行业研究 市场研究部 2026 年 3 月 23 日 通信行业周报（3 月 16 日- 3 月 22 日） 2026 年 3 月 16 日至 3 月 20 日，通信（中信）板块上涨了 1.71%，而 沪深 300 指数下跌了 2.19%，通信板块跑输沪深 300 指数 3.9 个百分 点。期间，通信业区间涨幅位列中信一级行业第 1 位，在 30 个中信一 级行业中表现领先。2026 年全年，通信行业累计上涨 7.84%，在中信 一级行业中排第 5 位，表现靠前。截至 3 月 20 日，中信通信行业 PE TTM 为 27.7 倍，处于 39.02%的分位数。 中信通信行业包括上市公司共 120 家，期间 17 家公司收涨，101 家公 司收跌，总体上跌多涨少。涨幅前 3 名分别为新易盛、中际旭创及平 治信息，跌幅前 3 名则分别为烽火通信、特发信息及精伦电子。 周度关注：OFC 2026 2026 年 3 月 15 日 - 19 日，OFC 2026 在美国洛杉矶会议中心举办。 本届 大会吸引了来自全球超 40 个国家和地区的 800 余家企业参展， 参会专业人士突破 3 万人次，参展规模创近五年新高。本届大 ...

| | 分析师：王雪莹 | | SAC NO：S1150525020001 2026 年 3 月 25 | 日 | | --- | --- | --- | --- | --- | | 研 | 证券分析师 | | | | | | 王[Table_IndInvest] 雪莹 | 核心观点： | | | | 究 |  022-23839121 | 市场概况 | | | | | wangxy4430@bhzq.com  | 上周（3 | 月 18 日-3 月 24 日）A 股市场主要指数全部下跌，其中中证 | 500 | | | | | 跌幅最大，下跌了 5.22%；创业板指跌幅最小，下跌了 0.87%。此外， | | | | | 上证综指下跌 | 4.16%，深证成指下跌 3.58%，科创 下跌 4.68%，沪 50 | | | 证 | 深 | 300 | 下跌 下跌 3.51%，上证 50 4.48%。 | | | 券 |  3 | 月 24 | 日，沪深两市两融余额为 26,054.59 亿元，较上周减少 381.33 亿元，较上周减少 372.54 亿元；融 | | | | | | 亿元。其中融资余额为 ...

从 GTC 到 OFC，模型和算力的奔跑 20260322 在 GTC 和 OFC 上，关于数据中心内部连接技术，特别是铜连接与光连接的竞 争与发展趋势，观察到了哪些核心观点和技术路径？ 铜连接与光连接是两种重要的传输介质，其选择本质上是在性能、成本和工程 实现之间进行权衡，并无绝对优劣。铜连接在短距离场景下因其无源特性，具 备功耗低、工业稳定性强和成本低的优势。光连接则在长距离传输和高带宽方 面具有明显优势，衰减更低。当前，在短距离且带宽满足需求的条件下，铜连 接因不涉及光电转换，故障点更少，优势更为突出。从英伟达的技术路线来看， 虽然其最终目标是 CPO，但在实践过程中，CPO 面临良率、误码率和丢包率不 达标等问题。产业之所以热衷于 CPO，核心目标是为了提升通信链路的可靠性 和稳定性，从而减少 AI 训练中因各单元失步而造成的 GPU 计算时间浪费。失 步的主要原因是高速传输下 DSP 等电芯片功耗过大导致性能下降。因此，解决 该问题的两条路径殊途同归：一是采用无源的铜连接，从根本上规避有源芯片 的发热问题；二是发展 CPO，利用光传输带宽更宽、发热更低的特性。两条路 径的最终目的都是提升百万卡级别集 ...

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 ...

证券代码：300308 证券简称：中际旭创 公告编号：2026-018 中际旭创股份有限公司 关于特定股东及其一致行动人部分股票质押延期购回的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）近日接到特定股东 苏州益兴福企业管理中心（有限合伙）（以下简称"益兴福"）及其一致行动人苏州 云昌锦企业管理中心（有限合伙）（以下简称"云昌锦"）通知，益兴福将其持有的 部分股票与东吴证券股份有限公司（以下简称"东吴证券"）办理了股票质押延期购 回业务，云昌锦将其持有的部分股票与广发证券股份有限公司（以下简称"广发证 券"） 办理了股票质押延期购回业务，现将有关情况公告如下： 二、股东股份累计质押情况 截至本公告日，益兴福及其一致行动人持有股份累计质押情况如下： 单位：股 | 股东名称 | 持股情况 | | 质押情况 | 占其所 | | | 已质押股份情况 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

