Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The demand for automation equipment is driven by the urgent need for AI infrastructure, with the optical module market expected to grow significantly from $18.9 billion in 2026 to $35 billion by 2030 [4][19] - The production of optical modules is transitioning from labor-intensive methods to automated production lines due to increased production volume and precision requirements [4][28] - The server assembly process is evolving towards automation, with the complexity of AI servers necessitating automated assembly solutions [4][57] Summary by Sections Optical Module Automation Equipment - Optical modules are essential components for optical communication, benefiting from strong demand driven by AI infrastructure [12] - The global Ethernet optical module market is projected to grow at a CAGR of over 35%, reaching $18.9 billion in 2026 and $35 billion by 2030 [19][20] - The transition from copper cables to optical interconnects is expected to increase the penetration of optical technology in Scale-Up networks, with the market share for optical modules in AI applications projected to reach 65% by 2030 [25][28] Server Automation Assembly Equipment - AI data center servers consist of multiple components, with assembly processes categorized into 12 levels based on integration complexity [57] - The automation of server assembly is becoming essential as the complexity of servers increases, similar to trends observed in the "fruit chain" industry [4][57] Investment Recommendations - Companies to watch include: - For optical module packaging equipment: Robotech, LQ Smart, Keg Precision, Bozhong Precision, Anda Intelligent, Kory Technology, and Zhilifang [4] - For optical module testing equipment: Lianxun Instruments, Robotech, LQ Smart, Bozhong Precision, Aotwei, Kuaike Intelligent, and Zhilifang [4] - For server automation assembly and testing equipment: Bozhong Precision and Anda Intelligent [4]

Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The demand for AI is surging, with optical interconnects becoming a critical variable for AI infrastructure performance. The establishment of five major multi-source protocol alliances within 20 days highlights the collaborative development and regulatory upgrades in AI communication interconnects [2][7]. - The OFC 2026 global optical communication conference showcased significant advancements in optical interconnect technologies, with domestic companies making notable appearances and accelerating technological innovation and commercialization [8]. - The industry is witnessing a shift from isolated optical devices to comprehensive optical system capabilities, indicating a new competitive landscape [7]. Summary by Sections Investment Highlights - The industry has seen an increase in holding ratios, with valuations reaching above historical averages, reflecting positive expectations driven by the AI industry chain [28]. - AI is driving network upgrades, with strong overseas demand benefiting domestic core enterprises amid a global infrastructure wave [29]. - A new cycle of domestic computing infrastructure is beginning, with a fully localized industry chain poised for growth [30]. - New connectivity solutions are expected to emerge in 2026, presenting additional investment opportunities [31]. Industry News - Shanghai Siler Technology and GlobalFoundries have formed a strategic partnership to mass-produce 200G/Lane silicon optical receiver chips and 100G/200G transmitter chip solutions, set to launch in Q3 [10]. - NewEase Technology introduced the NX200/300 OCS optical switch, utilizing self-developed MEMS technology for low-latency, low-power AI cluster interconnects [10]. - Coherent showcased innovative technologies at OFC 2026, including 400G/channel transceivers and architectures exceeding 12.8T, redefining performance and scalability for the AI era [10]. Market Performance - The WIND communication sector rose by 1.71% from March 16 to March 20, with the investment portfolio's average increase at 3.89% [18]. - The communication sector's performance reflects a strong upward trend, particularly in optical fiber and laser industries, with significant year-to-date gains [22][23].

