智通财经APP获悉，周三，美股光通信板块走强，截至发稿，Lumentum(LITE.US)涨超7.9%，康宁 (GLW.US)涨超5%，Coherent(COHR.US)涨超5.4%，Fabrinet(FN.US)涨超5.8%，Ciena(CIEN.US)涨超 6%。 ...

大模型持续更新，红包大战抢用户 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信建投证券研究 文|阎贵成 于芳博 刘永旭 曹添雨 AI发展日新月异，大模型持续迭代升级，算力需求非常强劲。如智谱新模型编程能力大幅提升，引发 算力需求激增，Seedance视频能力表现非常亮眼，引发业界大佬关注。我们认为大模型的商业变现路径 畅通，正在从"低价/免费圈地"阶段走向"为高质量付费"阶段，且带动的算力需求非常旺盛。假期期 间，美股AI算力光通信个股总体表现亮眼，如Lumentum、康宁、Coherent均创历史新高（盘中或收 盘），智谱与MINIMAX-WP也大涨。黄仁勋表示将在3月举办的GTC大会发布"世界前所未见"的芯片。 继续看好AI产业链，包括大模型、AI算力链等。 春节假期期间，全球AI大模型迭代更新频繁。 2月18日凌晨，Anthropic推出史上最强Sonnet模型Claude Sonnet 4.6，在编程、计算机使用、长上下文推 理、Agent规划、知识工作和设计工作上全面进化。从基准测试结果来看，Claude Sonnet 4.6的智能水平 已接近Opus级别，在Agen ...

Key Takeaways Coherent gets over 70% revenues from Datacenter & Communications in 2Q26.UiPath posted 16% y/y revenue growth in 3Q26, and teamed with Microsoft and OpenAI.COHR expanded margins, holds $899M cash and has a 2.25 current ratio.Both Coherent Corp. (COHR) and UiPath (PATH) are high-growth companies benefiting from rapid AI adoption across industries. These companies are tied to enterprise and data center spending, driven by AI expansion, enabling them to make direct plays on the same AI investment ...

North America Equity Research February 2026 Hardware & Networking Optical Teach-in & Bull Case on Coherent, Lumentum, Fabrinet, Ciena, & Corning Hardware & Networking–Equity Research | Samik Chatterjee AC | Joseph Cardoso | Manmohanpreet Singh | Marc Vitenzon | | --- | --- | --- | --- | | 212-622-0798 | 212-622-9036 | 212-622-4527 | 212-622-3342 | | samik.x.chatterjee@jpmorgan.com | joseph.cardoso@jpmorgan.com | manmohanpreet.singh@jpmchase.com | marc.vitenzon@jpmchase.com | | J.P. Morgan Securities LLC | J ...

Artisan Partners, an investment management company, released its fourth-quarter 2025 investor letter for “Artisan Mid Cap Fund”.  A copy of the letter can be downloaded here. The Fund seeks to invest in companies that possess franchise characteristics, with strong earnings trajectories, and are trading at a discount to the estimated private market value. US equities ended a record year with robust fourth-quarter gains. The Fund’s Investor Class, ARTMX, delivered -0.44%, the Advisor Class, APDMX, delivered - ...

本文来自格隆汇专栏：半导体行业观察 作者：L晨光 如今，当算力堆叠的竞赛迈过万卡级门槛，AI基础设施的角力场正从芯片本身的制程工艺，悄然转向芯片之间的连接效率。大模型参数以指数级膨胀， 传统可插拔光模块在带宽密度与功耗墙面前步步维艰，铜缆则在224Gbps的速率下将传输距离压缩至两米以内，一场围绕"管道"的极限突围战已然打响。 在此背景下，共封装光学（CPO）不再仅是实验室的前沿命题，而是迅速跃升为产业聚焦的核心议题。 重新定义芯片间的"高速通道" CPO全称为Co-Packaged Optics，即共封装光学或光电合封，是一种创新的光互连架构，将高速光引擎/光模块与交换芯片（Switch ASIC）或大规模AI计算 芯片通过2.5D/3D先进封装技术集成在在同一封装基板或同一机箱内，其核心逻辑是实现"电短光长"的高效互连——将高速电信号传输限制在毫米级的近 距离范围内，中远距离传输则交由光纤完成，旨在从根源上解决传统可插拔光模块存在的功耗高、信号损耗大、带宽受限等痛点。 图源：飞奔的丸子 依托硅光子这一底层核心技术，CPO可有效集成调制器、探测器等关键器件，在性能上展现出碾压式优势。相较于传统方案，其功耗可 ...

Core Insights - Coherent Corp. (COHR) is trading at a forward 12-month price-to-earnings ratio of 37.86X, significantly higher than the industry average of 22.26X, indicating a premium valuation despite strong operational performance [1][7] - In Q2 of fiscal 2026, COHR's non-GAAP EPS increased by 35.8% year-over-year to $1.29, outpacing the 17.5% revenue growth, showcasing substantial operating leverage [1][7] - The company has a book-to-bill ratio exceeding 4X in its data center segment, reflecting strong demand and visibility for future growth, particularly linked to AI infrastructure spending [3][7] Valuation Metrics - COHR's forward 12-month price-to-sales ratio stands at 5.83X, well above the industry's 2.57X, attributed to over 70% of revenue coming from the Datacenter & Communications segment [3] - The company's total debt to total capital ratio improved to 27.4% in Q2 of fiscal 2026, down from 41.1% in the same quarter last year, indicating effective balance sheet management [4] - Despite high valuation multiples, the strong margins and backlog suggest that the AI premium is justified by operational efficiency rather than speculation [5] Competitive Positioning - Compared to major competitors, Coherent is trading at a lower valuation; IPG Photonics is at 70.02X and Lumentum at 56.33X forward 12-month price-to-earnings [6] - Over the past six months, COHR's stock has surged by 174.2%, outperforming the industry which saw a 2.2% decline, although it lagged behind Lumentum's 441% increase [9] Earnings Estimates - The Zacks Consensus Estimate for COHR's earnings for fiscal 2026 and 2027 has risen by 5.5% and 13.1%, respectively, over the past 60 days [12] - COHR currently holds a Zacks Rank 2 (Buy), indicating positive market sentiment towards the stock [12]

