证券研究报告|通信 [Table_Title] GTC 及 OFC 2026 聚焦 AI 算力、Token、Agent 以及超大规模 AI 数据中心的互连需求 [Table_ReportType] ——通信行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 上周，沪深 300 下跌 2.19%，创业板指上涨 1.26%，申万通信行业指数 上涨 2.10%，分别跑赢沪深 300 和创业板指 4.29 和 0.84 个百分点，在 申万各一级行业中排名第 1 位。GTC 及 OFC 2026 年大会召开，均聚焦 AI 算力产业链相关产品服务。我们认为伴随 AI 生态的加速构建、Agent 的持续爆发、AI 算力需求的持续高增长，光通信已成为 AI 算力基础设 施建设的核心环节，光模块、光纤光缆等光通信技术将进一步创新迭代。 同时，OFC 2026 大会上多个 MSA 的集中涌现也反映出伴随全球 AI 数据 中心数据规模的不断扩大，互联技术的重要性进一步凸显，更高速铜链、 光模块以及 XPO 等新型技术也将不断涌现。本周建议继续关注光通信 领域高速光模块的出货量增长、光纤 ...

一、担保情况概述 证券代码：002600 证券简称：领益智造 公告编号：2026-018 广东领益智造股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 单位：万元人民币 本次担保被担保公司担保额度使用情况如下： 广东领益智造股份有限公司（以下简称"公司"）分别于 2025 年 12 月 5 日和 2025 年 12 月 22 日召开第六届董事会第二十二次会议和 2025 年第六次临时股东 会，审议通过了《关于公司及子公司 2026 年度担保事项的议案》。为保证公司 及其子公司的正常生产经营活动，2026 年度公司（含控股子公司）拟为公司及 子公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人民币 4,000,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对公司（含 控股子公司）对子公司、子公司对公司之间的担保额度进行调配，亦可对新成立 的子公司分配担保额度。具体内容详见公司于 2025 年 12 月 6 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于公司及子公司 2026 ...

18 March 2026 | 5:49PM HKT Equity Research Lingyi (002600.SZ): Liquid cooling solution for new platform showcased at GTC; Synergies from Readore acquisition; Buy Readore, in which Lingyi completed the acquisition of a 35% stake in Jan-2026, showcased its liquid cooling products during the GTC 2026 including Vera Rubin NVL72 Tray Inner Manifold, UQD (Universal Quick Disconnect)/ MQD (Multi Quick Disconnect) etc. Readore focuses on liquid cooling components, offering comprehensive products across cold plate ( ...

Group 1 - Leading Technology Company Readore, a subsidiary of Lingyi Zhizao, showcased its liquid cooling products at NVIDIA's GTC 2026 conference, becoming a supplier in the NVIDIA Vera Rubin architecture ecosystem [1] - The conference highlighted the official launch of NVIDIA's Rubin all-liquid cooling architecture, emphasizing the technological development direction and market demand trends for liquid cooling core components [1] - The Inner Manifold distributor presented by Readore is designed to efficiently distribute coolant to various heat dissipation units within server cabinets, while the UQD/MQD quick connectors support pressure insertion and extraction without leakage, with each Rubin cabinet requiring 200-300 connectors [1] Group 2 - The advancement of AI computing power towards higher power density is expected to accelerate the standardization and localization of liquid cooling core components, providing significant support for the global computing infrastructure upgrade [2] - Readore has a strong technical foundation and extensive industry experience in enterprise-level server thermal management, positioning itself as a key player in the AI liquid cooling sector [2] - Readore's entry into NVIDIA's core liquid cooling supply chain demonstrates the capabilities of domestic liquid cooling companies in precision manufacturing and R&D, offering a reference path for other domestic enterprises to participate in the global computing ecosystem [2]

Group 1 - The core point of the article is that Readore, a subsidiary of Lingyi iTech, publicly showcased several liquid cooling products at NVIDIA's GTC 2026 event [1] Group 2 - The showcased products include the Vera Rubin NVL72 Tray Inner Manifold and UQD/MQD liquid cooling solutions [1]

