以下文章来源于朝阳永续 ，作者AI 小二 朝阳永续 . 走在中国行业前沿的大数据服务商，秉持专业、前瞻、实务的理念，让数据更有价值！ 近日，"Meta与谷歌洽谈TPU合作，谷歌网络架构OCS引关注"的信息让A股相关概念股再度沸腾。A股市场从"果链 "、"T链 "炒到过"达链"，诞生了众多长 牛。而Gemini3、TPU等热点后，"歌链"究竟又有哪些值得挖掘的核心公司？不妨让AI小二挖一挖研报中卖方分析师的观点。 | 表格 | | | [ 复制 | | --- | --- | --- | --- | | 细分领域 | 核心投资逻辑 | 相关A股上市公司 | 资料来源 | | 光模块/光器 | 谷歌TPU集群及数据中心扩容的核心需求，速率向1.6T升 | 中际旭创、新易盛、天孚通信、源杰科技、 | 6 17 | | 件 | 级，直接受益于资本开支高景气。 | 仕佳光子、太辰光 | 18 | | OCS光交换 | 谷歌引领的技术革新，用于替代传统交换机，能显著提升性 | 腾景科技、德科立、光库科技、炬光科技、 | 6 17 | | | 能、降低功耗和资本开支。 | 塞微电子、光迅科技 | 23 | | 芯片设计与制 ...

智通财经APP获悉，有着"恐怖数据"称号的美国零售销售额扩张速度意外放缓，凸显出在劳动力市场趋于疲软以及关税带来的暂时通胀冲之下，消费者支 出步伐放缓。虽然消费者支出增长幅度放缓，但是仍然韧性十足的正向增长零售销售额也进一步强化了近期一度主导市场交易逻辑的"金发姑娘式的软着 陆"的这一温和增长宏观环境叙事逻辑。 在摩根士丹利经济学家团队们看来，在特朗普政府2025年通过的OBBBA减税法案(即所谓的"大而美"法案)将从2026年开始强劲推动经济增长效应，叠加特 朗普关税政策带来的物价上扬最终被证实为暂时性的通胀扰动直至短期通胀逐渐消散，以及微软、谷歌等科技巨头们围绕AI算力基础设施为核心的AI数据 中心建设进程如火如荼，将共同带动美国经济在2026年呈现出"金发姑娘式的软着陆"的这一温和增长宏观环境。 所谓"金发姑娘"(Goldilocks)式美国宏观经济环境，即指代美国经济不冷不热、刚刚好，维持GDP与消费者支出、非农劳动力市场适度"温和增长"和长期稳 定的"温和通胀趋势"，与此同时基准利率位于下行轨迹。整体而言，大摩预计美国经济将在2026年逐步走出高度不确定状态，回到"温和增长"的这一积极 轨道。 此外 ...

■私募新观察 据私募排排网统计，截至11月20日，今年以来共有76家主观私募持有年内上市ETF份额合计11.22亿份， 占到总份额的38.31%。同期，41家量化私募持有年内上市ETF份额合计9.5亿份，占到总份额的 32.43%。"主观+量化"混合策略私募则共计持有年内上市ETF份额8.57亿份，占到总份额的29.26%。 融智投资FOF基金经理李春瑜在接受上证报记者采访时称，私募基金积极加码布局ETF，主要有三方面 原因：一是优化交易效率与成本。近年来ETF加速扩容，产品类别进一步丰富，私募可通过配置ETF快 速实现资产轮动，并精准布局细分赛道。二是ETF流动性较高，私募在投资组合中配置相关基金，可为 投资组合应对赎回提供有力支撑。三是借道基金快速增配权益资产。今年以来结构性行情持续演绎，加 码ETF能够实现提升权益仓位的效果，这也是主观私募成为认购主力的重要原因。 ◎记者 马嘉悦 私募正积极借道ETF布局权益资产。私募排排网最新统计数据显示，截至11月20日，超150家私募出现 在年内上市ETF的前十大持有人名单中，合计持有份额近30亿份。从行业分布来看，科技主题ETF是私 募"心头好"。在业内人士看来 ...

