光通信行业目前表现非常强劲。首先，从估值来看，以金期创新盛和天富为代 表的一些公司业绩大幅超预期，估值水平较低，大部分公司 2026 年的估值基 北美 AI 投资加速，前瞻关注光博会 20250907 摘要 光通信行业表现强劲，多家公司业绩超预期，估值水平较低，2026 年 估值多在 20 倍以内。CPO、OCS、OOL、硅光和薄膜滤相等新技术将 推动行业增长，深圳光博会预计将激发市场关注。 对 2026 年光通信市场前景持乐观态度，相关公司积极扩产并锁定物料 以应对需求增长。光通信受益于行业变革和场景扩展的双重红利，结构 性优势明显，不应低估。 博通 AI 相关收入同比增长 63%至 52 亿美元，获第四家超大规模客户 100 亿定制 AI 芯片订单。谷歌 1.67T 加单，Meta 计划到 2028 年投资 6,000 亿美元，验证北美 AI 投资加速增长。 北美资本开支显著增长，尤其是在 AI 基础设施方面，未来几年计划投资 17 万亿美元。类比中国 2014-2020 年 ICT 基建，受真实需求和政策推 动双重驱动。 2025 年 AI 相关收入增速超过资本开支增速，预计全年收入将达 1,000 亿 ...

证券研究报告 | 行业周报 gszqdatemark 2025 09 07 年 月 日 ➢ 海外云服务提供商集体大幅上调资本开支，AI 产业景气度高。谷 歌 2025 全年指引从 750 亿美元上调至 850 亿美元，主要用于 AI 基础设施和服务器投资。Meta 将 2025 年资本支出指引从 640 亿 美元上调至 720 亿美元，重点投入 AI 数据中心和计算能力建设。 增持（维持） 通信 光通信：穿越波动，长坡厚雪 本周光通信板块经历了显著波动。然而，海外 AI 算力领域的大额订单 与强劲需求表明，光模块行业的基本面依然稳固，AI 驱动的算力扩张 周期远未结束。短期市场的情绪化调整反而为投资者提供了更优质的 配置时机，中长期我们依旧坚定看好光模块赛道。 【海外巨头加速部署，AI 算力军备竞赛升级】 全球 AI 领域的领先企业正通过大规模合作与自研芯片部署，加速算力 基础设施建设。 【光模块需求逻辑未变，景气度持续上行】 驱动光模块行业长期增长的核心逻辑并未发生任何改变——AI 算力需 求的指数级增长，持续要求更快、更高效的数据传输能力。 邮箱：huanghan@gszq.com 分析师 石瑜捷 执业证 ...

本报告导读： 维持盈利预测，上调目标价，维持增持评级；上半年强势转盈，营收环比增长；高功率和 VCSEL引领 技术创新，光通信产品矩阵形成。 投资要点： 高功率和VCSEL 引领技术创新，光通信产品矩阵形成。上半年，公司超高功率单管芯片在结构设计与 研制技术上取得突破，双结单管芯片连续功率达到132W，打破了此前100W 的最高水平；VCSEL技术 也获得突破，提高了面发射芯片效率到74%。当前VCSEL 主要应用方向有消费电子、光通信、车载激 光雷达。公司已经拥有EML\VCSEL\ CW Laser 三种类型的光通信芯片能力，上半年100GEML 已经实现 量产，200G EML 已经开始送样。100G VCSEL、100mwCW DFB、70mw CWDM4 DFB 也已经达到量 产水平。 催化剂：收购顺利推进；CW 获得订单。 维持盈利预测 ，上调目标价，维持增持评级。公司公告 2025年半年报业绩，业绩扭亏为盈，我们认为 公司各项业务发展前景较好。我们维持2025-2027 年归母净利润至0.28/0.96/2.05 亿元，对应EPS 为 0.16/0.55/1.16 元。考虑行业平均估值和公司地位 ...

