fundamentals [1] - The domestic market is expected to benefit from the continuous development of local computing power, with major companies like Alibaba and ByteDance investing heavily in AI, maintaining a positive outlook on the AI industry and the AIDC industry chain [1] Group 2 - Open Source Securities indicates that with the introduction of the "14th Five-Year Plan" recommendations, the focus on technological self-sufficiency is expected to make the domestic computing power sector a market focal point [1] - The communication ETF (515880) has nearly 50% allocation in optical modules, and the combined allocation of "optical modules + servers + optical fibers + copper connections" exceeds 75%, suggesting a strategic opportunity for investors interested in the core computing power engine [1]

Group 1: Market Overview - The report highlights a positive trend in the domestic capital market, with major indices showing gains, such as the Shanghai Composite Index rising by 0.97% and the Shenzhen Component Index increasing by 1.73% [3] - The average daily trading volume in A-shares reached 2.32 trillion yuan, reflecting a 29.38% increase compared to the previous period [7] - The report notes a mixed performance among major indices from October 27 to October 31, with the Shanghai Composite Index increasing by 0.11% and the ChiNext Index rising by 0.50% [7] Group 2: Industry Insights - The non-bank financial sector is experiencing a favorable outlook due to deepening capital market reforms, which are expected to enhance the fundamentals of brokerage firms [5][7] - The report discusses the communication industry, emphasizing the strong growth in AI computing demand and the mismatch between short-term performance expectations and actual results [6][8] - The report indicates that the North American cloud service providers (CSPs) are expected to significantly increase their capital expenditures, with a projected total of $443 billion to $632 billion from 2025 to 2027 [8] Group 3: Company Performance - Industrial Fulian (601138.SH) reported a revenue increase of 38.40% year-on-year for the first three quarters of 2025, driven by strong demand for AI servers [15] - The company achieved a net profit of 224.87 billion yuan, reflecting a 48.52% increase year-on-year, with significant growth in its cloud computing and communication equipment segments [15] - Xihang West Flight (000768.SZ) reported a revenue of 302.44 billion yuan for the first three quarters of 2025, marking a 4.94% increase year-on-year, with a net profit of 9.92 billion yuan, up 5.15% [11] Group 4: Investment Recommendations - The report suggests a "Buy-A" rating for Industrial Fulian, with projected EPS of 1.78, 2.79, and 3.75 for 2025-2027, indicating strong growth potential in the AI server market [16] - For Xihang West Flight, the report maintains an "Increase-A" rating, forecasting EPS of 0.42, 0.48, and 0.57 for the same period [14] - The report highlights the growth potential of the tire industry, particularly for Wind God Co. (600469.SH), which is expected to benefit from increasing demand for specialty tires and a new production project [24][28]

Core Viewpoint - The communication ETF (515880) has outperformed the market with a year-to-date increase of over 115%, primarily due to its significant exposure to optical modules, which represent over 51% of its index, and more than 80% when combined with servers, copper connections, and optical fibers, reflecting the fundamentals of AI computing power [1][2]. Group 1 - The demand for computing power is surging, with companies exceeding performance expectations due to rapid advancements in artificial intelligence, leading to increased reliance on high-speed optical module technologies [1][2]. - Major companies in the optical module sector have reported earnings that significantly surpassed expectations, with a busy earnings disclosure period ahead for both domestic and North American cloud service providers [1][2]. Group 2 - Capital expenditures in artificial intelligence are rising sharply, with North America's top four internet companies reporting a total capital expenditure of $95.8 billion in Q2 2025, a 64% year-on-year increase, indicating a robust global AI industry [2]. - The domestic computing power sector is accelerating, with advancements in both software and hardware, narrowing the gap between China and the U.S. in AI capabilities [2]. Group 3 - A slow bull market trend is forming in the A-share market, supported by favorable liquidity and fundamentals, with AI expected to be the core theme driving this market rally [2].

Core Viewpoint - The communication ETF (515880) has seen a significant increase of nearly 7% on October 21, and it has risen over 98% year-to-date, making it the top-performing ETF in the market [1] Market Environment - The overall market environment is improving, with positive news emerging from major meetings, contributing to a bullish sentiment in the market [1] - The computing power sector is identified as a core focus of the current market rally, resonating well with the overall market trends [1] Policy and Future Outlook - There is considerable policy space for further developments, suggesting that the bullish characteristics of the market may continue to evolve [1] - The computing power sector is likely to remain a key area of focus, driven by both fundamental and sentiment factors [1] Market Segmentation - The communication ETF (515880) is the largest in its category, with a significant allocation of nearly 79% in "optical modules, servers, copper connections, and optical fibers" as of September 30 [1] - Optical modules represent nearly 50% of the ETF's composition, indicating potential investment opportunities in this area [1]

Group 1 - The computing sector has rebounded collectively, with the communication ETF (515880) rising over 4% and experiencing active trading [1] - Continuous capital inflow has been observed, with a net inflow exceeding 3.8 billion over the past five days and over 5.3 billion in the last ten days, bringing the current scale to over 11.4 billion, ranking first among similar products [1] - CITIC Securities indicates that the current AI user penetration rate is still low, and the development of large models is in the early to mid-stages, suggesting that the industrialization cycle has just begun, leading to significant investment opportunities in computing power [1] Group 2 - The communication ETF (515880) has nearly 50% allocation in optical modules, with "optical modules + servers + optical fibers + copper connections" accounting for over 75%, providing a comprehensive layout for the core engine of computing power [1] - Investors interested in related layout opportunities are encouraged to pay attention to the computing power sector [1]