Core Insights - Carillon Tower Advisers reported that small-cap stocks had marginal gains in Q4 2025, with the Russell 2000 Growth Index returning 13.01% and the Russell 2000 Value Index gaining 12.58% [1] - The firm anticipates a favorable year ahead for equity markets, highlighting potential opportunities in sectors such as Cyclicals, Healthcare, Information Technology, Financials, and Consumer spending as they approach 2026 [1] Company Insights - Coherent Corp. (NYSE:COHR) closed at $219.96 per share on February 17, 2026, with a one-month return of 9.18% and a 12-month increase of 154.64%, giving it a market capitalization of $41.23 billion [2] - Coherent Corp. experienced a rise in shares due to strong earnings results and a positive outlook, driven by demand for transceivers used in AI data centers and telecommunications [3] - The company is expected to benefit from a transition to products that enable faster throughput speeds, with previous manufacturing capacity constraints easing [3] Hedge Fund Activity - Coherent Corp. was held by 78 hedge fund portfolios at the end of Q3 2025, an increase from 66 in the previous quarter [4] - While Coherent Corp. shows potential as an investment, the company is not among the 30 most popular stocks among hedge funds, and certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Core Viewpoint - Zhizheng Co., Ltd. (603991) has seen a recent stock price increase of 6.55% over the last five trading days, indicating a bullish trend in the market despite recent challenges in its financial performance [1][3]. Market Performance - The stock price rose from 85.16 yuan on February 9 to 90.39 yuan, with a trading range of 10.00% and a total transaction volume exceeding 10.59 billion yuan [1]. - The technical indicators show a bullish trend, with the MACD turning positive and the Bollinger Bands indicating a resistance level at 92.4 yuan and a support level at 79.26 yuan [1]. Recent Events - Zhizheng Co., Ltd. has gained market attention due to its involvement in advanced packaging, memory chips, and 5G concepts, particularly through its subsidiary Suzhou Juyun, which has contributed revenue from semiconductor back-end advanced packaging equipment [2]. - The performance of the optical communication sector has been strong, driven by Nvidia's announcement of large-scale deployment of CPO technology and supportive policies from the Ministry of Industry and Information Technology, which have boosted industry sentiment [2]. Financial Analysis - For the first nine months of 2025, the company reported operating revenue of 151 million yuan, a year-on-year decrease of 22.07%, and a net loss attributable to shareholders of 29.51 million yuan, which represents a 95.76% increase in losses compared to the previous year [3]. - The current price-to-earnings ratio (TTM) is negative, indicating a lack of profitability [3].

Group 1 - The A-share market saw a widespread decline in CPO concept stocks, with notable drops in several companies [1] - Hengtong Optic-Electric fell by 7%, while Changxin Bochuang and Jieput fell over 6% [1] - Dekeli and Changfei Optical Fiber experienced declines of over 5%, and Tiantong Co., Hengdong Light, and Taicheng Light dropped over 4% [1] Group 2 - Guangku Technology, Tianfu Communication, Shijia Photon, Robot Technology, Yongding Co., and Zhongtian Technology all saw declines exceeding 3% [1]

（全球TMT2026年2月12日讯）SuperX AI Technology Limited宣布，已通过其全资子公司与苏州天孚光 通信股份有限公司（天孚通信）的新加坡全资子公司Tianfu International Investment Pte. Ltd.（天孚国际 投资）签署合资协议，联合成立SuperX Optical Communications Pte. Ltd.，整合双方资源深耕全球AI光 连接市场，打造全球领先光通信解决方案生态。 双方将在新加坡成立合资公司，出资完成后SuperX将成为第一大股东。该合资公司将致力于打造全球 下一代一站式算力中心（AIDC）光连接解决方案，旨在解决大规模人工智能计算集群中日益严峻的高 速互联与数据传输瓶颈。SuperX凭借其AI技术积淀与全球客户资源，将导入合作产品相关的客户订 单、研发及定制需求；天孚通信提供专业光器件ODM产品技术支持，为市场拓展保驾护航。新公司将 启用"SuperX Optical Communications"合作品牌。 ...