第一期：人民币5,000万元，于协议签署并生效之日起两个工作日内支付。 第二期：人民币3,000万元，于协议签署并生效之日起十个工作日内支付。 如果本次交易的增资协议顺利签署，上述预付款将抵做增资款。光彩芯辰及其股东承诺，自收到第一笔 预付款之日起一个月内，不得接受其他投资建议或进行相关讨论和谈判。 世嘉科技表示，本次预付增资款不会影响公司正常的生产经营活动，也不会对公司主营业务产生重大影 响。公司主营业务不会对光彩芯辰形成重大依赖。 世嘉科技于2025年9月5日审议通过了《关于签署<增资意向协议之补充协议>的议案》，并发布了相关 公告。此次增资计划旨在通过增资扩股的方式取得光彩芯辰（浙江）科技有限公司（以下简称"光彩芯 辰"）部分股权，进一步拓展公司在光通信领域的布局。 世嘉科技于2025年8月3日审议通过了《关于签署<增资意向协议>的议案》。公司基于发展战略需求， 看好光通信细分行业的市场前景，并认可光彩芯辰在光通信领域内的前期投入、技术储备以及客户资 源。因此，公司拟通过增资扩股的方式取得光彩芯辰部分股权，并与光彩芯辰签署了《增资意向协 议》。 根据9月5日签署的《增资意向协议之补充协议》，世嘉科技同意 ...

Market Performance - On September 5, the A-share market showed a strong rebound, with the Shanghai Composite Index rising by 1.25% to surpass the 3800-point mark, while the ChiNext Index surged by 6.55% [1] - This marked the first time in ten years that the ChiNext Index rebounded by over 4% after a significant drop, a scenario typically seen during bull markets [1] Sector Movements - Following a previous day of decline, CPO (Co-packaged Optics) concept stocks rebounded, with New Easy winning 12%, and Zhongji Xuchuang and Tianfu Communication both seeing gains exceeding 10% [2] - The focus of the market shifted to the lithium battery supply chain, with indices for power batteries, lithium anodes, and lithium electrolytes all rising over 9%, and storage and photovoltaic indices also increasing by more than 8% [2] Key Stocks in Lithium and Storage - Several stocks in the storage sector hit the daily limit, with Tianhong Lithium rising by 30%, Beiruite up 19%, and Yiwai Lithium Energy and Sunshine Power both increasing by 16% [2] - The performance of the storage and photovoltaic sectors is attributed to three core factors: the need for new investment directions as other industries have been overvalued, the low valuation of these sectors, and improved profitability expectations due to enhanced overseas demand [2] Policy Support - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued an action plan to support stable growth in the electronic information manufacturing industry from 2025 to 2026 [3] - Multiple institutions expressed optimism about the future of the storage sector, citing high demand in Europe and the U.S., improved profitability models, and supportive policies driving growth [3]

Group 1 - The core viewpoint highlights that Suzhou-listed companies have demonstrated strong R&D capabilities, with a total R&D investment of approximately 15.69 billion yuan in the first half of 2025, significantly higher than the A-share market average of 2.13% [1][3] - Suzhou companies exhibit a "leading head and following tiers" pattern in R&D investment, with 40 companies investing over 100 million yuan, led by Hengtong Optic-Electric with 1.09 billion yuan [3] - Hengtong Optic-Electric has achieved significant innovation results, winning multiple awards for its projects, including the second prize for technological progress from the China Optical Engineering Society [3] Group 2 - Among Suzhou-listed companies, 48 have an R&D intensity exceeding 10% of their revenue, with 30 of these from the Sci-Tech Innovation Board, representing 62.50% [5] - Guoxin Technology leads with an R&D intensity of 89.9%, followed by Yutai Micro and Borui Pharmaceutical at 70.06% and 64.83%, respectively [5] - Over 55% of Suzhou-listed companies reported a year-on-year increase in R&D investment, with several companies like Hasen Co., Borui Pharmaceutical, and Huaya Intelligent showing over 100% growth [5] Group 3 - The outlook for Suzhou A-share listed companies indicates a continued steady growth in R&D investment, driven by national emphasis on technological innovation and local policy support [6] - Companies are expected to adapt to changing market demands through increased R&D efforts to maintain competitiveness [6]

