Jin Rong Jie·2026-02-09 11:22Market Overview - On February 9, the A-share market opened strongly with all three major indices in the green, with the Shanghai Composite Index rising by 1.41%, the Shenzhen Component Index by 2.17%, and the ChiNext Index by 2.98%. The total trading volume in the Shanghai and Shenzhen markets reached 2.25 trillion yuan [1]. CPO Sector Performance - The optical module (CPO) sector was the highlight of the day, with leading stocks like Tianfu Communication surging by 17.76%. Other stocks such as Jieput, Guangku Technology, and Juguang Technology also showed significant growth [1]. - The CPO sector's strong performance is attributed to a recent policy announcement from the Ministry of Industry and Information Technology regarding the construction of national computing power interconnection nodes, which aims to enhance the efficiency and standardization of computing resources [3]. Industry Insights - Nvidia's CEO Jensen Huang indicated that capital expenditures for AI infrastructure in the tech industry are sustainable, with cloud service providers expected to spend a total of $660 billion by 2026. This optimism is further supported by Lumentum's announcement of significant orders in the CPO field and the deployment of CPO systems by three partners in 2026 [4]. - Recent earnings forecasts from several CPO companies are promising, with Zhongji Xuchuang expected to achieve a net profit of 9.8 billion to 11.8 billion yuan in 2025, reflecting a year-on-year growth of 89.50% to 128.17%. New Yisheng anticipates a net profit increase of over 231% [5]. Long-term Potential - Dongwu Securities highlighted the long-term potential of the optical interconnection market, driven by diverse network connection scenarios. The demand for optical modules is expected to rise significantly, with major overseas cloud service providers projected to increase capital expenditures by 60% in 2026, primarily for AI computing infrastructure [6]. - Multiple reports, including those from Galaxy Securities, emphasize the growth potential of CPO and NPO technologies in the context of accelerating AI computing construction. The establishment of a computing power interconnection system is expected to benefit the related industry chain significantly [7].