According to a research report by CICC, as of August 14, 2026, the SW Communications Index and the Communications Equipment sector have surged by 36.3% and 44.9%, respectively, since the start of the year, significantly outpacing the broader market. During the first half of the year, the overseas computing power supply chain and industrial chain experienced a notable upward trend in pricing. Driven by factors such as increased global capital expenditures by Cloud Service Providers (CSPs), a sharp rise in Token demand, the deployment of 1.6T optical modules, and the realization of performance advancements in the AI industrial chain, the sector demonstrated robust performance. CICC remains bullish on the growth trajectory of AI computing power and recommends focusing on two major opportunities:

Firstly, domestic computing power. Policies have elevated computing power to the status of national infrastructure. Domestic large-scale models continue to undergo rapid iteration, and super nodes are shifting the competitive focus from single-card performance to system efficiency. It is advisable to pay attention to areas such as servers, switches, and liquid cooling systems.

Secondly, overseas computing power. CSP capital expenditures and cloud computing orders continue to thrive, with AI Application-Specific Integrated Circuits (ASICs) accelerating their rollout, and 800G/1.6T and scale-up optical interconnects undergoing continuous upgrades. It is recommended to focus on the industrial chains of ASICs, optical modules, and related sectors.