Core Viewpoint - The company, Zhongji Xuchuang, expresses confidence in the long-term viability of pluggable optical modules due to their mature technology, large-scale production capabilities, deployment flexibility, and low maintenance costs, which meet the demands of major clients for large-scale and cost-effective network deployments [1] Group 1 - The company anticipates that pluggable optical modules will have a long lifecycle, fulfilling the needs for scale-out and scale-across network deployments [1] - In scale-up networks, pluggable optical modules are also considered a viable technical solution for clients [1] - The company has established technological layouts in areas such as NPO and CPO, and will assist key clients in customizing related products [1] Group 2 - The company is increasing R&D investment and accelerating technological upgrades to meet the higher bandwidth density and lower power consumption demands of data centers [1] - The company is confident in maintaining and consolidating its advantages and position within the industry [1]

Investment Rating - The report maintains a rating of "Buy" for key companies in the optical module sector, including Zhongji Xuchuang and Xinyi Sheng [4][13]. Core Viewpoints - Concerns regarding CPO (Co-Packaged Optics) technology rapidly replacing pluggable optical modules are overstated and diverge from the industry's fundamentals. Pluggable optical modules will remain the mainstream solution for data center optical interconnects for the next two to three years and beyond [22][25]. - The market's anxiety and concentrated chip structure require time to digest, and ultimately, the market will return to a consensus driven by performance fundamentals [22][27]. - CPO and pluggable modules are not mutually exclusive; they can coexist, with CPO primarily targeting scale-up scenarios while pluggable modules dominate scale-out applications [26][25]. Summary by Sections Investment Strategy - The report suggests focusing on the optical communication sector, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [9][16]. Market Review - The communication sector experienced a decline, with the optical communication index dropping by 9.5%, while the mobile internet sector showed relative strength with a 2.8% increase [21][19]. Optical Module Logic - The report emphasizes that the current market fears regarding CPO technology replacing pluggable modules are based on misinterpretations of industry developments. The relationship between CPO and pluggable modules is one of parallel development rather than outright replacement [23][25]. - Leading optical module manufacturers are not excluded from the CPO ecosystem; their existing capabilities in silicon photonics position them favorably in the evolving landscape [26][25]. Chip Structure - The optical module sector's chip structure is overly concentrated, necessitating time for optimization and self-correction. This concentration has led to significant short-term gains and volatility in stock prices [24][8]. - The report notes that the rapid accumulation of chips indicates a need for stabilization and reallocation of holdings to solidify the investment structure [27][8]. Coherent's Market Position - Coherent reported a revenue of $1.686 billion for Q2 2026, with a 22% year-over-year growth, driven by strong demand for 800G and 1.6T optical modules [28][29]. - The company anticipates that the supply-demand imbalance for InP (Indium Phosphide) will persist through 2027, impacting the optical module market [31][28]. Future Outlook - The report expresses optimism about the growth of optical modules and related technologies, particularly in the context of AI infrastructure and data center expansions [27][9]. - The anticipated demand for optical modules is expected to continue growing, supported by the ongoing AI and data center investment trends [28][9].

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]

Core Viewpoint - Weiteng Electric's subsidiary, Weipu Optoelectronics, is focusing on high-speed optical modules and related optical communication products based on silicon photonics technology and processes, indicating that this business is in its early development stage [1] Group 1 - Weipu Optoelectronics is concentrating on products related to optical communication [1] - The business is currently in the early stages of development [1]

Group 1 - The core point of the article is that Green通科技 (301322.SZ) has approved an investment of 10 million yuan in Hebei Shenghao Optoelectronics Technology Co., Ltd. (Shenghao Optoelectronics), acquiring a 0.6754% stake through its investment fund [1] - The investment will be made by the Guangdong Green通产业投资基金合伙企业 (Green通 Industry Fund) as part of a larger capital increase involving 13 other investors, including related parties [1] - Shenghao Optoelectronics, established in 2017, specializes in the research, development, manufacturing, and sales of optical communication chip testing equipment, and has established partnerships with several leading domestic optical chip companies [2] Group 2 - Shenghao Optoelectronics has maintained a leading position in the domestic market for optical chip testing equipment over the past three years, indicating strong demand for its products [2] - The company's testing equipment covers various types of optical chips, including DFB, EML, CW light sources, and APD, and is widely used in the production testing of high-speed optical communication chips [2]

Group 1 - The core point of the article is that Green通科技 (301322.SZ) has approved an investment of 10 million yuan in Hebei Shenghao Optoelectronics Technology Co., Ltd. (Shenghao Optoelectronics), acquiring a 0.6754% stake through its investment fund [1] - The investment will be made by the Guangdong Green通 Industry Investment Fund Partnership (Limited Partnership), which will use its own funds to subscribe to the new registered capital of 802,600 yuan, with the remainder allocated to capital reserves [1] - The investment involves 13 other investors, including related parties of the company, indicating that this transaction constitutes a related party investment [1] Group 2 - Shenghao Optoelectronics, established in 2017, specializes in the research, development, manufacturing, and sales of optical communication chip testing equipment, and also provides optical chip testing services based on self-developed equipment [2] - The company's testing equipment covers various types of optical chips, including DFB, EML, CW light sources, and APD, and is widely used in the mass production testing of high-speed optical communication chips [2] - Over the past three years, Shenghao Optoelectronics has consistently ranked among the top domestic suppliers of optical chip testing equipment and has established partnerships with several leading optical chip companies in China [2]

Core Viewpoint - The company, Hangdian Co., Ltd. (603618.SH), has issued a stock trading risk warning due to a significant short-term price increase, with a cumulative rise of 66.79% over six trading days from January 30 to February 6, 2026, with five of those days closing at the daily limit price [1] Group 1: Stock Performance - The stock price has experienced a substantial increase, with a cumulative rise of 66.79% over six trading days [1] - Out of the six trading days, five days closed at the daily limit price [1] Group 2: Business Operations - The company has noted that some media outlets have categorized it as a "fiber optic" concept stock [1] - The company's main business includes power distribution and transmission, optical communication, and electronic information materials [1] - For the fiscal year 2024, the revenue from optical communication is projected to be 329.93 million yuan, accounting for only 3.73% of the total audited revenue for that year [1] - The company confirms that its main business operations have not changed [1]