Q&A 近期通信行业有哪些积极信号和技术趋势？ 最近在美国召开的 OCP 大会上，产业内传递了许多积极信号，尤其是在 400G、800G 以及 1.6T 模块方面的新指引和技术进展。新的技术文章也不断 涌现。此外，国庆期间 Cloudflare 的发布进一步提振了市场对 AI 的信心。总 体来看，光通信需求前景乐观，值得持续关注。例如，中兴通讯、新易盛等龙 头公司，以及一些有变化的行业个股。 当前通信板块有哪些投资机会？ OCP 总结，展望 Gemini20251019 摘要 光通信领域投资机会显著，光模块和芯片公司业绩表现突出，受益于字 节跳动、阿里巴巴和腾讯等大型企业加速资本开支，国产核心公司如中 兴通讯、锐捷网络等投资确定性较强。 OCP 大会显示超大型数据中心建设成主流，推动 AI 供应链（包括光模 块和液冷等配套设施）非线性增长，博通、NVIDIA 和思科推出交换机 芯片方案，谷歌、甲骨文和微软提出高功耗机柜解决方案。 数据中心解耦趋势将 CPU、GPU 与存储及交换机等核心部件物理解耦， 预计在 2027-2028 年后成为焦点，旨在实现更高效的数据处理与资源 利用。 光互联在数据中心中作用日益重 ...

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]