Investment Rating - The communication industry is rated as "Positive" with expectations for the industry index to outperform the market index by over 5% in the next six months [50]. Core Insights - The communication sector has shown resilience with a 1.71% increase from March 16 to March 20, 2026, outperforming the CSI 300 index, which fell by 2.19% during the same period [3][13]. - The OFC 2026 conference highlighted a significant shift in the industry, with AI computing needs driving technological advancements and reshaping the competitive landscape [4][5][41]. - The Chinese optical communication sector has transitioned from a "follower" to a "leader" in global markets, particularly in high-speed optical modules and packaging technologies, marking a historic leap in the industry [41][44][47]. Summary by Sections Communication Industry Market Review - The communication sector's cumulative increase for 2026 stands at 7.84%, ranking fifth among major industry sectors [3][13]. - As of March 20, the sector's PE TTM is 27.7 times, positioned at the 39.02 percentile [13][14]. Industry News - The OFC 2026 conference attracted over 800 companies from more than 40 countries, with over 30,000 professionals attending, marking the largest scale in five years [4][40]. - The conference showcased a fundamental shift towards AI-driven optical interconnect technologies, with over 90% of new products and presentations focused on AI data center interconnects [41][42]. Investment Recommendations - The communication industry is advised to maintain a cautiously optimistic outlook, focusing on operators with sustained profit growth and enhanced network value, as well as optical communication companies benefiting from traffic growth and computing networks [6][48].

- The report primarily focuses on the weekly performance of major indices in the A-share market, highlighting that all indices experienced declines during the week of March 18 to March 24, with the CSI 500 index showing the largest drop of 5.22% and the ChiNext index showing the smallest decline of 0.87%[10][11] - Financing and margin trading balances in the Shanghai and Shenzhen markets decreased by 381.33 billion yuan, with financing balances dropping by 372.54 billion yuan and margin balances decreasing by 8.79 billion yuan as of March 24[13][14][16] - The report provides detailed financing and margin trading characteristics by industry, noting that transportation, steel, and building materials industries had higher financing net purchases, while non-ferrous metals, electronics, and computer industries had lower financing net purchases[30][32][34] - Financing buy-in ratios relative to transaction amounts were higher in industries such as non-bank finance, communication, and electronics, while lower in industries like textile and apparel, light manufacturing, and retail[34][35][36] - Margin selling ratios relative to transaction amounts were higher in industries such as banking, food and beverage, and coal, while lower in industries like light manufacturing, environmental protection, and social services[39][40][41] - ETF financing balances increased by 18.04 billion yuan, while margin balances decreased by 6.30 billion yuan during the week, with the top five ETFs in financing net purchases being: HuaXia SSE STAR 50 ETF, Southern CSI 500 ETF, HuaTai BaiRui CSI 300 ETF, HuaXia SSE 50 ETF, and GuoTai CSI All Securities ETF[42][44][45] - Individual stocks with the highest financing net purchases include ZhongJi Xuchuang (300308), XinYiSheng (300502), BaoFeng Energy (600989), BaiWei Storage (688525), and DeMingLi (001309)[48][50] - Individual stocks with the highest margin net sales include ZhongJi Xuchuang (300308), XinYiSheng (300502), ZhongLian Heavy Industry (000157), TianHua New Energy (300390), and MaiWei Shares (300751)[52][53]