Core Viewpoint - The optical communication sector is experiencing significant stock price increases, driven by strong capital expenditure growth from North American CSPs and a refutation of supply chain rumors by Zhongji Xuchuang [1] Group 1: Stock Performance - Hongteng Precision (06088) rose by 10.49%, trading at 6.32 HKD - Changfei Fiber Optic Cable (06869) increased by 9.95%, trading at 118.2 HKD - Huiju Technology (01729) saw a rise of 7.3%, trading at 18.51 HKD - Cambridge Technology (06166) grew by 2.91%, trading at 70.75 HKD [1] Group 2: Market Rumors and Responses - Recent rumors suggested that overseas CSP clients are attempting a new supply chain model, bypassing optical module assembly factories to order directly from upstream chip manufacturers like Lumentum [1] - Zhongji Xuchuang publicly denied these rumors, stating that there is no situation of clients directly ordering from the company while bypassing intermediaries [1] Group 3: Capital Expenditure Insights - A report from CITIC Securities indicates that four North American CSPs announced strong capital expenditure growth for Q4 2025 - During earnings calls, these companies expressed a strong demand for AI and noted a tight supply of computing power - Companies like Amazon, Google, and Meta provided optimistic capital expenditure guidance for 2026, exceeding market expectations - CITIC Securities believes that the industry is still in the early stages of AI development, and that the construction of computing infrastructure is appropriately ahead of demand, maintaining a positive outlook on the overseas AI computing chain [1]

战略合资落地新加坡，锚定全球AI算力增量 当前，生成式AI迈入万亿参数大模型时代，全球算力中心建设提速，光连接作为算力集群的"神经系 统"，成为AI基础设施的核心组成部分。根据财经杂志，美国五大科技公司微软、亚马逊、谷歌、 Meta、甲骨文的财报显示，它们在2025年的资本支出总额将超过3700亿美元，预计2026年资本支出将 高于4700亿美元，验证了大厂对于算力的强劲需求。 在此背景下，SuperX与天孚通信的战略合作，成为双方把握全球AI数据中心以及光连接赛道增量红利 的关键布局。 2026年2月11日晚间，纳斯达克上市公司SuperX AI Technology Limited(NASDAQ:SUPX，以下简 称"SuperX"或"公司")宣布，已通过其全资子公司与苏州天孚光通信股份有限公司(深圳证券交易所股票 代码：300394，以下简称"天孚通信（300394）")的新加坡全资子公司Tianfu International Investment Pte.Ltd.(以下简称"天孚国际投资")签署合资协议，联合成立SuperX Optical Communications Pte.Ltd.，整 合双方 ...

Core Insights - Google is implementing a cutting-edge architecture for AI clusters that utilizes Optical Circuit Switches (OCS) and high-speed copper cables for short-distance interconnections, while employing an all-optical network for data transmission across cabinets [3] - The design of the AI clusters requires sufficient 800G/1.6T optical modules, with TrendForce estimating that Google will ship nearly 4 million TPUs by 2026, leading to a demand for over 6 million optical modules exceeding 800G [3] - The Apollo OCS technology offers significant advantages in energy efficiency and cost-effectiveness, with a single OCS switch consuming approximately 95% less power compared to traditional switches [3] Supply Chain Analysis - Leading suppliers such as InnoLight and Eoptolink are expected to capture nearly 80% of Google's orders for optical modules exceeding 800G, due to their collaboration with Google on silicon photonics and the 1.6T platform [4] - Lumentum plays a crucial role in the OCS system and MEMS supply, with its capacity planning impacting the implementation pace of Apollo OCS [4] - The increasing demand for data transmission between cabinets and clusters necessitates advancements in high-speed optical modules and laser components, which will be critical for expanding computing power and managing costs [4]

