Summary of Conference Call Records Company and Industry Overview - **Industry Focus**: Overseas computing power and optical module market - **Key Companies Mentioned**: 西部通信 (West Communication), 中际旭创 (Zhongji Xuchuang), 新易盛 (Xinyi Sheng), 英维克 (Yingweike), 福晶科技 (Fujing Technology) Core Insights and Arguments 1. **Optical Module Market**: - Strong demand and material shortages expected in H1 2026, with leading companies showing supply chain advantages [1] - Market sentiment is improving as previous suppressive factors are alleviated, allowing funds to enter the market early [1] - Key price catalysts will emerge as industry guidance for 2027 becomes clearer, particularly after the OFC conference in March [1] - Performance in H1 2026 is anticipated to be the highest among leading optical module companies, with H2 2026 expected to see accelerated performance due to material supply easing [1] 2. **Liquid Cooling Solutions**: - 2026 is projected to be the first year of significant adoption for liquid cooling solutions, with major companies like NV, Meta, and Google leading the way [2] - Estimated value of liquid cooling solutions is approximately $1,400 per 1kW chip, translating to a market potential of $21 billion for 15 million chips [2] - Domestic leaders in liquid cooling for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic [2] 3. **Price Increases in Communication Products**: - Recommendations to invest in core communication products due to ongoing price increases driven by supply constraints [2] - Significant supply reductions from global suppliers of Faraday rotators, with Japanese company Granopt reducing production and issuing supply cut notices [2] - Domestic manufacturers like 森一 (Senyi), 飞锐特 (Feiruite), and 福晶科技 (Fujing Technology) are positioned to increase their market share through domestic substitution [2] 4. **Self-Sufficiency in SGGG Crystals**: - 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which is expected to alleviate expansion bottlenecks and significantly increase market share [3] 5. **Data Center Fiber Pricing**: - Continuous price increases for fiber cables noted since January, with expectations of rising demand and prices from domestic operators [3] - Fiber optic cable manufacturers are adopting "same-day valid" pricing due to volatility in raw material costs, leading to a cautious expansion approach [3] Additional Important Insights - The overall sentiment in the overseas computing power sector is shifting positively, with early investments being made in anticipation of future growth [1][2] - The liquid cooling market is set for rapid growth, with significant opportunities for domestic companies to capture market share [2] - The supply chain dynamics in the optical module and communication product markets are critical, with potential for substantial price increases due to supply constraints [2][3]

Summary of Conference Call Records Company and Industry Overview - **Industry Focus**: Overseas computing power and optical modules - **Key Companies Mentioned**: 西部通信 (West Communication), 中际旭创 (Inspur), 新易盛 (NewEase), 英维克 (Invec), 福晶科技 (Fujing Technology), 长飞光纤 (Changfei Fiber), 亨通光电 (Hengtong Optic), 中天科技 (ZTE Technology) Core Insights and Arguments 1. **Optical Module Demand**: Strong demand and material shortages expected in H1 2026, with leading companies showcasing supply chain advantages. The release of previous performance forecast suppression is alleviating, and market pressures are easing, allowing funds to enter early in a strong industry trend [1] 2. **Future Catalysts**: Attention is shifting to clearer industry guidance for 2027, anticipated post the OFC conference in March, and new technology trends (NPO/CPO) that will promote scale-up scenarios. The short-term performance realization will depend on upstream supply chain material and capacity resolution [1] 3. **Liquid Cooling Solutions**: 2026 is projected to be the first year of significant liquid cooling adoption, with NV, Meta, and Google leading commercial applications. The estimated value of liquid cooling solutions for ASIC chips is substantial, with potential market size reaching $21 billion [2] 4. **Market Share Potential**: Domestic leaders in liquid cooling solutions for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic ones [2] 5. **Price Increases in Key Components**: Recommendations include focusing on core price-increasing products in communication, particularly SGGG crystals and Faraday rotators. Global supply reductions are creating significant gaps, with domestic manufacturers poised to increase their market share [3] 6. **Data Center Fiber Pricing**: Continuous price increases for fiber optic cables are noted, with domestic operators expecting both volume and price increases. Manufacturers are adopting "same-day effective" pricing due to raw material price volatility, indicating a cautious expansion approach [3] Additional Important Insights - **Performance Realization Timing**: The performance realization for leading optical module companies is expected to be highest in H1 2026, with H2 2026 anticipated to see accelerated performance due to easing material supply [1] - **Investment Recommendations**: Strong buy recommendations for 中际旭创 and 新易盛 based on anticipated strong alpha in H1 2026, and 英维克 is expected to see significant acceleration in Q2 2026, with potential for valuation premium in 2027 [2] - **Domestic Production Capabilities**: 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which could alleviate expansion bottlenecks and significantly enhance market share [3]

