丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 报告要点 [Table_Summary] 2026 年第 11 周，通信板块上涨 1.96%，在长江一级行业中排名第 1 位；2026 年年初以来， 通信板块上涨 6.8%，在长江一级行业中排名第 7 位。GTC 2026，英伟达发布推理"五机柜" 方案，Scale-out 光互连迎新增量。OFC 2026，AI 驱动光通信行业迎指数级增长，头部企业加 速产能扩张，CPO/NPO/OCS/XPO 多技术路径落地。AI 需求爆发叠加供应链成本上涨，国内 头部云厂商密集调价。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信周观点：2]GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 [Table_Summary2] 板块行情 ...

[Table_Page] 深度分析|专用设备 证券研究报告 [Table_Title] AI 设备系列 光模块&服务器双轮驱动，自动化设备需求迫切 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-26 [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 01/26 03/26 专用设备 沪深300 | [分析师： Table_Author]孙柏阳 | | | --- | --- | | SAC 执证号：S0260520080002 | | | 021-38003680 | | | sunboyang@gf.com.cn | | | 分析师： | 汪家豪 | | SAC 执证号：S0260522120004 | | | SFC CE No. BWR740 | | | 021-38003792 | | | wangjiahao@gf.com.cn | | | 分析师： 王宁 | | | SAC 执证号：S0260523070004 | | | ...

股票研究 /[Table_Date] 2026.03.26 GTC/OFC 大会落幕，产业趋势强大，追光不改 通信设备及服务 [Table_Industry] 通信行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 桂海晟(研究助理) | 021-38031384 | guihaisheng@gtht.com | S0880124070058 | 本报告导读： GTC/OFC 大会落幕，AI 需求爆发，光互联成为决定 AI基础设施性能的核心变量， 国内厂商在 OFC 2026 大放异彩。 投资要点： [Table_Report] 相关报告 通信设备及服务《博通推出 400G DSP，关注 CPO/OIO 从 0-1 的变化机会》2026.03.16 通信设备 ...

行业研究 市场研究部 2026 年 3 月 23 日 通信行业周报（3 月 16 日- 3 月 22 日） 2026 年 3 月 16 日至 3 月 20 日，通信（中信）板块上涨了 1.71%，而 沪深 300 指数下跌了 2.19%，通信板块跑输沪深 300 指数 3.9 个百分 点。期间，通信业区间涨幅位列中信一级行业第 1 位，在 30 个中信一 级行业中表现领先。2026 年全年，通信行业累计上涨 7.84%，在中信 一级行业中排第 5 位，表现靠前。截至 3 月 20 日，中信通信行业 PE TTM 为 27.7 倍，处于 39.02%的分位数。 中信通信行业包括上市公司共 120 家，期间 17 家公司收涨，101 家公 司收跌，总体上跌多涨少。涨幅前 3 名分别为新易盛、中际旭创及平 治信息，跌幅前 3 名则分别为烽火通信、特发信息及精伦电子。 周度关注：OFC 2026 2026 年 3 月 15 日 - 19 日，OFC 2026 在美国洛杉矶会议中心举办。 本届 大会吸引了来自全球超 40 个国家和地区的 800 余家企业参展， 参会专业人士突破 3 万人次，参展规模创近五年新高。本届大 ...

| | 分析师：王雪莹 | | SAC NO：S1150525020001 2026 年 3 月 25 | 日 | | --- | --- | --- | --- | --- | | 研 | 证券分析师 | | | | | | 王[Table_IndInvest] 雪莹 | 核心观点： | | | | 究 |  022-23839121 | 市场概况 | | | | | wangxy4430@bhzq.com  | 上周（3 | 月 18 日-3 月 24 日）A 股市场主要指数全部下跌，其中中证 | 500 | | | | | 跌幅最大，下跌了 5.22%；创业板指跌幅最小，下跌了 0.87%。此外， | | | | | 上证综指下跌 | 4.16%，深证成指下跌 3.58%，科创 下跌 4.68%，沪 50 | | | 证 | 深 | 300 | 下跌 下跌 3.51%，上证 50 4.48%。 | | | 券 |  3 | 月 24 | 日，沪深两市两融余额为 26,054.59 亿元，较上周减少 381.33 亿元，较上周减少 372.54 亿元；融 | | | | | | 亿元。其中融资余额为 ...

从 GTC 到 OFC，模型和算力的奔跑 20260322 在 GTC 和 OFC 上，关于数据中心内部连接技术，特别是铜连接与光连接的竞 争与发展趋势，观察到了哪些核心观点和技术路径？ 铜连接与光连接是两种重要的传输介质，其选择本质上是在性能、成本和工程 实现之间进行权衡，并无绝对优劣。铜连接在短距离场景下因其无源特性，具 备功耗低、工业稳定性强和成本低的优势。光连接则在长距离传输和高带宽方 面具有明显优势，衰减更低。当前，在短距离且带宽满足需求的条件下，铜连 接因不涉及光电转换，故障点更少，优势更为突出。从英伟达的技术路线来看， 虽然其最终目标是 CPO，但在实践过程中，CPO 面临良率、误码率和丢包率不 达标等问题。产业之所以热衷于 CPO，核心目标是为了提升通信链路的可靠性 和稳定性，从而减少 AI 训练中因各单元失步而造成的 GPU 计算时间浪费。失 步的主要原因是高速传输下 DSP 等电芯片功耗过大导致性能下降。因此，解决 该问题的两条路径殊途同归：一是采用无源的铜连接，从根本上规避有源芯片 的发热问题；二是发展 CPO，利用光传输带宽更宽、发热更低的特性。两条路 径的最终目的都是提升百万卡级别集 ...

