Strong demand for computing power, optical modules on the rise, and by 2025, the ETF with the highest growth is the Communication ETF (515880), which has increased by over 4%

CITIC Construction Investment points out that AI development is rapidly advancing, with large models continuously iterating and upgrading, leading to very strong computing power demands. For example, the new Zhipu model’s programming capabilities have significantly improved, triggering a surge in computing power requirements. The commercial monetization pathways for large models are smooth, transitioning from the “low-cost/free land grab” stage to the “pay for high quality” stage, and the associated demand for computing power is very vigorous. During the holiday period, the overall performance of U.S. stock AI computing optical communication stocks was impressive, with Lumentum, Corning, and Coherent all reaching record highs. We remain optimistic about the AI industry chain, including large models and AI computing power chains, and suggest continued attention to the domestic optical communication sector, including core companies in optical modules and fiber optic cables.

In 2025, the ETF “Top Gainer” Communication ETF (515880) rose 125.81% for the year, ranking first in the market. Not only was the increase substantial, but the size of the Communication ETF (515880) is also the largest among similar products. As of December 31, 2025, optical modules accounted for over 46% of the ETF, and servers nearly 20%, reflecting the fundamentals of overseas computing power. It remains a preferred sector for economic prosperity, and continued attention is recommended.

Note: Data source: China Securities Index Co., Ltd., Wind, as of February 13, 2025. The size of the Communication ETF was 14.632 billion yuan, ranking first among 15 similar products. The weightings are as of December 31, 2025. The index components may change according to the index compilation rules and do not constitute any investment advice or individual stock recommendation. Mentioned stocks are only for industry event analysis and do not constitute any stock recommendation or investment advice. Short-term index fluctuations are for reference only and do not predict future performance, nor do they constitute a promise or guarantee of fund performance. Opinions may change with market conditions and do not constitute investment advice or commitments. The risk and return characteristics of the mentioned funds vary; investors are advised to carefully read the fund legal documents, fully understand product features, risk levels, and income distribution principles, and choose products that match their risk tolerance, investing cautiously.

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