业 及 产 业 2026 年 02 月 08 日 相关研究 《AI 主线多维强化，网络国产纵深推进— —2026 年通信行业投资策略》 2025/12/31 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 A0230525060002 haozy@swsresearch.com AI 主线持续，国产网络提速 看好 ——通信行业 25Q4 前瞻 本期投资提示： 通信 行 证 券 研 究 报 告 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 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 研 究 / 行 业 点 评 ⚫ 聚焦 26 年通信主线：AI 主线多维强化，网络国产纵深推进。具体而言：1）AI 主线： 预计将围绕海 ...

证券研究报告·行业点评报告·通信 证券分析师 欧子兴 执业证书：S0600525110002 ouzx@dwzq.com.cn 行业走势 通信行业点评报告 当前时点如何看光模块/CPO/NPO 投资机会 2026 年 02 月 08 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：AI 建设不及预期、光互联技术发生重大变化、系统性风险 -18% -7% 4% 15% 26% 37% 48% 59% 70% 81% 2025/2/10 2025/6/10 2025/10/8 2026/2/5 通信 沪深300 相关研究 《我国卫星通信战略提速，建议布局 两大方向》 2026-01-11 《2026 年通信投资机会梳理：算力为 核，卫星为翼》 2026-01-04 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 光模块未来需求置信度进一步提升。本周海外亚马逊、谷歌、微软和 Meta 等主要 CSP 披露最新财报，2026 年资本开支合计将达 6600 亿美 元，同比大幅增长 60%，主要投向 AI 算力的建设。我们认为，海外主 要 CSP 大厂持 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry, indicating a positive outlook for the sector over the next six months [1][8]. Core Insights - The demand for optical modules is expected to increase significantly, driven by major cloud service providers (CSPs) like Amazon, Google, Microsoft, and Meta, which are projected to spend a total of $660 billion on capital expenditures in 2026, a 60% year-on-year increase, primarily focused on AI computing infrastructure [5]. - The CPO (Co-Packaged Optics) industry is accelerating its progress, with Lumentum announcing substantial orders for high-power lasers, and Nvidia's partners set to deploy CPO systems in 2026, indicating a robust market expansion [5]. - NPO (Near-Package Optics) technology is gaining traction due to its cost-effectiveness and flexibility, making it a preferred choice among CSP clients, which could enhance the long-term growth potential of related companies [5]. - The report emphasizes that multiple optical interconnection solutions will coexist in the long term, suggesting that investors should focus on different investment priorities based on market cycles and technological advancements [5]. Summary by Sections Optical Modules - The future demand for optical modules is expected to remain strong, with a competitive edge due to the ongoing evolution of products like 800G, 1.6T, and 3.2T modules, leading to quarterly revenue growth for related companies [5]. CPO Industry - The CPO sector is witnessing accelerated industrialization, with significant orders expected to materialize in 2026 and 2027, indicating a clear commercial value and expanding market space [5]. NPO Technology - NPO technology is recognized for its unique advantages, including cost and power efficiency, and is anticipated to become a long-term technical choice for CSPs, suggesting a strong growth trajectory for companies involved in this space [5]. Investment Focus - The report recommends focusing on three core investment themes: 1. Large-scale optical modules benefiting from high-speed interconnect demand, with key recommendations for companies like Zhongji Xuchuang and attention to new opportunities in the second-tier market [5]. 2. Smaller optical modules with increased customer demand, highlighting potential breakthroughs for companies like LianTe Technology and HuiLv Ecology [5]. 3. New optical technologies that are emerging, with a focus on companies like Tianfu Communication and potential opportunities in the technology upgrade cycle [5].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the communication industry, indicating an expected outperformance of over 10% compared to the benchmark index [1][36]. Core Insights - The emergence of Moltbot as a significant application in Silicon Valley represents a major leap in AI capabilities, enabling seamless workflow automation from thought to execution. This application has rapidly gained popularity, surpassing 100,000 stars on GitHub, making it one of the fastest-growing open-source projects globally [4][12]. - The report highlights the potential for unlimited cloud computing power driven by applications like Moltbot, which could lead to increased capital expenditures in cloud service providers (CSPs) due to rising demand for computational resources [4][12]. - The demand for cloud hosts and various types of home servers is expected to grow rapidly, benefiting public cloud vendors as they offer more secure and stable solutions compared to local PCs [5][13]. - AIOT (Artificial Intelligence of Things) applications on the edge are anticipated to have significant potential, as Moltbot combines cloud capabilities with local execution, creating a closed-loop system for industrial intelligence [5][13]. - SpaceX's plan to establish a satellite computing cluster consisting of up to 1 million satellites represents a substantial development in space computing capabilities, which could integrate with existing satellite networks and enhance data processing capabilities [6][14]. Summary by Sections Industry Trends - Moltbot's capabilities include automating tasks such as email management, scheduling, and even automated trading, showcasing its versatility and potential for widespread adoption [4][12]. - The report suggests that the rapid spread of Moltbot and similar applications will lead to increased demand for cloud computing resources, potentially causing a "computing power crunch" [4][12]. Market Overview - The communication index rose by 5.83% during the week of January 26 to January 30, 2026, while the broader market indices showed mixed results, with the Shanghai Composite Index declining by 0.44% [7][15]. - The top-performing sectors included optical cables and marine cables, with significant weekly gains [7][15]. Recommended Companies - The report recommends focusing on companies in various segments, including: - Cloud Computing: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Industrial Fulian, Woer, Zhishang Technology, Guangku Technology [6][15]. - CPU/CXL: Haiguang Information, Lanke Technology, ZTE, Wantong Development [6][15]. - Edge Computing: Ruixin Micro, Zhaoyi Innovation, Yinghantong, Guanghetong, Yiyuan Communication, Meige Intelligent [6][15]. - Inter-satellite Laser Communication: Fenghuo Communication, Guangxun Technology, Guangku Technology, Aerospace Electronics, Zhongrun Optics, Tengjing Technology [6][15].

