The global AI computing power capex cycle is clearly trending up from 2026 to 2028. The main incremental opportunity in TMT, communications and electronics is concentrated in the high-speed optical communications supply chain. Forecasts for global 1.6T optical module shipments have been sharply raised, and visibility for orders at industry leaders now extends to 2028. Silicon photonics and CPO continue to push up the ceiling on value per unit.

Shenwan Hongyuan said this TMT upcycle is driven by AI computing power capex, and the optical module industry should stay in an uptrend through at least 2028. It estimates demand for 400G and faster optical modules will exceed $70 billion in 2027. On the technology side, the transition to NPO and the long-term evolution toward CPO are opening a second growth curve for the sector. TMT investing is centered on the theme of domestic substitution for computing power hardware, with optical modules, optical chips and advanced packaging as the key allocation areas. The sector may enter another upward window by the end of the third quarter.

By trading congestion, the AI supply chain is clearly diverging. Semiconductor equipment and computing power chip names are near historical highs in crowding, while optical modules and fiber-optic devices remain relatively under-owned. Guohai Securities said the recent selloff in U.S. tech stocks is only a sentiment shock; overseas cloud providers have not changed their long-term plans to expand computing power, and Meta and NVIDIA are still adding orders for 1.6T optical modules. Capital is rotating within TMT from crowded themes into lower-valued hardware names with stronger order visibility. The optical communications sub-sector is entering a window for allocation, while AI servers, memory chips and other supporting TMT hardware can be added alongside it to smooth volatility risk.

Changjiang Securities said Q3 2026 is the key inflection point for large-scale shipments of 1.6T optical modules. Overseas top-tier customers keep adding orders, and leading companies continue to expand capacity to secure delivery, leaving plenty of room for full-year earnings upgrades. Upstream optical chips for optical modules still have broad room for domestic substitution, making them one of the biggest long-term incremental opportunities in TMT. Domestic makers are gradually breaking through in high-end lasers and detectors. First-half results in TMT will show clear divergence, with earnings growth at computing power, communications and electronics companies materially ahead of media and traditional consumer electronics.

As for fund flows, as of July 6, 2026, Invesco Great Wall CSI TMT ETF (512220) saw net inflows on 3 of the past 5 trading days, taking in a total of 53.276 million yuan.

Data show that the latest financing buy amount for Invesco Great Wall TMT ETF reached 1.3609 million yuan, with a latest financing balance of 4.6049 million yuan.

On fees, Invesco Great Wall TMT ETF has a management fee of 0.50% and a custody fee of 0.10%.

Invesco Great Wall CSI TMT ETF (512220) closely tracks the CSI Technology, Media and Telecommunications 150 Index. The index selects 150 listed companies with larger market caps and stronger growth from securities tied to technology, media and communications businesses. It focuses on the broadest hardware tech exposure, covering multiple AI hardware lines including chips, optical modules and PCBs, balancing breadth and leaders while keeping concentration moderate. Wind data show that, by the Shenwan Level-3 industry classification, the index’s top five sectors are digital chip design (23.52%), communications network equipment and devices (13.12%), semiconductor equipment (12.06%), printed circuit boards (11.24%) and consumer electronics parts and assembly (8.03%).

Data show that as of June 30, 2026, the top 10 holdings of the CSI Technology, Media and Telecommunications 150 Index (H30318) were Eoptolink, GigaDevice, Innolight, Cambricon, NAURA Technology Group, Luxshare Precision, Montage Technology, Advanced Micro-Fabrication Equipment Inc. China, Hygon Information Technology and Dingtai Jiangxin, with the top 10 accounting for 33.45% in total. (Note: The individual stocks mentioned here are shown only as index constituents and are not stock recommendations.)

The data above come from Wind and public information, as of 2026/7/6.

Risk disclosure:

1. The individual stocks mentioned in this article are shown only as index constituents and are not stock recommendations.

2. The index gains and losses cited in this article are for reference only. They do not indicate future performance and do not represent the performance of any specific fund. The fund’s past holdings do not represent the manager’s future investment direction and do not constitute any investment advice. Current holdings may change.

3. Morningstar risk rating for Invesco Great Wall CSI Technology, Media and Telecommunications 150 ETF: medium-high, suitable for aggressive and active investors.

Morningstar risk rating for the Invesco Great Wall CSI Technology, Media and Telecommunications 150 ETF Link Fund (A: 001361, C: 004371): medium-high, suitable for aggressive and active investors.

4. Explanation of fund sales fees: for the A shares of the Invesco Great Wall CSI Technology, Media and Telecommunications 150 ETF Link Fund, subscription fees are charged by tier based on each purchase amount (M): under 500,000 yuan, 1.00%; 500,000 yuan to under 2.5 million yuan, 0.60%; 2.5 million yuan to under 5 million yuan, 0.30%; 5 million yuan and above, 1,000 yuan per order. Redemption fees are charged by tier based on holding period (N): within 7 days, 1.50%; more than 7 days and under 1 year, 0.50%; 1 year to under 2 years, 0.25%; 2 years and above, 0. No sales service fee is charged. For C shares, the subscription fee is 0 for each purchase amount of at least 1 yuan. Redemption fees are charged by holding period: within 7 days, 1.50%; 7 days and above, 0. The sales service fee is 0.40% a year. Any fee discounts are subject to the display of the sales institution.

For the Invesco Great Wall CSI Technology, Media and Telecommunications 150 ETF, when investors subscribe to or redeem fund units, the subscribing or redeeming broker may charge a commission of up to 0.5% of the subscription or redemption amount, including fees charged by the stock exchange and the registration institution. Trading fees on the exchange are subject to the actual charges of the securities firm.

5. The fund manager undertakes to manage and use fund assets in line with the principles of honesty, good faith, prudence and diligence, but does not guarantee that the fund will be profitable or that it will deliver a minimum return. China’s fund industry has a relatively short operating history and does not reflect all phases of the stock and bond market’s development. The fund’s past performance does not predict its future performance, and the performance of other funds managed by the fund manager does not guarantee this fund’s performance. Funds involve risk. Investors should fully understand the risk profile of the fund, take into account the suitability opinion of the sales institution, and invest cautiously based on their own risk tolerance. Investors should carefully read the Fund Contract, Prospectus and Fund Product Information Sheet for full product details.