Summary of Conference Call Records Industry Overview - The conference call discusses the advancements in AI applications and the optical communication industry, particularly focusing on the transition from copper to optical connections and the implications for various companies involved in these technologies. Key Points and Arguments AI Application Growth - The emergence of intelligent models is accelerating, with 2026 expected to be the year of AI application explosion, supported by existing commercial benefits that can sustain related companies for at least five years, alleviating concerns about returns on computing power investments [1][2][11]. Demand for Optical Modules - The demand for 1.6T optical modules is expected to double year-on-year by 2025, with companies like Zhongji Xuchuang and Xinyi Sheng projected to have a PE ratio below 20 in 2026, indicating a reasonable undervaluation [1][5]. Copper Connection Lifecycle - The lifecycle of copper connections is being extended, with Nvidia and Broadcom confirming that copper will remain dominant in Scale-up interconnections until at least 2027, transitioning to CPO (Co-packaged Optics) only after 2028 [1][7][8]. Technological Advancements - Significant advancements in pluggable optical module technology were noted, with breakthroughs in single-wave 400G silicon photonics and EML solutions, enhancing competition with CPO technologies [1][3][4]. Supply and Demand in Optical Chips - There is a current shortage of optical chips, with Lumentum expecting revenues exceeding $100 million by Q4 2026. Domestic manufacturers like Yuanjie Technology and Changguang Huaxin are making clear progress in the CW and EML sectors [1][6]. Investment Recommendations - The optical communication sector is experiencing high demand, with recommendations to invest in leading companies like Zhongji Xuchuang and Xinyi Sheng, which are expected to maintain high growth rates due to increasing demand for optical modules [5][11]. CPO Technology Development - CPO technology is anticipated to see significant developments, with Nvidia announcing the mass production of its CPO switch chips in collaboration with TSMC. The technology is expected to be implemented in Scale-out applications by Q4 2026 [7][8]. Market Dynamics - Nvidia and Broadcom support the continued use of copper connections due to their cost-effectiveness and low power consumption, with expectations that this trend will persist until at least 2028 [9][10]. Long-term Outlook for AI Computing Power - The long-term sustainability of AI computing power investments is viewed positively, with expectations of continued growth over the next 3 to 5 years, driven by the ongoing demand for computing power in AI applications [11]. Additional Important Insights - The conference highlighted the competitive landscape between copper and optical connections, emphasizing that while copper has advantages in short-distance applications, optical connections are superior for long-distance and high-bandwidth needs [2][3]. - The potential for domestic companies to capture market share in the optical chip sector is significant, given the high barriers to entry and the current supply-demand imbalance [6]. - The introduction of new applications, such as Nvidia's Groq LPU, is expected to provide new growth opportunities for copper connections, reinforcing their relevance in the market [10].

Core Viewpoint - The OFC 2026 conference highlighted the confidence of industry players in the AI cycle, emphasizing trends such as Scale up CPO/NPO, Scale across, and OCS in the optical communication sector [1] Group 1: CPO and NPO Trends - The trend towards scaling up CPO (Co-Packaged Optics) is clear, with NPO (Near-Packaged Optics) expected to see early volume growth. Chinese companies are leading in FAU, ELS modules, and OE optical engine packaging, while Japanese and American firms showcase innovations in optical chips and connectors [2][5] - Despite challenges in large-scale commercialization, CPO is recognized for its significance in scale-up scenarios due to higher requirements for beachfront density and bandwidth power consumption. A consensus exists that CPO will see clear volume growth in scale-up scenarios, expected between 2H27 and 2028 [2][7] - NPO is anticipated to see scale-up orders from certain CSP clients in 2027, benefiting from advantages in maintenance costs, reliability, and supply chain replication [2][5] Group 2: AI Cluster Expansion and Scale Across - The expansion of AI clusters is expected to drive accelerated growth in scale across connectivity demands. Cisco estimates that the bandwidth required for connecting 1 million xPUs is approximately 14 times that of WAN/DCI networks [3][21] - Achieving high capacity, reliability, and low latency in scale across transmission necessitates higher requirements for optical devices, fibers, and modules, with technologies like Multi rail and Coherent-Lite poised for accelerated development [3][23] Group 3: OCS Technology - Optical Circuit Switches (OCS) are gaining traction, with various manufacturers showcasing OCS solutions at OFC. OCS technology offers performance benefits such as low latency and low power consumption, significantly reducing the number of switches needed [30][31] - The OCS market is projected to grow significantly, with estimates suggesting it could exceed $2.5 billion by 2029, driven by AI demand [38] Group 4: Thin-Film Lithium Niobate Innovations - Thin-Film Lithium Niobate (TFLN) is emerging as a key material for high-speed optical signal modulation, offering advantages in bandwidth, low driving voltage, and high linearity compared to traditional materials [40][43] - The TFLN industry chain is entering the initial stages of commercialization, with several companies demonstrating advancements in TFLN applications at OFC 2026 [46]