从沪股通前十大成交个股来看，贵州茅台位居首位；紫金矿业和工业富联分居二、三位。 从深股通前十大成交个股来看，天孚通信位居首位；中际旭创和宁德时代分居二、三位。 二、板块个股主力大单资金 从板块表现来看，影视院线、旅游酒店、银行等板块涨幅居前，有色金属、电网设备、油气等板块跌幅居前。 | | | 星矿 权庆士力资金监控： 今日头人 | | | --- | --- | --- | --- | | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | | 食品饮料行业 | 15.79 | 2.80 | | 1 - | 影视院线 | 12.34 | 6.99 | | 3 | 银行 | 10.70 | 2.83 | | 4 | 商贸零售 | 8.09 | 2.19 | | 5 | 证券 | 6.81 | 2.01 | 一、沪深股通前十大成交 今日沪股通总成交金额为1420.94亿，深股通总成交金额为1468.44亿。 | | 沪股道( | 2月5日 D | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 6 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 沪深股通今日合计成交2889.38亿，其中贵州茅台和天孚通信分居沪股通和深股通个股成交额首位。板块主力资金方面，食品饮料行业主力资金净流入居 首。ETF成交方面，港股通消费ETF易方达（513070）成交额环比增长363%。龙虎榜方面，平潭发展强势涨停，获两家一线游资（国泰海通证券武汉紫阳东 路、国泰海通证券上海海阳西路）分别买入3.82亿、1.12亿。 从板块表现来看，影视院线、旅游酒店、银行等板块涨幅居前，有色金属、电网设备、油气等板块跌幅居前。 | | | 星矿板块主力资金监控：今日买入前五榜（2026年2月5日） | | | --- | --- | --- | --- | | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | 1 | 食品饮料行业 | 15.79 | 2.80 | | 2 | 影视院线 | 12.34 | 6.99 | | 3 | 银行 | 10.70 | 2.83 | | ব | 商贸零售 | 8.09 | 2.19 | | ട | 证券 | 6.81 | 2.01 | | | | 星矿板块主 ...

消息面上，周三，Lumentum盘前涨近10%，料开盘续创历史新高。消息面上，该公司在截至去年12月27日的第二季度实现营收6.65亿美元，同比大幅增长 65%，高于分析师平均预期的6.52亿美元。GAAP每股收益为0.89美元，显著高于分析师平均预期的0.49美元;调整后的每股收益为1.67美元，同样高于分析师 平均预期的1.41美元。 AI算力爆发催生了对高速互联的极致需求，CPO技术是突破带宽和功耗瓶颈的核心方案，CPO简单说就是把光学引擎和芯片(CPU/GPU/交换机ASIC)封装在 一起，让电信号不用长途传输就能转换成光信号，核心解决传统光模块的两大痛点——功耗暴降、带宽密度飙升。 中信证券认为，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现局部爆发机会。展望2026年，国产算力方兴未艾，业 绩弹性及投资确定性兼备，有望复刻美股2023年以来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产化是大势所趋；另 一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现算力突围。多卡集群的建设对零组件的数量和质量提出更高 ...

商报讯(记者叶晓珺)今年以来，光纤光缆等算力链景气度继续上行。近日，光纤概念连续活跃，多家上 市公司股价大涨。昨日早盘，杭电股份（603618）实现四连板，特发信息（000070）涨停，凯旺科技 （301182）涨超9%，华脉科技（603042）、全信股份（300447）等跟涨。 消息面上，华泰证券2月2日研报称，2026年1月，中国市场G.652.D单模光纤价格创下近七年来的新高， 平均价格来到35元/芯公里以上，仅1月份单月涨幅就超过75%；此外，北美光纤企业康宁和Meta达成60 亿美元的合作协议，Meta承诺将在2030年前向公司支付60亿美元用于AI数据中心的光缆采购。业内人 士分析认为，光纤光缆属于全球"硬通货"，北美市场需求最终将由全球市场来满足，国内光纤企业凭借 规模优势有望受益于全球光纤市场的量价齐升。 AI算力爆发带火光纤概念 连收三个涨停板之后，杭电股份紧急发布公告提示风险，公司股票自2026年1月30日至2月3日连续3个交 易日涨停，股价累计涨幅达32.97%，显著高于同行业水平。公司基本面未发生重大变化，市场情绪过 热，存在非理性炒作风险。此前公司预计2025年年度净利润为-3亿元。 ...

证券日报网讯 2月4日，天孚通信在互动平台回答投资者提问时表示，截至2026年1月20日收盘，公司股 东人数为151330户（合并信用账户）。 （文章来源：证券日报） ...