证券研究报告 科技 GTC&OFC：算力奔跑，光铜共进 华泰研究 2026 年 3 月 22 日│中国内地 行业周报（第十二周） 本周观点 市场方面，上周通信（申万）指数上涨 2.10%，同期上证综指下跌 3.38%， 深证成指下跌 2.90%。上周，GTC&OFC 大会召开，全球算力迎来新变化： 1）光模块&光芯片：Arista 牵头推出 XPO 光模块，Lumentum 给出未来上 游光通信需求的乐观指引；2）CPO：英伟达继续推进 CPO 战略，COHR 等指出 Scale-out 侧已出货/量产，Scale-up 侧预计 27 年底起量；3）OCS： Lumentum 新签多年、数亿美元级大单；4）铜连接：英伟达支持"光铜共 进"。综上，我们建议继续关注全球算力产业链（光通信、铜连接、液冷等）。 周专题：GTC&OFC：算力奔跑，光铜共进 上周，GTC、OFC 大会召开，我们看到全球算力迎来新变化：1）光模块& 光芯片：Arista 牵头推出 12.8T XPO 光模块，Lumentum 给予光芯片需求 乐观指引：预计 26 年底 EML 出货量同比提升 50%+，预计 InP 2025-2030 年 ...

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.

Investment Rating - Maintain Buy Rating [6] Core Insights - The GTC and OFC conferences have outlined a new starting point for the optical communication industry, correcting market misconceptions and expectations [1][23] - Strong demand for optical communication is expected before 2030, driven by both Scale-up and Scale-out strategies [2][24] - The industry is moving towards a multi-technology coexistence model, with both optical and copper technologies being utilized in parallel [4][26] Demand Outlook - NVIDIA anticipates that the procurement of Blackwell and subsequent chips could reach $1 trillion by 2027, with the top five cloud service providers contributing 60% of this demand [2][24] - Lumentum revealed that its capacity will be nearly sold out by the end of 2027, with a compound annual growth rate of 85% for indium phosphide demand in AI data centers by 2030 [2][24] Technology Trends - The concept of "optical and copper coexistence" has become an industry consensus, with NVIDIA emphasizing the importance of both technologies for different dimensions of expansion [4][26] - Various packaging technologies such as LPO, CPO, NPO, and XPO are developing concurrently, each finding its niche in different application scenarios [5][27] Industry Dynamics - Leading companies in the optical module sector are expanding their advantages, transitioning from single module suppliers to system-level solutions, and solidifying their positions across multiple technology routes [10][28] - The report highlights a strong trend of "the strong getting stronger," with leading firms maintaining robust core competencies and comprehensive technology layouts [11][30] Recommended Companies - Key companies to watch in the optical communication sector include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [12][17] - The report also suggests monitoring companies involved in liquid cooling and edge computing platforms, as well as satellite communication firms [12][17]

Investment Rating - Maintain Buy rating for key companies in the optical communication sector [6] Core Insights - The GTC and OFC conferences highlighted a strong demand for optical communication, driven by AI computing needs, with expectations of a trillion-dollar chip procurement by 2027 from major cloud service providers [2][24] - The industry is moving towards a multi-technology coexistence model, with both optical and copper technologies being utilized in parallel for different applications [4][26] - The leading companies in the optical module sector are expanding their advantages, transitioning from single module suppliers to comprehensive system solution providers [10][28] Summary by Sections Investment Strategy - The report emphasizes the importance of focusing on the optical communication sector, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication as key investment targets [12][17] Market Review - The communication sector experienced a decline, but optical communication outperformed other segments, with a notable increase in stock prices for leading companies like Xinyi Sheng and Zhongji Xuchuang [19][20] GTC and OFC Summary - The conferences clarified misconceptions about the optical communication market and established new industry coordinates, indicating a robust outlook for the sector leading up to 2030 [23][24] Demand Drivers - The dual drivers of Scale-up and Scale-out were validated, with significant growth expected in AI data centers and optical module demand [2][24][25] Technology Coexistence - The industry consensus is shifting towards a model where both optical and copper technologies coexist, with a focus on their respective strengths in different scenarios [4][26] Competitive Landscape - The report notes a trend of increasing dominance among leading companies, which are enhancing their core competencies and expanding their technological footprints [10][28]