Group 1 - Multiple CPO concept listed companies have experienced significant growth in performance [1] - Global computing power remains strong, with NVIDIA's GB series high-density computing cabinets accelerating shipments, further enhancing the global high-end computing landscape [1] - Under the current AIGC wave, global server shipments continue to rise, with IDC forecasting the global AI server market to reach $222.7 billion by 2028, and the share of generative AI servers increasing from 29.6% in 2025 to 37.7% in 2028 [1] Group 2 - Demand for training remains high due to accelerated model iterations, while inference demand is gradually increasing as applications penetrate further [1] - The optical module market is expected to maintain high prosperity amid ongoing investments in computing infrastructure both domestically and internationally [1] - The communication ETF (515880) has a scale exceeding 8.5 billion yuan, with optical modules accounting for 45% of the benchmark index, and combined with servers, copper connections, and optical fibers, the core segments exceed 70% [1]