Core Viewpoint - The company has achieved significant growth in its overseas data center business, with overseas revenue now slightly exceeding domestic revenue [1] Group 1: Overseas Business Development - The company's overseas data center business has reached a scalable level, with a focus on the ODM model [1] - The company has established stable partnerships with several top global power manufacturers [1] - Key markets include North America, Europe, and Southeast Asia, with notable breakthroughs in AI data center projects in Southeast Asia [1] Group 2: Technological and Operational Advantages - The company leverages integrated power module technology to enhance operational efficiency [1] - A production base in Vietnam ensures efficient order fulfillment [1] - The establishment of branches in multiple locations across Europe strengthens local service capabilities [1]

Core Viewpoint - Coherent has secured a significant procurement order from a leading AI data center client for its CPO solutions, which includes high-power continuous wave lasers produced at its Sherman, Texas facility. This order is expected to generate initial revenue by the end of the calendar year and contribute significantly in the following years [1][12]. Financial Performance - In Q2, Coherent reported record revenue of $1.69 billion, a 7% increase from Q1 and a 17% increase year-over-year, driven by demand from AI data centers and communications [21]. - Non-GAAP gross margin for Q2 was 39%, up 24 basis points from the previous quarter and 77 basis points year-over-year, reflecting improvements in product input costs and manufacturing efficiencies [21][22]. - Non-GAAP earnings per share for Q2 were $1.29, an increase from $1.16 in Q1 and $0.95 in the same quarter last year [22]. Business Segments Data Center and Communication - The data center and communication segment, which accounts for over 70% of revenue, saw a Q2 revenue increase of 11% quarter-over-quarter and 34% year-over-year, driven by strong growth in the data center market [7][14]. - The company experienced a significant acceleration in data center revenue growth, with a 14% quarter-over-quarter increase and a 36% year-over-year increase in Q2 [9][14]. CPO and OCS Products - Coherent's CPO and OCS products are expected to be key contributors to long-term growth and profitability, with strong demand signals and ongoing collaborations with multiple clients [12][13]. - OCS backlog orders increased in Q2, with over 10 clients engaged, and revenue is expected to grow in the current and upcoming quarters due to rapid capacity expansion [13]. Industrial Business - The industrial segment saw a 4% quarter-over-quarter revenue increase, with expectations for improvement driven by strong orders from semiconductor equipment clients [15][16]. Capacity Expansion - Coherent is rapidly expanding its InP capacity, with plans to double internal InP capacity by the end of the calendar year, which is expected to support significant revenue growth and margin expansion in the coming quarters [10][11][30]. - The company is also investing in expanding assembly capacity for transceiver modules in Malaysia and Vietnam to meet growing demand [46][47]. Market Outlook - The company anticipates continued strong revenue growth in FY2026 and FY2027, driven by robust customer demand and rapid capacity expansion [5][18]. - Coherent expects to see ongoing demand for 800G and 1.6T transceivers, with significant growth projected for both products in the current calendar year [31][32].

2026 年 02 月 05 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：53 分（中性） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 53 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1 宏观经济意外下滑、地缘政治风险、流动性收紧超预期、行 业政策低于预期。 c ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨额投资将重点投向特高压、智能化配电网等新型电力系 统，为行业带来了明确的长期订单支撑。相关标的：中国西 电（601179）、特变电工（600089） 2、银行主题：银行股具有高股息特性，如中证银行指数 ...

业绩公布后，高通盘后股价大跌近10%。 2月4日美股盘后，高通公布2026财年第一财季营收，录得122.52亿美元，同比增长5%，创季度新高。非GAAP每股收益3.50 美元，同比+3%，同样处在公司此前指引区间上沿。 增长的核心仍来自芯片业务QCT。QCT季度收入106.13亿美元，同比+5%，刷新纪录。其中手机收入78.24亿美元，同比 +3%，延续温和增长。 更亮眼的是"去手机化"的两条曲线。汽车收入11.01亿美元，同比+15%，连续第二个季度站上10亿美元大关。IoT收入16.88 亿美元，同比+9%，保持稳健。 展望下一季，公司给出的指引明显保守。2026财年第二财季营收预计102亿-110亿美元、非GAAP每股收益2.45-2.65美元。 管理层将主要变量指向存储器供给偏紧与价格上行。AI数据中心对存储需求抬升，挤压手机OEM的供给与成本空间，部分 客户下调备货与渠道库存，从而拖累短期芯片订单。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符 合其特定状况。据此投资，责任自负。 ...

（原标题：?AI狂潮席卷模拟芯片! 英飞凌加码数据中心投资 直指"AI营收十倍式增长"） 智通财经APP获悉，总部位于德国的全球最大规模模拟芯片厂商之一英飞凌(Infineon Technologies AG)在周三公布强劲的季度业绩数据以及未来业 绩展望，英飞凌管理层在展望声明中表示，未来将加大其面向超大规模AI数据中心的技术与产能投入，旨在随着全球企业对于人工智能算力解决 方案的需求指数级加速而实现营收增长。目前英飞凌计划整体投资约27亿欧元(约合32亿美元)，高于该机构此前预期以及之前分析师们一致预测 的约22亿欧元。 英飞凌周三在声明中表示，预计数据中心领域的整体营收可能将从当前财年约15亿欧元——约占总营收的约10%，增长至2027年的至少25亿欧 元。 "这将相当于在短短三年内使我们的AI数据中心相关销售额增长足足十倍。"英飞凌首席执行官约亨·哈内贝克(Jochen Hanebeck)在周三的业绩电话 会议上对分析师们表示。受益于强劲业绩与未来展望，英飞凌股票价格在法兰克福股市开盘时一度上涨 4.2%。 英飞凌最新公布的强劲业绩与未来展望可谓进一步强化了德州仪器、意法半导体以及恩智浦引领的模拟芯片 ...

