Core Insights - The report from Zhongyuan Securities indicates that China's optical module exports are projected to total 37.46 billion yuan in 2025, reflecting a year-on-year decline of 15.6% [1][3] - CignalAI forecasts that the total shipment of high-speed optical modules (400G and above) will reach 42 million units in 2025, with a compound annual growth rate (CAGR) exceeding 20% for the optical module market from 2024 to 2029 [1][3] - The supply of key materials in the optical communication industry, particularly optoelectronic chips, remains tight, which is expected to constrain market growth until the end of 2026 [3] Optical Module Market - The total export value of optical modules from China in December 2025 showed a slight year-on-year decrease of 0.5% [3] - In the first eleven months of 2025, the telecommunications business revenue reached 1.6096 trillion yuan, marking a year-on-year increase of 0.9% [1] - Major telecom operators are focusing on key sectors such as industrial manufacturing, digital government, healthcare, education, and energy, leveraging the integration of cloud and network technologies [1] Key Companies and Recommendations - Companies to watch in the optical chip/device/module sector include: - SourceJ Technology (688498.SH) - Shijia Photon (688313.SH) - Tianfu Communication (300394.SZ) - Taicheng Light (300570.SZ) - Zhongji Xuchuang (300308.SZ) - New Yisheng (300502.SZ) - Guangxun Technology (002281.SZ) - Huagong Technology (000988.SZ) [4] - In the optical fiber and cable sector, domestic manufacturers are expected to gain more market share due to technological and cost advantages [4] - For AI smartphones, companies such as Xinwei Communication (300136.SZ) and ZTE Corporation (000063.SZ) are recommended [4] - Telecom operators to consider include China Mobile (600941.SH), China Telecom (601728.SH), and China Unicom (600050.SH) [4]

Summary of Conference Call on Optical Interconnect Technologies Industry Overview - The discussion focused on optical interconnect technologies, specifically AOC (Active Optical Cable), LPO (Linear Passive Optical), NPO (New Passive Optical), and CPO (Coherent Passive Optical) [1][2][17]. Key Points and Arguments AOC Technology - AOC is defined as a fixed optical fiber module suitable for short-distance multimode transmission, particularly within 50 meters, as used by Google [2][19]. - AOC's cost structure was analyzed, with 800G AOC priced over a thousand dollars and 400G AOC costing several hundred dollars [2][19]. - AOC is expected to support 1.6T transmission capabilities in the future, although current limitations exist [20]. LPO Technology - LPO modules differ from traditional optical modules by omitting DSP (Digital Signal Processor), utilizing linear drive technology, and achieving a transmission distance of up to 500 meters [4][19]. - LPO is projected to see shipments of three to four million units in 2023, potentially doubling by 2027 due to demand from major clients like Google, Microsoft, and Meta [5][19]. - The combination of AOC and LPO is anticipated for different application scenarios, with AOC for short-distance interconnects and LPO for longer distances [19]. NPO Technology - NPO optical engines are compact, low-power, and do not require an external shell, making them suitable for high-density applications like AI accelerators [7][10]. - NPO technology is expected to mature and be sold to cloud providers and equipment manufacturers, with significant market potential [9][23]. - The cost of NPO components, such as the optical engine, is estimated to be around $35 to $40 per unit [26]. Market Dynamics - The market for 800G optical modules is currently in mass production, while 1.6T modules are still in early development, expected to mature in two to three years [5][6][22]. - The supplier landscape is concentrated, with limited opportunities for new entrants, particularly in the TIA (Transimpedance Amplifier) and driver chip sectors dominated by companies like Marvell [6][22]. Technical Challenges - The discussion highlighted challenges in the 200G optical module market regarding transmission distance and industry maturity [3]. - The transition from NPO to CPO technology was noted as technically feasible but with potential challenges in product form factor [9][23]. Future Trends - The integration of optical communication technologies in data centers is expected to grow, with a focus on reducing costs and power consumption while improving system latency [10][14]. - The potential for NPO to replace existing GB300 systems was discussed, contingent on its maturity and performance improvements [25]. Additional Important Content - The role of silicon photonics in NPO technology was emphasized, with key suppliers identified as Group, Tog, and TSMC [15][28]. - The discussion also touched on the advantages of glass substrates in CPU applications, highlighting their cost-effectiveness compared to ceramic and PCB substrates [27]. - The collaboration between Google and various suppliers for LPO technology was noted, with initial production expected from companies like Xuchuang [28]. This summary encapsulates the critical insights and developments in the optical interconnect technology sector as discussed in the conference call.

消息面上， 材料科学巨头康宁公司宣布与Meta达成一项长期协议，将向Meta供应总价值高达 60亿美元（约合人民币435亿元）的数据中心光纤电缆。 受此利好提振，康宁股价在当地时间 1月27日一度飙升超15%，创下近20年来的历史新高。 | | 109.740 +14.790 +15.58% | | | | 康宁(CORNING) 立即 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | GIV 父易 | | NYSE USD 20:04:00 | | | | | | 10+ | | 盘前价 | 106.070 涨幅盤 | -3.34% | 交生 | 25.33% 120日 | | 75.03% | | 涨跌跌 | -3.670 盘前量 | 19.80万 | 5日 | 18.55% 250日 | | 118.28% | | 三一 | 106.490 | 64 | 20日 | 22.52% 52周高 | | 96.64 | | 示一 | 106.090 | 100 | 60日 | 21.96% 52周低 | | 36.83 | | 总量 | ...

