点评：此次融资消息凸显资本对尖端AI技术商业化的强烈信心。行业竞争已从模型能力比拼转向算 力、资本与生态系统的综合较量，Anthropic凭借在企业级市场的精准定位与快速增长，形成了与 OpenAI的差异化竞争。高估值可能加剧投资者对AI泡沫的担忧，但也反映出市场对通用人工智能长期 潜力的认可。 NO.3 广州：加大光芯片未来技术投入 丨2026年1月9日星期五丨 NO.1 乐聚机器人与阿里云达成全栈AI合作 据阿里云消息，1月8日，乐聚机器人与阿里云达成全栈AI合作，双方将基于阿里云算力、AI平台、千 问模型，共同开展人形机器人训练场合作，以及探索基于千问模型的具身智能联合解决方案和人形机器 人产品的开发。 点评：此次合作体现具身智能领域正从技术单点突破转向全生态链整合。阿里云的算力与千问大模型能 力，结合乐聚在机器人本体控制及多场景数据的积累，有望加速人形机器人从实验室走向真实场景的进 程。这种"云厂商+机器人企业"的模式或将降低重复研发成本，推动规模化落地。 NO.2 人工智能新贵Anthropic估值直逼OpenAI 人工智能企业Anthropic签署新一轮融资协议条款清单，本轮融资规模达100亿美元 ...

光通信行业正在经历一场从"量变"到"质变"的革命。硅光（Silicon Photonics）不再是仅仅作为传统 EML芯片短缺时的"备胎"方案，而是AI时代算力互联的 唯一解。 在国盛证券看来，硅光"革命"最关键在于价值链的重构：以前光模块产业链的利润大头被海外光电芯片拿走，中国厂商赚的是辛苦组装费。 但在硅光时代，价值链正在发生暴力重构。核心利润正在从上游光电芯片向中游的PIC设计（硅光芯片设计）转移。谁掌握了PIC设计和封装能力，谁就拥 有了定价权。这是从"打工仔"到"地主"的阶级跃升。 这也解释了"易中天"持续狂奔的底层逻辑——它们不是在卖铲子，而是在重塑整个矿场。 硅光：算力"功耗墙"的爆破手 国盛证券表示，硅光技术的本质是用半导体的方式做光子。它利用成熟的CMOS工艺（90nm/45nm节点即可），将光子学的高带宽、低功耗与半导体的规模 化制造结合。 但硅光改变了这一切。硅光技术将调制器、波导等核心器件集成在硅基芯片上，利用半导体Fab厂（如台积电、Tower等）的标准化工艺进行制造。这使得 Yole预测，硅光模块市场收入将从2023年的14亿美元激增至2029年的103亿美元，CAGR高达45%。 ...

光模块行业主要上市公司：光迅科技(002281.SZ);中际旭创(300308.SZ);新易盛(300502.SZ);博创科技 (300548.SZ);太辰光(300570.SZ);联特科技(301205.SZ);中天科技(600522.SH);长飞光纤(601869.SH);九联 科技(688609.SH);德科立(688205.SH);剑桥科技(603083.SH)等 5G拉动高速率光模块市场需求 5G 的规模化部署与业务拓展，正强力拉动高速率光模块的市场需求。作为 5G 网络数据传输的核心载 体，光模块需适配网络架构重构与带宽激增的需求。前传、中回传等不同场景对传输性能的差异化诉 求，推动光模块向更高速率演进，以支撑高清视频、工业互联等新兴业务的稳定运行。同时，5G 业务 的云化与边缘化部署，进一步放大了核心网及数据中心互联场景的流量需求，加速了高速率光模块的技 术迭代与应用渗透，使其成为通信产业链中增长潜力显著的核心环节。根据TD产业联盟的数据，2024 年全球5G基站部署总量达到637.6万座，同比增长23.3%，IDC及中国信通院：联合预测2025年全球5G基 站总量为850万座。 全球光模块厂商 ...

格隆汇1月2日｜入选逻辑：首先，AI芯片多元化催生光模块需求激增，全球AI服务器芯片向ASIC等多 元架构转型，2025-2027年ASIC占比逐步提升至45%，其单芯片算力低，需3-5个光模块配套(远超GPU 的2-3个)，公司作为800G/1.6T光模块领军企业直接受益。 其次，光模块速率向800G/1.6T迭代，800G成 2025年市场主流，1.6T已启动部署，公司先发优势显著，产品结构升级形成"技术领先一份额提升一盈 利优化"循环。 最后，硅光技术替代EML，毛利率更高，可对冲行业10%-20%的价格下行压力，同时出 口管制影响逐步缓解。 ...

