Summary of Key Points from the Conference Call Industry Overview - The focus is on the **AI transceiver market**, which is projected to experience significant growth, with the total addressable market (TAM) expected to triple from approximately **US$18 billion in 2025 to US$50 billion by 2028** driven by advancements in AI data center architectures [1][29]. Core Insights - **Transceiver Demand Growth**: - AI transceiver demand is anticipated to rise from **41 million units in 2025 to 95 million units by 2028**. High-end transceivers (800G and 1.6T) are expected to be the primary growth drivers, with unit volumes increasing from **20 million in 2025 to 80 million in 2028** [19][28]. - The growth is attributed to three main factors: expansion of AI data centers, strong capital expenditures (capex) from major cloud players, and continuous product innovation in transceivers [28]. - **CPO (Co-Packaged Optics) Impact**: - CPO is recognized as a legitimate long-term risk to traditional pluggable transceivers, but its impact is projected to be limited in the medium term, with demand dilution expected to be **~3% in 2026, ~11% in 2027, and ~16% in 2028** [17][26]. - Large-scale adoption of CPO is not expected before **2027-2028**, primarily due to manufacturing challenges and the need for a mature ecosystem [17][90]. Company-Specific Insights - **Eoptolink**: Upgraded to **Overweight** with a price target raised to **Rmb460**. The company is expected to gain market share in the 800G and 1.6T segments, likely achieving above-industry growth [49]. - **Suzhou TFC**: Price target increased to **Rmb371** but maintained at **Equal Weight** due to recent price rallies reflecting potential positive impacts from CPO development [50]. - **Coherent**: Seen as having better opportunities compared to Lumentum, with expectations of significant revenue contributions from CPO solutions [51]. - **Lumentum**: Despite strong performance, the stock is viewed as vulnerable due to high expectations for future earnings growth [52]. Market Dynamics - The **competitive landscape** is shifting with CPO posing a threat to traditional transceiver companies by integrating optical components directly into switch packages, which could disrupt existing business models [80][81]. - **Copper technology** continues to evolve, maintaining its dominance in certain applications, which adds competitive pressure on optical transceivers [85]. Investment Recommendations - The report highlights several key stock recommendations based on the anticipated growth in the AI transceiver market and the potential impact of CPO: - **Eoptolink** and **LandMark** are identified as strong beneficiaries of the AI transceiver demand [75]. - **TSMC** and **ASE** are noted for their roles in CPO technology development, with expectations of significant contributions in the coming years [55][56]. Additional Considerations - The report emphasizes the importance of monitoring the **availability of critical substrate materials** and the potential supply bottlenecks that could arise as the industry shifts towards CPO architecture [66]. - The **shift from discrete transceivers to CPO** could pose structural challenges for PCB and connector vendors, with some companies likely to face direct pressure from this transition [63][64]. This summary encapsulates the key insights and projections regarding the AI transceiver market and the implications of CPO technology on traditional transceiver companies, along with specific company recommendations and market dynamics.