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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry and communication equipment manufacturing sector [9]. Core Insights - The GTC and OFC conferences highlighted significant advancements in global computing power, particularly in optical modules, optical chips, CPO (Coherent Passive Optical), OCS (Optical Circuit Switching), and copper connections [2][12]. - Arista Networks introduced the 12.8T XPO optical module, which is expected to enhance optical communication demand significantly, with Lumentum forecasting a 50%+ increase in EML shipments by the end of 2026 [2][12]. - NVIDIA continues to push its CPO strategy, with Coherent indicating that CPO has entered mass production on the Scale-out side, while Scale-up is expected to ramp up by the end of 2027 [2][20]. - Lumentum signed multi-year, multi-billion-dollar contracts for OCS, indicating strong demand and a backlog of over $400 million, with a target of exceeding $1 billion in annual revenue by 2027 [29][30]. - NVIDIA supports the "optics and copper coexistence" strategy, emphasizing the continued importance of copper connections in data centers [32]. Summary by Sections Market Overview - The communication index rose by 2.10% last week, while the Shanghai Composite Index fell by 3.38% and the Shenzhen Component Index fell by 2.90% [12]. Key Companies and Dynamics - The report recommends focusing on the AI computing chain as the main investment line, with key companies including Zhongji Xuchuang, Wolong Huacai, Ruijie Networks, and others [3]. - The report also highlights core assets like China Mobile and China Telecom, and new productivity sectors such as commercial aerospace and low-altitude economy [3]. Optical Modules and Chips - Arista's XPO optical module supports high-density liquid cooling and is designed for AI scale-up, with a capacity of 12.8Tbps [13][16]. - Lumentum's optimistic outlook includes a projected CAGR of 85% for InP demand from 2025 to 2030 [16]. CPO Developments - NVIDIA's Spectrum-X CPO has entered full mass production, marking a significant milestone in optical interconnect technology [20][26]. OCS Contracts - Lumentum's new multi-year contracts for OCS are expected to drive significant revenue growth, with a CAGR of over 150% from 2025 to 2028 [29][30]. Copper Connections - NVIDIA's emphasis on the coexistence of optics and copper highlights the ongoing relevance of copper in data center architectures [32]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including Wolong Huacai (002130 CH), China Telecom (601728 CH), and Zhongji Xuchuang (300308 CH), among others, with target prices reflecting strong growth potential [71][72].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The GTC 2026 conference showcased Nvidia's new Rubin system, which utilizes TSMC's 3nm EUV process and HBM4 memory, significantly enhancing performance and reducing costs [4][12] - The OFC 2026 conference highlighted advancements in AI optical interconnects, with multiple technical paths emerging, indicating a strong trend towards AI optical interconnects [5][16] - The concept of "Token Factory Economics" was introduced, suggesting that tokens will become a new commodity with tiered pricing based on performance, potentially leading to Nvidia's AI chip demand reaching at least $1 trillion by 2027 [15][24] Summary by Sections GTC Conference Highlights - Nvidia introduced seven new chips and five system architectures, with the LPU showing significant performance improvements and a tenfold reduction in token costs [12][13] - The next-generation Feynman architecture was previewed, designed for "world models," featuring a 1.6nm process and substantial performance gains [14] - The commercialization of tokens is anticipated, with Nvidia projecting substantial revenue growth driven by AI chip demand [15] OFC Conference Highlights - The XPO MSA was launched, addressing key bottlenecks in AI data center optical interconnects, with significant improvements in bandwidth density [16][17] - NPO technology was highlighted as a transitional solution for AI interconnects, with major manufacturers releasing high-performance products [18][19] - CPO technology is advancing, with major firms accelerating production and achieving significant energy efficiency improvements [20][21] - OCS technology is moving towards commercial scalability, supported by major tech companies, enhancing AI data center connectivity [22] - Hollow-core fiber technology was showcased, achieving significant reductions in loss and latency, positioning domestic manufacturers as leaders [23] Investment Recommendations - The report recommends focusing on four main investment lines: "Optical, Liquid Cooling, Domestic Computing Power, and Satellite" [6] - Specific recommended stocks include: Zhongji Xuchuang, Xinyi Sheng, Yingweike, and Huagong Technology among others [6][25][26]

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.