证券研究报告 科技 关注 GTC 与 OFC 大会催化 华泰研究 2026 年 3 月 16 日│中国内地 行业周报（第十一周） 市场方面，上周通信（申万）指数下跌 0.12%，同期上证综指下跌 0.70%， 深证成指上涨 0.76%。2026 年 3 月 16-19 日，英伟达 GTC 大会与 OFC（全 球光通信）大会将同期召开，我们认为有以下方面值得关注：光模块方面， 关注英伟达对 CPO 的表态，以及 NPO、XPO 实物与测试反馈；液冷方面， 关注液冷技术方案升级与国产供应链突破；光纤方面，关注微软、AWS 等 空芯光纤部署更新；铜连接方面，关注 LPU 机柜形态，或将推动市场重新 认知铜缆生命周期。建议持续关注 AI 算力链投资机遇。 周专题：关注 GTC 与 OFC 大会对通信板块催化 英伟达 GTC 大会与 OFC 召开前夕，我们梳理大会对通信子板块可能的催 化方向：1）光模块方面，建议关注英伟达对 CPO 技术的表态，同时在 OFC 大会上，头部厂商将展示 NPO、XPO 原型，建议关注现场测试反馈数据； 2）液冷方面，Rubin 方案落地，关注 Feynman 代升级的技术方案是否有 突破 ...

GTC&OFC 或催化光、液冷、电源等板块 ——行业周报 2026 年 03 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -26% 0% 26% 53% 79% 106% 2025-03 2025-07 2025-11 通信 沪深300 相关研究报告 《重视腾讯云涨价投资机会—行业点 评报告》-2026.3.11 《重视 OpenClaw"养龙虾"三大核 心受益方向 — 行 业 点 评 报 告 》- 2026.3.9 《光纤和算力租赁涨价超预期—行业 周报》-2026.3.8 蒋颖（分析师） 杜致远（联系人） jiangying@kysec.cn 证书编号：S0790523120003 duzhiyuan@kysec.cn 证书编号：S0790124070064 GTC 大会临近，重视光通信、液冷、电源等板块新变化 英伟达年度开发者大会（GTC）将于 2026 年 3 月 16 日至 19 日在加州圣何 塞及线上同步举行。业界推测，大会预计将集中展示新一代 GPU 架构 Rubin 平台，以及下一代 Feynman 架构的 GPU、CPO 交换机、电源架构升级以及 液冷散热等关键技术进展 ...

Financial Performance - The company expects a net profit loss of between 730 million and 780 million CNY for 2025, with a projected adjusted net profit of 85 million to 135 million CNY, representing a decline of 64.61% to 77.72% compared to the previous year [2][3] - The decline is attributed to the IDC business, where 26,000 new cabinets were added, bringing the total to 82,000, but revenue recognition was delayed due to the installation cycle, while depreciation costs increased [2][3] Business Challenges - The IDC market is facing intense competition, leading to a continuous decline in prices and further squeezing profit margins [3] - The cloud computing business is expected to see a revenue decrease of approximately 100 million CNY due to the expiration of related assets [3] Goodwill Impairment - The company recorded a goodwill impairment of 837.6094 million CNY from the acquisition of Beijing Zhongjin Cloud Network Technology Co., Ltd. and 27.1296 million CNY from the acquisition of Guanghuan Zamp (Tianjin) Technology Co., Ltd. [3] - After the impairment, the remaining goodwill for Zhongjin Cloud is approximately 200 million CNY, primarily due to intensified industry competition and rising operational costs [3] Cabinet Deployment and Specifications - The company plans to deploy over 230,000 cabinets nationwide, with more than 82,000 already in operation by the end of 2025 [4] - The current cabinet utilization rate is approximately 60%, with a power density standard of 4.4 kW per cabinet [4] Customer Structure and Market Trends - The customer base is increasingly concentrated among major clients, including cloud service providers, internet companies, and the financial sector [5] - The industry is experiencing a shift in customer demand, with a focus on high-density power requirements and strict delivery timelines [8] Financing and Future Plans - The company has secured bank credit exceeding 12 billion CNY, which is available for immediate use, and is open to exploring various financing options [6] - For 2026, the company aims to enhance the delivery of existing orders and increase the utilization rate of operational cabinets while actively seeking new market opportunities [8]

