炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|李赫然 魏鹏程 当前AI算力网络正经历向全光互联演进的关键期，NPO技术凭借在信号完整性、功耗及可维护性上的 出色平衡，成为突破带宽物理瓶颈的理想折中方案。以阿里和腾讯为代表的科技巨头正加速推进NPO架 构落地与标准化，标志着该技术已迈入规模商用阶段。这一底层硬件变革正驱动光通信产业链深刻重 构，促使厂商从单一模块组装向硅光集成等高附加值环节跨越。国内光模块龙头有望深度受益于核心算 力底座升级，迎来业绩与估值的双轨驱动，具备显著的长期配置价值。维持通信行业"强于大市"评级。 ▍AI大模型催生Scale up网络变革，NPO技术折中优势凸显。 在当前生成式AI的浪潮下，大模型架构逐渐从Dense向MoE演进，系统对Scaleup互连网络在带宽密度与 通信时延等方面提出了前所未有的极端挑战。随着底层SerDes技术向224G甚至448G演进，传统的铜线 或长距离PCB走线所带来的信号衰减已经逼近物理极限。相较于高功耗的传统可插拔光模块与面临极高 维护难度及制造壁垒的CPO（共封装光学）方案，NPO（近封装光学）展现出了极强 ...

智通财经APP获悉，纳真科技公司(以下简称：纳真科技)于2025年8月25日所递交的港股招股书满6个月，于2026年2月25日失效，递表时花旗和中信证券为其 联席保荐人。 据此前招股书提到，纳真科技是全球领先的光通信与光连接解决方案的全栈式供应商，为AI算力网络提供最关键的光通信产品。公司亦是全球少数同时拥 有光模块和光芯片研发及量产能力的企业之一。根据弗若斯特沙利文的资料，2024年，按全球光模块收入计，纳真科技在全球所有专业光模块厂商中排名第 五；按中国光模块收入计，公司在全球所有专业光模块厂商中排名第三。 此外，根据同一资料来源，2024年，按全球数通光模块收入计，公司在全球所有专业光模块厂商中排名前五，按全球FTTx光模块收入计，公司在全球所有 专业光模块厂商中排名前三，按中国光网络终端盒子收入计，公司在全球所有专业光网络终端盒子厂商中排名前三。 ...

据此前招股书提到，纳真科技是全球领先的光通信与光连接解决方案的全栈式供应商，为AI算力网络提供最关键的光通信产品。公司亦是全球少数同时拥 有光模块和光芯片研发及量产能力的企业之一。根据弗若斯特沙利文的资料，2024年，按全球光模块收入计，纳真科技在全球所有专业光模块厂商中排名第 五；按中国光模块收入计，公司在全球所有专业光模块厂商中排名第三。 此外，根据同一资料来源，2024年，按全球数通光模块收入计，公司在全球所有专业光模块厂商中排名前五，按全球FTTx光模块收入计，公司在全球所有 专业光模块厂商中排名前三，按中国光网络终端盒子收入计，公司在全球所有专业光网络终端盒子厂商中排名前三。 纳真科技公司(以下简称：纳真科技)于2025年8月25日所递交的港股招股书满6个月，于2026年2月25日失效，递表时花旗和中信证券为其联席保荐人。 ...

Core Insights - The company has made significant progress in the AI computing power network and high-speed switch sectors, with recent developments including winning a major project and the lifting of share restrictions for key shareholders [1][3]. Business Progress - The company won a bid for a smart computing infrastructure project in Shanghai, achieving a milestone of supporting a million P-level computing power for the first time [2]. - The 800G switch has been awarded a commercial procurement framework for clients from the second half of 2025 to the first half of 2026, with expectations of doubling related revenue in 2026 [2]. - The company has mass-produced 400G/800G LPO optical modules and launched a 1.6T prototype to meet the demands of the AI computing power network [2]. - Revenue from internet data center switches reached approximately 5.2 billion yuan in the first three quarters of 2025, with major clients including Alibaba, Tencent, and ByteDance [2]. Company Status - The controlling shareholder, StarNet Ruijie, and shareholders holding more than 5% of shares, Ruijin Consulting, have had their shares released from restrictions as of November 18, 2025 [3]. - As of February 9, 2026, the company has not received any notifications regarding share reduction plans from relevant shareholders [3]. Stock Performance - The stock price has experienced significant volatility, with a notable increase on February 9, 2026, due to the AI computing power network concept, followed by a 2.01% decline on February 13, 2026, with a net outflow of 28.71 million yuan in major funds [4]. - For the first three quarters of 2025, the company's revenue grew by 27.50% year-on-year, while net profit attributable to shareholders increased by 65.26% year-on-year [4].

