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 ...

中金研究 我们参加了于3月17日-19日在美国洛杉矶举行的OFC 2026大会。作为全球光通信行业风向标之一，根据官网，本届大会汇聚超1.6万名参会人和700余 家参展企业，海内外科技企业同台竞技，纷纷展出光通信领域前沿技术与成果。从本次OFC大会中，我们感受到在位厂商对AI大周期的信心，建议关 注Scale up CPO/NPO、Scale across、OCS等光通信行业发展趋势。 点击小程序查看报告原文 Abstract 摘要 Scale up CPO趋势明确， NPO方案有 望率先放量。 CPO是本次OFC焦点话题之一。中国企业在FAU、ELS模块、OE光引擎封装等环节表现出产业引领地 位；日美企业在光芯片、连接插芯等环节展出更多创新方案。我们认为，尽管CPO在实现大规模商用上仍面临难题，但在scale up场景中，由于对 beachfront density和单位带宽功耗的要求明显高于scale out，CPO的意义更加突出、确切，产业共识认同CPO将在scale up增量场景中明确放量，我们预计 有望在2H27-2028放量。得益于NPO在维护成本、可靠性、产业链复制等方面的优势，我们判断2027 ...

GTC&OFC 总结：光互联、全液冷大时代 2026 年 03 月 21 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 72% 84% 96% 108% 2025-03 2025-07 2025-11 通信 沪深300 相关研究报告 《重视"Token 工厂"三大投资主线 —行业点评报告》-2026.3.19 《GTC&OFC 或催化光、液冷、电源 等板块—行业周报》-2026.3.15 《重视腾讯云涨价投资机会—行业点 评报告》-2026.3.11 蒋颖（分析师） 杜致远（联系人） duzhiyuan@kysec.cn 证书编号：S0790124070064 GTC 大会：全新架构亮相 GTC 2026 大会，英伟达营收预计达万亿 GTC 2026 大会于 2026 年 3 月 17 日开幕，英伟达展示了采用台积电 3nm EU V 工艺、搭载 HBM4 内存的全新 Rubin 系统，该系统由 7 款芯片组成并搭配 5 套不同场景的机架式架构，其中 LPU 亮眼登场，推理、训练性能大幅提升 且单 Token 成本降低 10 倍，将于 ...

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the **AI hardware, software, and cloud sectors** in China, highlighting the global AI investment cycle and its implications for various sectors and stocks [1][2][6]. Core Insights 1. **Global AI Investment Cycle**: - Investors are keen on identifying sectors and stocks that are well-positioned to benefit from the ongoing global AI investment cycle [1]. - The discussion emphasized the potential of **CPO (Co-package optics)** as a megatrend, with debates on its ability to replace traditional pluggable transceivers and copper cables in AIDC networking [1][2]. 2. **China's AI Value Chain**: - Investors are looking for opportunities in China's AI value chain, particularly in companies that are less exposed to geopolitical risks [1][6]. - Key beneficiaries identified include **Zhongji InnoLight (300308 CH)**, **Shengyi Technology (600183 CH)**, **Victory Giant (300476 CH)**, **Accelink (002281 CH)**, and **Shennan Circuits (002916 CH)**, all rated as "Buy" [1][11]. 3. **CPO Market Dynamics**: - CPO is expected to have a larger Total Addressable Market (TAM) in scale-up networks, but it is not anticipated to disrupt transceiver companies in scale-out networks [2]. - Leading transceiver companies like **InnoLight** and **Eoptolink** are expected to maintain strong fundamentals, with investors showing interest in the CPO value chain beneficiaries [2]. 4. **PCB/CCL Sector**: - The PCB/CCL sector in China is projected to benefit from volume upticks driven by GPU and ASIC platform upgrades starting in the second half of 2026 [3]. - Concerns about competition and stretched valuations were noted, with interest in both leading players and smaller companies that may gain market share [3][5]. 5. **China's Domestic AI Supply Chain**: - Investors are focusing on "local champions" in China's AI supply chain, which are less affected by the "de-coupling" trend [6]. - Companies like **Cambricon (688256 CH)** and LLM developers such as **Zhipu (2513 HK)** and **MiniMax (0100 HK)** are highlighted as potential investment opportunities [6]. 6. **Software Sector Concerns**: - There is a prevailing caution among investors regarding the software sector, particularly concerning the impact of LLMs on traditional software business models [7]. - While some believe the "LLM killing software" narrative is exaggerated, concerns about growth outlook and valuations persist [7]. Additional Important Insights - **Valuation Concerns**: Many investors expressed worries about stretched valuations across various sectors, particularly in optical components and software [2][3][7]. - **Supply Chain Bottlenecks**: Investors are actively seeking insights into supply bottlenecks and key beneficiaries in the upstream supply chain, especially in light of shortages in materials like glass fiber and copper foil [5][6]. - **Investment Timing**: Investors are waiting for more favorable entry points in the software sector, looking for signs of accelerating top-line growth and margin improvements before committing [7]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current landscape in the AI and related sectors in China.

