新易盛（300502.SZ）2月9日在投资者互动平台表示，公司1.6T光模块产品已实现批量交付并处于产能 持续提升过程中，目前在手订单充足，行业需求呈现较高的景气度和持续性。 每经AI快讯，有投资者在投资者互动平台提问：公司1.6t光模块开始放量出货了吗？2026年在手订单能 见度怎么样？ （文章来源：每日经济新闻） ...

Group 1 - The company has a strong presence in the display driver chip sector, covering most international leading companies in the semiconductor, integrated circuit, AI, advanced process, and display technology fields [1] - High-end products such as "spin-coated optical filters" have achieved mass shipments to major domestic smartphone brands, indicating growth in sectors like CPO, F5G, optical communication, consumer electronics, autonomous driving, and lidar [1] - The company secured over 900 million yuan in bids from the State Grid in the previous year, reflecting a robust order backlog in areas like ultra-high voltage, virtual power plants, smart grids, and green electricity [1]

Key Points - The article highlights the importance of major announcements in the stock market, including suspensions, investments, acquisitions, performance reports, and other significant events that can impact stock prices [1] - It emphasizes the role of specific companies in emerging technologies such as space photovoltaics, chips, HJT batteries, and BC batteries, indicating their position as core material suppliers in the global commercial aerospace and space photovoltaic projects [1] - The article also mentions a company involved in the development of heterogeneous junction slurry for space photovoltaic applications, which has a stake in the humanoid robot market and has begun small-scale production for leading clients [1] - Another company is noted for its products in commercial aerospace, optical communication, robotics, photovoltaics, and smart grids, with high-temperature cable products already being supplied in bulk [1]

Investment Rating - The report assigns a strong buy rating for Coherent, anticipating a performance that will exceed the benchmark index by more than 20% in the next six months [44]. Core Insights - Coherent achieved record revenue of $1.69 billion in FY2026Q2, with a quarter-over-quarter growth of 7% and a year-over-year growth of 17%. The Non-GAAP gross margin improved to 39%, with a Non-GAAP diluted EPS of $1.29, reflecting an 11% quarter-over-quarter increase and a 35% year-over-year increase [3][7]. - The data center and communication segment accounts for over 70% of total revenue, with a year-over-year growth of 34% in Q2. The data center business saw a 36% increase, driven by strong demand for 800G and 1.6T transceivers [8][9]. - The company expects FY2026Q3 revenue to be between $1.7 billion and $1.84 billion, with a Non-GAAP gross margin forecasted between 38.5% and 40.5% [10]. Summary by Sections FY2026Q2 Performance Overview - Coherent reported a strong performance in FY2026Q2 with total revenue reaching a record $1.69 billion, a 7% increase from the previous quarter and a 17% increase year-over-year. Excluding revenue from the recently divested aerospace and defense business, revenue growth was 9% quarter-over-quarter and 22% year-over-year. The Non-GAAP gross margin was 39%, with a Non-GAAP operating margin of 19.9% and a diluted EPS of $1.29 [3][7]. Business Segment Performance 1. **Data Center and Communication Segment** - This segment is the core growth driver, contributing over 70% of total revenue. In Q2, revenue grew 34% year-over-year, with the data center business growing 36% due to strong demand for 800G and 1.6T transceivers. The communication business also performed well, with a 44% year-over-year increase [8][9]. 2. **Industrial Segment** - After excluding the recently divested aerospace and defense business, the industrial segment saw a 4% quarter-over-quarter growth and remained flat year-over-year. The semiconductor industry orders significantly increased in Q2, indicating potential for growth in the upcoming quarters [9]. FY2026Q3 Guidance - Coherent anticipates FY2026Q3 revenue between $1.7 billion and $1.84 billion, including $5 million from the Munich product division before its sale. The Non-GAAP gross margin is expected to be between 38.5% and 40.5%, with total operating expenses projected between $320 million and $340 million [10].