Group 1: Financial Performance - The company expects a net loss of approximately 730 million to 780 million CNY for 2025, with a projected adjusted net profit of 85 million to 135 million CNY, representing a decline of 64.61% to 77.72% compared to the previous year [2][3] - The significant loss is attributed to a record deployment of 26,000 racks in 2025, leading to a sharp increase in depreciation costs [3] Group 2: Goodwill Impairment - The goodwill impairment is related to the acquisitions of Beijing Zhongjin Yunwang Technology Co., Ltd. and Guanghuan Zhanpu (Tianjin) Technology Co., Ltd., primarily due to intensified industry competition and declining prices [4] - After the impairment, the remaining goodwill is approximately 200 million CNY, with future impairments dependent on annual asset impairment testing results [4] Group 3: Business Operations and Strategy - Wushuang Technology's revenue decreased in 2025 due to macroeconomic conditions, intensified market competition, and reduced client demand from policy adjustments [5] - The company is adjusting its sales strategy to focus on high-margin clients and leveraging AI technology to enhance marketing efficiency and competitiveness [5] Group 4: Infrastructure and Market Trends - The company has a total cabinet plan of 230,000 units, with 82,000 units deployed by the end of 2025, primarily from projects in Tianjin, Yanjiao, and Shanghai [6] - The overall cabinet utilization rate is approximately 60%, with a trend towards concentration among major clients, leading to strong bargaining power and increased competition in the data center industry [7][8] Group 5: Technological and Environmental Initiatives - The company is committed to building energy-efficient data centers, utilizing modular and compatible designs to meet client needs while ensuring high reliability and low PUE [8] - The company is actively participating in green electricity market transactions and enhancing the use of renewable energy through solar systems on data center rooftops [8]

Group 1: Company Overview and Operations - The company has deployed a total of 82,000 cabinets by the end of 2025, with a planned overall capacity of 230,000 cabinets [2][3] - In 2025, the company expects to add 26,000 cabinets, marking the fastest growth year, primarily from projects in Tianjin, Yanjiao, and Shanghai [2][3] - The company’s IDC business is focusing on high-density power cabinets, with a standard of 4.4 kW per cabinet [3] Group 2: Market Demand and Client Structure - The overall demand for computing power is strong, with a cabinet signing rate exceeding 80% based on the 82,000 cabinets deployed [4] - The client structure is increasingly concentrated among major players, including cloud service providers, internet companies, and financial institutions [4][5] - The company is experiencing a shift in the customer base, with a trend towards larger contracts and fewer clients, leading to increased pricing pressure [6] Group 3: Future Projections and Challenges - The company anticipates that the 2026 cabinet deployment will depend on customer orders and energy consumption approval processes [3][6] - Key projects include the Tianjin Baodi Phase III, which is planned for 140 MW, corresponding to approximately 30,000 cabinets [3][6] - Regulatory changes have extended approval timelines, impacting project implementation, particularly for third-party IDC providers [7]

