11月17日(ri)早盤，創業(ye)板(ban)人工智能ETF國泰(tai)（159388）盤中漲超(chao)1.9%，通信行業(ye)穩(wen)健增(zeng)長(chang)支撐板(ban)塊表現(xian)。

華泰證券(quan)指(zhi)出，3Q2025通信(xin)行業整(zheng)體營(ying)(ying)收(shou)(shou)及(ji)(ji)歸母(mu)(mu)凈(jing)利(li)潤(run)同比(bi)增(zeng)長(chang)5.2%/12.3%，延續(xu)穩(wen)健(jian)增(zeng)長(chang)態勢。細分(fen)來(lai)看，電信(xin)運營(ying)(ying)商(shang)歸母(mu)(mu)凈(jing)利(li)潤(run)保持(chi)(chi)穩(wen)健(jian)增(zeng)長(chang)；光(guang)(guang)(guang)通信(xin)、銅連(lian)接板(ban)(ban)(ban)塊中頭部廠商(shang)受益于(yu)AI需求持(chi)(chi)續(xu)兌現；液冷(leng)設備(bei)/ICT設備(bei)收(shou)(shou)入企(qi)穩(wen)回暖。展望4Q2025及(ji)(ji)2026年，全球AI算力側(ce)投(tou)資加碼(ma)有(you)望驅(qu)動(dong)光(guang)(guang)(guang)通信(xin)板(ban)(ban)(ban)塊歸母(mu)(mu)凈(jing)利(li)潤(run)延續(xu)高(gao)增(zeng)長(chang)；電信(xin)運營(ying)(ying)商(shang)板(ban)(ban)(ban)塊歸母(mu)(mu)預計保持(chi)(chi)穩(wen)健(jian)增(zeng)長(chang)；ICT設備(bei)及(ji)(ji)IDC板(ban)(ban)(ban)塊有(you)望持(chi)(chi)續(xu)受益互聯網巨頭資本開支增(zeng)長(chang)；銅連(lian)接板(ban)(ban)(ban)塊有(you)望持(chi)(chi)續(xu)釋放產(chan)能(neng)兌現歸母(mu)(mu)增(zeng)長(chang)；光(guang)(guang)(guang)纖光(guang)(guang)(guang)纜中空芯光(guang)(guang)(guang)纖、海纜與(yu)DCI需求值(zhi)得關注(zhu)。3Q2025光(guang)(guang)(guang)模塊及(ji)(ji)光(guang)(guang)(guang)器件板(ban)(ban)(ban)塊總營(ying)(ying)收(shou)(shou)/歸母(mu)(mu)凈(jing)利(li)潤(run)分(fen)別同比(bi)增(zeng)長(chang)51%/123%，主(zhu)要受益于(yu)海外800G光(guang)(guang)(guang)模塊需求釋放及(ji)(ji)1.6T產(chan)品(pin)起(qi)量；銅連(lian)接板(ban)(ban)(ban)塊總營(ying)(ying)收(shou)(shou)/歸母(mu)(mu)凈(jing)利(li)潤(run)同比(bi)增(zeng)長(chang)26%/72%，AI相關新產(chan)品(pin)規模化導入帶動(dong)毛利(li)提升。液冷(leng)設備(bei)板(ban)(ban)(ban)塊2026年或將成(cheng)為需求放量關鍵(jian)時間點，產(chan)業鏈公司有(you)望受益。

創(chuang)(chuang)業(ye)(ye)板(ban)人工(gong)智(zhi)(zhi)能(neng)(neng)ETF國(guo)泰（159388）跟(gen)蹤的(de)是創(chuang)(chuang)業(ye)(ye)板(ban)人工(gong)智(zhi)(zhi)能(neng)(neng)指(zhi)數(shu)（970070），單日漲跌幅達20%，該(gai)指(zhi)數(shu)從創(chuang)(chuang)業(ye)(ye)板(ban)市(shi)場中選取涉及AI技術開發(fa)、應用及服務(wu)等領域的(de)上(shang)市(shi)公司(si)證券作為指(zhi)數(shu)樣本，以(yi)反映創(chuang)(chuang)業(ye)(ye)板(ban)人工(gong)智(zhi)(zhi)能(neng)(neng)相關上(shang)市(shi)公司(si)證券的(de)整體表現。行業(ye)(ye)配(pei)置上(shang)以(yi)信息技術和高端(duan)制造為主，側重展現中國(guo)創(chuang)(chuang)業(ye)(ye)板(ban)市(shi)場人工(gong)智(zhi)(zhi)能(neng)(neng)產(chan)業(ye)(ye)的(de)發(fa)展態(tai)勢。

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