中金研究 我们参加了于3月17日-19日在美国洛杉矶举行的OFC 2026大会。作为全球光通信行业风向标之一，根据官网，本届大会汇聚超1.6万名参会人和700余 家参展企业，海内外科技企业同台竞技，纷纷展出光通信领域前沿技术与成果。从本次OFC大会中，我们感受到在位厂商对AI大周期的信心，建议关 注Scale up CPO/NPO、Scale across、OCS等光通信行业发展趋势。 点击小程序查看报告原文 Abstract 摘要 Scale up CPO趋势明确， NPO方案有 望率先放量。 CPO是本次OFC焦点话题之一。中国企业在FAU、ELS模块、OE光引擎封装等环节表现出产业引领地 位；日美企业在光芯片、连接插芯等环节展出更多创新方案。我们认为，尽管CPO在实现大规模商用上仍面临难题，但在scale up场景中，由于对 beachfront density和单位带宽功耗的要求明显高于scale out，CPO的意义更加突出、确切，产业共识认同CPO将在scale up增量场景中明确放量，我们预计 有望在2H27-2028放量。得益于NPO在维护成本、可靠性、产业链复制等方面的优势，我们判断2027 ...

Investment Rating - Maintain Buy Rating [6] Core Insights - The GTC and OFC conferences have outlined a new starting point for the optical communication industry, correcting market misconceptions and expectations [1][23] - Strong demand for optical communication is expected before 2030, driven by both Scale-up and Scale-out strategies [2][24] - The industry is moving towards a multi-technology coexistence model, with both optical and copper technologies being utilized in parallel [4][26] Demand Outlook - NVIDIA anticipates that the procurement of Blackwell and subsequent chips could reach $1 trillion by 2027, with the top five cloud service providers contributing 60% of this demand [2][24] - Lumentum revealed that its capacity will be nearly sold out by the end of 2027, with a compound annual growth rate of 85% for indium phosphide demand in AI data centers by 2030 [2][24] Technology Trends - The concept of "optical and copper coexistence" has become an industry consensus, with NVIDIA emphasizing the importance of both technologies for different dimensions of expansion [4][26] - Various packaging technologies such as LPO, CPO, NPO, and XPO are developing concurrently, each finding its niche in different application scenarios [5][27] Industry Dynamics - Leading companies in the optical module sector are expanding their advantages, transitioning from single module suppliers to system-level solutions, and solidifying their positions across multiple technology routes [10][28] - The report highlights a strong trend of "the strong getting stronger," with leading firms maintaining robust core competencies and comprehensive technology layouts [11][30] Recommended Companies - Key companies to watch in the optical communication sector include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [12][17] - The report also suggests monitoring companies involved in liquid cooling and edge computing platforms, as well as satellite communication firms [12][17]

Investment Rating - Maintain Buy rating for key companies in the optical communication sector [6] Core Insights - The GTC and OFC conferences highlighted a strong demand for optical communication, driven by AI computing needs, with expectations of a trillion-dollar chip procurement by 2027 from major cloud service providers [2][24] - The industry is moving towards a multi-technology coexistence model, with both optical and copper technologies being utilized in parallel for different applications [4][26] - The leading companies in the optical module sector are expanding their advantages, transitioning from single module suppliers to comprehensive system solution providers [10][28] Summary by Sections Investment Strategy - The report emphasizes the importance of focusing on the optical communication sector, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication as key investment targets [12][17] Market Review - The communication sector experienced a decline, but optical communication outperformed other segments, with a notable increase in stock prices for leading companies like Xinyi Sheng and Zhongji Xuchuang [19][20] GTC and OFC Summary - The conferences clarified misconceptions about the optical communication market and established new industry coordinates, indicating a robust outlook for the sector leading up to 2030 [23][24] Demand Drivers - The dual drivers of Scale-up and Scale-out were validated, with significant growth expected in AI data centers and optical module demand [2][24][25] Technology Coexistence - The industry consensus is shifting towards a model where both optical and copper technologies coexist, with a focus on their respective strengths in different scenarios [4][26] Competitive Landscape - The report notes a trend of increasing dominance among leading companies, which are enhancing their core competencies and expanding their technological footprints [10][28]

Investment Rating - The industry investment rating is "Overweight" [1][12] Core Insights - The report emphasizes the expansion plans announced by major optical chip manufacturers at the Optical Fiber Communication Conference (OFC), indicating a high demand for optical chips driven by the growth of AI computing clusters [4] - Lumentum's financial performance exceeded expectations, with a revenue of $666 million for FY2026Q2, representing a year-on-year growth of 65.5%, and a significant improvement in profit margins [5] - The report highlights the dual-track development of traditional solutions and silicon photonics in the optical chip industry, suggesting a continuous increase in demand for optical chips [6] Summary by Sections Industry Overview - The optical chip industry is experiencing a high demand cycle, with major companies like Lumentum and Coherent planning significant capacity expansions to meet the needs of AI infrastructure [4] Company Performance - Lumentum's backlog of orders exceeds $400 million, with expectations for revenue growth to surpass $1 billion by 2027, driven by AI demand [5] - Coherent also anticipates a "double-then-double" growth in InP capacity between 2026 and 2027, indicating strong future prospects [4] Market Trends - The report notes that the optical chip market is transitioning from single-material competition to a collaborative growth phase involving multiple material systems, including InP, silicon, and thin-film lithium niobate (TFLN) [7] - The demand for EML, VCSEL, and CW laser diodes is expected to rise as optical networks continue to upgrade [6] Investment Opportunities - Recommended investment targets in optical chips include companies like Zhongji Xuchuang, Xinyi Technology, and Huagong Technology, while beneficiaries in optical materials include Tiantong Co. and Fuzhijing Technology [8]