丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 报告要点 [Table_Summary] 2026 年第 11 周，通信板块上涨 1.96%，在长江一级行业中排名第 1 位；2026 年年初以来， 通信板块上涨 6.8%，在长江一级行业中排名第 7 位。GTC 2026，英伟达发布推理"五机柜" 方案，Scale-out 光互连迎新增量。OFC 2026，AI 驱动光通信行业迎指数级增长，头部企业加 速产能扩张，CPO/NPO/OCS/XPO 多技术路径落地。AI 需求爆发叠加供应链成本上涨，国内 头部云厂商密集调价。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信周观点：2]GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 [Table_Summary2] 板块行情 ...

重要内容提示： 一、闲置募集资金现金管理基本情况 上海移远通信技术股份有限公司（以下简称"公司"）于 2025 年 12 月 22 日召开第四届董事会第九次会议审议通过《关于使用闲置募集资金进行现金管理 的议案》，同意公司拟使用总额度不超过（含）人民币 10 亿元的闲置募集资金 适时进行现金管理，使用期限自第四届董事会第九次会议审议通过之日起 12 个 月。 证券代码：603236 证券简称：移远通信 公告编号：2026-004 上海移远通信技术股份有限公司 关于使用闲置募集资金进行现金管理赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 投资种类：普通大额存单、结构性存款 赎回金额：人民币 7.5 亿元 二、本次闲置募集资金现金管理赎回情况 2026 年 1 月 8 日，公司控股子公司常州移远通信技术有限公司（以下简称 "常州移远"）使用闲置募集资金在中国建设银行上海吴中路支行购买了金额为 60,000 万元的大额存单。2026 年 1 月 20 日，常州移远使用闲置募集资金在上海 浦东发展银行股份有限公司闵行支行 ...

国联民生证券承销保荐有限公司 关于上海移远通信技术股份有限公司 部分募投项目增加实施主体和实施地点 并开立募集资金专户的核查意见 经中国证券监督管理委员会《关于同意上海移远通信技术股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕2184号）同意，上海移远通信 技术股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（A股） 26,165,765股，发行价格85.21元/股，募集资金总额为2,229,584,835.65元，扣 除不含税保荐承销费用人民币7,857,629.96元，减除其他与发行权益性证券直接 相关的不含税发行费用人民币1,801,099.78元，募集资金净额为人民币 2,219,926,105.91元。保荐机构国联民生证券承销保荐有限公司已将扣除不含税 承销费人民币7,357,629.96元后的募集资金余额人民币2,222,227,205.69元于 2025年12月12日汇入公司开立的募集资金专用账户中，立信会计师事务所（特殊 普通合伙）对本次发行的资金到位情况进行了审验，并出具了信会师报字[2025] 第ZF11315号《验资报告》。公司已对募集资金实行了专户存储制度 ...

证券代码：603236 证券简称：移远通信 公告编号：2026-003 上海移远通信技术股份有限公司 关于部分募投项目增加实施主体和实施地点 并开立募集资金专户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2026 年 3 月 19 日，公司召开了第四届董事会第十一次会议，审议通过 了《关于部分募投项目增加实施主体和实施地点并开立募集资金专户的议案》。 "车载及 5G 模组扩产项目"和"AI 算力模组及 AI 解决方案产业化项目" 的原实施主体为常州移远通信技术有限公司，原实施地点为常州。拟增加全资子 公司赣州移远科技有限公司作为上述 2 个项目的实施主体，对应增加赣州为实施 地点，并拟以募集资金向赣州移远科技有限公司增资和借款的方式实施募投项目。 本次部分募投项目仅为增加实施主体和实施地点，不存在变相改变募集资金用途 的情形，也不存在损害公司及股东利益的情形，本次以募集资金向赣州移远科技 有限公司增资和借款方式实施募投项目，该事项不构成关联交易，无需提交股东 会审议。 赣州移远科技有限公司已签订《房 ...

Group 1 - VAST, a general artificial intelligence company, completed a $50 million Series A financing round led by Alibaba and Hengxu Capital, with participation from other investors. The funds will focus on recruiting top talent, continuous algorithm iteration, and building a UGC interactive content platform [2] - Aiot brand E-Link from Quectel and Honor launched an innovative children's AI toy, the Meteer AI dancing robot, which supports natural language understanding and multi-turn dialogue, allowing children to interact through voice [2] - YuanLab.ai officially released the Yuan3.0 Ultra multimodal foundational model, enhancing the global ecosystem of trillion-parameter open-source models, making it one of only three such models available [2] - Softcom Power introduced the Ruido AI intelligent agent cloud platform, integrating computing power infrastructure, token economy, and the OpenClaw intelligent agent framework to innovate computing power operation models [2]

（编辑 丛可心） 证券日报网讯 2月27日，移远通信在互动平台回答投资者提问时表示，公司为支撑长远发展战略性投 入，叠加上游原材料成本持续上涨的影响，2025年度公司业绩情况未达到业绩预告披露标准，具体财务 数据请以后续披露的定期报告为准。公司募投项目建设按计划推进，根据会计准则，截至目前，不存在 导致相关固定资产需大额计提减值的迹象。后续公司也将严格按照企业会计准则及相关法律法规的规定 进行会计核算、编制财务报告并履行信息披露义务。 ...