Core Viewpoint - The CPO concept stocks in the A-share market have shown strong performance, particularly following the announcement of NVIDIA's Feynman chip, which integrates optical communication to significantly reduce energy consumption in AI data center communications by over 70% [1]. Group 1: Stock Performance - Resconda (603803) saw a price increase of 9.97%, with a total market capitalization of 5.579 billion and a year-to-date increase of 18.39% [2]. - Tianfu Communication (300394) rose by 6.94%, with a market cap of 232.8 billion and a year-to-date increase of 47.48% [2]. - Kechuan Technology (603052) increased by 6.70%, with a market cap of 1.16 billion and a year-to-date increase of 95.21% [2]. - Dekeli (688205) experienced a 6.04% rise, with a market cap of 2.72 billion and a year-to-date increase of 24.92% [2]. - Aerospace Electric (002025) rose by 5.71%, with a market cap of 2.69 billion and a year-to-date increase of 17.81% [2]. - Xinyi Technology (300502) increased by 4.28%, with a market cap of 40.35 billion and a year-to-date decrease of 5.78% [2]. - Other notable stocks include Zhili Fang (301312) up 3.76%, Juguang Technology (688167) up 3.40%, and Luobotek (300757) up 3.30% [2]. Group 2: Market Trends - The overall trend in the CPO concept stocks indicates a positive market sentiment, driven by technological advancements in optical communication [1]. - The introduction of NVIDIA's Feynman chip is expected to have a significant impact on the energy efficiency of AI data centers, which may further boost investor interest in related stocks [1].

在全球资本市场波动加大、地缘政治风险加剧的背景下，中国资产凭借独特的"性价比"优 势，吸引了众多海外投资者的目光。 韩国预托结算院（KSD）旗下SEIbro数据显示，最近一个月，韩国投资者净买入A股证券主要有 三一重工、中国电建、长电科技、光迅科技、梅花生物、赣锋锂业、许继电气等，净买入金额均 不低于100万美元。 值得一提的是，相关ETF也在韩国股民的扫货名单中。近一个月以来，国联安中证全指半导体产 品与设备ETF、华夏国证半导体芯片ETF两只ETF获韩国投资者净买入金额排名居前。 聚焦"HALO"资产与新兴赛道 从近一个月以来韩国股民的投资动向来看，中国"HALO"资产以及半导体等新兴赛道备受青睐。 SEIbro数据显示，近一个月以来，韩国股民对三一重工、中国电建、许继电气等行业龙头产生浓 厚兴趣。其中，三一重工以近一个月净买入超630万美元排名居首，中国电建的净买入金额超过 440万美元，许继电气的净买入金额也不低于130万美元。 排排网财富研究总监刘有华向记者表示，近年来，韩国投资者聚焦中国AI、机器人等领域，主要 基于三重考量：一是产业成长性与估值吸引力。中国在上述领域具备完整的产业集群与明确的政 ...

Investment Rating - The report maintains a positive investment outlook on the optical module equipment industry, highlighting significant growth potential driven by AI developments and technological upgrades in packaging and testing equipment [2]. Core Insights - The demand for optical modules is experiencing explosive growth due to the expansion of AI computing power, with a shift from 400G to 800G and accelerating towards 1.6T, indicating a high demand cycle for equipment [2][23]. - The core value segments in the optical module packaging process are die bonding, coupling, and testing, which together account for over 60% of the value, with increasing precision and automation requirements [2][58]. - Domestic substitution, automation upgrades, and the introduction of advanced packaging present structural opportunities for equipment manufacturers, particularly in high-precision areas still dominated by foreign suppliers [2][32]. Summary by Sections Section 1: AI Development and Optical Module Demand - AI advancements are driving a surge in optical module demand, with a transition towards higher specifications like CPO and OIO expected to shape future trends [4][23]. - The optical module market is projected to see significant growth, with 800G and 1.6T modules expected to reach over 52 million units shipped by 2026 [24][26]. Section 2: Core Packaging and Testing Equipment - The main processes in optical module packaging include die bonding, coupling, and testing, which are critical for ensuring high performance and reliability [53][55]. - The report emphasizes the importance of high-precision die bonding and coupling processes, which are essential for achieving optimal optical performance [70][74]. Section 3: Key Companies and Investment Recommendations - The report recommends focusing on companies such as Robotech (coupling equipment), Keri Technology (die bonding), and others that are well-positioned to benefit from the industry's growth [2][32]. - It highlights the potential of companies like Lumentum and Coherent, which are expanding their production capacities to meet rising demand [33][32].

