2026 fund third-quarter reports have been released. Reviewing the third quarter, A-share trading sentiment was sluggish, the technology sector continued to adjust, and previously strong areas such as AI infrastructure cooled markedly; entering the fourth quarter, the market is still searching for a new narrative anchor amid volatility. Amid multiple disruptions, does the technology thesis still hold? Let us look at the analysis from Liu Jiang, fund manager of Great Wall Jiuxiang.
In the 2026 third-quarter report of Great Wall Jiuxiang, Liu Jiang stated that during the third quarter he focused on the optical communications direction, whose thesis remains solid. Based on the advantages of interconnect performance, the expansion of value volume in optical communications is relatively clear, specifically reflected in three aspects: first, continuously rising speeds, such as optical modules iterating and ramping from 800G to 1.6T; second, scenario expansion, as computing clusters become more complex and larger in scale, demand for optical communications on the scale out, scale up, scale across, and scale in sides is expected to grow rapidly; third, technological iteration and development, with new forms such as NPO, CPO, and OCS expected to emerge.
Liu Jiang judges that the optical communications-related industry is in a state of sustained prosperity and is expected to nurture many investment opportunities, with both a large number of high-quality companies delivering strong earnings growth and many emerging growth companies benefiting from the development of new technologies. Looking at the long term, he believes that infrastructure such as computing power will lead the way, after which applications have the opportunity to flourish, potentially driving the AI industry into overall prosperity, and he will keep tracking it, striving to seize the long-cycle, sustained opportunities of the AI industry.
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