Group 1 - The core viewpoint of the article highlights that Dekoli (688205) has experienced unusual stock trading fluctuations driven by the demand for AI computing power, with a particular focus on OCS (Optical Circuit Switching) products [1] - The company is actively following advancements in cutting-edge technology, having received overseas sample orders for silicon-based OCS, although it has not yet secured bulk orders from major overseas manufacturers [1] - The OCS market is characterized by high interest and significant technical challenges, indicating that large-scale application will take time, and the market outlook remains uncertain [1]

● 本报记者郑萃颖 AI算力需求高速增长，推动核心器件、封装技术快速迭代。在近日举办的第二十六届中国国际光电博 览会上，AI与光通信的深度融合成为展会焦点。与此同时，上市公司积极回应光模块、共封装光学 (CPO)技术进展。 财报显示，受需求驱动，光模块企业上半年业绩增长。行业专家预计，AI产业发展将直接推动光模块 需求激增，1.6T模块成为竞争焦点，但行业还需经历产能与良率爬坡过程。 头部厂商引领技术变革 在中国国际光电博览会上，光通信领域头部企业集中亮相。如光迅科技（002281）展出产品生态矩阵及 多款通感一体化创新产品。立讯技术带来以光电产品为核心的数据中心互连整体方案，并展示了CPO、 1.6T光模块、LPO/LRO低功耗方案等。针对下一代数据中心需求，爱德泰在展会中首次公开展示了CPO 内连解决方案，把多个核心组件集成于CPO混纤模块中，推动光互联向高集成化、小型化方向发展。 新易盛（300502）半年报显示，今年上半年公司实现营业收入104.37亿元，同比增长282.64%；净利润 39.42亿元，同比增长355.68%。高速光模块需求快速增长，今年上半年，新易盛点对点光模块销量695 万只，相比 ...

Investment Rating - The report maintains a "Buy" rating for Innolight and Eoptolink, with target prices updated to Rmb569 and Rmb472 respectively [15][26]. Core Insights - The networking sector is viewed positively due to optimistic growth forecasts for ASICs from Broadcom, strong long-term capital expenditure outlooks from Meta/OpenAI, and Oracle's significant datacenter expansion plans, indicating better demand visibility beyond 2026 [2][11]. - Despite a strong year-to-date rally, profit-taking is expected; however, the overall narrative remains compelling with a potential re-rating of transceiver companies to a PE of 20x+ [2][3]. - The report highlights a revision in industry demand estimates for 800G and 1.6T transceivers, projecting shipments of 56.3 million and 19.2 million respectively for FY27, reflecting a 42% year-over-year growth [11][29]. Summary by Sections Industry Outlook - The report emphasizes the longevity of demand in the transceiver market, driven by significant AI investments from major US cloud service providers [11]. - The expected rollout of 3.2T SiPh transceivers in late 2027 is noted as a key development, with 800G and 1.6T remaining dominant solutions in the interim [11][29]. Company Performance - Innolight is expected to secure a higher market share due to its strong R&D capabilities and its role as a key supplier for Oracle, alongside benefiting from the anticipated EML shortage [26][27]. - Eoptolink is projected to gain market share as it capitalizes on its LPO capabilities and the rapid build-out of Oracle's datacenter [15][26]. Financial Estimates - Revenue estimates for FY26 have been revised upwards, with a projected revenue of Rmb46.287 billion, reflecting a 20% increase from previous estimates [19][30]. - Net profit estimates for FY26 have also been increased to Rmb19.535 billion, a 22% rise compared to earlier projections [19][30]. Market Dynamics - The report discusses the competitive landscape, noting that while some tier-2 companies are planning to enter overseas markets, significant progress has yet to be observed [3]. - The potential for a 20-30% penetration of CPO in the market by 2029-2030 is highlighted, although major CSPs have not yet shown signs of mass adoption [3][11].

