Industry Overview - The Zacks Communication - Components industry is facing challenges due to raw material price volatility, high capital expenditure for infrastructure upgrades, and geopolitical conflicts, which have negatively impacted profitability [1][4][5] - The industry primarily includes companies providing telecom products and services for scalable network architecture, video solutions, and broadband access equipment [3] Current Challenges - High operating costs are driven by a shortage of chips, increased raw material prices, and technological obsolescence, which have escalated operational expenses [7] - Demand erosion is occurring as customers shift to lower-priced alternatives due to increased fees for network upgrades, compounded by trade tensions affecting business credibility [5][6] Future Prospects - Despite current challenges, companies like Corning, Viavi Solutions, and Ooma are expected to benefit from rising demand for scalable infrastructure driven by IoT, fiber densification, and 5G rollout [2][16][20] - The industry is adapting to a software-driven, data-centric approach, enhancing cloud architecture and user experience, positioning itself for growth in cloud networking [6] Performance Metrics - The Zacks Communication - Components industry has outperformed the S&P 500 and the broader Zacks Computer and Technology sector, with a 66.1% increase over the past year compared to 20% and 28.9% for the S&P 500 and sector, respectively [11] - The industry currently trades at a trailing 12-month price-to-book (P/B) ratio of 4.13X, lower than the S&P 500's 7.37X and the sector's 10.68X [14] Company Highlights - **Corning**: Experienced a 69.1% stock surge over the past year, with a long-term earnings growth expectation of 18.2% and a focus on innovative optical connectivity products [16][17] - **Viavi Solutions**: Gained 35% in the past year, with a 27.8% upward revision in current earnings estimates, benefiting from the transition to 5G networks [20][21] - **Ooma**: Achieved a 31.5% stock increase, focusing on small business customers and delivering an earnings surprise of 18% on average in the trailing four quarters [25][26]

据苹果公司CEO蒂姆·库克（Tim Cook）介绍，"该计划涵盖与美国本土10家企业的新合作与现有合作拓 展。这些公司生产的组件将被广泛应用于苹果产品中，并在全球范围内销售。" 8月7日，苹果公司宣布，将向美国新增1000亿美元投资，此举标志着其在美国的投资计划将加速推进， 未来四年投资总额将达6000亿美元。 当日公告中，苹果还宣布一项新举措，即推进全新"美国制造计划"（American Manufacturing Program），该计划旨在将更多苹果供应链及先进制造业务引入美国。 （文章来源：国际金融报） 当地时间8月6日，美股收盘，苹果暴涨5.09%，公司市值一夜大涨超1500亿美元。 当地时间8月6日，苹果还与康宁公司发布联合声明，宣布将进一步深化长期合作伙伴关系，为苹果产品 生产精密玻璃。 苹果承诺投资25亿美元，在康宁公司位于肯塔基州哈罗兹堡的工厂打造全球最大、最先进的智能手机玻 璃生产线。这意味着，不久之后，全球销售的iPhone和Apple Watch都将采用肯塔基州工厂生产的外屏玻 璃。另外，双方还将在哈罗德斯堡工厂开设一个新的"苹果—康宁创新中心"，致力于开发先进材料和下 一代制造平台， ...

Investment Rating - The report recommends a "First-time Buy" rating for the industry [5] Core Viewpoints - The domestic glass substrate industry is experiencing a significant shift towards localization, with major breakthroughs in high-generation glass substrate technology by domestic companies [8] - The global market for FPD glass substrates is expected to reach approximately 50 billion RMB by 2025, driven by price increases and rising demand [3][44] - The competitive landscape is dominated by three major foreign companies, which hold about 80% of the market share, but domestic manufacturers are rapidly increasing their market presence [4][51] Summary by Sections 1. Display Glass Substrate Overview - Display glass substrates are a core component of display panels, accounting for approximately 15.2% of the cost of TFT-LCD panels [2][27] - The demand for glass substrates is primarily driven by the LCD panel industry, with about 80% of glass substrates used for LCD panels [2][27] 2. Development of Display Glass Substrates - Major glass substrate manufacturers, including Corning, AGC, and NEG, have raised prices by over 10% in response to rising energy costs [3][43] - The global market for FPD glass substrates is projected to grow by 15%, from 6.12 billion USD in 2024 to 7.05 billion USD in 2025, equivalent to about 50 billion RMB [3][44] 3. Competitive Landscape - The top three companies (Corning, AGC, and NEG) control approximately 80% of the FPD glass substrate market, with Corning leading at over 50% market share [4][51] - Domestic manufacturers have made significant progress in high-generation glass substrate technology, with companies like Rainbow Technology achieving notable production milestones [8][19] 4. Investment Recommendations - Given the clear trend towards domestic production of high-generation glass substrates, companies like Rainbow Technology are recommended for investment due to their technological and market potential [8][9]

Group 1 - Apple announced a plan to invest $600 billion in the U.S. over the next four years to encourage global suppliers to shift key component production to the U.S. [1] - As part of this initiative, Apple will invest $2.5 billion in Corning to produce all iPhone and Apple Watch cover glass in Harrodsburg, Kentucky, marking the first time that cover glass for these products will be 100% made in the U.S. [1][3] - Corning is building the world's largest and most advanced smartphone glass production line at the Harrodsburg facility, which will be exclusively dedicated to Apple, resulting in a 50% increase in manufacturing and engineering jobs in Kentucky [3] Group 2 - Apple and Corning have been collaborating since 2007, with Corning developing and manufacturing cover glass for the first iPhone at the Harrodsburg plant [3] - The Ceramic Shield glass produced at the Harrodsburg facility is claimed to be the strongest smartphone glass currently available, a result of years of close collaboration between Apple and Corning [3] - Since establishing the Advanced Manufacturing Fund in 2017, Apple has invested nearly $500 million in Corning's operations in Kentucky and has spent billions on domestic glass procurement in the U.S. [3]