AI算力爆发的本质，是"计算+传输"的双重革命——当全球AI服务器进入规模化部署期，光模块 已从AI算力"辅助配套"升级为"性能核心"，成为不可或缺的核心基建。 在这场传输革命中，中际旭创（300308.SZ）早已超越"光模块龙头"的单一标签，以 800G/1.6T赛道全球领军者的姿态，从AI时代的"算力传输者"进化为定义高速光通信标准的"核 心掌舵者"。 从 2021年到2024年，这家企业用四年时间完成跨越式增长：营收从77亿元飙升至239亿元， 年复合增长率40%；净利润从9亿元暴涨至53亿元，年复合增长率高达55%，毛利率从25.6% 提升至37.8%，用实打实的业绩证明：每一次算力时代的迭代，都将诞生一位传输领域的绝对 王者。 PC时代依赖有线传输，移动时代聚焦无线连接，而AI时代，高速光模块的统治力，正由中际旭 创书写。 01 算力传输革命：全球+国内双轮驱动，需求呈指数级爆发 中际旭创的行业统治力，并非偶然的产品成功，而是需求爆发、技术壁垒、产品迭代三重共振的 必然结果，更契合 AI芯片多元化与全球云厂商算力扩产的行业趋势，成为AI算力基建中无可替 代的核心。 AI算力需求正以指数级爆发，直接驱 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [2][18]. Core Insights - The company is planning to issue H shares to enhance its international financing capabilities and improve corporate governance, which is expected to support its high-quality development [5]. - The company is a leading global supplier of optical modules, with a focus on high-speed products such as 400G, 800G, and 1.6T modules, and has seen continuous growth in market share [7]. - The demand for high-end optical modules is expected to grow significantly, driven by increased capital expenditure from downstream customers and the rapid iteration of technology towards 1.6T and above [8]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 25.005 billion yuan, a year-on-year increase of 44.43%, and a net profit of 7.132 billion yuan, up 90.05% year-on-year [6][8]. - The gross margin for the company was reported at 40.74%, an increase of 7.42 percentage points compared to the previous year, indicating potential for further improvement [8]. - The company’s revenue and net profit forecasts for 2025 to 2027 are 36.857 billion yuan, 65.035 billion yuan, and 89.835 billion yuan respectively, with corresponding net profits of 10.358 billion yuan, 18.855 billion yuan, and 27.573 billion yuan [9]. Market Trends - The global optical module market is projected to grow significantly, with a compound annual growth rate (CAGR) of 18.5% from 2024 to 2029, and the sales revenue of 800G optical modules expected to grow at a CAGR of 19.1% [8]. - The demand for 1.6T optical modules is anticipated to experience explosive growth, with a projected CAGR of 180.0% from 2024 to 2029, driven by the increasing requirements for higher bandwidth and lower power consumption [8].

Group 1 - The article highlights the importance of satellite and launch vehicle materials, indicating that the company has positioned itself in high-end equipment products such as satellite and rocket engine casings, which are expected to benefit from the expansion of application scenarios [1] - The company's silicon photonics technology products are anticipated to break into the North American market, presenting significant growth potential, particularly as Google expands its computing power [1]

Investment Rating - The report gives a positive investment rating for the company, indicating a favorable outlook based on its growth potential and market positioning [2]. Core Insights - The company is positioned as a national-level "little giant" in passive optical devices, leveraging the AI data center boom to accelerate its expansion [5]. - The demand for passive optical devices is expected to grow significantly due to the increasing capital expenditure in global data centers and the rising need for high-speed optical communication [5]. - The company has established strong partnerships with major clients such as Google, Amazon, and Microsoft, which enhances its revenue growth prospects [5]. Summary by Sections 1. Company Overview and Market Positioning - The company specializes in manufacturing passive optical devices, focusing on applications in data centers and telecommunications, with a significant portion of its revenue coming from overseas clients [11][12]. - The company has achieved substantial revenue growth, with a reported revenue of 16.25 billion yuan and a net profit of 2.24 billion yuan in Q3 2025, reflecting year-on-year increases of 91.38% and 123.75%, respectively [26]. 2. Technology and Market Trends - The report highlights the transition of passive optical devices into critical components for AI computing networks, driven by the need for high-speed, low-loss transmission in data centers [44]. - The demand for passive optical devices is being propelled by the rapid advancements in AI technology and the shortening of technology iteration cycles, with a shift towards higher-speed optical modules [46][50]. 3. Growth Barriers and Competitive Advantages - The company is investing heavily in R&D to build technical barriers and expand its production capacity, focusing on high-end products such as 800G and 1.6T optical modules [5][58]. - The company has established a stable customer base with major international clients, which enhances its competitive position in the market [5][22]. 4. Financial Projections and Valuation - The company is expected to see continued profit growth, with projected net profits of 3.05 billion yuan, 4.52 billion yuan, and 5.95 billion yuan for 2025, 2026, and 2027, respectively [5]. - The report estimates a target market capitalization of 17.7 billion yuan based on a projected PE ratio of 39 times for 2026, indicating a favorable valuation compared to peers [5].

2025 年 12 月 30 日 蘅东光 (920045) ——无源光器件国家级"小巨人"，布局 CPO 乘 AI 东风 加速扩张 投资要点： | 盈利预测 | | | | | | | --- | --- | --- | --- | --- | --- | | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | 营业总收入 | 1,315 | 1,625 | 2,156 | 3,162 | 4,254 | | 同比增长率（%） | 114.4 | 91.4 | 63.9 | 46.7 | 34.6 | | 归母净利润 | 148 | 224 | 305 | 452 | 595 | | 同比增长率（%） | 128.7 | 123.8 | 106.5 | 48.3 | 31.7 | | 每股收益（元/股） | 2.55 | | 4.48 | 6.64 | 8.74 | | 毛利率（%） | 26.7 | | 26.8 | 26.8 | 26.7 | | ROE（%） | 29.1 | 31.0 | 26.8 | 28.4 | 27.2 | 发行上市资料： 发行价格（元） ...

格隆汇12月30日丨光库科技(300620.SZ)在投资者互动平台表示，公司目前在硅光领域暂无布局，公司 会积极关注硅光技术尤其是异质集成技术的发展趋势和市场应用。 ...