【光大证券科技研究】两光符合预期、存储超级周期、航天全面超预期-20260202 一、AI：两光符合预期 1.1、中际旭创2025年归母净利润98~118亿元，剔除股权激励前的净利润108-131亿元。 一、AI：两光符合预期 1.1、中际旭创2025年归母净利润98~118亿元，剔除股权激励前的净利润108-131亿元。 2025Q4约27~47亿元，中值约37亿元。 考虑2025Q4约~2亿元汇兑损失和研发费用等扰动客户，2025Q4中值39亿元符合预期，2025Q4上限49亿元超预 期。 1.2、新易盛2025年归母净利润94~99亿元，2025Q4约31~36亿元，符合预期。 1.3、Scale Up有望新增数百亿美元以上市场空间，Scale Up NPO/CPO将为光模块公司打开全新空间。 OCS、3.2T铌酸锂光模块等创新不断。 2025Q4约27~47亿元，中值约37亿元。 考虑2025Q4约~2亿元汇兑损失和研发费用等扰动客户，2025Q4中值39亿元符合预期，2025Q4上限49亿元超预 期。 【光大证券科技研究】两光符合预期、存储超级周期、航天全面超预期-20260202 #存储行业建议关 ...

格隆汇2月2日｜新易盛大幅上涨涨11.78%，报468.9元/股，股价再创新高，总市值突破4660.90亿元，成 交额达67.49亿元。新易盛此前公告，2025年净利同比预增231％-249％，受益于算力投资持续增长，高 速率产品需求快速提升。 ...

格隆汇2月2日｜新易盛涨11.78%，报468.9元/股，股价再创新高，总市值突破4660.90亿元，成交额达 67.49亿元。 ...

2月2日，新易盛涨8.99%，截至发稿，报457.22元/股，成交82.15亿元，换手率2.01%，总市值4544.81亿 元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 截至发稿，周谧累计任职时间7年337天，现任基金资产总规模53.02亿元，任职期间最佳基金回报 112.22%， 任职期间最差基金回报15.34%。 吴秋松累计任职时间4年333天，现任基金资产总规模31.72亿元，任职期间最佳基金回报26.01%， 任职 期间最差基金回报-7.99%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，东方阿尔法基金旗下1只基金重仓新易盛。东方阿尔法优势 ...

新易盛盘前业绩预告显示，公司预计2025年归母净利润94亿元至99亿元，同比增长231.24%至 248.86%。 报告期内，公司受益于算力投资持续增长，高速率产品需求快速提升，预计销售收入和净利润较上年同 期大幅增加。公司预计报告期非经常性损益对公司净利润的影响约为3300万元。 2月2日早盘，CPO等算力硬件股多数高开，新易盛（300502）（300502）高开9%。 ...

新易盛涨11.78%，报468.9元/股，股价再创新高，总市值突破4660.90亿元，成交额达67.49亿元。 ...

从融资买入额占当日总成交金额比重来看，有1只个股融资买入额占比超30%。其中思看科技、信凯科 技、皓元医药融资买入额占成交额比重排名前三，分别为65.27%、28.43%、27.95%。 从融资净买入金额来看，有21只个股获融资净买入超亿元。其中，湖南黄金、新易盛、宁德时代融资净 买入金额排名前三，分别获净买入9.56亿元、6.28亿元、4.4亿元。 A股1月30日共有3769只个股获融资资金买入，有546股买入金额超亿元。其中，新易盛、中际旭创、紫 金矿业融资买入金额排名前三，分别获买入33.94亿元、30.74亿元、28.26亿元。 ...

Core Viewpoint - The companies in the optical module industry, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, are experiencing significant growth in their financial performance, driven by strong demand for computing infrastructure and rapid product shipment increases [1][2]. Group 1: Financial Performance - Zhongji Xuchuang expects a net profit attributable to shareholders of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year growth of 89.50% to 128.17% [1][3]. - Xinyi Sheng anticipates a net profit attributable to shareholders of 9.4 billion to 9.9 billion yuan for 2025, with a year-on-year increase of 231.24% to 248.86% [1][4]. - Tianfu Communication projects a net profit attributable to shareholders of 1.881 billion to 2.150 billion yuan for 2025, reflecting a growth of 40% to 60% [1][4]. Group 2: Market Drivers - The growth in performance for all three companies is attributed to strong investments from end customers in computing infrastructure, leading to rapid market demand and increased product shipments [1][3][4]. - Zhongji Xuchuang's growth is also supported by the increasing proportion of high-speed optical modules and improvements in operational efficiency [3][6]. Group 3: Stock Market Performance - Over the past year, the stock prices of Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have surged by 465.23%, 233.54%, and 146.46%, respectively [1][10]. - The combined market capitalization of these three companies has reached approximately 1.33 trillion yuan, with a total increase of about 1.06 trillion yuan over the past year [1][10]. Group 4: Production Expansion - All three companies are actively expanding their production capabilities to meet market demand [8]. - Zhongji Xuchuang's construction in progress increased from 53 million yuan at the end of 2024 to 980 million yuan by the third quarter of 2025 [9]. - Both Tianfu Communication and Xinyi Sheng have established production bases in Thailand to serve global customers [9][10].