Investment Rating - The report suggests a positive outlook for the industry, particularly in sectors driven by AI development, such as servers and IDC, as well as overseas AI-driven sectors like servers and optical modules [5]. Core Insights - Broadcom has launched the industry's first 400G/channel DSP, laying the groundwork for 3.2T transceivers. Leading optical module manufacturers are set to unveil NPO solutions at the OFC conference. The NPO solution is expected to drive optical interconnects towards scale-up domains, expanding the total addressable market (TAM) for optical connections [1][2]. - Nvidia has formed a strategic partnership with Nebius to develop and deploy next-generation hyperscale cloud services for the AI market, investing $2 billion in the process. This indicates a strong commitment to supply chain investment [1][2]. - Major domestic tech companies, including Tencent, Baidu, Alibaba, ByteDance, Meituan, and JD, have released methods for deploying and accessing OpenClaw, indicating a rapid increase in domestic computing power demand [1][3]. - Oracle's remaining performance obligations (RPO) reached $553 billion in Q3, a 325% year-on-year increase, reflecting strong confidence in sustained AI demand [1][2]. - Applied Optoelectronics Inc. announced a bulk order exceeding $200 million for 1.6T data center transceivers from a large hyperscale customer, aimed at enhancing network bandwidth for AI workloads [1]. Summary by Sections Subsector Insights - **Servers**: The server index increased by 1.99% this week, with Oracle's Q3 revenue at $17.2 billion, a 22% year-on-year growth, exceeding market expectations. The RPO of $553 billion indicates a robust demand for AI computing power [2][7]. - **Optical Modules**: The optical module index rose by 6.17% this week. Broadcom introduced a 400G/channel optical DSP, and new products are expected to be showcased at OFC 2026, including TeraHop's 12.8Tbps XPO optical module [2][7]. Core Data Updates - The telecommunications business revenue is projected to reach 1.75 trillion yuan by 2025, with a year-on-year growth of 0.7%. The total telecommunications volume is expected to grow by 9.1% year-on-year [4][16]. - In December, China's optical module export value increased by 0.9% year-on-year, although the cumulative total for the year decreased by 16% [4][35]. Investment Recommendations - The report recommends focusing on sectors driven by domestic AI development, such as servers and IDC, as well as those influenced by overseas AI growth, including servers and optical modules [5].

Investment Rating - The report suggests focusing on sectors driven by domestic AI development such as servers and IDC, as well as sectors driven by overseas AI development like servers and optical modules [5] Core Insights - Broadcom has launched the industry's first 400G/channel DSP, laying the foundation for 3.2T transceivers. Leading optical module manufacturers will unveil NPO solutions at the OFC conference. The NPO solution is expected to drive optical interconnects towards scale-up domains, expanding the total addressable market (TAM) for optical connections [1][2] - Oracle's remaining performance obligations (RPO) reached $553 billion, a year-on-year increase of 325%, indicating strong confidence in sustained AI demand. Oracle has raised its total revenue guidance for FY2027 to $90 billion, significantly higher than previous expectations [1][2] - Nvidia and Nebius have formed a strategic partnership to develop next-generation hyperscale cloud services for the AI market, with Nvidia investing $2 billion in Nebius [1][2] - Major domestic tech companies like Tencent, Baidu, Alibaba, ByteDance, Meituan, and JD have released methods for deploying and accessing OpenClaw, indicating a rapid increase in domestic computing power demand [1][3] Summary by Sections Subsector Insights - **Servers**: The server index increased by 1.99% this week, while it decreased by 0.64% this month. Oracle's Q3 revenue was $17.2 billion, a 22% year-on-year increase, exceeding market expectations. The RPO reached $553 billion, up 325% year-on-year. Nvidia's partnership with Nebius aims to address the growing global AI computing demand [2][7] - **Optical Modules**: The optical module index rose by 6.17% this week and 2.65% this month. Broadcom introduced the first 400G/channel optical DSP for next-generation AI networks. TeraHop plans to showcase the first 12.8Tbps XPO optical module at OFC 2026, while NewEase has joined the XPO MSA and released the first 12.8 Tbps liquid-cooled pluggable optical module [2][7] Core Data Updates - Telecom business revenue is projected to reach 1.75 trillion yuan in 2025, with a year-on-year growth of 0.7%. The total telecom business volume is expected to grow by 9.1% year-on-year at constant prices [4][16] - In December, China's optical module export value increased by 0.9% year-on-year, while the cumulative total for January to December decreased by 16% [4][35] Market Trends - The report indicates a robust upward trend in various sectors, including operators, optical modules, servers, switches, connectors, IDC, IoT, and liquid cooling, driven by advancements in technology and increasing demand for AI capabilities [15]

