中际旭创：Pluggables first, new architecture later-20260206

5 Feb 2026 CMB International Global Markets | Equity Research | Company Update Innolight (300308 CH) Innolight (300308 CH) - Pluggables first, new architecture later Innolight's share price has experienced heightened volatility yesterday (down 5% on 4 Feb), driven by a combination of market concerns around NPO/CPO adoption, hyperscaler network roadmap evolution, upstream suppliers' capacity expansion, etc., prompting mgmt. to hold an investor Q&A session to address these issues. We believe the core investme ...