| 代码 | 名称 | 涨幅％v | 现价 | | --- | --- | --- | --- | | 301183 | 东田微 | +20.00% | 164.14 | | 300394 | 天孚通信 | +16.73% | 232.01 | | 301486 | 致尚科技 | +14.80% | 105.44 | | 301205 | 联特科技 | +11.78% | 135.51 | | 688498 | 源杰科技 | +11.70% | 668.99 | | 688205 | 德科立 | +11.51% | 135.49 | | 300757 | 罗博特科 | +11.10% | 240.30 | | 300620 | 光库科技 | +10.70% | 161.31 | | 688048 | 长光华芯 | +10.65% | 142.54 | | 001267 | 汇绿生态 | +10.03% | 20.30 | | 002792 | 通宇通讯 | +10.01% | 32.42 | | 003031 | 中瓷电子 | +10.01% | 59.37 | | 603738 | 泰晶科技 | +9.99 ...

一、行情 1）光隔离器作为光模块中保护激光器的关键无源组件，正因其上游核心材料法拉第旋光片的全球性供应短缺，成为制约光模块产能扩张的"卡脖子"环节。 该材料技术壁垒极高，生产由美国、日本少数厂商垄断，而高速光模块需求爆发，单模块隔离器用量随通道数增加，导致供需严重错配。这使得隔离器成为 产业链中持续紧缺、具备价格弹性的关键元件，布局此领域企业有望凭借其稀缺性、充足的产能与技术壁垒构建优势持续受益。包括：东田微、福晶科技、 天孚通信等。（国盛证券） 2）美股Credo发布2026财年Q2财报，当季营收2.68亿美元，公司总裁表示，公司核心AEC和IC业务的持续增长，ZeroFlap Optics、ALC和OmniConnect解决 方案即将推出，公司盈利能力有望不断增强。 12月8日，光通信板块集体大涨，行业龙头中际旭创、天孚通信等再创历史新高，汇绿生态、万通发展等先后涨停，天孚通信、腾景科技、德科立、长光华 芯等集体大涨。 其中行业新细分光隔离器概念的东田微（20CM）、福晶科技涨停。 二、事件：美股巨头均创历史新高+向光连接转型。 1）当地时间12月5日，Lumentum、Coherent连续创出历史新高， ...

| | | | | CPO概念板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | 1 | 300394 | 天孚通信 | 1 | 16.72 | 1803亿 | 258.46 | | 2 | 300620 | 光库科技 | 1 | 11.30 | 404亿 | 234.50 | | 3 | 688205 | 德科立 | 1 | 11.14 | 214亿 | 93.88 | | 4 | 300757 | 罗博特科 | 1 | 10.59 | 401亿 | 6.18 | | 5 | 301205 | 联特科技 | -06- | 10.37 | 174亿 | 77.31 | | 6 | 001267 | 汇绿生态 | 1 | 10.03 | 159亿 | 167.30 | | 7 | 600498 | 烽火通信 | 1 | 7.75 | 337亿 | 28.33 | | 8 | 688313 | 仕佳光子 | 1 | 7.52 | 425亿 | 466.39 | | 9 ...

南方财经12月8日电，通信设备板块持续走高，天孚通信涨超14%，通宇通讯涨停，烽火通信、德科立 跟涨。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月8日，算力硬件股震荡拉升，天孚通信大涨10%，汇绿生态、烽火通信、永鼎股份、 华工科技、德科立等纷纷走强。 ...