Core Insights - The article discusses the advancements in high-speed interconnect technology driven by AI demands, particularly focusing on Google's new Ironwood cabinet system and its integration with Apollo OCS optical networks, which is expected to significantly increase the global shipment share of 800G optical transceivers from 19.5% in 2024 to over 60% by 2026, establishing it as a standard in AI data centers [2][5]. Group 1: Technology Advancements - Google's Ironwood cabinet system utilizes a combination of 3D Torus network topology and Apollo OCS full optical networks to create a high-speed interconnect architecture [2]. - The architecture allows for short-distance interconnects using high-speed copper cables within the cabinet, while long-distance data transmission between cabinets is handled by optical networks [5]. - The design emphasizes energy efficiency, with Apollo OCS technology using micro-electromechanical systems (MEMS) to connect data fibers directly, reducing power consumption from approximately 3000 watts for traditional switches to about 100 watts for a single OCS switch, a reduction of about 95% [5]. Group 2: Market Implications - TrendForce estimates that Google's TPU shipments will reach nearly 4 million units by 2026, leading to a demand for over 6 million units of 800G optical transceivers [5][6]. - The transition from 800G to 1.6T bandwidth can be achieved by simply replacing high-speed optical modules, making upgrade costs more competitive without the need for a complete system overhaul [6]. - Key suppliers like Innolight and Eoptolink are expected to capture nearly 80% of Google's orders for 800G optical modules, while Lumentum plays a crucial role in the OCS system and MEMS supply chain, impacting the implementation pace of Apollo OCS [6]. Group 3: Future Outlook - As computational power continues to grow, the demand for data transmission between cabinets and clusters will also increase, making the evolution and supply of high-speed optical modules and laser components a critical factor in determining the speed and cost of computational expansion, alongside GPUs and memory [6].

Group 1 - The CPO concept stocks in the A-share market experienced a broad increase, with notable gains from several companies [1] - Changfei Fiber Optics saw an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks increased by over 4% [1] Group 2 - The following are the performance details of key stocks: - Changfei Leishe (601869) increased by 8.37%, with a total market value of 172.5 billion and a year-to-date increase of 79.06% [2] - Jepu Te (688025) rose by 5.08%, with a market value of 21.2 billion and a year-to-date increase of 57.91% [2] - Tiantong Co. (600330) increased by 4.81%, with a market value of 22 billion and a year-to-date increase of 36.10% [2] - Guangxun Technology (002281) rose by 4.34%, with a market value of 59 billion and a year-to-date increase of 4.49% [2] - Ruijie Networks (301165) increased by 4.01%, with a market value of 63.8 billion and a year-to-date decrease of 9.72% [2] - Other companies also showed positive performance, with increases ranging from 1.22% to 3.74% [2]

Market Overview - Global markets are experiencing a significant rebound, with US stock indices showing strong gains after the Dow Jones Industrial Average surpassed 50,000 points for the first time [1] - As of 7:33 AM, S&P 500 futures rose by 0.30%, Nasdaq futures increased by 0.38%, and Dow futures were up by 0.26% [1] - In the commodities market, gold prices rose to approximately $5,040, up 1.6%, while silver prices surpassed $80, gaining over 3% [1] Asia-Pacific Market Performance - Asian markets opened strongly, with Japan's Nikkei 225 index rising 1.54% to reach a historical high of 55,000 points, and South Korea's KOSPI index increasing by 4.13% [1] - The FTSE China A50 index futures rose by 1.07%, and Hong Kong's Hang Seng Index opened up by 1.59% [1] A-Share Market Dynamics - The three major A-share indices opened higher, with the Shanghai Composite Index up by 0.97%, the Shenzhen Component Index up by 1.51%, and the ChiNext Index up by 1.8% [2] - AI application stocks surged, with several companies, including Rongxin Culture and Zhongwen Online, hitting the daily limit [2][3] - The CPO and computing hardware sectors continued their strong performance, with Tianfu Communication rising nearly 10% to set a new historical high [4] Institutional Insights - CITIC Securities believes that external disturbances have not significantly impacted China's industrial fundamentals, and the market sentiment has fully released, suggesting a continuation of the spring market after the Spring Festival [5][6] - The firm highlights key sectors for future investment, including AI computing, chemicals, and power equipment [6] Sector Highlights - AI applications are leading the market, with significant gains in media and short drama sectors, driven by advancements in AI video generation technology [3] - The advanced packaging market is expected to grow at a compound annual growth rate of 9.4%, potentially reaching nearly $80 billion by 2030 [4] Investment Strategies - Various securities firms recommend holding stocks through the holiday period, emphasizing sectors with upward trends such as electronics, media, and healthcare [8][9] - Tianfeng Securities suggests focusing on three main investment themes: opportunities in AI-driven technology, economic recovery, and potential sector rotations [9]