華泰證券指出，3Q25通(tong)信(xin)行業(ye)整體營(ying)收及(ji)(ji)歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)同(tong)(tong)比增(zeng)(zeng)長(chang)(chang)5.2%/12.3%，延續(xu)(xu)穩(wen)(wen)健(jian)增(zeng)(zeng)長(chang)(chang)態勢。細分(fen)來看(kan)，電(dian)信(xin)運(yun)營(ying)商歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)保持(chi)穩(wen)(wen)健(jian)增(zeng)(zeng)長(chang)(chang)；光(guang)(guang)(guang)通(tong)信(xin)、銅(tong)連接板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)中頭(tou)(tou)部廠商AI歸(gui)(gui)母(mu)持(chi)續(xu)(xu)兌現；液冷(leng)設(she)備/ICT設(she)備收入企穩(wen)(wen)回暖。展望4Q25及(ji)(ji)2026年，全(quan)球AI算力側投資加碼(ma)有望驅動光(guang)(guang)(guang)通(tong)信(xin)板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)延續(xu)(xu)高增(zeng)(zeng)長(chang)(chang)；電(dian)信(xin)運(yun)營(ying)商板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)歸(gui)(gui)母(mu)預計(ji)保持(chi)穩(wen)(wen)健(jian)增(zeng)(zeng)長(chang)(chang)；ICT設(she)備及(ji)(ji)IDC板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)有望持(chi)續(xu)(xu)受益互(hu)聯網巨頭(tou)(tou)資本開支增(zeng)(zeng)長(chang)(chang)；銅(tong)連接板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)有望持(chi)續(xu)(xu)釋放產(chan)能從而兌現歸(gui)(gui)母(mu)增(zeng)(zeng)長(chang)(chang)；光(guang)(guang)(guang)纖光(guang)(guang)(guang)纜中空芯(xin)光(guang)(guang)(guang)纖、海(hai)(hai)纜、DCI需求(qiu)值得關注。3Q25光(guang)(guang)(guang)模(mo)塊(kuai)(kuai)(kuai)及(ji)(ji)光(guang)(guang)(guang)器件板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)總營(ying)收/歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)分(fen)別(bie)同(tong)(tong)比增(zeng)(zeng)長(chang)(chang)51%/123%，主要受益于海(hai)(hai)外800G光(guang)(guang)(guang)模(mo)塊(kuai)(kuai)(kuai)需求(qiu)持(chi)續(xu)(xu)釋放及(ji)(ji)1.6T產(chan)品起量。銅(tong)連接板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)總營(ying)收/歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)同(tong)(tong)比增(zeng)(zeng)長(chang)(chang)26%/72%，液冷(leng)設(she)備板(ban)(ban)(ban)塊(kuai)(kuai)(kuai)總營(ying)收/歸(gui)(gui)母(mu)凈(jing)利(li)潤(run)分(fen)別(bie)增(zeng)(zeng)長(chang)(chang)28%/5%，2026年或將(jiang)成為(wei)液冷(leng)行業(ye)需求(qiu)放量的關鍵時間點。

創(chuang)(chuang)業(ye)(ye)(ye)板(ban)(ban)人工(gong)智(zhi)能ETF國(guo)泰（159388）跟蹤的是創(chuang)(chuang)業(ye)(ye)(ye)板(ban)(ban)人工(gong)智(zhi)能指(zhi)(zhi)數（970070），單日(ri)漲跌幅(fu)達20%，該(gai)指(zhi)(zhi)數從創(chuang)(chuang)業(ye)(ye)(ye)板(ban)(ban)市(shi)場中選取涉(she)及人工(gong)智(zhi)能技術與應用的上市(shi)公司(si)證券作為指(zhi)(zhi)數樣本，覆蓋軟(ruan)硬件開發、智(zhi)能服務(wu)等多個領域，以反映人工(gong)智(zhi)能相(xiang)關企業(ye)(ye)(ye)在創(chuang)(chuang)業(ye)(ye)(ye)板(ban)(ban)的整體(ti)表現(xian)。該(gai)指(zhi)(zhi)數成(cheng)分股(gu)具有高成(cheng)長性(xing)(xing)和創(chuang)(chuang)新性(xing)(xing)特(te)征，體(ti)現(xian)了人工(gong)智(zhi)能產業(ye)(ye)(ye)在創(chuang)(chuang)業(ye)(ye)(ye)板(ban)(ban)的發展態勢。

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