According to the CITIC Construction Investment Research Report, the communications sector's revenue and net profit to mother increased by 6.78% and 8.32% year-on-year respectively in the first three quarters of 2026, and the growth rate increased further in the third quarter. Net profit from the test instrument, GPU/ASIC, and cable sectors increased by 1160%, 720%, and 214% respectively in the first three quarters. The upstream PCB sector increased 661% in the third quarter, and AI computing power and supporting demand continued to be released. The market value of public fund communications industry holdings in the third quarter of 2026 was 464.567 billion yuan. The share of holdings remained high, with holdings concentrated on AI optical communication leaders. On October 30, the PE-TTM Communications Index was 34.1 times higher. The early valuation premium was clearly absorbed, and the market paid more attention to performance delivery. North American CSP continues to increase investment in AI infrastructure. CITIC Construction Investment has long been optimistic about the North American and domestic AI computing power industry chains, focusing on high-speed optical interconnection, GPU/ASIC, and supporting infrastructure.

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