Core Viewpoint - The company, Wantong Development, has announced a restricted stock incentive plan aimed at attracting and retaining key technical personnel in the AI computing infrastructure sector, particularly focusing on PCIe switch chips [1][2]. Group 1: Incentive Plan Details - The incentive plan proposes to grant a total of 94.52 million restricted shares, accounting for 5% of the company's total equity [1]. - The initial grant consists of 79.40 million shares, representing 84% of the total restricted shares and 4.2% of the total equity, while 15.12 million shares are reserved for future grants [1]. - The grant price is set at 6.25 yuan per share, with a lock-up period of 12, 24, and 36 months for different portions of the shares [1]. Group 2: Performance Targets - The performance assessment for the initial grant spans the years 2026 to 2028, with revenue targets of 600 million yuan, 1.2 billion yuan, and 1.6 billion yuan respectively [2]. - The reserved shares will have unlock criteria based on revenue targets of 1.2 billion yuan, 1.6 billion yuan, and 2.1 billion yuan for the years 2027, 2028, and 2029 respectively [2]. Group 3: Industry Context - The PCIe high-speed switch chips are essential for high-speed data transmission and device expansion in AI servers, addressing critical connectivity between CPUs and GPUs [2][3]. - The domestic market for PCIe switch chips is projected to grow significantly, with a compound annual growth rate of 35% from 2025 to 2029, potentially reaching a market size of 17 billion yuan by 2029 [3].

Core Insights - The openEuler community announced the upcoming release of the openEuler 24.03 LTS SP3 operating system, designed for AI computing infrastructure, featuring unified memory addressing, low-latency communication for heterogeneous computing, and global resource pooling [1] - The community currently has over 2,100 member organizations, more than 23,000 global contributors, and over 5.5 million users, with an expected cumulative installation of over 16 million systems by the end of 2025 [1] - Huawei has contributed support for the supernode operating system plugin code and has opened the Lingqu Interconnection Protocol 2.0, while also collaborating with Tianyi Cloud to deepen cooperation in AI and supernode fields [1] - Major chip companies including Intel, Arm, and AMD have joined the community, which has established partnerships with 15 global open-source organizations [1] Industry Applications - The openEuler embedded solution has been implemented in companies such as China Southern Power Grid and Phoenix, achieving microsecond-level response times [2] - The conference announced 23 leading commercial practice projects, covering both large-scale and innovative categories [2]

Core Viewpoint - The Q3 2025 public fund reports indicate a shift in investment strategies towards large-cap growth stocks, with increased allocations to A-shares and reduced positions in Hong Kong stocks. The electronics sector has seen a significant rise in allocation, reaching over 25%, marking the highest level since 2015, reflecting institutional confidence in the technology sector [1][2]. Fund Holdings Summary - The overall style of actively managed equity funds has shifted towards large-cap growth stocks, with a quarter-on-quarter increase in positions [1]. - The electronics sector's allocation has increased to 25.5%, a rise of 6.9% from the previous quarter, making it the highest allocation since 2010 [2]. - The semiconductor sub-sector within electronics has a 12.9% allocation, up by 2.4% [2]. Sector Allocation Insights - The communication sector's allocation is at 9.3%, increasing by 3.9% [2]. - The power equipment sector has a 12.3% allocation, up by 2.4% [2]. - The non-ferrous metals sector's allocation is at 6.0%, increasing by 4% [2]. Top Holdings in A-shares - The top holdings in actively managed equity funds include: - CATL (宁德时代) with a market value of 743.1 billion, down 9.3% quarter-on-quarter [5]. - Xinyisheng (新易盛) with a market value of 560.1 billion, up 1.8% [5]. - Zhongji Xuchuang (中际旭创) with a market value of 557.5 billion, up 28.9% [5]. - Other notable holdings include Luxshare Precision (立讯精密), Industrial Fulian (工业富联), and Zijin Mining (紫金矿业) [5]. Industry Chain Opportunities - The report outlines six major industry chains with significant investment potential: 1. AI Computing Infrastructure Chain: Driven by the exponential growth in AI model training and inference needs, with a projected global data center market reaching $1 trillion by 2030 [7][10]. 2. Semiconductor Domestic Substitution Chain: Accelerated by geopolitical tensions and the push for supply chain autonomy [11][12]. 3. New Energy Chain: Supported by dual carbon goals and global energy transition, with significant growth in solar and energy storage sectors [16][17]. 4. Humanoid Robot Chain: Driven by advancements in technology and increasing demand for core components [18][19]. 5. Innovative Drug Chain: Enhanced by AI in drug development and supportive policies for internationalization [22][23]. 6. Non-ferrous Metals Chain: Benefiting from structural demand driven by new energy systems and geopolitical factors [27][28].