总部位于德国的全球最大规模模拟芯片厂商之一英飞凌(Infineon Technologies AG)在周三公布强劲的季 度业绩数据以及未来业绩展望，英飞凌管理层在展望声明中表示，未来将加大其面向超大规模AI数据 中心的技术与产能投入，旨在随着全球企业对于人工智能算力解决方案的需求指数级加速而实现营收增 长。目前英飞凌计划整体投资约27亿欧元(约合32亿美元)，高于该机构此前预期以及之前分析师们一致 预测的约22亿欧元。 英飞凌周三在声明中表示，预计数据中心领域的整体营收可能将从当前财年约15亿欧元——约占总营收 的约10%，增长至2027年的至少25亿欧元。 英飞凌预计本季度经调整后的营业利润率将处于15%至20%中高增长区间，与分析师平均预估的17.5% 基本一致。公司重申了其在去年11月给出的展望：在截至2026年9月的财年实现"适度的营收增长速 度"。 "这将相当于在短短三年内使我们的AI数据中心相关销售额增长足足十倍。"英飞凌首席执行官约亨.哈 内贝克(Jochen Hanebeck)在周三的业绩电话会议上对分析师们表示。受益于强劲业绩与未来展望，英飞 凌股票价格在法兰克福股市开盘时一度上涨4.2%。 ...

伊顿：25Q4数据中心订单同比+200%、 计划分拆汽车部门、专注电气化&航天业务 事件：伊顿发布2025年四季报，公司25Q4实现营业收入70.55亿美元，同比+13%；实现营业利润17.6亿美元，同比 +14%；实现营业利润率24.9%，同比+0.2pcts。 #美洲电气部门订单出货比达1.2、积压订单同比+31%： 美洲电气部门25Q4实现营收35.06亿美元，同比+21%；实 现营业利 伊顿：25Q4数据中心订单同比+200%、 计划分拆汽车部门、专注电气化&航天业务 事件：伊顿发布2025年四季报，公司25Q4实现营业收入70.55亿美元，同比+13%；实现营业利润17.6亿美元，同比 +14%；实现营业利润率24.9%，同比+0.2pcts。 #美洲电气部门订单出货比达1.2、积压订单同比+31%： 美洲电气部门25Q4实现营收35.06亿美元，同比+21%；实 现营业利润10.46亿美元，同比+14%；实现营业利润率29.8%，同比-1.8pcts。 连续12个月滚动订单同比+16%，连续12个月滚动订单出货比达1.2；25年全年积压订单达31亿美元、同比+31%； 25Q4积压订单同比+50% ...

瑞银分析师预计，全球存储行业出现"有意义的供给缓解"最早也要到2028年前后。在此之前，AI数据中 心建设所带来的结构性需求，将持续强化Memory产业链的景气度与议价能力。短期来看，瑞银建议聚 焦两大几近垄断的HDD厂商——希捷与西部数据。分析师认为，可将两家公司共同视为"存储景气度周 期型的短期交易主题"，受益于行业高度集中、供给受控以及需求阶段性回暖带来的价格与利润弹性。 智通财经APP获悉，周二，存储概念持续走强，西部数据(WDC.US)涨超8%，闪迪(SNDK.US)涨超5%， 希捷科技(STX.US)涨超4%，均再创历史新高。消息面上，西部数据表示，由于人工智能服务器对其内 存芯片的需求激增，其董事会已批准追加40亿美元用于股票回购。 ...

Group 1 - The storage sector continues to strengthen, with Western Digital (WDC.US) rising over 8%, SanDisk (SNDK.US) increasing over 5%, and Seagate Technology (STX.US) gaining over 4%, all reaching new historical highs [1] - Western Digital announced a $4 billion stock buyback plan due to a surge in demand for its memory chips driven by artificial intelligence servers [1] - UBS analysts predict that a "meaningful supply relief" in the global storage industry will not occur until around 2028, with structural demand from AI data center construction continuing to enhance the memory industry's prosperity and pricing power [1] Group 2 - In the short term, UBS recommends focusing on the two nearly monopolistic HDD manufacturers, Seagate and Western Digital [1] - Analysts view these two companies as a "short-term trading theme" for the storage industry's cyclical prosperity, benefiting from high industry concentration, controlled supply, and a phase of demand recovery leading to price and profit elasticity [1]

Group 1 - The core viewpoint of the articles indicates that the price of G.652.D single-mode optical fiber in the Chinese market has reached a nearly seven-year high, averaging over 35 yuan per core kilometer as of January 2026, driven by changes in supply and demand dynamics [3] - The demand side is significantly influenced by the high growth in optical fiber demand from global AI data centers and drones, with Meta and Corning signing a substantial $6 billion contract for AI data center cables [3] - On the supply side, the production capacity of key upstream materials, specifically optical fiber preform, is unlikely to increase rapidly in the short term, contributing to the price rise [3] Group 2 - According to Guotai Junan Securities, the trend of price increases in the optical fiber industry is clear, with new growth driven by hollow-core fibers [3] - Recent price increases in scattered fibers are noted, with expectations that prices will continue to rise due to upcoming procurement by telecom and mobile operators, as well as increased inventory demand before the Spring Festival [3] - In this context, it is anticipated that major domestic customers will be willing to accept price increases, confirming the volatility within the sector [3]