南财智讯2月27日电，德科立发布2025年度业绩快报，报告期内公司实现营业收入93.38亿元，同比增长 10.99%；归属于上市公司股东的净利润7.32亿元，同比减少27.16%；基本每股收益0.46元，同比减少 28.13%。 ...

德科立公告称，2025年公司实现营业收入93.38亿元，同比增长10.99%；归属母公司所有者净利润7.32 亿元，同比下降27.16%；扣非净利润4.05亿元，同比降45.15%。报告期末，总资产285.32亿元，较期初 增长8.88%；归属母公司所有者权益232.06亿元，较期初增长3.49%。受电信传输市场需求放缓等影响， 公司产品毛利率下降，业绩承压，但数据通信市场有突破。公司聚焦主业，加快产品迭代和产能建设， 新增产能释放使季度收入扩大，盈利能力向好。 ...

德科立发布业绩快报，2025年度实现营业总收入9.34亿元，同比增长10.99%；净利润7316.86万元，同 比下降27.16%。报告期内，受电信传输市场结构性需求放缓及部分产品竞争加剧影响，公司对成熟产 品线进行价格策略调整，导致产品毛利率同比下降，经营业绩阶段性承压。 ...

A股市场CPO概念股集体下跌，截至半日收盘， 新易盛跌7%， 中际旭创、 太辰光、 长芯博创跌超 6%， 智立方、 德科立跌超5%， 仕佳光子、 剑桥科技、 光库科技、 景旺电子、 罗博特科跌超4%， 联 特科技、 汇绿生态、 炬光科技跌超3%。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅%。 | | | --- | --- | --- | --- | --- | --- | --- | | 300502 | 新易盛 | 1 | -7.02 | 3567 乙 | -16.72 | 358.82 | | 300308 | 中际旭创 | 1 | -6.40 | 5951亿 | -12.20 | 535.60 | | 300570 | 太辰光 | 1 | -6.34 | 306亿 | 16.48 | 134.59 | | 300548 | 长芯博创 | 报 | -6.16 | 430亿 | 3.74 | 147.31 | | 301312 | 智立方 | 1 | -5.54 | 101亿 | 67.18 | 83.54 | | 688205 | 德科立 | 1 | -5.41 | 255亿 | 16.96 | 160.80 | | 688313 | 仕佳光子 | 1 | -4.88 | 378亿 | -5.77 | 83.66 | | 603083 | 剑桥科技 | 1 | ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Viewpoints - Optical Circuit Switch (OCS) technology enables direct switching of optical signals between fiber ports without optical-electrical-optical (O/E/O) conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center interconnects [3][4][92] - The OCS market is expected to grow rapidly, with a projected market size exceeding $2.5 billion by 2029, driven by increasing demand from AI data centers and enhanced customer penetration [4][81] - The report highlights four main technology routes for OCS: MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS technology currently leading the market [4][14][92] Summary by Sections 1. OCS as a New Photonic Interconnect Technology - OCS technology allows for high bandwidth capabilities and low latency, making it suitable for modern data center demands [13] - The technology is transparent to rate and protocol, allowing for seamless upgrades without hardware replacement [13] - OCS can be incrementally deployed and expanded, reducing initial capital investment [13] 2. OCS Applications for AI Data Centers - Google has been at the forefront of developing ASIC chips, with the latest TPU generation utilizing OCS technology for enhanced interconnectivity [51][64] - The TPU architecture requires a significant number of ports, indicating a growing demand for OCS solutions [71] 3. OCS Industry Chain Company Layout - Various companies are positioned within the OCS industry chain, including Silex, Tengjing Technology, and Zhongji Xuchuang, each focusing on different aspects of OCS technology and components [83][84] - The report emphasizes the importance of collaboration between domestic manufacturers and leading global firms to capitalize on the OCS market growth [84] 4. Investment Recommendations - The report suggests focusing on companies within the OCS supply chain, particularly those with established partnerships with leading international firms, as they are likely to benefit from the industry's growth [4][90]

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Viewpoints - Optical Circuit Switch (OCS) technology enables direct switching of optical signals between fiber ports without optical-electrical-optical (O/E/O) conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center interconnect systems [3][4][92] - The OCS market is expected to grow rapidly, with a projected market size exceeding $2.5 billion by 2029, driven by increasing demand for AI data centers and enhanced customer penetration [4][79] - OCS technology has four main technical routes: MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS being the fastest to commercialize, primarily led by Google [4][14][92] Summary by Sections 1. OCS as a New Photonic Interconnect Technology - OCS technology avoids traditional bandwidth bottlenecks and power losses associated with electrical switching, offering high bandwidth capacity and low latency [3][13] - The four main technical routes for OCS are MEMS, liquid crystal, piezoelectric, and silicon waveguide, each with different cost, performance, and technical difficulty trade-offs [14][92] 2. OCS Applications for AI Data Centers - Google has been at the forefront of developing ASIC chips, with the TPU reaching its seventh generation, indicating a strong push towards integrating OCS technology in data centers [51][64] - The TPU architecture utilizes OCS technology to interconnect thousands of TPU chips, enhancing performance and efficiency [64][71] 3. OCS Industry Chain Company Layout - Various companies are positioned within the OCS industry chain, including Silex, Tengjing Technology, and Zhongji Xuchuang, each focusing on different aspects of OCS technology and components [83][84] - Companies like Lumentum and Coherent are key suppliers for MEMS and liquid crystal OCS solutions, indicating a robust supply chain for OCS technology [4][14][84] 4. Investment Recommendations - The report suggests focusing on companies within the OCS supply chain, particularly those with deep collaborations with leading global firms, such as Zhongji Xuchuang and Guangxun Technology, as they are expected to benefit from the growth in OCS technology [4][90]