证券研究报告|行业周报 gszqdatemark 2026 03 15 年 月 日 通信 博通产业链：解耦的意义 博通通过和 CSP 合作开发 ASIC/XPU，打破了英伟达"GPU+infiniband" 的闭合垄断体系，其"开放解耦"网络生态在 csp 主导 capex 的时代 具有重要意义，建议关注博通产业链。 【博通产业链：核心光模块龙头及上下游供应商】 博通作为全球通信半导体巨头，凭借其在网络芯片和定制 ASIC 领域的 深厚积累，成为众多超级客户的 xpu 合作伙伴。我们建议关注博通官 方认可的深度合作伙伴新易盛，全球光模块龙头中际旭创，以及其上 下游供应商：优迅股份、东田微、仕佳光子、天孚通信、光库科技等。 【CSP 主导 capex 下，解耦重要性突显】 博通通过与 CSP 厂商合作开发定制化 ASIC/XPU，构建了开放、解耦、 模块化的计算网络生态，打破英伟达"GPU+NVLink+InfiniBand"的封 闭垂直体系。在 CSP 主导 capex 的当下，解耦的意义在于： ➢ CSP 从"被动采购"转向"自主定义"：在英伟达主导的时代， 云厂商只能采购标准化的 GPU 产品，接受其定价 ...

周五（3月13日），IDC算力租赁概念领跌AI赛道，创业板人工智能全天低迷，日线三连阴。其中，汉 得信息跌超10%，奥飞数据、首都在线、东方国信、光环新网等多股跌超7%。但光模块CPO龙头 逆市活跃，新易盛逆市大涨4%，中际旭创涨超1%。 热门ETF方面，重仓光模块龙头的创业板人工智能ETF（159363）场内收跌1.84%日线三连阴，缩量成 交4.62亿元，资金进场抢筹5200万份。 公司消息方面，光模块龙头新易盛迎来两大重要消息：一是业内首发搭载博通448G全功能dsp光模块； 二是推出行业首款12.8T XPO模块，这款下一代可插拔光模块专为支持AI数据中心架构而设计，涵盖纵 向扩展、横向扩展及城域互联应用。 国盛证券指出，博通凭借网络领域优势，正成为众多超算客户的XPU合作伙伴。在CSP主导资本开支的 时代，以ASIC/XPU和以太网为代表的开放解耦架构，在AI推理需求爆发下将持续繁荣。CSP开放阵营 将与英伟达长期博弈，而新易盛等光通信等网络设备商将同时受益于双方的互联需求增长。* ETF基金相关费用说明：投资者在申购或赎回基金份额时，申购赎回代理机构可按照不超过0.5%的标准 收取佣金。场内交易费 ...

证券研究报告|行业周报 gszqdatemark 2026 03 15 年 月 日 通信 博通产业链：解耦的意义 博通通过和 CSP 合作开发 ASIC/XPU，打破了英伟达"GPU+infiniband" 的闭合垄断体系，其"开放解耦"网络生态在 csp 主导 capex 的时代 具有重要意义，建议关注博通产业链。 【博通产业链：核心光模块龙头及上下游供应商】 博通作为全球通信半导体巨头，凭借其在网络芯片和定制 ASIC 领域的 深厚积累，成为众多超级客户的 xpu 合作伙伴。我们建议关注博通官 方认可的深度合作伙伴新易盛，全球光模块龙头中际旭创，以及其上 下游供应商：优迅股份、东田微、仕佳光子、天孚通信、光库科技等。 【CSP 主导 capex 下，解耦重要性突显】 博通通过与 CSP 厂商合作开发定制化 ASIC/XPU，构建了开放、解耦、 模块化的计算网络生态，打破英伟达"GPU+NVLink+InfiniBand"的封 闭垂直体系。在 CSP 主导 capex 的当下，解耦的意义在于： ➢ CSP 从"被动采购"转向"自主定义"：在英伟达主导的时代， 云厂商只能采购标准化的 GPU 产品，接受其定价 ...

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 ...