Investment Rating - Industry rating: Recommended [3] Core Insights - During the Spring Festival of 2026, the global technology sector is characterized by AI-driven deepening, accelerated hard technology transformation, and a bipolar leadership between China and the US, with the practical application and commercialization of technology becoming the core theme [1] - The AI and large model fields have become the absolute core, with global capital and technology intensifying. OpenAI secured a financing round exceeding $100 billion, locking in computational power advantages, while Google is pushing large models deeper into research scenarios [1][6] - The humanoid robot industry is undergoing a critical transformation, with international leading companies completing the transition to fully electric drive, while Chinese companies are seizing opportunities in practical scenarios like "human-machine collaboration" [1][8] - The aerospace and low-altitude economy sectors are showing a trend towards scaling, with both US-China competition and China leading. SpaceX is consolidating its Starlink advantages through high reuse launches, while China's commercial space launch success rate remains at 100% [1][11] Summary by Sections AI - OpenAI finalized a new financing round exceeding $100 billion during the Spring Festival, marking the largest single financing in AI history, which will significantly impact the global AI industry's computational power landscape and competitive dynamics [6] - Google upgraded its flagship large model Gemini 3 Deep Think, enhancing its reasoning capabilities for scientific and engineering scenarios, achieving notable performance in various tests [7] Robotics - Boston Dynamics announced a complete switch of its Atlas humanoid robot to fully electric drive, marking a significant shift towards industrialization and scalability [8][9] - The industry consensus indicates that the core bottleneck for humanoid robots is not mobility or balance but the technology of dexterous hands, which remains a challenge [9] Commercial Aerospace - SpaceX completed its 600th Falcon 9 rocket launch, successfully deploying 24 upgraded Starlink V2 Mini satellites, further expanding the Starlink constellation and enhancing polar coverage and direct mobile communication capabilities [11][12] Semiconductor Storage - Samsung achieved mass production of the HBM4 chip, with a significant price increase of 20%-30% compared to the previous generation, highlighting the high demand for high-end storage chips driven by AI [10] Beneficiary Targets - AI Computing and Applications: Companies such as Cambricon, Industrial Fulian, and Inspur Information [2] - Robotics: Companies like Joyson Electronics and New Spring Co [2] - Large Models: Companies including Zhipu AI and iFLYTEK [2] - Semiconductor Storage: Companies like Zhaoyi Innovation and Changjiang Electronics [2] - Commercial Aerospace: Companies such as Western Materials and Reascend Technology [2]

Core Insights - The article discusses the evolution of optical interconnect technology, highlighting three key structural patterns in the market: vertical integration vs. specialization, the scarcity of light generation, and the rise of SiPho foundries [5][6][10]. Group 1: Market Structure - Vertical integration offers structural advantages during technological transitions, as companies that can design across multiple layers can optimize the entire tech stack [9]. - Companies like Broadcom exemplify vertical integration, appearing across multiple layers of the value chain, while most others focus on specific segments [8]. - The semiconductor industry has historically shown that such advantages may not be permanent, as standardization can lead to the emergence of fabless models [9]. Group 2: Scarcity of Light Generation - The difficulty of producing light sources (Layer 1 and Layer 0) is highlighted, with InP and GaAs materials requiring specialized technology and equipment [12][13]. - Companies capable of mass-producing high-performance InP lasers are few, creating a concentrated market [13][14]. Group 3: Rise of SiPho Foundries - Layer 2, which focuses on SiPho foundries, is gaining attention as traditional semiconductor manufacturers like TSMC and GlobalFoundries enter the photonics space [17]. - TSMC's potential to optimize both AI chips and optical interconnects within the same ecosystem could disrupt existing vertical integration advantages [17]. Group 4: Layer Analysis - Layer 0 involves substrate supply, with companies like AXT benefiting from increased demand for III-V substrates, although geopolitical risks exist due to production in China [21][22]. - Layer 1 is dominated by Coherent and Lumentum, both of which manufacture InP lasers and are expanding production amid high demand [24][25]. - Layer 2 focuses on SiPho foundries, with companies like GlobalFoundries and TSMC leading in manufacturing photonic integrated circuits [27][29]. - Layer 3, represented by DSPs, faces potential obsolescence as CPO technology advances, with companies like Broadcom and Marvell adapting to this shift [33][36]. - Layer 4 sees companies like Innolight and Eoptolink currently leading in the pluggable module market, but their positions may be challenged as the industry shifts towards CPO [40][42]. Group 5: Future Signals - Key indicators to watch include pJ/bit energy consumption metrics, which reflect technological advancements and efficiency [56]. - The ongoing standardization efforts, such as OIF and UCIe, will shape the future market landscape and influence competitive dynamics [57][59]. - Recent mergers and acquisitions signal strategic directions in the industry, with notable deals like Marvell's acquisition of Celestial AI [60][62]. - The choices made by major cloud service providers like Google and AWS regarding their technology partnerships will ultimately determine market trajectories [63][64].

智通财经APP获悉，周五，光通信概念股涨跌不一，Lumentum(LITE.US)涨逾3%，Coherent(COHR.US) 涨逾4%，Credo Technology(CRDO.US)跌近2%，Lumen Technologies(LUMN.US)、Astera Labs(ALAB.US)跌逾1%。 ...