Core Insights - The global fiber optic connector market is projected to reach approximately $5.56 billion in 2024, reflecting a year-on-year growth of 7.2% driven by increasing demand for high-capacity data transmission and next-generation communication networks [3]. Market Overview - The fiber optic connector is defined as a passive optical device that enables detachable connections between optical fibers, ensuring minimal impact on system performance and reliability [1]. - The small square fiber optic connectors hold a significant market share, accounting for nearly 35% of the global fiber optic connector market [6]. Regional Analysis - North America is identified as the largest demand region for fiber optic connectors, capturing about 31% of the global market share, followed by Europe with a 27% share [8]. Industry Trends - The industry is witnessing a trend towards high-speed and high-density solutions, particularly in the context of 5G and future communication networks, where the demand for fiber optic connectors is expected to surge due to the increasing number of base stations [13]. - The integration of intelligent technology into fiber optic connectors is enhancing their capabilities, allowing for self-monitoring and diagnostics, which is crucial for maintaining communication stability and reliability in complex networks [13].

29 August 2025 | 8:01PM HKT China Weekly Kickstart A-shares rallied 3% while MSCI China lost 1%; We raised CSI300 index target; CPPCC National Committee is drafting the 15th Five-Year Plan CSI300 gained 2.7% on record volumes and outperformed MSCI China (-0.8%). We expect the liquidity-driven rally in A shares to extend and raise our CSI300 12-month index target to 4900. CPPCC National Committee held the 13th session to draft the country's 15th Five-Year Plan. The State Council issued opinions to deepen the ...

全光交换 (OCS) 交换机是一种在光域内直接进行光信号交换的设备，无需进行光 - 电 - 光转换。光学电路交换 (OCS) 是一种光网络技术，它允许 在光信号层面直接进行路由和切换，而无需将其转换为电信号。这种技术通过在光纤之间建立直接连接，实现数据的高速传输，避免了传统电子 交换机带来的瓶颈。 01 全光交换(OCS)交换机行业目前现状分析 多技术路线并行突破，MEMS与硅光成主流方向 AI算力驱动市场扩张，数据中心成核心场景 OCS市场呈现高速增长态势，主要受AI集群和高性能计算需求推动。谷歌TPU v5集群通过OCS构建3D环面拓扑，显著提升训练效率与集群可用 性，验证了OCS在低延迟、高带宽场景中的价值。数据中心短距互联成为主要应用领域，同时电信骨干网、工业控制等场景同步发展。尽管仍处 于商业化初期，OCS已被视为下一代智能网络的关键基础设施。 国际厂商主导市场，国内厂商加速技术突破 全球OCS市场呈现双轨竞争格局：Coherent、Google、Calient、Lumentum等国际厂商凭借技术积累占据主导地位，其产品在电信级长距场景中不 可替代。国内厂商则通过技术创新和产能提升快速崛起。 光交换 ...

Core Insights - The report from CITIC Securities indicates that the use of OCS in AI data centers is still in its early stages, with Google having already implemented products while most manufacturers are actively developing their technologies [1] - CITIC Securities believes that the OCS technology route is highly feasible with significant advantages, leading to strong growth certainty in the future [1] - The report outlines three investment themes across the entire industry chain: focusing on manufacturers with core optical communication equipment in the complete machine segment, optical MEMS suppliers and foundries in the core component segment, and domestic optical component suppliers in the optical component segment [1] Investment Opportunities - In the complete machine segment, the market space is expected to exceed $40 billion in the long term, with both specialized OCS manufacturers and traditional optical communication equipment manufacturers being able to undertake AI OCS-related business [3] - In the core component segment, the market space for WSS based on MEMS or LCoS technology is projected to reach several billion dollars, with MEMS currently benefiting mainly foundries due to product immaturity, while LCoS manufacturers may expand into the optical communication field [3] - In the passive component segment, OCS increases the usage of optical isolators, micro-lenses, and beam splitters, with the market space for optical isolators potentially reaching $5 billion and the global competitive landscape being relatively fragmented [3] Technological Developments - The AI era necessitates new networks, with OCS addressing the bottlenecks of Scale out, providing high bandwidth, low latency, and low-cost network solutions compared to previous technologies [2] - OCS technology is expected to penetrate AI clusters further, replacing spine switches, leaf switches, and even taking on inter-card connections and on-chip networks, thereby expanding market opportunities [2] - The demand for AI large models requires a new network architecture characterized by large-scale global data exchange, which is fundamentally different from previous data center network architectures [1]