Summary of Conference Call Notes Company Involved - Corning Incorporated Key Points and Arguments - Corning has secured a significant agreement with Meta to supply $6 billion worth of optical communication products related to AI data centers by 2030, which is expected to drive substantial revenue growth for the company [1] - The order primarily includes MMC/MPO connectors and fiber optic cables, indicating a strong demand for advanced optical solutions in data centers [1] - Other Cloud Service Providers (CSPs) are anticipated to follow suit with similar orders, suggesting a potential increase in market share for Corning in the optical communication sector [1] - Recently, there has been a notable increase in the prices of optical fiber rods, which may positively impact Corning's profit margins [1] Other Important but Possibly Overlooked Content - The agreement with Meta represents a strategic partnership that could enhance Corning's position in the rapidly growing AI and data center market [1] - The mention of other CSPs potentially placing orders indicates a broader trend in the industry towards increased investment in optical communication infrastructure [1]

公众号记得加星标⭐️，第一时间看推送不会错过。 本文将逐步解释这些术语的含义。读完本文后，您将能够像经验丰富的业内人士一样阅读光收发器产品页面。 初涉光收发器领域，很快就会遇到琳琅满目的字母数字组合，令新手眼花缭乱。例如，您可以看看FiberMall的这款光收发器产品页面。 您在本产品页面看到的命名标准源自 IEEE 以太网工作组，该工作组通过IEEE 802.3 标准定义了物理层 (PHY) 的电气和光学规范。802.3 并非单 一标准，而是一个包含多种修订版本的系列标准。 在物理层，其主要目的是定义信号传输中使用的电气和光学特性，例如光功率、链路预算、可接受的误码率和信号编码。例如，计划于 2026 年春 季发布的 802.3dj 标准定义了使用 200 Gbps 通道的 200 Gbps、400 Gbps、800 Gbps 和 1.6 Tbps 聚合带宽，该标准也被称为超以太网 (Ultra Ethernet) 。 光互连的定义通常遵循以下格式（大致如此，因为业内并没有严格的定义方式）：[连接器外形尺寸]-[基带速度]-[传输距离][通道数]-[调制方式]- [复用方式]-[光纤模式]-[其他信息] 让 ...

Core Viewpoint - Tianfu Communication is expected to achieve a year-on-year growth of 40.00% to 60.00% in net profit attributable to shareholders and a growth of 39.19% to 60.40% in net profit after deducting non-recurring gains and losses by 2025, indicating a sustained rapid growth trend in performance [1] Group 1: Performance Drivers - The core driver of the company's performance improvement is the accelerated development of the artificial intelligence industry, leading to continuous upgrades in global data center construction and computing power infrastructure, resulting in a significant increase in demand for high-speed optical communication systems [1] - The company's long-term technological accumulation and product layout in the fields of high-speed optical engines and core optical devices are gradually translating into order growth [1] Group 2: Strategic Initiatives - The global layout strategy is facilitating market expansion, with the CPO technology layout solidifying new advantages [1] - The company is continuously advancing the construction of its production base in Thailand as part of its global capacity layout [1] Group 3: Investment Outlook - As a leader in core optical devices for high-speed optical communication, the company is achieving strategic upgrades through a dual drive of "product technology + global capacity" [1] - The company is believed to have clear growth opportunities and valuation enhancement potential, with a target price of 236.3 yuan based on a 56 times PE for 2026, maintaining a "Buy-A" investment rating [1]

南财智讯1月22日电，世嘉科技在投资者关系活动中表示，标的公司光彩专注于光通信领域的传输与接 入技术，主要从事光模块、AOC、AEC等产品的研发、生产与销售，产品矩阵覆盖100G至800G以及 1.6T系列高速光模块产品，具备较强的技术布局和市场发展潜力。 ...