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **AI transceiver market**, which is projected to experience significant growth, with the total addressable market (TAM) expected to triple from approximately **US$18 billion in 2025 to US$50 billion by 2028** driven by advancements in AI data center architectures [1][29]. Core Insights - **Transceiver Demand Growth**: - AI transceiver demand is anticipated to rise from **41 million units in 2025 to 95 million units by 2028**. High-end transceivers (800G and 1.6T) are expected to be the primary growth drivers, with unit volumes increasing from **20 million in 2025 to 80 million in 2028** [19][28]. - The growth is attributed to three main factors: 1. Expansion of AI data centers requiring advanced optical transceivers for connectivity. 2. Increased capital expenditure (capex) from major cloud players, with projected spending of **US$735-795 billion in 2026**, representing a **60% year-over-year growth** [28]. 3. Continuous innovation in product offerings, particularly in 800G and 1.6T transceivers [28]. - **CPO (Co-Packaged Optics) Impact**: - CPO is recognized as a legitimate long-term risk to traditional pluggable transceivers, but its impact is expected to be limited in the medium term, with projected demand dilution of **3% in 2026, 11% in 2027, and 16% in 2028** [17][26]. - Large-scale adoption of CPO is unlikely before **2027-2028**, with initial relevance expected at **3.2T** and beyond [90]. Company-Specific Insights - **Eoptolink**: - Upgraded to **Overweight** with a price target raised to **Rmb460** due to expected above-industry growth in the 800G and 1.6T segments [49]. - **Suzhou TFC**: - Price target increased to **Rmb371**, maintaining an **Equal Weight** rating, reflecting the recent share price rally and potential benefits from the AI transceiver industry's growth [50]. - **Coherent and Lumentum**: - Both companies are expected to gain market share, with Coherent positioned for better opportunities compared to Lumentum, which has seen significant stock price increases but may face volatility due to CPO developments [51][52]. Market Dynamics - **CPO Development**: - CPO is seen as a strategic challenge to traditional transceiver companies due to its potential to displace existing products and disrupt business models. However, technical challenges such as manufacturing yields, thermal management, and cost premiums pose significant barriers to its widespread adoption [80][89]. - **Competitive Landscape**: - The competitive landscape is shifting, with CPO competing against both traditional pluggable transceivers and copper solutions. The transition to CPO is expected to create additional pressure on traditional optical transceivers [85]. Additional Considerations - **Stock Recommendations**: - A range of companies are highlighted as potential beneficiaries of the AI transceiver market and CPO developments, including **LandMark**, **VPEC**, **TSMC**, and **ASE**, among others [23][75]. - **Long-Term Outlook**: - The overall sentiment remains positive for the AI transceiver market, with expectations of strong earnings growth in 2026, driven by the rapid expansion of AI infrastructure investments [22]. This summary encapsulates the key insights and projections regarding the AI transceiver market and the implications of CPO technology on traditional transceiver companies, highlighting both opportunities and risks within the industry.

中国经济网北京2月27日讯光迅科技（002281）(002281.SZ)昨晚披露关于向特定对象发行股票申请获得 深圳证券交易所审核中心审核通过的公告称，公司于2026年2月26日收到深圳证券交易所出具的《关于 武汉光迅科技股份有限公司申请向特定对象发行股票的审核中心意见告知函》。深交所发行上市审核机 构对公司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、上市条件和信息披露要 求，后续深交所将按规定报中国证券监督管理委员会履行相关注册程序。 中国信科集团为公司实际控制人，其同意以现金方式认购本次向特定对象发行股票，认购比例不低于本 次向特定对象发行股份总数的10%，且不超过本次向特定对象发行股份总数的30%。根据相关规定，中 国信科集团认购本次向特定对象发行股票构成关联交易。 公司本次向特定对象发行股票事项尚需获得中国证监会同意注册后方可实施,最终能否获得中国证监会 作出同意注册的决定及其时间尚存在不确定性,公司将根据该事项的进展情况按照相关规定及时履行信 息披露义务。 光迅科技2025年度向特定对象发行股票募集说明书(申报稿)显示，本次向特定对象发行股票的发行对象 为包括公司实际控制人中国信科 ...

本次向特定对象发行股票募集资金总额预计不超过350,000万元（含350,000万元），在扣除发行费 用后实际募集资金净额将用于算力中心光连接及高速光传输产品生产建设项目、高速光互联及新兴光电 子技术研发项目、补充流动资金。 | 房号 | 项目名称 | 投资 总额 | 拟使用 事集资金额 | | --- | --- | --- | --- | | | 算力中心光连接及高速光传输产品生产建设项目 | 248,210.08 | 208,288.83 | | 2 | 高速光互联及新兴光电子技术研发项目 | 100,060.59 | 61,711.17 | | ਤੇ | 补充流动资金 | 80,000.00 | 80,000.00 | | | 合 计 | 428,270.67 | 350,000.00 | 中国经济网北京2月27日讯 光迅科技(002281.SZ)昨晚披露关于向特定对象发行股票申请获得深圳证 券交易所审核中心审核通过的公告称，公司于2026年2月26日收到深圳证券交易所出具的《关于武汉光 迅科技股份有限公司申请向特定对象发行股票的审核中心意见告知函》。深交所发行上市审核机构对公 司向特定对象发行股票的 ...

