证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，毛利率提升有多方面的因素，1) 新技术方案的应用，例如硅光比例的提升。2)通过技术和工艺改进，推动良率的提升。3)高端高毛利产 品的出货占比提升。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，CPC的应用仍在持续进展中，在 scale-out和scale-up场景下都有望看到应用。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，公司在scale-out市场已经积累了 丰富的经验和技术工艺，具备大规模量产的能力，在硅光、相干等核心技术方面，都已经有了较多积 累，已具备scale-up光连接场景的复杂产品开发能力。公司有信心巩固在scale-out市场的竞争优势，并争 取在新的应用场景依然能够把握市场先机。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，NPO是一个新的技术方案，相较 CPO拥有更多的灵活性和性价比优势，例如光引擎的可插拔能力、成熟的PCB封装技术、大规模量产能 力、更加开放的供应链生态和更低的成本等。目前NPO是CSP客户比较青睐和重视的方案，并有可能成 为一个较为长期的技术选择。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，光芯片供给相对更紧张，主要由 于高端光芯片的供应商偏少，且生产周期更长，产能较需求增长更慢一些。随着硅光产品占比的逐步提 升，公司有能力持续扩大CW光源的供给能力，可以通过导入更多供应商，或者通过市场份额与订单规 模优势，与具备大规模生产能力的厂商合作，锁定长期产能，缓解光芯片供给紧张的情况。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，四季度的税率与三季度一致，主 要基于"支柱二"所得税政策。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，随着AI数据中心的发展，带宽 需求增长非常快，网络层级可能更多、更复杂，ASIC芯片对应的光模块比例也将有所提升。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，在scale-up的光连接场景中，可 选方案包括可插拔光模块、NPO和CPO等，客户会在多种技术路径中进行比选，选择可靠性较强、技术 较成熟、供应链生态更加开放，具备大规模交付能力的方案。 ...

Market Outlook - The market is expected to maintain a fluctuating upward trend around the Spring Festival in February 2026, with a focus on the "Technology + Resources" mainline market[3] - Key attention should be given to the earnings reports of US tech stocks and the potential validation of AI industry trends[3] Investment Strategy - Focus on three main lines: - Technology sector, including optical modules, storage, semiconductor equipment, and energy storage, addressing the issues of electricity shortages in the US, chip shortages domestically, and global storage shortages[3] - Non-ferrous metals, with increased volatility expected after January, particularly in industrial metals and chemicals[3] - Hot topics such as robots participating in the Spring Festival Gala and updates on AI large models[3] Recommended Stocks - **Metals**: Shandong Gold (EPS: 1.78, PE: 30.6 in 2026E)[20] - **Chemicals**: Juhua Co. (EPS: 2.51, PE: 15.7 in 2026E)[20] - **New Energy**: Junda Co. (EPS: 1.67, PE: 60.5 in 2026E)[20] - **Machinery**: Dier Laser (EPS: 2.87, PE: 30.6 in 2026E)[20] - **Military Industry**: Aero Engine Corporation (EPS: 0.35, PE: 132.9 in 2026E)[20] - **Non-Banking**: New China Life (EPS: 10.68, PE: 7.8 in 2026E)[20] - **Automotive**: Top Group (EPS: 1.92, PE: 37.7 in 2026E)[20] - **Electronics**: Jingce Electronics (EPS: 1.15, PE: 115.3 in 2026E)[20] - **Communication**: Zhongji Xuchuang (EPS: 17.40, PE: 37.3 in 2026E)[20] - **Media**: Giant Network (EPS: 2.12, PE: 20.8 in 2026E)[20] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation due to factors like slow job growth and reduced market demand[22] - Significant changes in individual stock fundamentals could lead to substantial declines in revenue or net profit[22]

Investment Rating - The report suggests a positive outlook for the AI-driven sectors, particularly in servers and IDC, driven by domestic and international AI developments [4]. Core Insights - Major companies like Industrial Fulian, Meta, and Microsoft are showing strong growth in their earnings, driven by AI investments and demand for high-performance computing [1][53]. - The report highlights a significant increase in capital expenditures by tech giants, indicating a robust investment trend in AI infrastructure [1][61]. - The demand for optical modules and servers is expected to rise due to the ongoing expansion of AI capabilities and infrastructure [2][35]. Summary by Sections Industry Overview - The telecommunications sector is experiencing steady growth, with a reported revenue of 16,096 billion yuan, reflecting a 0.9% year-on-year increase [3][14]. - The optical module exports have seen a decline, with a 24% drop in November, attributed to domestic companies establishing overseas factories [3][35]. Company Performance - Industrial Fulian anticipates a net profit of 351-357 billion yuan for 2025, marking a 51%-54% increase year-on-year, driven by strong growth in cloud services and AI servers [1][53]. - Meta's revenue for Q4 reached $59.893 billion, a 24% increase year-on-year, supported by recovering advertising business and AI investments [1][53]. - NewEase is expected to achieve a net profit of 94-99 billion yuan in 2025, reflecting a growth of 231.24%-248.86% due to increasing demand for high-speed products [1][55]. Market Trends - The server index decreased by 5.70% this week but has increased by 1.20% for the month, indicating volatility in the market [2][6]. - The optical module index rose by 10.07% this week, reflecting strong demand for high-speed optical devices [2][6]. - The IDC index increased by 3.50% this week, with a notable 11.04% rise for the month, driven by advancements in AI models [2][9]. Future Projections - Companies are expected to continue investing heavily in AI infrastructure, with Alibaba planning to increase its investment in AI and cloud computing from 380 billion yuan to 480 billion yuan over the next three years [1][12]. - The report anticipates that the demand for AI-related services and products will continue to grow, leading to further investment opportunities in the sector [4][35].