国盛证券研报指出，中际旭创25年实现归母净利润98-118亿元，同比增长89.5%-128.2%，主要受益于客 户对算力基础设施的持续投入，以及公司高速光模块占比持续提升。Q4符合预期，预计2026将继续强 劲增长。公司作为全球光模块龙头，在光通信、光电转换等领域有着深刻积累和理解，公司认为scale- up带宽可能达到scale-out需求的10倍，CSP客户正推进asic芯片在scale-up的应用，同时希望以太网技术 实现柜内芯片和板卡间的光连接，包括LPO、XPO和NPO等方案有望在2027年应用和部署。若推进节奏 顺利，我们认为光进机柜将为公司2027年及以后的成长作出重要贡献，公司作为行业龙头有望继续领 跑，深度参与享受下一轮技术升级红利。随着AI集群向十万卡甚至百万卡升级，通信的重要性和价值 量正在不断提升，公司作为全球光模块龙头，将充分享受行业的高度景气。充分考虑到公司市占率、技 术领先性以及光通信的高壁垒性，结合行业整体景气度情况，以及公司业绩兑现情况，上调公司盈利预 测，预计2025-2027年归母净利润为108.8、267.4、383.9亿元，对应PE为60.4、24.6、17.1倍，维 ...

【国信电子 立讯精密更新推荐】电子价值洼地，AI算力+端侧+机器人全范围打击 AI通信业务已成为公司中期最确定的增长极 铜连接在性价比、稳定性与成熟度上优势显著，公司已切入GB300/Rubin平台，ASP与份额同步提升，背板连接器 随NV新架构落地有望加速放量。 光模块、液冷仍处于技术验证与早期导入阶段，对业绩贡献更偏中长期。 24–26年通信收入有望由180亿元提升至约270亿 【国信电子 立讯精密更新推荐】电子价值洼地，AI算力+端侧+机器人全范围打击 AI通信业务已成为公司中期最确定的增长极 铜连接在性价比、稳定性与成熟度上优势显著，公司已切入GB300/Rubin平台，ASP与份额同步提升，背板连接器 随NV新架构落地有望加速放量。 光模块、液冷仍处于技术验证与早期导入阶段，对业绩贡献更偏中长期。 26年non-A整体仍有30%以上增长预期，长期看公司在全球non-AEMS市场渗透率不足20%，成长空间充足，管理层 目标27–28年non-A收入达千亿规模，路径清晰。 OpenAI新品也有望于2H26与市场见面。 汽车业务莱尼加持下向海外突破 连接器+线束全套布局+超强成本管控能力，国内客户50%增 ...

（文章来源：每日经济新闻） 通信ETF（515880）规模同类第一，截至12月22日，通信ETF光模块含量占比超过48%，服务器含量近 20%，叠加光纤、铜连接等成分，核心环节成分占比超过77%，代表了海外算力的基本面底气。 申万宏源证券指出，2026年通信行业将围绕"AI主线多维强化，国产趋势纵深推进"展开。海外AI算力网 络正从Scale out向Scale up演进，以太网化、开放化生态成为重要增量，光通信、铜连接、电力电源、 液冷等方向受益。光通信产业链以光模块为原点延伸，2026年硅光方案将高速爆发，CPO网络导入起 步，景气度扩散至线缆、OCS等环节。光电混合趋势明确，算网光连接、新材料等成为AI通信渗透方 向。国产化方面，芯、云、网、端四大环节加速推进，本土算力基建（AIDC）供需改善显著，液冷电 源等景气度提升。 ...

证 券 研 究 报 告 AI主线多维强化，网络国产纵深推进 2026年通信行业投资策略 证券分析师：李国盛 A0230521080003 林起贤 A0230519060002 刘菁菁 A0230522080003 研究支持：郝知雨 联系人：陈力扬 2025.12.31 2026年通信投资概述 n 两句话总结2026年通信行业投资策略，即"AI主线多维强化，国产趋势纵深推进"。 n （一）AI主线。过去三年市场对于AI通信的关注，主要围绕海外映射、光通信景气度以及光电技术变化 三方面，我们预计2026年这三方面均将有不同程度演绎。 n 风险提示：1）信息技术迭代产生新的网络通信方案，可能颠覆已有路径或格局。2）外部贸易政策风险， 可能影响通信供应链与行业整体发展。 www.swsresearch.com 证券研究报告 2 • 1）海外映射。海外AI算力网络的演进，正在从过去的Scale out向Scale up倾斜。当前Scale up网络方案"百家争 鸣"，本土超节点方案也推出了不同的标准和方案。我们认为，以太网化、开放化的生态是2026年的重要增量， 封闭和开源两大方向将并行，对应了光通信、铜连接、电力电源 ...

