On August 4, several concept sectors related to “light” surged. “Yi Zhongtian” increased by more than 13%, and the volume of the GEM artificial intelligence ETF Huabao surged 9.95%, and traded 1,732 billion yuan. In terms of capital flow, it received a net subscription of 663 million yuan in the past 20 days. According to the news, Nvidia shipped a new generation of Spectrum-XCPO switches to some partners. Broadcom's 51.2TbaillyCPO switches continued to be shipped in small quantities, marking the official entry of co-packaged optics into mass production. According to Citi, the capital expenditure of the four major US cloud vendors increased strongly by 79% year-on-year in the second quarter and slightly raised the full-year guidance, indicating that demand visibility has clearly extended to 2028, which provides structural benefits to AI infrastructure supply chain companies. The layout opportunities for China's optical communications sector may appear before and after the release of results for the first half of 2026. Recent catalysts include CIOE, Yunqi Conference, and ECOC in September. According to CITIC Securities, the capital expenditure of the four major North American cloud vendors maintained rapid growth in the second quarter of 2026, and Google, Amazon and other vendors further revised their 2026 full-year guidelines. Among them, Amazon AWS revenue, operating margin, and backlog all exceeded expectations. In a context where the performance of cloud manufacturers continues to confirm that AI is driving business growth, the scale of AI clusters will expand further. Optical connectivity, as an important part of the cluster network, will continue to grow rapidly under the triple factors of increased GPU ratio, port rate upgrades, and “optical entry and copper retreat”. We are optimistic about the medium- to long-term prosperity of the optical communication sector. Yi, China, and Tien High Content ETF: Half of the weight of the GEM Artificial Intelligence ETF Huabao Tracking Index is concentrated in the optical module CPO sector, and the other half covers domestic computing power and AI software application fields, forming a balanced layout of “hardware+application”. Seize AI-themed opportunities in all aspects and focus on Huabao, the first GEM artificial intelligence ETF in the market, and OTC connectivity.

On August 4, several concept sectors related to “light” surged. “Yi Zhongtian” increased by more than 13%, and the volume of the GEM artificial intelligence ETF Huabao surged 9.95%, and traded 1,732 billion yuan. In terms of capital flow, it received a net subscription of 663 million yuan in the past 20 days. According to the news, Nvidia shipped a new generation of Spectrum-XCPO switches to some partners. Broadcom's 51.2TbaillyCPO switches continued to be shipped in small quantities, marking the official entry of co-packaged optics into mass production. According to Citi, the capital expenditure of the four major US cloud vendors increased strongly by 79% year-on-year in the second quarter and slightly raised the full-year guidance, indicating that demand visibility has clearly extended to 2028, which provides structural benefits to AI infrastructure supply chain companies. The layout opportunities for China's optical communications sector may appear before and after the release of results for the first half of 2026. Recent catalysts include CIOE, Yunqi Conference, and ECOC in September. According to CITIC Securities, the capital expenditure of the four major North American cloud vendors maintained rapid growth in the second quarter of 2026, and Google, Amazon and other vendors further revised their 2026 full-year guidelines. Among them, Amazon AWS revenue, operating margin, and backlog all exceeded expectations. In a context where the performance of cloud manufacturers continues to confirm that AI is driving business growth, the scale of AI clusters will expand further. Optical connectivity, as an important part of the cluster network, will continue to grow rapidly under the triple factors of increased GPU ratio, port rate upgrades, and “optical entry and copper retreat”. We are optimistic about the medium- to long-term prosperity of the optical communication sector. Yi, China, and Tien High Content ETF: Half of the weight of the GEM Artificial Intelligence ETF Huabao Tracking Index is concentrated in the optical module CPO sector, and the other half covers domestic computing power and AI software application fields, forming a balanced layout of “hardware+application”. Seize AI-themed opportunities in all aspects and focus on Huabao, the first GEM artificial intelligence ETF in the market, and OTC connectivity.