国产大模型春节档密集推新，NPO和柜内光3月重点关注

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected growth rate exceeding the benchmark index by more than 10% [1][37]. Core Insights - The domestic large model AI market is experiencing rapid updates, with significant demand for computing power, particularly for domestic GPUs, as competition intensifies for consumer traffic during the Spring Festival [3][15]. - Major AI applications are facing severe queuing issues, leading to a supply-demand imbalance in computing power, which is expected to drive the adoption of domestic inference chips [4][16]. - The report highlights the importance of Scaleup optical engines as a significant growth market following optical modules, emphasizing the need for advanced silicon photonic chip design and packaging capabilities [5][17]. Summary by Sections Industry Overview - The report discusses the recent surge in domestic large model AI applications, with notable releases from companies like ByteDance and Alibaba, showcasing advancements in multi-modal interaction and programming capabilities [3][15]. - The upcoming events in the optical communication sector, such as NVIDIA's and Broadcom's earnings releases, are anticipated to provide positive momentum against negative narratives surrounding AI [5][17]. Market Performance - The overall market saw an increase during the week of February 9-13, 2026, with the Sci-Tech 50 Index rising by 3.37% and the Shenwan Communication Index increasing by 2.81% [10][19]. - The top-performing sectors included optical cables and connectors, with significant weekly gains [10][19]. Investment Recommendations - The report suggests focusing on key companies in various segments, including: - Ascend Chain: Fenghuo Communication, Huafeng Technology, Huagong Technology, Shennan Circuit, Feirongda - Domestic GPUs: Cambrian, Haiguang Information, Muxi Co., Moer Thread, Tianshu Zhixin - Optical Engines: Tianfu Communication, Zhongji Xuchuang, Xinyi Sheng, Huanxu Electronics, Hongteng Precision - Cabinet Passive Optical: Tianfu Communication, Zhizhang Technology, Changxin Bochuang, Taicheng Light, Guangku Technology, Hengdong Light [19].