Group 1 - The AI sector experienced a decline, with the concept of computing power leasing leading the drop, particularly in the ChiNext market, where several stocks fell over 7% [1] - New Yi Sheng, a leader in optical modules, saw a contrary rise of over 4%, indicating a divergence in market performance within the AI sector [1] - The ChiNext AI ETF (159363), heavily invested in optical module leaders, fell by 1.84%, marking a three-day decline, with a trading volume of 462 million yuan [1] Group 2 - New Yi Sheng announced two significant developments: the launch of the first optical module equipped with Broadcom's 448G full-featured DSP and the introduction of the industry's first 12.8T XPO module designed for AI data center architectures [3] - Guosheng Securities highlighted Broadcom's growing influence in the supercomputing market, suggesting that the demand for open decoupled architectures will continue to thrive amid the explosion of AI inference needs [3] - The upcoming NVIDIA GTC conference on March 16 is anticipated to be a catalyst for the AI market, showcasing core technologies and disruptive upgrades in computing infrastructure [3] Group 3 - The ChiNext AI ETF is positioned to benefit from the commercialization of AI technology, with approximately 60% of its portfolio allocated to computing power (optical module leaders and IDC leaders) and 40% to AI applications [3]

CPO 产业进展更新 Q&A CPO（Co-packaged Optics）产业目前的发展阶段如何，尤其是在商业化 落地和市场渗透率方面，未来几年的放量节奏是怎样的？ CPO 产业在 2026 年正式进入商业化元年。此前，美国 CPO 核心公司如 Lumentum 和 Coherent 已在财报说明会中披露获得了数亿美元的 CPO 订单， 英伟达也明确表示将主力推进 CPO 技术，这些信号表明 CPO 供应链已获得实 质性订单，并将在 2026 年下半年开始规模化量产和交付。 从放量节奏来看， CPO 在不同应用场景的渗透路径有所差异： 在 Scale-out（柜间互联）市场， CPO 交换机将与传统的可插拔光模块方案共存。2025 年 CPO 交换机的出货量 约为 500 台，预计 2026 年将增长至 2 万台，市场渗透率达到约 2%。预计到 2027 年，出货量将在此基础上再增长 4 至 5 倍，渗透率有望达到 10%。尽管 2026 年和 2027 年 CPO 的渗透率提升迅速，但由于同期也是 1.6T 可插拔光 模块的主力放量期，且整体光互联市场资本开支高速增长，CPO 的绝对量仍然 较小，因此对光 ...

2026.03. 10 作者 | 一财阿驴 3月12日，A股三大指数集体收跌。沪指跌0.1%，深成指跌0.63%，创业板指跌0.96%。科创综指跌 1.01%。全市场超3800只个股下跌。 | 代码 名称 | 现价 涨跌 | 涨跌幅 | | --- | --- | --- | | 00001 上证指数 | 4129.10 c -4.33 -0.10% | | | 399001 深证成指 | 14374.87 c -90.54 - -0.63% | | | 881001 万得全A | 6814.38 c -36.17 -0.53% | | | 000680 科创综指 | 1756.14 c -17.88 - -1.01% | | | 399006 创业板指 | 3317.52 c -32.01 -0.96% | | 盘面上，风电设备、煤炭、电力板块涨幅居前，军工电子、军工装备、小金属板块走低。 具体来看，煤炭板块走高，郑州煤电、兖矿能源、陕西黑猫、华电能源涨停。 | 代码 | 名称 | 涨幅� | 现价 | | --- | --- | --- | --- | | 600121 | 郑州煤电 | +10.06% ...

Core Insights - The A-share technology sector experienced a notable pullback, with the AI ETF (515070) dropping over 1.3% during trading, while holdings like Unisplendour surged over 4% [1] - Nvidia's CEO Jensen Huang showcased the company's full-stack autonomous driving software platform, DRIVE AV, during a 22-minute video ride in an autonomous vehicle, highlighting its capabilities without human intervention [1] - Huatai Securities believes the AI industry is in a rapid development phase, with expanding technological innovations and application scenarios, indicating significant long-term investment value in the AI sector [1] Industry Summary - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting stocks that provide technology, foundational resources, and applications in the AI sector, focusing on the midstream and upstream of the AI industry chain [1] - Key weight stocks in the ETF include major domestic technology leaders such as Zhongji Xuchuang, Xinyisheng, Cambricon Technologies, and Hikvision, among others [1] - The AI industry is expected to benefit from increased policy support and market demand, particularly in foundational technology areas like algorithm frameworks, which are seen as future investment focal points [1]