Core Viewpoint - The company has demonstrated consistent growth in both revenue and profit over the past five years, indicating strong operational performance and market positioning [4]. Financial Performance Summary - In the first half of 2025, the company's operating revenue reached 32 billion, reflecting a year-on-year increase of 20.42%. The net profit attributable to the parent company was 1.57 billion, with a year-on-year growth of 3.69%, marking five consecutive years of growth [4]. - The financial summary from 2021 to 2025 shows a steady increase in total operating revenue from 18.06 billion in 2021 to 32.05 billion in 2025, with a notable year-on-year growth rate of 20.42% in 2025 [5]. - The total operating costs have also risen, from 17.27 billion in 2021 to 30.30 billion in 2025, indicating a need for cost management as revenue grows [5]. - The net profit attributable to the parent company increased from 6.71 billion in 2021 to 16.13 billion in 2025, with a slight year-on-year increase of 0.24% in 2025 [5]. Market Position - The company has improved its ranking in the market, now positioned at 393 out of 5,397 listed companies, reflecting its competitive standing within the industry [6].

Core Viewpoint - Mengwang Technology Group Co., Ltd. has decided to terminate the acquisition of assets due to a contractual dispute that led to the freezing of shares held by the transaction counterparty, which does not meet regulatory requirements [1][5][6]. Group 1: Termination of Acquisition - The company announced the termination of the acquisition of 100% equity in Hangzhou Bicheng Digital Technology Co., Ltd. for a transaction price of 1.28 billion yuan and a fundraising amount not exceeding 830 million yuan [5]. - The termination was prompted by a court summons received by Hangzhou Chengxiang, resulting in the freezing of 10.51 million shares of the target company, which significantly impacts the transaction [5][6]. - This situation reflects a broader trend where other companies, such as Guozhong Water, have also had to terminate acquisitions due to similar equity issues [7]. Group 2: Financial Performance - Mengwang Technology has reported continuous losses over the years, with revenues of 3.175 billion yuan, 4.157 billion yuan, 5.234 billion yuan, and 4.404 billion yuan from 2021 to 2024, and net profits of -238 million yuan, -722 million yuan, -1.822 billion yuan, and 42 million yuan during the same period [9]. - In the first half of this year, the company generated revenue of 1.539 billion yuan, a year-on-year decrease of 33.89%, while the net profit attributable to shareholders was 9.2399 million yuan, a slight increase of 0.05% [9]. - Despite expectations of profitability in 2024, the performance in the first half of 2025 is projected to decline again, raising concerns about the company's ability to recover from its financial difficulties [9].

Core Viewpoint - The 2025 World Humanoid Robot Games, held in Beijing, showcases advancements in humanoid robotics and highlights the competitive landscape of the robotics and communication industries [1][9]. Group 1: Event Overview - The event took place from August 15 to 17, featuring over 280 teams and more than 500 robots from 16 countries competing in various disciplines such as athletics, soccer, and dance [1]. - The competition serves as a platform to demonstrate China's technological advancements and the full industry chain from robotics to communications [1]. Group 2: Competition Highlights - The first gold medal was won by Lingyi Technology's robot, which completed the 1500-meter race in 6 minutes and 34 seconds, benefiting from years of technological development and a "soft and hard collaborative" technology system [3]. - Robots faced challenges such as algorithm decision-making and balance control, with a specific focus on improving cornering control through advanced algorithms [4]. Group 3: Technological Innovations - The robots utilized open-source decision-making algorithms and high-precision hardware, making them the preferred choice for many international teams in the soccer competition [6]. - The event highlighted the transition from single-machine competition to multi-machine collaboration and tactical intelligence in robotics [6]. Group 4: Real-World Applications - The event also featured practical applications of robotics, such as service robots in hotels and precision sorting robots in pharmaceuticals, showcasing the technology's real-world value [7]. - The challenges faced during the competition are expected to drive advancements in dynamic motion control and real-time perception technologies [7]. Group 5: Industry Insights - The Beijing Shougang Fund revealed that over 100 robots were rented for the competition, indicating a growing interest in practical applications of robotics in various sectors [9]. - The robotics industry is moving towards mass production and commercialization, with humanoid robots expected to find broader applications in the coming years [9]. Group 6: Communication Technology Support - The event relied heavily on AI communication technology to ensure precise control of the robots, with any signal fluctuations potentially impacting performance [10]. - Beijing Unicom implemented a comprehensive 5G-A network to support the event, showcasing the importance of robust communication infrastructure in robotics competitions [11].