Core Viewpoint - The optical splitter industry is experiencing significant growth driven by the increasing demand for high bandwidth and transmission rates in the context of emerging technologies such as 5G, IoT, and cloud computing. The market size in China is projected to reach 19 billion yuan in 2024, representing an 18.8% year-on-year increase [1][8]. Group 1: Industry Overview - Optical splitters, also known as splitters, are crucial passive devices in optical communication networks, responsible for dividing one optical signal into multiple signals or combining multiple signals into one [3][8]. - The optical splitter market is expected to grow due to the rising demand for high bandwidth and stable networks, particularly in FTTH applications [7][8]. Group 2: Industry Development - The optical splitter industry in China began in the 1990s, initially focusing on imitating and importing foreign technology. However, it has since evolved, with domestic companies increasing R&D investments and improving product performance [6][8]. - The market demand for optical splitters has surged since 2020, driven by the construction of 5G base stations and the growth of data centers [6][8]. Group 3: Industry Chain - The upstream of the optical splitter industry includes raw materials such as optical materials and precision manufacturing metals, which directly affect the performance and stability of optical splitters [6][8]. - The midstream involves the production and manufacturing of optical splitters, including chip design, manufacturing, packaging, and testing [6][8]. - The downstream consists of application fields such as telecommunications, data centers, and broadband network providers, which demand high performance and reliability from optical splitters [6][8]. Group 4: Competitive Landscape - The optical splitter market is competitive, with both domestic and international companies participating. Notable international players include JDSU, Finisar, and Nichia, while domestic companies like FiberHome and Shijia Photon are also gaining market share [8]. - Domestic companies are narrowing the technology gap with international firms through increased R&D and leveraging cost advantages [8]. Group 5: Future Trends - Technological innovation will continue to drive the performance enhancement of optical splitters, with new materials and advanced manufacturing techniques like nanotechnology and 3D printing expected to play significant roles [14][15]. - The application fields for optical splitters are expanding, particularly in 5G networks, IoT, smart transportation, and smart cities, which will further increase demand [14][15]. - The industry is likely to undergo consolidation, with larger companies acquiring smaller ones to enhance market share and competitiveness [15].

Core Insights - The use of OCS in AI data centers is still in its early stages, with Google having achieved product implementation while most manufacturers are actively developing their technologies [1] - The feasibility of the OCS technology route is considered high, with significant advantages and strong growth certainty in the future [1] Investment Recommendations - For the complete machine segment, it is recommended to focus on manufacturers with core optical communication equipment business and OCS foundries [1] - In the core components segment, attention should be directed towards optical MEMS suppliers and foundries [1] - For the optical components segment, it is advisable to monitor domestic optical component suppliers in China [1]

Core Insights - The report from CITIC Securities emphasizes that demand drives supply, which is a crucial principle in the business world, and the unique demand generated by AI large models presents transformative opportunities for the industry chain [1] Industry Transformation - The use of OCS to build large computing clusters outperforms traditional IB and RoCE technologies in terms of high bandwidth, low latency, and low cost, indicating that this technology route is likely to become mainstream for AI infrastructure in the long term [1] Investment Recommendations - In the complete machine segment, it is recommended to focus on OCS machine manufacturers, foundries, and OTN machine manufacturers [1] - In the core components segment, attention should be given to optical MEMS foundries and LCoS manufacturers [1] - In the optical components sector, it is advisable to monitor markets for optical circulators and micro-ring modulators [1]