Core Insights - The rapid growth of AI computing is driving an explosive demand for high-speed optical interconnect solutions, positioning companies in the CPO (Co-Packaged Optics) sector as key players in the industry [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54]. Company Summaries - **Guangzhou Technology (光库科技)**: Based in Shenzhen, focuses on high-speed optical engines and silicon photonics integration, providing critical components for CPO. The company has developed self-researched high-speed optical engines and silicon photonics technology, achieving efficient co-packaging of optical and switching chips, and has partnered with leading computing firms for products compatible with 800G and above [1][31]. - **Tianfu Communication (天孚通信)**: Located in Suzhou, it is a global leader in optical communication precision devices, with a full industry chain advantage in passive optical devices, optical engines, and CPO components. The company has developed self-researched optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has deep collaborations with major computing firms [2][31]. - **Taicheng Light (太辰光)**: Headquartered in Shenzhen, it specializes in optical communication devices and system integration, with a focus on high-speed optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [3][31]. - **Dongtian Micro (东田微)**: Based in Yichang, it is a leader in optical materials and optical components, focusing on optical filters and CPO core optical components. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration, and has partnered with leading computing firms [4][33]. - **Changxin Bochuang (长芯博创)**: Located in Beijing, it is a leader in optical communication chips and modules, with a focus on optical chips and CPO core components. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [5][34]. - **Saiwei Electronics (赛微电子)**: Based in Beijing, it is a global leader in MEMS sensors and semiconductors, with a focus on MEMS processes, optical chips, and CPO core components. The company has developed optical engines and co-packaged components leveraging MEMS process advantages, enhancing optical interconnect efficiency and integration [6][35]. - **Changfei Fiber (长飞光纤)**: Headquartered in Wuhan, it is a global leader in optical fiber and cable, with a full industry chain advantage in optical fiber, optical modules, and CPO optical transmission links. The company has developed self-researched high-speed optical modules and optical transmission link components, achieving efficient transmission and integration of optical signals [7][36]. - **Zhaochi Shares (兆驰股份)**: Based in Shenzhen, it is a leader in consumer electronics and semiconductors, focusing on LED chips and optical modules. The company has developed co-packaged components leveraging its technology in LED chips and optical modules, achieving efficient integration of optical and switching chips [8][37]. - **Anfu Technology (安孚科技)**: Located in Ningbo, it is a leader in energy storage and optical communication, focusing on energy storage systems and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [9][38]. - **Robotec (罗博特科)**: Based in Suzhou, it is a leader in intelligent manufacturing and optical communication equipment, focusing on photovoltaic equipment and optical engines. The company has developed co-packaged components leveraging its technology in intelligent manufacturing and optical engines [10][39]. - **Liant Technology (联特科技)**: Headquartered in Wuhan, it is a leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [11][40]. - **Zhishang Technology (致尚科技)**: Based in Shenzhen, it is a leader in precision manufacturing and optical communication components, focusing on precision components and optical engines. The company has developed self-researched high-speed optical engine core components, enhancing optical interconnect efficiency and integration [12][41]. - **Xinyi Sheng (新易盛)**: Located in Chengdu, it is a global leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [13][42]. - **Huanxu Electronics (环旭电子)**: Based in Shanghai, it is a global leader in electronic manufacturing services, focusing on SiP packaging and optical engines. The company has developed co-packaged components leveraging its SiP packaging technology, achieving efficient integration of optical and switching chips [14][43]. - **Xiechuang Data (协创数据)**: Headquartered in Shenzhen, it is a leader in data center and smart terminal solutions, focusing on data center equipment and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [15][44]. - **Huilv Ecology (汇绿生态)**: Based in Wuhan, it is a leader in ecological restoration and digital economy integration, focusing on ecological restoration and digital technology. The company has developed co-packaged components leveraging its digital technology and optical module expertise [16][45]. - **Ruijie Networks (锐捷网络)**: Located in Fuzhou, it is a leader in network equipment and solutions, focusing on network devices and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [17][46]. - **Yihua Shares (意华股份)**: Based in Wenzhou, it is a leader in connectors and optical communication components, focusing on high-speed connectors and optical modules. The company has developed self-researched high-speed connectors and co-packaged components, achieving efficient integration of optical and switching chips [18][47]. - **Zhili Square (智立方)**: Headquartered in Shenzhen, it is a leader in precision manufacturing and optical communication devices, focusing on precision components and optical engines. The company has developed co-packaged components leveraging its precision manufacturing and optical engine technology [19][48]. - **Guangli Micro (广立微)**: Based in Hangzhou, it is a leader in semiconductor testing and optical communication devices, focusing on semiconductor testing and optical engines. The company has developed co-packaged components leveraging its semiconductor testing and optical engine technology [20][49]. - **Sijia Technology (世嘉科技)**: Located in Suzhou, it is a leader in precision manufacturing and communication devices, focusing on precision components and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [21][50]. - **Yintang Intelligent Control (英唐智控)**: Based in Shenzhen, it is a leader in electronic distribution and optical communication components, focusing on electronic distribution and optical modules. The company has developed co-packaged components leveraging its electronic distribution and optical module technology [22][51]. - **Guangxun Technology (光迅科技)**: Headquartered in Wuhan, it is a leader in optoelectronic devices and modules, focusing on optoelectronic devices and optical engines. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips [23][52]. - **Woge Optoelectronics (沃格光电)**: Based in Xinyu, it is a leader in optoelectronic display materials, focusing on optoelectronic display materials and optical engines. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration [24][53].