Investment Rating - The report maintains a "Buy" rating for the telecommunications industry and related companies, including specific recommendations for stocks such as China Telecom, Wolong Materials, and others [8][59]. Core Insights - Nvidia's acquisition of Groq for $20 billion highlights its commitment to the inference market and LPU products, indicating a potential shift in resource allocation towards these technologies [2][12][27]. - The LPU technology, designed for low-latency and high-efficiency real-time token generation, is expected to drive demand for copper cabling and liquid cooling solutions in the future [1][2][27]. - The report identifies a primary investment theme in the telecommunications sector focused on AI computing power, with recommended companies including Zhongji Xuchuang, New Yisheng, and others [3][59]. Summary by Sections Market Performance - The telecommunications index rose by 4.76% last week, outperforming the Shanghai Composite Index, which increased by 1.98%, and the Shenzhen Component Index, which rose by 2.80% [1][11]. Key Company Developments - Nvidia's integration plan for Groq's LPU technology aims to enhance its overall architecture, particularly in addressing low-latency decoding bottlenecks in AI applications [12][27]. - The LPU hardware is expected to be deployed in rack form, maintaining a focus on cost-effectiveness and energy efficiency, with copper connections being favored for short-distance interconnects [22][27]. Recommended Companies - The report recommends several companies for investment, including: - China Telecom (601728 CH) with a target price of 9.11 CNY - Wolong Materials (002130 CH) with a target price of 43.21 CNY - China Mobile (600941 CH) with a target price of 126.20 CNY - New Yisheng (300502 CH) with a target price of 476.71 CNY - StarNet Ruijie (002396 CH) with a target price of 39.16 CNY - Arista Networks (ANET US) with a target price of 166.30 USD - Zhongji Xuchuang (300308 CH) with a target price of 626.68 CNY - Ruijie Networks (301165 CH) with a target price of 102.51 CNY - Guanghuan New Network (300383 CH) with a target price of 18.87 CNY [8][59].

Market Overview - The A-share market experienced a collective pullback on February 27, with the Shanghai Composite Index closing at 4139.53 points, down 0.17% [2][3] - The semiconductor, communication equipment, electronic components, soft drinks, and building materials sectors saw the largest declines, while the non-ferrous metals sector showed strong gains, particularly tungsten concept stocks [2][3] Sector Performance - The non-ferrous metals sector surged, with rare metals leading the charge and tungsten concept stocks experiencing significant increases [5][6] - The Hang Seng Technology Index rose over 1%, driven by strong performances in the cloud computing sector and tech stocks like SenseTime and Bilibili [4][5] Notable Stocks - Several stocks in the non-ferrous metals sector hit the daily limit, including Dongfang Zirconium, Xianglu Tungsten, and Zhong Rare Metals, all recording gains of 10% [6][7] - Capital Online saw a rise of over 15%, while other companies in the computing power leasing sector also performed well, with Qingyun Technology-U and Xinjun Network both increasing by over 10% [10][11] Price Movements - The domestic light rare earth market saw price increases, with praseodymium and neodymium metal prices rising to 1.08 million CNY/ton and 1.125 million CNY/ton, respectively [9] - The computing power leasing sector continued to rise, reflecting strong demand and growth potential in the AI model API market, where Chinese models surpassed U.S. models in usage [10][11] Industry Insights - Analysts suggest that the increase in domestic AI model usage and monetization expectations may accelerate growth in the data calling volume and model performance, benefiting the domestic computing power industry chain [11] - The software development sector is also experiencing upward momentum, with new AI programming solutions being launched by major cloud service providers [11]

Market Overview - The A-share market continues to experience slight fluctuations, with the Shanghai Composite Index changing between red and green over 10 times, while the CSI 1000 index has risen for the fourth consecutive day, reaching a nearly 9-year high since April 2017 [1][10] - The market turnover remains stable, with sectors such as rare metals, artificial intelligence, supercritical power generation, and hotel catering showing strong performance, while sectors like glass fiber, communication equipment, consumer electronics, and aviation equipment are underperforming [1][10] Supercritical Power Generation - The supercritical power generation sector has been gaining momentum, with the sector index hitting historical highs for four consecutive days. Companies like Jin Modern and Yunnan Energy have seen rapid stock price increases, with Yunnan Energy achieving a seventh consecutive day of gains [2][12] - Recent developments include the successful operation of the world's first commercial supercritical carbon dioxide power generation unit in Guizhou, and the initiation of construction for a 2×660 MW ultra-supercritical coal-fired power project, which is expected to complete an investment of 2.349 billion yuan by 2026 and generate approximately 6 billion kWh annually [4][12] - The technology is projected to support lower energy consumption and carbon emissions, with installations planned primarily in coal-rich regions like Xinjiang, Shanxi, and Inner Mongolia, potentially transforming coastal provinces with higher environmental standards [5][13] Artificial Intelligence Sector - The artificial intelligence sector is witnessing a strong rally, with significant inflows of capital. The AI sector has attracted over 11.7 billion yuan in net inflows, with companies like Huasheng Tiancai and Yuntian Lifa receiving substantial investments [6][15] - Recent reports indicate that in the second week of February, the usage of Chinese AI models surpassed that of American models for the first time, with a total of 41.2 trillion tokens compared to 29.4 trillion tokens from the U.S. [8][16] - Four out of the top five AI models by usage on the OpenRouter platform are from Chinese companies, contributing to 85.7% of the total usage among the top models [9][16]