Core Viewpoint - Cambridge Technology (603083.SH) is expected to see significant profit growth in the first half of 2025, driven by strong demand in high-speed optical modules and broadband access business, with net profit projected to increase by 50.12% to 60.12% year-on-year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 120.10 million and 128.10 million yuan for the first half of 2025, marking a year-on-year increase of 50.12% to 60.12% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 119.20 million and 127.30 million yuan, reflecting a year-on-year increase of 84.47% to 97.01% [1] Group 2: Product Development and Market Expansion - In 2024, the company successfully developed and mass-produced 800G and 400G series products, achieving lower power consumption and costs, with the new 1.6T OSFP optical module prototype completed [2] - The company has made significant progress in broadband access and wireless network sectors, including the development of 5G PON products and successful commercialization of Wi-Fi 7 and 10G gateway products in North America [2] Group 3: Manufacturing and Capacity Expansion - The new optical electronics smart manufacturing base in Jiaxing, Zhejiang, will enhance the company's production capacity for high-speed optical modules and broadband access devices, supporting ongoing business expansion [3] - The company plans to expand its production base in Penang, Malaysia, to improve capacity and supply chain resilience in response to global demand for high-speed optical modules [3] Group 4: Industry Position and Future Outlook - The global competition for computing power is entering a new phase, with increasing demand for 1.6T optical modules driven by advancements in AI server technology [4] - As one of the few domestic manufacturers capable of mass-producing 800G and 1.6T optical modules, the company is positioned for a strategic shift from "follower" to "leader" in the high-end optical module market [4] - The ongoing H-share listing process is expected to enhance the company's international competitiveness and brand influence in the global market [4]

Core Viewpoint - Cambridge Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to become the first "AI communication stock" with both A-shares and H-shares, marking a new phase in its global capital layout and technological innovation [1] Group 1: Company Overview - Cambridge Technology is a leading provider of efficient instant connection solutions related to optical communication, broadband, and wireless technology, ranking 5th globally in the optical and wireless connection device (OWCD) industry based on 2024 sales revenue [1] - The company is recognized as a pioneer in establishing smart factories in the OWCD industry, providing core hardware support for global AI infrastructure, data centers, and telecom networks [1] Group 2: Innovation and R&D - The core competitiveness of Cambridge Technology stems from its strong R&D capabilities, with a global R&D team of 630 people, accounting for over 50% of its total workforce [2] - The company has made significant breakthroughs in AI communication technology and is actively developing next-generation products to meet the urgent demand for high-speed, low-latency communication in future data centers and networks [2] - At the OFC2025 event, Cambridge Technology showcased its latest end-to-end connection technologies, including new 200G/Lambda series optical modules that achieve a 20% reduction in power consumption [2] Group 3: Market Strategy - Cambridge Technology employs a "diversified localization" strategy to build unique global competitiveness, integrating local operations with a global perspective [4] - The company has established strategic R&D centers in Greater China, Japan, and the United States, and utilizes a co-location production model with local partners in various regions [4] - This strategy enhances supply chain resilience, mitigates regional risks, and allows for rapid response to localized market demands [4] Group 4: Market Presence and Future Outlook - Cambridge Technology has built a comprehensive sales and service network covering 52 countries and regions, earning the trust of major global technology companies and mainstream operators [5] - The upcoming H-share listing is a significant step in the company's capital strategy, expected to further open international financing channels and accelerate the integration of AI and communication technologies [5] - Analysts suggest that the advancement of the listing plan will help Cambridge Technology solidify its industry benchmark position and inject new momentum into the development of global communication and AI infrastructure [5]