| 融资融券余额 | | | 融资余额 | | | | --- | --- | --- | --- | --- | --- | | 24,816.76 ↓ ැ元 - 21.94(-0.09%) | | | 24,641.11 ↓ ැ元 - 23.78(-0.10%) | | | | 沪市 | 深市 | 北交所 | 沪市 | 深市 | 北交所 | | 12,581.46 ♥ 亿元 - 12,160.29 ♥ 亿元 - 75.01 ▼ 亿元 | | | 12,463.01 ↓ 亿元 12,103.10 ↓ 亿元 | | 75.00 ↓ 亿元 | | -12.08(-0.10%) | -9.71(-0.08%) | -0.15(-0.20%) | -13.16(-0.11%) | -9.71(-0.09%) | -0.15(-0.20%) | 资金流向方面，申万31个一级行业中有11个行业获融资净买入，其中，计算机行业获融资净买入额居首，当日净买入9.99亿元；获融资净买入居前的行业 还有国防军工、机械设备、银行、非银金融、农林牧渔等。 上证报中国证券网讯（卢伊 记者 徐蔚）12月5日，A股两融余额为24816.7 ...

从融资买入额占当日总成交金额比重来看，有9只个股融资买入额占比超30%。其中长虹华意、海阳科 技、华达科技融资买入额占成交额比重排名前三，分别为39.84%、34.16%、32.36%。 从融资净买入金额来看，有25只个股获融资净买入超亿元。其中，C摩尔-U、天孚通信、指南针融资净 买入金额排名前三，分别获净买入17.01亿元、4.99亿元、4.5亿元。 A股12月5日共有3739只个股获融资资金买入，有347股买入金额超亿元。其中，东方财富、新易盛、天 孚通信融资买入金额排名前三，分别获买入23.79亿元、22.94亿元、21.14亿元。 ...

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, particularly focusing on the isolation component in optical modules [4][10]. Core Insights - The global optical module industry is rapidly upgrading to 800G/1.6T due to AI computing demand, with optical isolators becoming a critical bottleneck due to a global shortage of Faraday rotators [1][19]. - The production of Faraday rotators is highly concentrated and faces significant technical barriers, leading to supply constraints that impact the expansion of optical module capacity [21][24]. - The demand for optical isolators is expected to surge as the usage of optical modules increases, particularly in high-speed applications, which will drive both the quantity and value of isolators [6][22]. Summary by Sections Section: Optical Isolators as Key Components - Optical isolators function as essential passive components in optical communication systems, allowing light to transmit in one direction while blocking reverse reflections, thus protecting laser sources and enhancing system reliability [2][20]. - The core technology of optical isolators relies on the Faraday effect, with the Faraday rotator being a critical component that is currently in short supply globally [21][23]. Section: Supply Chain Challenges - The production of Faraday rotators is dominated by a few companies in the US and Japan, creating a monopolistic supply chain that poses risks for the optical isolator market [23][24]. - Domestic companies are striving to achieve self-sufficiency in the production of Faraday rotators, but the overall localization rate remains low, indicating a significant opportunity for growth in this area [23][24]. Section: Market Demand and Growth Potential - The transition of optical modules to higher capacities (800G/1.6T) is expected to increase the demand for optical isolators significantly, with each module requiring multiple isolators depending on the number of channels [6][22]. - The report highlights that the mismatch between the rapid increase in demand for isolators and the slow expansion of production capacity will lead to price increases and heightened value for isolators in the market [6][22]. Section: Recommended Companies - The report recommends focusing on leading companies in the optical communication sector, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which are well-positioned to benefit from the growing demand for optical isolators [7][8][24].

Summary of Key Points Core Viewpoint - The report highlights significant net financing activities in the stock market, indicating investor interest in specific stocks and sectors [1] Group 1: Financing Activities - A total of 1,758 stocks received net financing inflows this week [1] - 781 stocks had net financing inflows exceeding 10 million [1] - 86 stocks had net financing inflows exceeding 100 million [1] - 2 stocks had net financing inflows exceeding 1 billion [1] Group 2: Top Gainers - C Moer-U topped the list with a net inflow of 1.701 billion [1] - Tianfu Communication, Sanhua Intelligent Control, and Industrial Fulian followed with net inflows of 1.197 billion, 829 million, and 803 million respectively [1] Group 3: Top Losers - Zhongji Xuchuang, Dongshan Precision, and Beijing Junzheng experienced the highest net outflows, with amounts of 1.225 billion, 956 million, and 443 million respectively [1]