证券日报网讯天孚通信（300394）10月17日在互动平台回答投资者提问时表示，公司坚持以投资者为 本，历来高度重视投资者利益保护，积极回应投资者诉求，在《公司章程》中明确规定了利润分配政 策，并结合公司实际情况，多次制定了《未来三年股东回报规划》。公司自2015年上市以来，连续11年 现金分红金额占当年度归属于上市公司股东净利润的比例均超过40%，累计派发现金分红金额21.35亿 元，除现金分红外，公司还通过资本公积金转增股本形式与投资者共享公司发展成果，2022-2024年公 司营业收入年复合增长率64.86%，归属于上市公司股东净利润年复合增长率82.60%。 ...

Summary of AI Industry Conference Call Industry Overview - The AI chip demand is surging, driving the development of the industry chain, with major players like Meta and Google accelerating their ASIC chip deployments and repeatedly raising their demand forecasts for 2026, particularly with Google's V7 chip set to fully adopt liquid cooling technology [1][2] Key Points and Arguments - **Liquid Cooling Technology**: - Liquid cooling has become a standard for AI giants, with Google planning to fully adopt it by 2026 and Meta already implementing it in their self-developed chips [1][3] - Infinet is collaborating with Google to develop a universal CDU suitable for various ASIC chips, indicating a trend towards silent liquid cooling in the future [1][4] - **High-Speed Optical Modules**: - The evolution towards 1.6T optical modules is evident, with Google's V7 chip primarily utilizing this technology, benefiting leading companies like Zhongji Xuchuang and Xinyi Sheng [1][5] - The demand for CW light sources is also increasing, positively impacting companies like Yuanjie Technology [1][5] - **OCS Switches**: - Google's OCS switches are expected to achieve over 50% growth next year, benefiting manufacturers like Dekoli and Guangku Technology, as well as component suppliers like Tengjing Technology and Juguang Technology [1][6] - **Competitive Advantages**: - Infinet stands out in the global AI industry chain due to its comprehensive solutions and delivery capabilities, having secured clients like Intel, Meta, Google, and OpenAI [1][7][8] - Zhongji Xuchuang and Xinyi Sheng are recognized as leaders in the high-speed optical module sector, while Yuanjie Technology is a key supplier in the CW light source market [1][8] Additional Insights - **Market Dynamics**: - The global AI industry chain is accelerating, particularly in overseas markets, with OpenAI collaborating with major chip companies like Broadcom, AMD, and NVIDIA, creating a significant siphoning effect [2] - The domestic AI computing card market is currently facing a supply shortage, but improvements are expected in 2026, with major domestic players like Alibaba, ByteDance, and Tencent likely to increase their AI investments significantly [11] - **Emerging Technologies**: - The supernode technology is anticipated to explode in 2026, presenting opportunities across various sectors, including chips, machine manufacturing, optical modules, liquid cooling, copper connections, and server power supplies [12][13] - **AIDC Sector Outlook**: - The AIDC sector, which includes data center construction and power systems, is expected to see improved bidding progress as domestic chip supply increases in 2026, benefiting companies in cooling, power supply, and data center management [14] - **Market Volatility**: - Short-term market fluctuations due to tariff disturbances are not expected to alter the long-term growth trajectory of the AI industry, with upcoming catalysts likely to positively impact the entire industry chain [15]

Core Insights - The A-share market experienced a high and then a pullback on October 16, with trading volume dropping below 2 trillion yuan, indicating increased risk aversion among investors [1] - The technology sector showed weakness, but the ChiNext index focusing on artificial intelligence (AI) managed to close in the green, highlighting a divergence in sector performance [1] - The largest AI-focused ETF on the ChiNext, ETF 159363, saw a slight increase of 0.25% and recorded a trading volume of 584 million yuan, marking two consecutive days of gains [1] Industry Analysis - The optical module sector, particularly within the computing power chain, has shown signs of recovery, with leading companies like Zhongji Xuchuang and New Yisheng expected to maintain high growth rates in Q3 due to strong overseas demand for 800G optical modules [3] - The AI data center market is anticipated to grow significantly, with Alibaba projecting a tenfold increase in data center energy consumption by 2032, which is expected to drive orders and EBITDA growth for leading data center firms [3] - TSMC's Q3 financial report exceeded market expectations, reinforcing optimism regarding the surge in demand for AI chips, with the company expressing increased confidence in the AI market's positive trajectory [4] Investment Opportunities - The AI computing power sector is viewed as a thematic investment opportunity, with recommendations to focus on the first AI-focused ETF on the ChiNext (159363) and related funds, which have a significant allocation towards computing power and AI applications [4] - The ChiNext AI ETF has a market size exceeding 3.6 billion yuan and has maintained the highest trading volume among its peers, indicating strong investor interest [4]

证券研究报告 科技 Q3 前瞻：关注 AI 算力链业绩兑现 华泰研究 以 38 家我们覆盖的 A/H 通信行业公司为样本，我们预计 3Q25 通信板块合计 归母净利润同比增长 15%，剔除三大运营商、中兴通讯权重股后，预计板块 归母净利润同比增长 73%。细分来看，电信运营商利润预计稳健增长；光通 信板块在海外与国内市场需求延续高增下，业绩有望持续兑现，且产业链景 气度预计继续呈扩散趋势；IDC 受益国内外智算中心需求增长有望迎来拐点； 铜连接板块业绩有望在产能释放下逐步兑现；光纤光缆景气度有望逐步复苏。 运营商利润预计稳健增长；国内智算需求放量，相关业绩或持续兑现 我们预计 3Q25 电信运营商板块归母净利润同比增长 5%，保持稳健增长， 据工信部，2025 年 1-8 月国内电信业务收入累计完成 11821 亿元，同比增 长 0.8%（1H25：1.0%），保持平稳增长。算力方面，我们预计 3Q25 通信 设备/IDC 板块归母净利润同比提升 10%/10%，随着 25 年以来国内 AI 数据 中心建设起量、规模效应下费用率有望优化，部分公司业绩有望陆续兑现； 同时，阿里在云栖大会上表示其 2032 年数 ...

