Investment Rating - The report recommends a "Buy" rating for key companies in the Broadcom supply chain, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [10]. Core Insights - Broadcom's collaboration with CSPs to develop customized ASIC/XPU breaks the closed monopoly of Nvidia's "GPU+InfiniBand" system, promoting an "open decoupled" network ecosystem, which is significant in the era of CSP-led capital expenditures [3][20]. - The shift from passive procurement to self-defined chip development by CSPs enhances their bargaining power and allows for integrated design of chips, interconnects, and systems, optimizing cost and energy efficiency [22][23]. - The light communication industry is transitioning from dependence on a single giant to a dual-market driven model, benefiting from both CSPs and Nvidia's growing interconnect demand [11][22]. Summary by Sections Investment Strategy - Focus on the Broadcom supply chain, including key players like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and upstream suppliers such as Youxun Co., Dongtian Micro, Shijia Photon, and Guangke Technology [6][14]. Market Review - The communication sector experienced a decline, with quantum communication showing relatively better performance [16][19]. Broadcom Supply Chain - Broadcom is a global leader in communication semiconductors, partnering with major clients in the XPU space, and the report highlights the importance of its recognized partners and suppliers [2][21]. CSP-led Capital Expenditures - The report emphasizes the importance of decoupling in the current CSP-led capital expenditure environment, allowing CSPs to define their chip needs and move towards an open Ethernet network [22][23]. Key Companies - The report identifies key companies to watch, including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others in the light communication and computing sectors [7][10].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The upcoming GTC conference is expected to showcase advancements in GPU architecture, power supply upgrades, and liquid cooling technologies, which will further solidify the global computing ecosystem and accelerate the commercialization of core components and supporting infrastructure [3][12] - The OFC conference is anticipated to highlight the ongoing upward trend in the optical communication sector, with significant developments in high-speed optical modules and advanced packaging technologies [4][15] - The report emphasizes the resonance of the global AI industry, recommending investment in four main areas: optical communication, liquid cooling, domestic computing power, and satellite technology [5][13] Summary by Sections GTC and OFC Insights - The GTC conference will take place from March 16 to 19, 2026, focusing on new GPU architectures and related technologies [11] - The OFC conference will occur from March 15 to 19, 2026, showcasing advancements in high-speed optical modules and related technologies [15] Investment Recommendations - Recommended stocks in the optical communication sector include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [13][17] - Beneficiary stocks include: Longfly Optical Fiber, Robot Technology, and others [13][16] - In the liquid cooling and power supply sectors, recommended stocks include: Yingweike and others [20][18] Market Review - The communication index experienced a slight decline of 0.12% during the week of March 9 to March 13, 2026 [25] 5G Infrastructure Data - By December 2025, the total number of 5G base stations in China reached 4.84 million, with a net increase of 588,000 stations from the previous year [27] - The number of 5G mobile phone users reached 1.204 billion, reflecting a year-on-year growth of 18.74% [27][29]

证券代码：300308 证券简称：中际旭创 公告编号：2026-016 中际旭创股份有限公司 关于调整第四期限制性股票激励计划预留部分授予价格的公告 1、2025 年 3 月 17 日，公司召开了第五届董事会第十九次会议和第五届监事会 第十六次会议，审议通过了《关于公司第四期限制性股票激励计划（草案）及其摘 要的议案》等相关议案，公司独立董事战淑萍就提交股东大会审议的本次激励计划 相关议案向全体股东征集了投票权。上海泽昌律师事务所（以下简称"泽昌律所"） 出具了《关于中际旭创股份有限公司第四期限制性股票激励计划（草案）之法律意 见书》。 2、公司于 2025 年 3 月 27 日至 2025 年 4 月 5 日对拟授予的激励对象名单的姓 名和职务在公司内部进行了公示，在公示期内未收到任何员工对本次拟激励对象提 出的异议或其他反馈记录。监事会对激励计划激励对象名单进行了核查，并于 2025 年 4 月 22 日披露了《监事会关于第四期限制性股票激励计划激励对象名单的核查意 见及公示情况说明》 （公告编号：2025-048）；同日，公司披露了《关于公司第四期 限制性股票激励计划内幕信息知情人及激励对象买卖公司股票 ...