Core Viewpoint - The company has implemented a price adjustment strategy in response to rising raw material costs, which is being communicated to downstream customers globally, although precise categorization of price increases is challenging due to the diversity of products and customer base [2]. Group 1: Price Adjustment Strategy - The company is facing an increase in raw material prices and has developed a corresponding price adjustment strategy [2]. - The price transmission to downstream customers is occurring in an orderly manner, but the pace varies due to the large number of global customers and diverse product types [2]. Group 2: Communication with Capital Market - The company emphasizes its commitment to legal compliance and timely information disclosure, maintaining communication with the capital market through various channels such as investor surveys, performance briefings, and interactive platforms [2]. - Future efforts will focus on enhancing communication efficiency with the capital market and increasing interaction with investors through multiple channels [2]. Group 3: 2025 Performance Outlook - As per disclosure regulations, the company has not reached a situation that requires a performance forecast or report for the year 2025 [2]. - The company is currently progressing with the preparation of its annual report, and specific performance details will be available in future disclosures [2].

证券日报网讯 2月27日，移远通信在互动平台回答投资者提问时表示，公司已于2026年2月7日披露了 《关于累计诉讼及仲裁的公告》，对相关情况进行了如实披露。本次诉讼尚未开庭审理，最终结果需以 法院生效判决为准。目前公司已组建专业法律团队积极应诉，全力维护公司和股东的合法权益。公司将 密切关注案件进展，并严格按照法律法规的要求及时履行信息披露义务。 （编辑 王雪儿） ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The communication sector saw a 2.35% increase in the 6th-7th week of 2026, ranking 6th among primary industries in the Yangtze River region; since the beginning of 2026, it has risen by 0.44%, ranking 27th [2][6] - Tower's silicon photonics revenue doubled, with a high demand for 1.6T, and capacity expansion plans have been adjusted with prepayments secured; silicon photonics modules continue to penetrate the market [2][10] - Vertiv's orders and backlog reached new highs, with a shipment-to-order ratio rising to 2.9 times [2][10] - ByteDance's Seedance 2.0 has industry-leading generation availability, while Google's Gemini 3.1 Pro tops the charts, and Anthropic's annual revenue is growing rapidly at $14 billion [2][10] - OpenAI's cumulative computing expenditure is expected to exceed $600 billion by 2030, with an upward revision of revenue forecasts [2][10] Summary by Sections Market Performance - In the 6th-7th week of 2026, the communication sector increased by 2.35%, ranking 6th among primary industries; since the start of 2026, it has risen by 0.44%, ranking 27th [2][6] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Dawei Technology (+39.4%), Shengke Communication (+31.7%), and Shenling Environment (+29.6%); the top three decliners were Tongyu Communication (-11.7%), Dingtong Technology (-9.7%), and Xinke Mobile (-9.3%) [6] Company Highlights - **Tower**: In Q4 2025, revenue reached $440 million, a year-on-year increase of 13.7%, with GAAP net profit of $80 million, up 45.3%. The company expects silicon photonics revenue to reach $228 million in 2025, doubling from 2024, and has raised its capacity target from 3 times to over 5 times the Q4 2025 shipment [7] - **Vertiv**: In Q4 2025, revenue was $2.88 billion, a year-on-year increase of 22.7%, with GAAP net profit of $450 million, up 203.1%. The company reported a significant increase in organic orders, with a year-on-year growth of 252% [7] AI Model Developments - On February 12, ByteDance launched Seedance 2.0, achieving industry-leading performance in complex scenarios with a high generation availability rate [8] - Anthropic completed a $30 billion Series G financing round with a post-money valuation of $380 billion, reporting an annual revenue of approximately $14 billion [8] - On February 19, Google released Gemini 3.1 Pro, which ranked first in AI analysis, showing significant improvements in reasoning capabilities [8] Future Projections - OpenAI updated its financial outlook, projecting cumulative computing-related expenditures to exceed $600 billion by 2030, with training costs expected to rise significantly in 2025 and 2026 [9]

Core Viewpoint - The company emphasizes its commitment to accurate financial reporting and long-term strategic investments despite challenges from rising raw material costs and potential shortfalls in performance forecasts for 2025 [2] Financial Reporting - The company adheres strictly to accounting standards and relevant laws to ensure that its financial reports accurately reflect its operational status [2] - Future financial details will be disclosed in periodic reports, indicating a commitment to transparency [2] Strategic Investments - The company is focused on long-term development strategies, which involve significant investments despite current economic challenges [2] Market Conditions - The company's stock price is influenced by various factors, including macroeconomic conditions, industry policies, market sentiment, and funding preferences, which may lead to short-term volatility [2]