10月16日，光模块CPO概念板块集体回暖，中际旭创（300308.SZ）、新易盛（300502.SZ）、天孚通信 （300394.SZ）等核心龙头低开高走，盘中集体翻红。截至午盘，中际旭创涨4.68%，股价重回370元/ 股，报370.68元/股、新易盛、长芯博创（300548.SZ）、天孚通信、光库科技（300620.SZ）等纷纷跟 涨。 消息面上，据智通财经报道，OpenAI被曝正制定五年商业计划，以履行1万亿美元支出承诺。同时， OpenAI还宣布与能源公司SurEnergy已签署一份意向书，计划在阿根廷建设一个数据中心枢纽，投资额 最高可达250亿美元，这将成为该国历史上规模最大的科技基础设施项目之一。 10月初，受关税政策调整及短期获利了结影响，光模块概念股曾出现较大面积回调，其中，龙头"易中 天"的回调幅度均超过10%。 不过，当前光模块的产业逻辑支撑依旧较为强劲。根据市场研究机构Light counting预测，2025年800G 以太网光模块市场规模将超过400G，随着高速光模块的快速导入，预计2029年800G和1.6T光模块的整 体市场规模将超过160亿美元。 事实上，这一趋势在上市公司 ...

Group 1 - The A-share market indices opened lower but quickly turned positive, with the optical module CPO concept sector showing strength for two consecutive days [1] - Key stocks such as Zhongji Xuchuang rose nearly 6%, with other companies like Xinyi Sheng, Changxin Bochuang, Tianfu Communication, and Guangku Technology also experiencing gains [1] - The recent market volatility has seen a rebound in the AI computing power sector, indicating high sector prosperity [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a latest scale exceeding 8 billion [2] - The index has a high purity of "hard technology," with telecommunications and electronics accounting for nearly 80% of the total weight [2] - The AI-focused ETF (159381) tracks the ChiNext AI Index, with a significant weight in optical modules and a low comprehensive fee rate of 0.20% [2]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

深陷"老登顶"之争的光模块，还有没有走强可能？高盛近期也加入了讨论。 10月14日，高盛发布光模块研究专题报告，重点聚焦两家中国光模块公司，中际旭创（300308）+天孚通信（300394）。高盛给予两家公司买入评级，并 把中际旭创12个月的目标价从442元上调至470元；把天孚通信12个月的目标价从398元上调至450元。 01 大涨过后靠什么撑估值？ 高盛认为，光模块当前2025年财报季的市场背景如下： 1、年初至今，股价大幅上涨后，获利了结压力加剧 在此背景下，高盛重点关注公司2025年三季度财报中对2026年后需求及增长前景相关的表述。此前，相关企业已表示，在人工智能的驱动下，预计行业将 呈现强劲的长期增长趋势。然而，高盛接触的投资者，希望看到更多关于2027年预测中800G/1.6T光模块出货量前景的具体指引或证据。 核心优势方面，中际旭创的壁垒集中在"技术+合作"：一是在全球AI网络所用的800G/1.6T光模块领域占据领先地位，是AI数据中心扩张的核心受益者；二 是产能扩张与新产品开发的执行力强，能匹配客户部署进度；三是与全球超大规模云厂商及网络/GPU厂商合作紧密，巩固了先发优势。 天孚通信的 ...

行 业 及 产 业 2025 年 10 月 15 日 AI 算力网络主线持续重视！ 看好 ——通信行业 25Q3 前瞻 本期投资提示： ⚫ 风险提示：信息技术迭代可能颠覆已有路径或格局，下游相关环节需求可能不达预期。 行 业 研 究 / 行 业 点 评 证 券 研 《算网传导分化、卫星产业强化、景气周 期优化——2025 年通信行业投资策略》 2024/12/17 证券分析师 李国盛 A0230521080003 ligs@swsresearch.com 刘菁菁 A0230522080003 liujj@swsresearch.com 郝知雨 A0230525060002 haozy@swsresearch.com 研究支持 陈力扬 A0230124040003 chenly@swsresearch.com 联系人 郝知雨 (8621)23297818× haozy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 究 报 告 通信 相关研究 ⚫ 聚焦 25 年通信三条主线：算网传导分化，卫星产业强化，景气周期优化。具体而言： 1）算网 ...

| 300657 | 弘信电子 | 9 | 5.10 | 6.54 | -10.54 | | --- | --- | --- | --- | --- | --- | | 600879 | 航天电子 | 7 | 5.06 | 8.26 | 4.71 | | 002517 | 恺英网络 | 5 | 4.77 | 7.12 | -13.89 | | 301165 | 锐捷网络 | 8 | 4.59 | 8.00 | -12.21 | | 300010 | 豆神教育 | 5 | 4.57 | 12.99 | -8.70 | | 001267 | 汇绿生态 | 9 | 4.49 | 9.67 | -20.87 | | 002429 | 兆驰股份 | 9 | 4.46 | 7.59 | -10.76 | | 300328 | 宜安科技 | 8 | 4.32 | 7.80 | -13.73 | | 002080 | 中材科技 | 6 | 4.31 | 7.14 | -10.71 | | 300046 | 台基股份 | 7 | 4.27 | 8.38 | -10.46 | | 300398 | 飞凯材料 | 5 | 4.25 ...