授予预留限制性股票的公告 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。 特别提示： 中际旭创股份有限公司（以下简称"中际旭创"或"公司"）《第四期限制性股 票激励计划（草案）》（以下简称"激励计划"）规定的预留限制性股票授予条件已成 就，根据公司 2025 年第二次临时股东会的授权，公司于 2026 年 3 月 12 日召开第五 届董事会第二十八次会议，审议通过了《关于向第四期限制性股票激励计划激励对 象授予预留限制性股票的议案》，确定 2026 年 3 月 12 日为授予日，以 53.10 元/股的 价格向 62 名激励对象授予 110.00 万股限制性股票。现将有关事项说明如下： 一、本次激励计划简述 证券代码：300308 证券简称：中际旭创 公告编号：2026-017 中际旭创股份有限公司 关于向第四期限制性股票激励计划激励对象 1、激励计划股票种类：第二类限制性股票； 2、激励计划的股票来源：向激励对象发行公司 A 股普通股股票； 3、授予价格： （1）首次授予部分：54.00 元/股； （2）预留部分：54.00 元/股；经公司第五届董事会第二十 ...

中际旭创股份有限公司 中际旭创（300308） 第四期限制性股票激励计划激励对象名单 控股子公司）名单 | 序号 | 姓名 | 岗位/职务 | | --- | --- | --- | | 1 | 陈晨 | 核心技术人员 | | 2 | 杨静敏 | 核心业务人员 | | 3 | 李鑫 | 核心技术人员 | | 4 | 邓后群 | 核心技术人员 | | 5 | 许亮 | 中层管理人员 | | 6 | 贾明辉 | 核心技术人员 | | 7 | 李亮 | 中层管理人员 | | 8 | 吴天赞 | 核心业务人员 | | 9 | 王珮云 | 核心业务人员 | | 10 | 王燕 | 核心业务人员 | | 11 | 徐芹所 | 中层管理人员 | | 12 | 李园河 | 核心技术人员 | | 13 | 邵咪 | 中层管理人员 | | 14 | 于海燕 | 核心技术人员 | | 15 | 吴玉明 | 核心技术人员 | | 16 | 邵春雷 | 中层管理人员 | | 17 | 汤颖飞 | 核心技术人员 | | 18 | 郝兵 | 核心技术人员 | | 19 | 沈海清 | 核心业务人员 | | 20 | 倪俊 | 核心技术人员 ...

薪酬与考核委员会核查意见 （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进行 利润分配的情形； 中际旭创股份有限公司薪酬与考核委员会 关于公司第四期限制性股票激励计划预留部分授予及激励 对象名单的核查意见 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）和《公司章 程》《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》的有 关规定，中际旭创股份有限公司（以下简称"公司"）薪酬与考核委员会对公司 第四期限制性股票激励计划预留部分授予及激励对象名单进行了核查，并发表核 查意见如下： 经审核，薪酬与考核委员会认为：公司第四期限制性股票激励计划预留部分 授予价格的调整符合《上市公司股权激励管理办法》等相关法律、法规及《中际 旭创股份有限公司第四期限制性股票激励计划（草案）》的有关规定，不存在损 害公司股东利益的情况。本次调整内容在公司 2025 年第二次临时股东会对公司 董事会的授权范围内，调整程序合法合规。 公司未发生以下任一情形： （1）最近一个会计年度财务会计报告被注册会 ...

上海泽昌律师事务所 关于 中际旭创股份有限公司 第四期限制性股票激励计划 预留部分价格调整及授予 相关事项 的 法律意见书 上海市浦东新区向城路 288 号国华人寿金融大厦 1107A 室 电话：021-61913137 传真：021-61913139 邮编：200120 二〇二六年三月 | | | 上海泽昌律师事务所 法律意见书 释 义 在本法律意见书中，除非文义另有所指，下列左栏中的术语或简称对应右 栏中的含义或全称： | 简称 | | 含义 | | --- | --- | --- | | 中际旭创、公司 | 指 | 中际旭创股份有限公司 | | 本次激励计划、激励计 | 指 | 中际旭创股份有限公司第四期限制性股票激励计划 | | 划、本计划 | | | | | | 符合本激励计划授予条件的激励对象，在满足相应归属条 | | 限制性股票 | 指 | 件后分次获得并登记的公司股票 | | 本次授予 | 指 | 公司第四期限制性股票激励计划授予预留限制性股票 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期，授予日必须为交 | | | 易日 | | | | | 公司向激励对象授予限制性股票时所 ...