【金融街证券ETF研究】证券研究报告 · 基金研究 | 2026/2/25 ● 铜连接/线缆 一交换机 CPO光模块 · 源杰科技/新易盛 · 华丰科技 /瑞可达 · 紫光股份 / 锐捷网络 · 中际旭创 / 光迅科技 · 宝胜股份 / 鼎通科技 · 星网锐捷 / 菲菱科思 · 天孚通信 / 太辰光 · 沃尔核材 / 金田股份 · 共进股份 · 德科立 / 长芯博创 · 兆龙互联 / 神宇股份 数据来源:Wind数据库,金融街证券研究所梳理 重点 注ETF标的清单 分析师:张一 S0670524030001|张宁 S0670524090001|刘艳平 S0670512050002| 余闵华 S0670524050001 |周晟昂 S0670525050001 | 陈阳 S0670525120001 | 蔡萌萌 S0670524110001 | 徐娜 S0670524020001 "十五五"规划一人工智能(网络设施) · 技术概况: 人工智能(ArtificialIntelligence,Al)是研究、开发 用于模拟、延伸和扩展人类智能的理论、方法、技术及应用系统的一 门技术科学,其核心在于通过计算机系统模拟人 ...

对于马年股市"开门红"，市场多评价"意料之内"。"这是一个积极的信号，表明在众多政策利好的推动 之下，市场对后续发展抱有积极预期。"无锡市上市公司协会相关负责人表示，抛开"过去十年节后'开 门红'占多数"这种经验性分析不谈，马年股市开门红，是政策强力托底、资金集中回流、外围普涨带 动、春节消费超预期等叠加形成的共振行情。 值得关注的是，全国两会前后，A股市场或将以政策催化为核心驱动力，资金将围绕政策导向的产业主 线与主题机会展开博弈，呈现"政策热点轮动、风格快速切换"的特征。此外，随着上市公司2025年年报 披露进入密集期，以及后续2026年一季报逐步亮相，业绩超预期标的有望获得资金重点聚焦，成为后续 行情的核心主线之一。（陈文君） 从行业分布来看，此次飘红的锡企主要集中在存储芯片、磷化工、环保设备、新能源汽车和电网设备等 当下市场热点板块。个股方面，除涨停个股外，德科立、亿能电力、怡达股份、电工合金等企业股价也 表现亮眼，涨幅居前，形成鲜明的板块联动效应。 太极实业表现强劲，当日涨幅9.91%，成交额达32.66亿元，成交量3.06亿股。"太极实业的涨停与存储 芯片行业的持续升温密切相关。"无锡市上市公司协 ...

Core Viewpoint - The global optical communication industry is entering a rapid growth phase driven by the iteration of AI large models and breakthroughs in next-generation communication technologies, with significant demand for underlying computing power and the commercialization of Co-Packaged Optics (CPO) technology [1] Group 1: Market Performance - On February 24, A-share optical communication concept stocks collectively surged, with the sector overall increasing by over 3%, and several stocks, including Farsens and Huagong Technology, hitting the daily limit or rising over 10% [1][2] - Notable stock performances included Tianfu Communication up by 12.65% to 351.01 CNY, and Huagong Technology rising by 10% to 82.42 CNY [2] Group 2: Industry Demand and Supply - The demand for optical modules is surging due to the explosive growth in computing power driven by AI applications, with major tech companies like ByteDance, Alibaba, and Google intensifying their model updates [4] - Leading companies in the optical communication sector, such as Huagong Technology and Changfei Fiber, have their production lines operating at full capacity, with orders extending to the fourth quarter of 2026 [4][6] Group 3: Technological Breakthroughs - Chinese research teams have achieved a significant milestone by integrating fiber and wireless communication systems, breaking three world records in data transmission rates [6] - The new system features a modulator bandwidth exceeding 250 GHz and a single fiber data transmission rate of 512 Gbps, showcasing the potential for large-scale deployment in 6G base stations [6] Group 4: CPO Technology Evolution - The optical communication industry is transitioning from traditional pluggable modules to Co-Packaged Optics (CPO), which offers significant improvements in density, performance, and energy efficiency [7] - CPO technology is expected to reduce system-level power consumption by over 50% and enhance bandwidth density, supporting rates above 224G [7][18] - Major tech companies like NVIDIA and Intel are accelerating the commercialization of CPO technology, indicating a strong market shift towards high-bandwidth interconnects [13][18]