广东领益智造股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 广东领益智造股份有限公司（以下简称"公司"）分别于 2025 年 12 月 5 日和 2025 年 12 月 22 日召开第六届董事会第二十二次会议和 2025 年第六次临时股东 会，审议通过了《关于公司及子公司 2026 年度担保事项的议案》。为保证公司 及其子公司的正常生产经营活动，2026 年度公司（含控股子公司）拟为公司及 子公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人民币 4,000,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对公司（含 控股子公司）对子公司、子公司对公司之间的担保额度进行调配，亦可对新成立 的子公司分配担保额度。具体内容详见公司于 2025 年 12 月 6 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于公司及子公司 2026 年度担保事项的公告》。 证券代码：002600 证券简称：领益智造 公告编号：2026-017 二、担保进展情况 近日，公司控股子 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, multi-IM access, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is set to transform AI from a conversational role to an execution role, enabling more intelligent personal AI assistants and digital employees. Major companies like Xiaomi and Huawei are adapting OpenClaw for various devices, indicating a shift in the capabilities of edge AI [5] Summary by Sections OpenClaw Development - OpenClaw was initially released on November 24, 2025, and saw a surge in adoption in February 2026, with major domestic companies launching products based on its code. Notable implementations include Tencent's WorkBuddy and Zhizhu's AutoClaw, which offer seamless integration with existing communication tools [4] Token Consumption and Demand - The introduction of Agent AI has led to a shift in token consumption patterns, with tasks now consuming tens of thousands to millions of tokens per execution. Predictions indicate that by 2030, the global active AI agents will reach 2.216 billion, with annual token consumption skyrocketing from 0.0005 Peta Tokens in 2025 to 15.2 million Peta Tokens [5] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by June 2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is penetrating various devices, including PCs, smartphones, and wearables, transforming the role of AI from a conversational agent to an executor. This shift is expected to create new application scenarios and product categories in the end-side AI market [6] Summary by Sections OpenClaw Development - OpenClaw has seen rapid adoption among major domestic companies, with multiple products and solutions being released based on its code. Notable companies include Tencent, Huawei, Alibaba, and Xiaomi, which are integrating OpenClaw into their cloud services and applications [4] Token Consumption and Inference Demand - The workflow of "plan-execute-feedback-replan" in Agent AI has led to a shift from linear to exponential growth in token consumption. A single task can consume tens of thousands to millions of tokens, indicating a significant increase in demand for inference capabilities [5] End-Side AI Transformation - The modular architecture of OpenClaw allows for comprehensive session management and memory systems, enabling it to autonomously manage various software applications. This evolution is expected to redefine the capabilities of end-side AI and lead to the development of more intelligent personal AI assistants [6] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [7]

证券代码：002600 证券简称：领益智造 公告编号：2026-016 广东领益智造股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 广东领益智造股份有限公司（以下简称"公司"）分别于 2025 年 12 月 5 日和 2025 年 12 月 22 日召开第六届董事会第二十二次会议和 2025 年第六次临时股东 会，审议通过了《关于公司及子公司 2026 年度担保事项的议案》。为保证公司 及其子公司的正常生产经营活动，2026 年度公司（含控股子公司）拟为公司及 子公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人民币 4,000,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对公司（含 控股子公司）对子公司、子公司对公司之间的担保额度进行调配，亦可对新成立 的子公司分配担保额度。具体内容详见公司于 2025 年 12 月 6 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于公司及子公司 2026 年度担保事项的公告》。 二、担保进展情况 近日，公司和中国 ...

Summary of Key Takeaways from Joyson Electronics Conference Company Overview - **Company**: Joyson Electronics (600699.SS) - **Industry**: Automotive technology solutions - **Specialization**: R&D, manufacturing, and sales of intelligent cockpit, intelligent driving, and automotive safety products - **Global Presence**: 25 R&D centers and over 60 plants worldwide [3][8] Key Points Discussed 1. Intelligent Driving Business - Joyson is experiencing increased adoption of intelligent driving solutions in budget automobile models, which is driving demand for related automotive electronics - The company serves leading global automobile OEMs and anticipates a rising contribution from the intelligent driving business in the coming years - Collaborations with clients involve a diversified chipset platform, offering products such as LiDAR, domain controllers (e.g., nDrive H and nDrive M series), and 5G automotive connectivity solutions [8][10] 2. Humanoid Robot Business - Joyson is actively expanding into the humanoid robot market, leveraging its R&D and manufacturing experience from the automotive sector - The company has entered supply chains of major local and global brands, providing components like domain controllers and power management systems - Management is optimistic about the growth momentum in the humanoid robot market due to enhanced functionality and increasing application scenarios, suggesting potential upside for Joyson [9][10] 3. Optical Communication Solution for Automobiles - In collaboration with Innolight, Joyson launched an optical communication solution for automobiles in February 2026 - This solution addresses the need for efficient collaboration between sensors, smart cockpits, and intelligent driving systems, meeting strict technical requirements for data transmission - The optical communication solution is characterized by low latency and high bandwidth, suitable for advanced intelligent driving solutions and multi-screen cockpits [10] Additional Insights - Joyson's management highlighted the importance of its global footprint in fulfilling rising shipment demands and flexible production requirements from major customers in the humanoid robot sector [9] - The company is positioned to leverage early mover advantages in the humanoid robot market, which is expected to grow significantly in the coming years [9] This summary encapsulates the critical insights from the conference regarding Joyson Electronics' strategic initiatives and market outlook in the automotive and robotics sectors.