Core Viewpoint - The rise of domestic computing power chains is significantly impacting the cloud computing sector, with the cloud computing ETF (159890) experiencing notable gains and increased investor interest [1]. Group 1: Market Performance - The cloud computing ETF (159890) opened with a rise of over 1% and is currently up by 0.74%, indicating strong performance among its constituent stocks [1]. - Notable stocks include Tuowei Information, which hit the daily limit, and Yuntian Lifeng, which surged by 13%, while several others like Wangsu Science and Technology and Runhe Software rose by over 6% [1]. - The fund has seen a net inflow of over 66 million yuan in a single day, with a cumulative net subscription of approximately 58.9 million yuan over the past five days, breaking previous records [1]. Group 2: Industry Developments - DeepSeek is set to release its V4 "Sea Lion Lite" version, which supports 1 million tokens and features native multimodal processing capabilities, prioritizing domestic chip suppliers for optimization [3]. - This shift marks a significant transition for the domestic computing power industry from being merely "usable" to achieving "scale commercialization," reinforcing the logic of domestic computing power [3]. Group 3: Demand Insights - According to a report from CITIC Securities, the token usage of domestic large models has surged, with the top three models being domestic, reflecting an exponential growth in AI inference demand [4]. - The report indicates that the domestic computing power sector, benefiting from cost advantages and an improving ecosystem, is poised to dominate the infrastructure layer [4]. - China International Bank also noted significant changes in the large model industry around the Spring Festival, suggesting a new wave of growth potential for the computing power supply chain [4]. Group 4: ETF Composition - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, with holdings that balance AI computing power (41%) and AI applications (32%) [5]. - The top ten holdings include leading software and hardware companies such as iFlytek, Kingsoft Office, and Inspur Information, which are expected to benefit from the AI infrastructure wave [5][6]. - The current trend led by DeepSeek in reshaping the domestic computing power ecosystem is likely to drive the industry from "passive adaptation" to "active definition," presenting collaborative development opportunities in computing power and AI applications [6].

Group 1 - The core viewpoint of the news is that Guanghuan Xinnet's stock price increased by 5.32% to 17.43 CNY per share, with a trading volume of 1.809 billion CNY and a turnover rate of 5.98%, resulting in a total market capitalization of 31.332 billion CNY [1] - Guanghuan Xinnet, established on January 27, 1999, and listed on January 29, 2014, primarily engages in Internet Data Center (IDC) services and cloud computing, with revenue composition of 69.17% from cloud computing and related services, 28.83% from IDC and its value-added services, 1.40% from other services, and 0.59% from Internet broadband access services [1] Group 2 - Among the top ten circulating shareholders of Guanghuan Xinnet, a fund under Southern Fund holds a significant position, with the Southern CSI 500 ETF (510500) reducing its holdings by 617,100 shares to 21,335,700 shares, representing 1.19% of the circulating shares, and realizing a floating profit of approximately 18.7754 million CNY [2] - The Southern CSI 500 ETF (510500), established on February 6, 2013, has a latest scale of 144.69 billion CNY, with a year-to-date return of 14.65% ranking 620 out of 5,574, a one-year return of 43.89% ranking 1,030 out of 4,326, and a cumulative return since inception of 188.52% [2]