证券代码：300308 证券简称：中际旭创 公告编号：2026-015 中际旭创股份有限公司 第五届董事会第二十八次会议决议公告 具体内容详见公司同日在中国证监会指定创业板上市公司信息披露网站巨潮资 讯网上披露的《中际旭创关于向第四期限制性股票激励计划激励对象授予预留限制性 股票的公告》（公告编号：2026-017）。 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") 第五届董事会第二 十八次会议（以下简称"本次会议"）通知于 2026 年 3 月 6 日以传真、电子邮件等 方式发出，并于 2026 年 3 月 12 日上午 9:30 以通讯会议的方式召开，会议由董事长刘 圣先生主持，会议应参加董事 8 人，实际参加董事 8 人，公司部分高级管理人员及相 关人员列席了会议。会议的召开及表决程序符合《公司法》等法律、行政法规、部门 规章、规范性文件及《公司章程》的有关规定，会议合法有效。会议审议通过以下议 案： 一、审议通过了《关于调整第四期限制性股票激励计划预留部分授予价格的议案》 因在限制性股票授予前公司 ...

CPO Industry Update Summary Industry Overview - The CPO (Co-packaged Optics) supply chain has secured substantial orders, with mass production expected in H2 2026 and a projected market penetration rate of 10% by 2027, equating to approximately 100,000 units shipped. By 2030, the long-term penetration rate is anticipated to reach 40%-50% [2][3]. Core Insights and Arguments - **Market Impact**: The CPO technology is not expected to significantly impact the 1.6T optical module and copper cable markets in 2026-2027 due to low absolute shipment volumes and high overall capital expenditure in the industry. However, a notable replacement effect is expected post-2028 as the 3.2T era begins [2][3][4]. - **Growth Projections**: CPO shipments are projected to grow from approximately 500 units in 2025 to 20,000 units in 2026, achieving a market penetration rate of about 2%. By 2027, shipments could increase by 4 to 5 times, reaching a 10% penetration rate [3][4]. - **Competitive Landscape**: The CPO technology will compete directly with 3.2T optical modules in the high-end market starting in 2028, as its performance and power consumption advantages become more pronounced [4]. Key Components and Market Dynamics - **Optical Engine**: The optical engine is a core component, with a single 1.2T switch valued at approximately $30,000. The market for optical engines could reach $40 billion by 2030, surpassing the current optical module market size [2][5]. - **CW Light Source Module**: The value of CW light source modules is approximately ten times higher than traditional solutions, with gross margins of 40%-50%. This segment is primarily dominated by overseas leaders like Lumentum and Coherent, while domestic players like Yuanjie Technology are seeking partnerships to enter the North American supply chain [2][5]. - **Passive Components Demand**: The demand for passive components is surging, with each device requiring thousands of optical fibers, leading to increased demand for optical connectors (e.g., Zhishang Technology), FAU couplers (e.g., Tianfu Communication), and flexible optical boards (e.g., Tai Chen Light) [2][5][6]. Additional Important Insights - **Supply Chain Changes**: CPO technology restructures traditional plug-and-play optical modules into independent modules, significantly altering product forms and supply chain dynamics. This change presents opportunities for traditional optical module manufacturers and core component suppliers to participate in the new market landscape [4][5]. - **Future Opportunities**: Domestic manufacturers have a high participation rate in the passive components sector, indicating substantial growth opportunities in the future as the CPO market expands [6].

Market Overview - On March 12, A-shares saw a collective decline across the three major indices, with the Shanghai Composite Index down 0.1%, the Shenzhen Component Index down 0.63%, and the ChiNext Index down 0.96% [3][4] - The total market saw over 3,800 stocks decline, indicating a broad market downturn [3] Sector Performance - The coal sector experienced significant gains, with stocks such as Zhengzhou Coal Electricity, Yanzhou Coal Mining, and Shaanxi Black Cat reaching their daily limit up [5][6] - The military equipment sector faced adjustments, with stocks like Hangya Technology and Western Superconducting seeing declines of over 6% [6][7] Trading Volume - The trading volume in the Shanghai and Shenzhen markets was 2.44 trillion yuan, a decrease of 66.5 billion yuan compared to the previous trading day [8] Capital Flow - Main capital flows showed net inflows into sectors such as public utilities, construction decoration, and basic chemicals, while there were net outflows from defense, electronics, and communications sectors [9] - Specific stocks like China Energy Construction and Sanan Optoelectronics saw net inflows of 5.755 billion yuan and 2.648 billion yuan, respectively [9] Institutional Insights - Huatai Securities suggests that hydrogen energy may experience a nonlinear growth inflection point due to domestic and international policy resonance [11] - CICC expresses cautious optimism regarding the sustainability of excess returns for active equity funds [12] - CITIC Securities continues to recommend investments in the global electricity shortage supply chain [13]