Group 1 - A-shares showed mixed performance on September 5, with the Shenzhen Component Index and ChiNext Index rising, while the optical module CPO concept stabilized and rebounded [1] - The artificial intelligence ETF Huaxia (159381) tracking the ChiNext AI Index saw a net inflow of 88.74 million yuan, with over 51% weight in optical module stocks [1] - The optical module industry is expected to maintain high growth due to increased capital expenditure from overseas clients, rising demand for high-speed products, and strong delivery capabilities from leading companies [1] Group 2 - The Huaxia artificial intelligence ETF focuses on AI industry leaders and has a low comprehensive fee rate of 0.20%, making it attractive for investors [2] - The 5G communication ETF (515050) has a scale exceeding 8 billion yuan and focuses on key players in the AI computing hardware and 6G industry chain, with 38% weight in optical module CPO stocks [2] - The top three weighted stocks in the Huaxia AI ETF are Xinyi Technology (20.3%), Zhongji Xuchuang (18.8%), and Tianfu Communication (6.5%) [2]

Core Viewpoint - The company has established a comprehensive IDM (Integrated Device Manufacturer) business model in the optical communication field, which enhances its ability to respond to market demands and optimize production efficiency [1] Group 1: IDM Business Model - The company has built a full-process business system covering chip design, wafer manufacturing, chip processing, and packaging testing [1] - The IDM model allows the company to leverage the synergy between design and manufacturing, improving process levels and product development efficiency [1] - The company can dynamically adjust its production capacity layout to effectively match the future demand for new product launches [1]

Core Viewpoint - The company Shijia Photon has successfully validated its silicon photonic module CW DFB laser with industry clients, leading to small batch shipments as of September 5, 2023 [1] Company Summary - Shijia Photon announced on September 5 that its CW DFB laser for silicon photonic modules has received validation from industry clients [1] - The company reported that small batch shipments of the validated product have commenced [1] - The information was disclosed in the company's semi-annual report dated July 30, 2025 [1]

Core Viewpoint - The article highlights the significant growth and investment opportunities in the AI-driven optical module market, particularly focusing on the company NewEase, which has seen its stock price surge over 400% in the past five months and achieved a market capitalization of 350 billion yuan [5][10]. Group 1: Company Performance - NewEase reported a revenue of 10.437 billion yuan for the past six months, representing a year-on-year growth of 282.64%, while net profit surged by 355.68% to 3.942 billion yuan [11]. - The operating cash flow net amount increased fourfold to 0.953 billion yuan, indicating strong cash generation capabilities [11]. - The company has positioned itself as a leader in the optical module sector, with clients including major tech firms like Nvidia, Microsoft, and Amazon [12]. Group 2: Market Dynamics - The optical module market is experiencing high demand due to the explosive growth of AI technologies, leading to a competitive landscape where NewEase has been proactive in launching advanced products [13]. - NewEase has introduced various optical module specifications, including the industry's first low-power 400G module in 2018, and has continued to innovate with 800G and 1.6T products [13]. - The company anticipates a threefold increase in performance in 2024, with projected sales of 20 billion yuan and production capacity reaching historical highs [13]. Group 3: Leadership Background - The founder, Gao Hongrong, started his career in the optical communication industry at the age of 20 and founded NewEase at nearly 40 years old, leveraging nearly two decades of experience [15][16]. - Under his leadership, NewEase transitioned from focusing on the domestic telecom market to becoming a key player in the global data communication supply chain [16]. Group 4: Investment Landscape - The shareholding structure of NewEase is relatively dispersed, with the top two shareholders, Gao Hongrong and General Manager Huang Xiaolei, holding 14.53% of the shares [19]. - Institutional investors, including several ETFs, dominate the top shareholder list, reflecting strong market confidence and driving the company's valuation upward [20]. - The article notes that other optical module manufacturers, such as Zhongji Xuchuang and Tianfu Communication, have also seen significant stock price increases, indicating a broader trend in the sector [21].