Core Viewpoint - The article discusses the shifting dynamics in the optical module market, particularly focusing on the rise of Micro LED technology and CPO (Co-Packaged Optics) as a potential game-changer in AI data centers, which could disrupt traditional copper cable solutions and reshape the value distribution within the industry [2][10][20]. Group 1: Market Trends and Dynamics - The A-share market is oscillating between technology cycles and defensive sectors in 2026 [2]. - Leading companies in the optical module sector, such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, have seen cumulative gains exceeding 300% over the past two years [4]. - Valuations for these leading firms have reached historical highs, with Zhongji Xuchuang at a P/E ratio of 70, Xinyi Technology at 52, and Tianfu Communication at 138 [5]. Group 2: Emerging Opportunities - Funds are actively seeking new opportunities, leading to significant gains for second-tier suppliers like Huagong Technology and Guangxun Technology, with Huagong Technology's stock rising over 80% in 12 consecutive trading days [6]. - The recent hype around "light replacing copper" has driven a surge in Micro LED stocks, with a single-day increase of 8% and 20 companies hitting their upper trading limits [11]. Group 3: Technological Innovations - Micro LED technology has found new applications in AI computing through CPO, which threatens the market share of traditional copper cables [12][16]. - CPO technology significantly reduces signal loss and power consumption compared to traditional copper solutions, with Nvidia's Spectrum-X CPO switch demonstrating only 4dB signal loss and 9 watts of power consumption [16]. Group 4: Industry Structure and Value Redistribution - The shift to CPO architecture may lead to a reallocation of profits within the optical module supply chain, moving value upstream to core optical component suppliers [20][22]. - High-end chip markets are dominated by companies like Broadcom and Coherent, with domestic production rates only at 4%-10% [24]. - Nvidia's strategic investment of $4 billion in Lumentum and Coherent aims to secure long-term supply of advanced laser and optical components, addressing the current supply constraints [25]. Group 5: Company Performance and Projections - Huagong Technology and Guangxun Technology have demonstrated strong growth, with Huagong's optical module business revenue increasing by nearly 50% and Guangxun's revenue growing by 58.65% [32][29]. - The price of 1.6T optical modules has surged over 70%, from $1,200 to over $2,000, due to rising demand [32]. - The market for CPO in AI data centers is projected to grow significantly, with estimates suggesting a penetration rate of 35% by 2030 [19].

Core Viewpoint - The article highlights the trading activities and capital flows in the Shanghai and Shenzhen stock markets, emphasizing significant movements in specific stocks and sectors, particularly in the construction and chemical industries. Group 1: Trading Volume and Key Stocks - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 295.245 billion, with Cambricon Technologies and CATL leading in trading volume for the Shanghai and Shenzhen markets, respectively [1][2]. - The top ten stocks by trading volume included Cambricon Technologies (30.59 billion) and CATL (38.66 billion) [2][4]. Group 2: Sector Performance - The construction engineering sector saw the highest net inflow of capital, amounting to 17.46 billion, with a net inflow rate of 2.08% [6]. - Other sectors with notable net inflows included power equipment (9.18 billion) and household appliances (8.08 billion) [6]. Group 3: Capital Outflows - The computer sector experienced the largest net outflow of capital, totaling -150.51 billion, with a net outflow rate of -8.09% [7][8]. - Other sectors with significant outflows included the new energy sector (-135.45 billion) and non-ferrous metals (-125.34 billion) [7]. Group 4: Individual Stock Capital Flows - The top stocks with net capital inflows included China Construction (20.38 billion) and NewEase (15.88 billion) [9]. - Conversely, the stocks with the highest net outflows included Huagong Technology (-19.64 billion) and Huasheng Tiancheng (-16.34 billion) [10][11]. Group 5: ETF Trading Activity - The A500 ETF Fund (512050) had the highest trading volume among ETFs, reaching 98.105 billion, with a 5.31% increase from the previous trading day [13]. - The Green Power ETF (159625) saw a remarkable 195% increase in trading volume compared to the previous day [14]. Group 6: Institutional and Retail Investor Activity - Institutional investors were active, with significant buy and sell transactions in stocks like Daikin Heavy Industries and Yingke Medical [16]. - Retail investors showed reduced activity, particularly in stocks like Guangxun Technology, which faced substantial selling pressure [17]. Group 7: Quantitative Fund Activity - Quantitative funds were notably active, with significant purchases in stocks like Chuanjin Nuo and Hongbaoli [18].

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]