（记者 曾健辉） 每经AI快讯，中际旭创（300308.SZ）2月8日在投资者互动平台表示，（1）由于可插拔光模块拥有成熟 的技术、大规模量产与交付能力、网络部署的灵活性以及较低的维护成本等优势，预计仍有较长的生命 周期，能够满足大客户在scale-out和scale-across网络的大规模和低成本部署需求；而在scale-up网络，可 插拔光模块也是客户可选的技术方案之一；（2）公司在NPO、CPO等领域已有技术布局，并将协助重 点客户定制化开发相关产品。综上，公司紧跟行业与客户迭代趋势，通过加大研发投入和加快技术升 级，能够应对数据中心更高带宽密度和更低功耗的需求，有信心继续保持和巩固在行业的优势与地位。 ...

证券研究报告|行业周报 gszqdatemark 2026 02 08 年 月 日 通信 光模块逻辑的背离与收敛 市场近期关于 CPO（共封装光学）技术将快速取代可插拔光模块的过 度担忧，背离了产业发展的基本面，在未来两至三年，乃至更长时间 内，可插拔光模块仍将是数据中心光互连的主流解决方案。市场担忧 和筹码结构集中需时间消化，长期来看市场终将回归业绩基本面主导 的共识。 【预期差纠偏：市场"焦虑"的起源与误读】 英伟达宣布将于今年规模部署 CPO 技术，市场普遍担忧 CPO 技术将 快速全面地取代可插拔光模块。这种过度担忧脱离了行业发展的基本 面，是对 CPO 技术的误读，导致市场估值出现非理性分化。 【筹码结构：过度集中与结构优化】 当前光模块板块筹码结构过于集中，需要时间进行结构优化与自我修 正。 增持（维持） 行业走势 -20% 4% 28% 52% 76% 100% 2025-02 2025-06 2025-10 2026-02 通信 沪深300 作者 分析师 宋嘉吉 执业证书编号：S0680519010002 邮箱：songjiaji@gszq.com 分析师 黄瀚 执业证书编号：S0680519 ...

证券研究报告·行业点评报告·通信 证券分析师 欧子兴 执业证书：S0600525110002 ouzx@dwzq.com.cn 行业走势 通信行业点评报告 当前时点如何看光模块/CPO/NPO 投资机会 2026 年 02 月 08 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：AI 建设不及预期、光互联技术发生重大变化、系统性风险 -18% -7% 4% 15% 26% 37% 48% 59% 70% 81% 2025/2/10 2025/6/10 2025/10/8 2026/2/5 通信 沪深300 相关研究 《我国卫星通信战略提速，建议布局 两大方向》 2026-01-11 《2026 年通信投资机会梳理：算力为 核，卫星为翼》 2026-01-04 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 光模块未来需求置信度进一步提升。本周海外亚马逊、谷歌、微软和 Meta 等主要 CSP 披露最新财报，2026 年资本开支合计将达 6600 亿美 元，同比大幅增长 60%，主要投向 AI 算力的建设。我们认为，海外主 要 CSP 大厂持 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry, indicating a positive outlook for the sector over the next six months [1][8]. Core Insights - The demand for optical modules is expected to increase significantly, driven by major cloud service providers (CSPs) like Amazon, Google, Microsoft, and Meta, which are projected to spend a total of $660 billion on capital expenditures in 2026, a 60% year-on-year increase, primarily focused on AI computing infrastructure [5]. - The CPO (Co-Packaged Optics) industry is accelerating its progress, with Lumentum announcing substantial orders for high-power lasers, and Nvidia's partners set to deploy CPO systems in 2026, indicating a robust market expansion [5]. - NPO (Near-Package Optics) technology is gaining traction due to its cost-effectiveness and flexibility, making it a preferred choice among CSP clients, which could enhance the long-term growth potential of related companies [5]. - The report emphasizes that multiple optical interconnection solutions will coexist in the long term, suggesting that investors should focus on different investment priorities based on market cycles and technological advancements [5]. Summary by Sections Optical Modules - The future demand for optical modules is expected to remain strong, with a competitive edge due to the ongoing evolution of products like 800G, 1.6T, and 3.2T modules, leading to quarterly revenue growth for related companies [5]. CPO Industry - The CPO sector is witnessing accelerated industrialization, with significant orders expected to materialize in 2026 and 2027, indicating a clear commercial value and expanding market space [5]. NPO Technology - NPO technology is recognized for its unique advantages, including cost and power efficiency, and is anticipated to become a long-term technical choice for CSPs, suggesting a strong growth trajectory for companies involved in this space [5]. Investment Focus - The report recommends focusing on three core investment themes: 1. Large-scale optical modules benefiting from high-speed interconnect demand, with key recommendations for companies like Zhongji Xuchuang and attention to new opportunities in the second-tier market [5]. 2. Smaller optical modules with increased customer demand, highlighting potential breakthroughs for companies like LianTe Technology and HuiLv Ecology [5]. 3. New optical technologies that are emerging, with a focus on companies like Tianfu Communication and potential opportunities in the technology upgrade cycle [5].