Core Insights - OCS technology is still in the early stages of industrialization, with increasing demand for related components and materials as Google’s usage penetration and customer engagement rise [1] - The OCS technology allows for direct switching of optical signals without O/E/O conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center interconnect systems [1] - The OCS market is projected to grow rapidly, with an estimated market size of approximately $400 million in 2025 and expected to exceed $2.5 billion by 2029, driven by the demand for AI data centers [3] Industry Overview - OCS technology has four main technical routes: MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS being the fastest to commercialize [2] - Google is shifting from a "self-research + outsourcing" model to OCS system procurement, which is expected to expand the OCS market significantly [2] - Lumentum reported an OCS order backlog exceeding $400 million, primarily from three core customers, indicating strong demand growth [3]

Group 1 - The core viewpoint of the report highlights the rapid growth of the Optical Circuit Switch (OCS) market, driven by increasing demand for AI data center computing power and expanding customer penetration and application scenarios, with a projected market size of approximately $4 billion by 2025 and over $2.5 billion by 2029, reflecting a CAGR of about 58% [1][3] - OCS technology enables direct switching of optical signals between fiber ports without the need for optical-electrical-optical (O/E/O) conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center optical interconnect systems [2] - There are four main technical routes for OCS, including MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS being the fastest commercialized solution developed by Google, indicating a shift from a "self-research + foundry" model to OCS system procurement, thus expanding the market [2][3] Group 2 - As SerDes rates continue to upgrade, OCS technology is expected to see rapid growth among customers beyond Google, with Lumentum reporting an OCS order backlog exceeding $400 million, primarily from three core customers, and anticipated revenue exceeding $100 million by Q4 2026 [3] - The report suggests that as the penetration rates of Google and other customers increase, the demand for OCS-related components and materials (such as collimators, yttrium vanadate lenses, and optics) will rise, benefiting domestic manufacturers, especially those with deep collaborations with leading overseas firms [3]

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Viewpoints - Optical Circuit Switch (OCS) technology enables direct switching of optical signals between fiber ports without optical-electrical-optical (O/E/O) conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center interconnects [3][4][92] - The OCS market is expected to grow rapidly, with a projected market size exceeding $2.5 billion by 2029, driven by increasing demand from AI data centers and enhanced customer penetration [4][81] - The report highlights four main technology routes for OCS: MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS technology currently leading the market [4][14][92] Summary by Sections 1. OCS as a New Photonic Interconnect Technology - OCS technology allows for high bandwidth capabilities and low latency, making it suitable for modern data center demands [13] - The technology is transparent to rate and protocol, allowing for seamless upgrades without hardware replacement [13] - OCS can be incrementally deployed and expanded, reducing initial capital investment [13] 2. OCS Applications for AI Data Centers - Google has been at the forefront of developing ASIC chips, with the latest TPU generation utilizing OCS technology for enhanced interconnectivity [51][64] - The TPU architecture requires a significant number of ports, indicating a growing demand for OCS solutions [71] 3. OCS Industry Chain Company Layout - Various companies are positioned within the OCS industry chain, including Silex, Tengjing Technology, and Zhongji Xuchuang, each focusing on different aspects of OCS technology and components [83][84] - The report emphasizes the importance of collaboration between domestic manufacturers and leading global firms to capitalize on the OCS market growth [84] 4. Investment Recommendations - The report suggests focusing on companies within the OCS supply chain, particularly those with established partnerships with leading international firms, as they are likely to benefit from the industry's growth [4][90]