本轮融资由河南投资集团汇融基金与智谱生态基金星连资本联合领投，卓源资本跟投。 而这一挑战也孕育出了新的商机和赛道。刚刚，AI基础设施厂商基流科技（Infrawaves）宣布完成近亿 元人民币的B轮融资。本轮融资由河南投资集团汇融基金与智谱生态基金星连资本联合领投，卓源资本 跟投。其中，星连资本在A轮与本轮均进行了超额追加投资，卓源资本连续六轮支持。 清北学霸联手创业，从实验室到AI infra赛道 基流科技的故事很简单，初衷就是一个少年想把未来掌握在自己手上。 当前，随着大模型参数规模突破万亿级别，训练数据量超过20TB，算力资源的紧张与成本上升正成为 制约通用人工智能发展的核心因素。同时行业用户仍面临着算力瓶颈突出、能效压力加剧、适配性不足 以及自主可控诉求提升等多重挑战。 更现实的是，行业对算力的需求已经从"可用、易用"转变为"高效、灵活、绿色、安全"。如何构建自主 可控的AI算力基础设施，实现从"可用"到"好用"的跨越，成为整个中国科技产业面临的共同挑战。 "其实我一直想创业，想自己做点有意义的事。"基流科技创始人胡效赫回忆道。 早在大众创业、万众创新的移动互联网浪潮中，他就曾和清华自动化系的师兄、朝夕 ...

Core Viewpoints - The communication industry is experiencing strong growth driven by AI infrastructure development, with significant investments in AI capabilities and data center interconnect (DCI) products [1][2][4] Industry News Tracking - Fabrinet reported a Q1 FY2026 revenue of $978.1 million, a 22% year-over-year increase, with DCI revenue reaching $138 million, up 92% year-over-year [2] - Coherent's Q2 FY2026 revenue guidance is between $1.56 billion and $1.70 billion, with Q1 revenue of $1.581 billion, a 17% year-over-year increase [2] - Lumentum's Q2 FY2026 revenue guidance is between $630 million and $670 million, with Q1 revenue of $533.8 million [2] - AI server ODM manufacturers in Taiwan, such as AVC, reported a monthly revenue increase of 13.43% in October 2025 [2] - Meta announced a $600 billion investment in AI data centers and talent recruitment in the U.S. by 2028 [2] Product Development - Inspur launched the world's first single-cabinet 640-card super node, scaleX640, enhancing domestic computing power with a 20-fold increase in cabinet computing density [3] - NVIDIA's "StarCloud-1" satellite was launched, marking the first in-orbit operation of a data center-level AI computing unit [3] - Google initiated its "Sunrise Project" to develop space-based AI infrastructure, addressing energy and cooling challenges faced by data centers [3] Investment Recommendations - Continuous focus on AI computing infrastructure development is advised, with recommendations for companies involved in optical devices, communication equipment, liquid cooling, and edge computing [4] - The three major telecom operators are considered important assets for long-term investment due to their stable operations and increasing dividend payouts [4] Key Recommended Stocks - The recommended investment portfolio for week 46 of 2025 includes China Mobile, InnoLight Technology, ZTE Corporation, Invec, and Guanghetong [5]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [6] Core Insights - North American optical communication companies have shown strong quarterly performance, with significant growth in data center interconnect (DCI) demand [11] - The global computing infrastructure continues to benefit from high demand, particularly in AI and data center technologies [5][11] Summary by Sections Industry News Tracking - Fabrinet reported Q1 FY2026 revenue of $978.1 million, a 22% year-over-year increase and an 8% quarter-over-quarter increase, driven by strong DCI demand [11] - Coherent's Q1 FY2026 revenue was $1.581 billion, up 17% year-over-year, with a Q2 revenue guidance of $1.56 to $1.70 billion [15] - Lumentum's Q1 FY2026 revenue was $533.8 million, with a Q2 guidance of $630 to $670 million [17] - The launch of the scaleX640 super node by Inspur further enhances domestic computing power capabilities [19] - NVIDIA's StarCloud-1 satellite and Google's Project Suncatcher aim to establish AI computing infrastructure in space [25][29] Market Performance Review - The communication index rose by 0.92% this week, outperforming the CSI 300 index, which increased by 0.82% [50] - The optical devices/chips, operators, and satellite internet sectors performed relatively well [50][53] Investment Recommendations - Continuous focus on AI computing infrastructure development is advised, with recommendations for optical devices (e.g., Zhongji Xuchuang), communication equipment (e.g., ZTE), and liquid cooling technologies [60] - The three major telecom operators remain important assets for dividend allocation, with stable operations and increasing dividend ratios [60]

Core Viewpoint - The demand for high-performance, reliable, and scalable AI computing infrastructure is unprecedented as companies transition into a fully intelligent era, leading to the launch of the HuaKun AT958 B3 server equipped with the latest Ascend 910C chip, which offers significant performance improvements [1] Group 1 - The HuaKun AT958 B3 server is designed to meet diverse computing needs with two configurations: standard and super node [1] - The performance of the new server is 2.2 times that of the previous generation, enabling full deployment of DeepSeek [1]