Core Viewpoint - Starting from 2025, supernodes will become a significant technological innovation direction in the AI computing network, with increasing competition among AI chip manufacturers in both chip performance and Scale up network [1][5]. Group 1: Supernode Development - Nvidia has launched mature supernode solutions, with plans to release GH200 NVL72, GB200/GB300 NVL72, and VR200 NVL72 from 2024 to 2026 [1][3]. - The Blackwell architecture standardizes Scale up with GB200 NVL72 stabilizing the scale at 72 GPUs per cabinet, consisting of 18 Compute Trays and 9 Switch Trays [2]. - The Rubin architecture will enhance bandwidth, with the NVLink 6 Switch increasing single GPU interconnect bandwidth to 3.6 TB/s, up from 1.8 TB/s [2]. Group 2: Nvidia's Competitive Advantage - Nvidia maintains a leading position in the supernode market, with a projected shipment of approximately 2,800 units of GB200/300 NVL72 by 2025 [3]. - Future plans include the introduction of Vera Rubin NVL144 and Rubin Ultra NVL576, expanding interconnected GPUs from 72 to 576 [3]. - Innovations such as NVLink and NVLink Switch are crucial for achieving high bandwidth and low latency in AI training clusters, with NVLink 5 Switch supporting a total bandwidth of 130 TB/s for 72 GPUs [4]. Group 3: Industry Landscape and Investment Strategy - The global supernode competition landscape is still being established, with Nvidia currently in a leading position [6]. - The report suggests monitoring Nvidia's supernode supply chain, including components like PCB backplanes, high-speed copper cables, optical modules, and cooling systems [6]. - Chinese manufacturers are actively participating in the supernode and Scale up network sectors, with potential for domestic firms to gain a competitive edge [6].

Company and Industry Summary Company: Huadian Co., Ltd. (沪电股份) Key Financial Performance - **2025 Revenue**: 18.945 billion (YoY +42%) [1] - **Net Profit**: 3.822 billion (YoY +47.74%) [1] - **Impairment Provision**: 253 million for the year [1] - **Q4 Revenue**: 5.433 billion (YoY +25.4%, QoQ +8.25%) [1] - **Q4 Net Profit**: 1.104 billion (YoY +49.4%, QoQ +6.67%) [1] - **Q4 Impairment Provision**: 79 million, significantly increased from Q3 [1] Operational Highlights - Q4 performance met expectations, achieving record high revenue and profit [1] - Revenue growth in Q4 was supported by an optimized product mix, with increased contributions from high-end products such as 800G switches and AI servers [1] - Despite tight production capacity, Q4 showed solid sequential growth [1] - The significant appreciation of the RMB in Q4 led to notable foreign exchange losses [1] Capacity Expansion and Future Outlook - **Capacity Expansion**: The company is accelerating capacity expansion, with new production lines in Kunshan and Thailand expected to contribute to revenue growth [2] - **New Facilities**: The Kunshan facility is ramping up production, projected to add 10 billion in annual revenue by H2 2026 [2] - **Investment Plans**: A recent announcement to invest 300 million USD in optical packaging and COWOP technology, with rapid capacity expansion expected over the next three years [2] - **Market Position**: Huadian is positioned as a leading AI PCB company, with a strong customer base among global tech giants [2] - **Revenue Projections**: Expected revenues of 6.5 billion and 10 billion for 2026 and 2027 respectively, with a target market capitalization exceeding 200 billion [2] Strategic Insights - The company is well-positioned in the AI computing network market, with a competitive edge and strong revenue certainty [2] - The ongoing technological upgrades and capacity expansions are anticipated to sustain revenue growth and enhance profitability [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, specifically mentioning the need for Ligent Technologies, Inc. (纳真科技) to clarify compliance regarding offshore structures and reverse mergers [1][2] - Ligent Technologies has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup and CITIC Securities acting as joint sponsors [1] - The CSRC has requested Ligent Technologies to provide legal opinions on various compliance aspects, including foreign exchange management, overseas investment, foreign investment, and tax management related to their offshore structure and reverse investment [1][2] Group 2 - The CSRC requires Ligent Technologies to clarify the ownership structure of its controlling shareholder, Hisense Group, and whether any shareholders holding over 5% of shares have any legal restrictions on their holdings [2] - The company must provide conclusive opinions on the legality of past equity changes in its domestic operating entities and the latest developments regarding litigation involving Qingdao Hisense Broadband [2] - Ligent Technologies is a leading global provider of optical communication and connection solutions, crucial for AI computing networks, and is one of the few companies with both optical module and optical chip R&D and mass production capabilities [2]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].