Core Viewpoint - Cambridge Technology (603083) experienced a significant drop in stock price, reaching a limit down at 116.82 CNY per share, with over 30,000 sell orders on the limit down board. The company announced an earnings forecast on the 16th, expecting a net profit attributable to shareholders of 252 million to 278 million CNY for the fiscal year 2025, representing a year-on-year increase of 51.19% to 66.79% [1] Group 1: Business Performance - The continuous growth in performance is driven by the synergistic development of three core businesses: high-speed optical modules, broadband access, and wireless access [1] - The high-speed optical module business benefits from strong market demand driven by artificial intelligence and accelerated global data center construction, alongside the production ramp-up at new production bases in Jiaxing and Malaysia [1] - The company has seen significant year-on-year growth in both order scale and shipment volume, with an improvement in overall sales gross margin due to a higher proportion of high-speed, high-margin products [1] Group 2: Supply Chain Management - The company anticipates supply chain tensions due to increasing demand, and is proactively investing in upstream supply chain capacity through prepayments, strategic material reserves, capital expenditures, and equity investments [2] - These measures are aimed at securing material supply and raw material capacity early, effectively reducing the impact of supply chain fluctuations on business performance [2] - However, the tight supply situation for core components and key materials persists, with some areas experiencing expansion and deterioration, and the volatility remains somewhat unpredictable [2] Group 3: Research and Development - The company is continuously optimizing its research and development layout by expanding the scale of R&D centers in Shanghai, Wuhan, Xi'an, and Taipei, while significantly increasing investment in the North American R&D center [2] - Adjustments have been made to the Japanese R&D team, and a new R&D center has been established in Hsinchu [2] - R&D investments are primarily focused on high-speed optical modules, core technologies for wireless access, and key component development, aiming to accumulate core competitiveness for future technological iterations [2]

Summary of Conference Call on Optical Communication Industry Industry Overview - The optical communication industry is expected to see continued positive performance in Q4 2025 and Q1 2026, driven by tight supply of upstream components such as isolators, optical chips, and DSPs, which will be reflected in the 2027 quarterly reports, benefiting leading companies with guaranteed supply [1][3] - Supply tightness may accelerate the application of new technologies like silicon photonics, LPO, and NPO to mitigate shortages and meet market demand [1][3] Key Companies to Watch - Recommended small companies include: - **Dongtian Micro**: Focused on isolator products, currently facing high demand due to supply shortages [6] - **Kechuan Technology**: Specializes in silicon photonic chips (PIC), which hold significant value in the supply chain [6] - **Huilv Ecology**: Acts as an overseas foundry and has made breakthroughs in the domestic market [6] - **Zhishang Technology**: Provides CPU connection solutions and is involved in production for Nvidia [6] Market Dynamics - The optical communication sector is characterized by reasonable valuations and strong competitiveness, with many companies expected to report growth rates exceeding 50% in the upcoming 2025 annual performance reports, which will enhance market confidence [1][5] - The overall performance of the optical communication sector is anticipated to improve as market risk appetite shifts towards performance and industry trends [3] Investment Recommendations - Investors should focus on leading companies with strong supply chain security, such as Xinyi Sheng, which has confirmed no supply chain issues and is ramping up production of its 1.6T products [7] - Emphasis should be placed on companies with valuation advantages and high growth expectations [7] Future Outlook - Domestic computing power is projected to achieve a year-on-year growth of 50%, although expectations for Q4 performance should be tempered [10] - The release of the H200 is not expected to significantly impact domestic upstream procurement, with larger companies gradually delivering and achieving performance while smaller firms may struggle [9] Regulatory Environment - The current regulatory environment favors companies with strong performance and core technologies, such as industrial leaders and optical module firms, which are suitable for long-term investment [2][11]

Group 1 - Tianfu Communication's stock increased by 1.92% on January 9, with a trading volume of 6.754 billion yuan. The financing buy amount was 814 million yuan, while the financing repayment was 759 million yuan, resulting in a net financing purchase of 54.55 million yuan. The total financing and securities balance reached 4.776 billion yuan as of January 9 [1] - The financing balance of Tianfu Communication on January 9 was 4.753 billion yuan, accounting for 3.07% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level [1] - On the same day, the company had a securities lending repayment of 4,200 shares and a securities lending sell of 11,200 shares, with a selling amount of 2.2288 million yuan. The securities lending balance was 22.7584 million yuan, also exceeding the 80th percentile level over the past year [1] Group 2 - As of December 31, the number of shareholders of Tianfu Communication reached 127,100, an increase of 3.17% from the previous period. The average circulating shares per person decreased by 3.07% to 6,102 shares [2] - For the period from January to September 2025, Tianfu Communication achieved an operating income of 3.918 billion yuan, representing a year-on-year growth of 63.63%. The net profit attributable to the parent company was 1.465 billion yuan, with a year-on-year increase of 50.07% [2] - Since its A-share listing, Tianfu Communication has distributed a total of 2.172 billion yuan in dividends, with 1.536 billion yuan distributed in the last three years [2] Group 3 - As of September 30, 2025, the top ten circulating shareholders of Tianfu Communication included Hong Kong Central Clearing Limited as the third-largest shareholder with 14.8 million shares, a decrease of 3.17 million shares from the previous period. E Fund's ChiNext ETF ranked fourth with 9.6313 million shares, down by 1.1404 million shares [3] - Other notable shareholders included Huatai-PB CSI 300 ETF in fifth place with 7.9389 million shares, a decrease of 401,200 shares, and new entrants such as AVIC Opportunity Leading Mixed Fund A with 6.9758 million shares and Yongying Technology Smart Selection Mixed Fund A with 6.1639 million shares [3] - Several funds exited the top ten circulating shareholders list, including Wan Jia Quality Life A, Huaan ChiNext 50 ETF, and Harvest CSI 300 ETF [3]