据福克斯报道，苹果公司近日宣布将在美国制造业的投资增加至6000亿美元。这一数字是在其今年早些时候承诺四年内投入5000亿美元的基础上，额外追加 1000亿美元形成的。 据了解，美国制造计划（AMP）旨在将先进制造业引入美国。该计划的合作伙伴包括康宁、相干公司、美国环球晶圆、应用材料公司、安靠、德州仪器、 三星、格芯和博通等知名企业。 苹果公司首席执行官蒂姆・库克表示："我们很自豪地宣布，苹果将在未来四年内将对美国的投资增加至6000亿美元，并启动全新的美国制造计划 （AMP）。这一计划将包括与美国本土10家公司的新合作与合作拓展。这些公司生产的组件被广泛应用于苹果产品中，并在全球范围内销售。我们感谢总 统对我们的支持。" 在该计划框架下，苹果公司计划将AMP资金中的25亿美元用于与康宁拓展合作。双方正携手打造"全球规模最大且最先进的智能手机级别生产线"，该生产 线将落户康宁位于肯塔基州的工厂。苹果公司称，未来全球销售的iPhone和Apple Watch的100%外屏玻璃"很快"将实现美国制造。此外，苹果与康宁还将共 同开设"苹果-康宁创新中心"，专注于先进材料和下一代制造平台的研发。 同时，苹果公司还与其 ...

Steve. >> Yeah, Mel, there's so much to unpack here and so let me tell you the big headline numbers here and what is actually new and what is kind of continuations of partnerships and so forth that Apple already has. The big headline here though, $2.5% billion.That's going to go towards an expansion of the Corning facility that already exists in Kentucky with the goal of eventually all glass that's made on your iPhones and your Apple watches will come out of that facility. Right now, that's it's uh other pl ...

展望第三季度，管理层预计"Springboard"计划将继续推动卓越表现，核心销售额将实现两位数同比增 长，达到42亿美元，收益增速将再次快于销售额增速，核心每股收益预计在0.63美元至0.67美元之间。 康宁公司董事会主席兼首席执行官魏文德表示："我们在第二季度取得了卓越业绩，核心销售额同比增 长12%，达到40.5亿美元，核心每股收益的增速更是超过核心销售额增长率的两倍，达到0.60美元。整 体来看，关键的长期结构性趋势以及我们的'More Corning'战略推动了市场对康宁解决方案的需求，我 们得以持续实现升级版'Springboard'计划所设定的强劲盈利增长目标。" 中化新网讯 近日，康宁公司公布2025年第二季度财务业绩。其第二季度业绩超出预期：核心销售额同 比增长12%，核心运营利润率扩大160个基点，核心每股收益同比增长28%，调整后的自由现金流同比 增长28%。这一业绩得益于市场对生成式人工智能新产品的持续强劲需求，公司光通信企业业务销售额 同比增长81%。 ...

丨证券研究报告丨 行业研究丨点评报告丨通信设备Ⅲ [Table_Title] 康宁光通信业务高增，OIO 蓝海加速开启 报告要点 [Table_Summary] 康宁公布 2025 年第二季度业绩，光通信业务强劲增长，企业网络和运营商网络双轮驱动，受 AI 数据中心建设带动，企业网络同比大增 81%；数据中心互联（DCI）方案实现商业化落地并 开始放量，未来几年有望成长为 10 亿美元业务；"scale-up"趋势推进，OIO 光互联方案有望 撬动企业网 2-3 倍增量空间。多模光纤市场需求旺盛，盈利性优于普纤。建议关注数通业务占 比高的光纤光缆、光纤连接器、OIO 光引擎及 CW 光源相关厂商。 分析师及联系人 [Table_Author] SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 于海宁 黄天佑 操俊茹 通信设备Ⅲ cjzqdt11111 [Table_Title2] 康宁光通信业务高增，OIO 蓝海加速开启 [Table_Summary2] 事件描述 2025 年 7 月 29 日，康宁公布 2025 年第二季度业绩，报告期内，公司实现 GAAP ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________________ To ____________________________ Commission file number: 1-3247 CORNING INCORPORATED (Exact name of registrant as specified in its charter) (S ...

Core Viewpoint - Corning Inc. reported record high core sales and core earnings per share for Q2 2025, indicating strong performance and growth potential in the market [2][3]. Financial Performance - Core sales increased by 12% year-over-year [3] - Core operating margin expanded by 160 basis points [3] - Core earnings per share grew by 28% year-over-year [3] - Adjusted free cash flow rose by 28% year-over-year [3] Business Segments - The optical communications segment saw an 81% year-over-year increase in sales, driven by strong demand for generative AI products [3]. Future Outlook - Management anticipates continued strong performance in Q3, with core sales expected to achieve double-digit year-over-year growth, reaching $4.2 billion [3]. - Core earnings per share are projected to be between $0.63 and $0.67 [3].