Group 1 - Amazon's high CAPEX indicates strong demand for facilities, benefiting optical communication targets [2][12][22] - In 2024 and 2025, Amazon's cash capital expenditures are projected to reach $77.7 billion and $128.3 billion, primarily for technology facilities and fulfillment network construction [2][12] - The optical communication industry is expected to grow steadily, with China's market size projected to reach 147.3 billion yuan in 2024, reflecting a compound annual growth rate of 5.18% from 2021 to 2024 [14][15] Group 2 - The report identifies five optical communication-related companies on the Beijing Stock Exchange and three on the New Third Board, with a total market capitalization of 55.213 billion yuan as of February 6, 2026 [23][24] - Key companies include: - Hengtong Optic-Electric (920045.BJ) focuses on passive optical components, with a market cap of 24.302 billion yuan and a net profit growth of 123.75% [24][25] - Wanyuantong (920060.BJ) specializes in optical module PCBs, achieving a revenue growth of 15.39% [26][28] - Yunling Optoelectronics (874775.NQ) has seen a revenue increase of 78.17% and a net profit growth of 329.30% [29][34] Group 3 - The pharmaceutical and biological industry on the Beijing Stock Exchange showed an average weekly change of +0.14%, while other sectors like high-end equipment and information technology experienced declines [3][35] - The average P/E ratio for the pharmaceutical and biological sector rose to 29.7X, indicating a positive trend in this industry [48] Group 4 - The technology new industry saw a median P/E ratio decrease from 41.5X to 40.6X, with a total market value decline from 531.795 billion yuan to 527.389 billion yuan [4][57][58] - The report highlights that 27 out of 159 companies in the technology new industry experienced stock price increases, with an average decline of -2.18% for the sector [52][54]

Market Performance - The Dow Jones Industrial Average (DJIA) has surpassed the 50,000 points mark for the first time, closing at 50,115.67 points, up 2.47% [2][3] - The Nasdaq Composite Index rose by 2.18%, closing at 23,031.21 points, while the S&P 500 Index increased by 1.97%, closing at 6,932.30 points [3] Individual Stock Movements - Nvidia shares surged nearly 8%, with CEO Jensen Huang emphasizing that the company's significant AI spending is "reasonable and sustainable" [8][10] - Major tech stocks showed mixed results, with Tesla up over 3%, Microsoft nearly 2%, and Amazon down over 5% [5] Precious Metals Market - The precious metals market experienced a strong rebound, with London spot silver rising nearly 10% and gold increasing by nearly 4% [12] - The iShares Silver Trust, the largest silver ETF, rose over 5%, and several mining companies saw significant gains [12] AI and Technology Investment - Huang stated that the current period represents the largest infrastructure build-out in history, driven by the transformative impact of AI [10] - He noted that as long as there is a willingness to pay for AI, companies will continue to invest heavily in this area [10] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 3.71%, with notable gains in companies like NIO (over 7%) and Li Auto (over 6%) [6]