武汉光迅科技股份有限公司（以下简称"公司"）于2026年2月26日收到深圳证券交易所（以下简称"深交 所"）出具的《关于武汉光迅科技股份有限公司申请向特定对象发行股票的审核中心意见告知函》。深 交所发行上市审核机构对公司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、上 市条件和信息披露要求，后续深交所将按规定报中国证券监督管理委员会（以下简称"中国证监会"）履 行相关注册程序。 关于向特定对象发行股票申请获得 登录新浪财经APP 搜索【信披】查看更多考评等级 深圳证券交易所审核中心审核通过的公告 证券代码：002281 证券简称：光迅科技 公告编号：（2026）004 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 武汉光迅科技股份有限公司 武汉光迅科技股份有限公司董事会 二○二六年二月二十七日 公司本次向特定对象发行股票事项尚需获得中国证监会同意注册后方可实施，最终能否获得中国证监会 作出同意注册的决定及其时间尚存在不确定性，公司将根据该事项的进展情况按照相关规定及时履行信 息披露义务。敬请广大投资者注意投资风险。 特此公告 ...

特此公告 武汉光迅科技股份有限公司董事会 证券代码：002281 证券简称：光迅科技 公告编号：（2026）004 二○二六年二月二十七日 武汉光迅科技股份有限公司 关于向特定对象发行股票申请获得 深圳证券交易所审核中心审核通过的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 武汉光迅科技股份有限公司（以下简称"公司"）于 2026 年 2 月 26 日收到 深圳证券交易所（以下简称"深交所"）出具的《关于武汉光迅科技股份有限公 司申请向特定对象发行股票的审核中心意见告知函》。深交所发行上市审核机构 对公司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、上 市条件和信息披露要求，后续深交所将按规定报中国证券监督管理委员会（以下 简称"中国证监会"）履行相关注册程序。 公司本次向特定对象发行股票事项尚需获得中国证监会同意注册后方可实施， 最终能否获得中国证监会作出同意注册的决定及其时间尚存在不确定性，公司将 根据该事项的进展情况按照相关规定及时履行信息披露义务。敬请广大投资者注 意投资风险。 1 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Viewpoints - Optical Circuit Switch (OCS) technology enables direct switching of optical signals between fiber ports without optical-electrical-optical (O/E/O) conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center interconnect systems [3][4][92] - The OCS market is expected to grow rapidly, with a projected market size exceeding $2.5 billion by 2029, driven by increasing demand for AI data centers and enhanced customer penetration [4][79] - OCS technology has four main technical routes: MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS being the fastest to commercialize, primarily led by Google [4][14][92] Summary by Sections 1. OCS as a New Photonic Interconnect Technology - OCS technology avoids traditional bandwidth bottlenecks and power losses associated with electrical switching, offering high bandwidth capacity and low latency [3][13] - The four main technical routes for OCS are MEMS, liquid crystal, piezoelectric, and silicon waveguide, each with different cost, performance, and technical difficulty trade-offs [14][92] 2. OCS Applications for AI Data Centers - Google has been at the forefront of developing ASIC chips, with the TPU reaching its seventh generation, indicating a strong push towards integrating OCS technology in data centers [51][64] - The TPU architecture utilizes OCS technology to interconnect thousands of TPU chips, enhancing performance and efficiency [64][71] 3. OCS Industry Chain Company Layout - Various companies are positioned within the OCS industry chain, including Silex, Tengjing Technology, and Zhongji Xuchuang, each focusing on different aspects of OCS technology and components [83][84] - Companies like Lumentum and Coherent are key suppliers for MEMS and liquid crystal OCS solutions, indicating a robust supply chain for OCS technology [4][14][84] 4. Investment Recommendations - The report suggests focusing on companies within the OCS supply chain, particularly those with deep collaborations with leading global firms, such as Zhongji Xuchuang and Guangxun Technology, as they are expected to benefit from the growth in OCS technology [4][90]