CPO板块持续拉升，中际旭创股价创历史新高，天孚通信涨近10%，通宇通讯、中瓷电子涨停，泰晶科 技、腾景科技跟涨。 ...

2026 年科技领域的两大核心赛道是什么？这些赛道的市场前景如何？ "AI+卫星"共舞 20251207 摘要 AI 产业链景气度持续上升，各大巨头持续投资 AI 算力，部分客户已展望 至 2028 年需求，预示长期需求乐观，产业链公司积极扩产以应对潜在 的产能和供给挑战。 光通信领域，1.6T 高速光模块预计 2026 年放量，并出现 6.4T/12.8T 需求。市场对 2026 年 800G 激光模块需求预期为 4,000-4,500 万只， 1.6T 光模块需求预测为 2000-3,000 万只。 硅光芯片和 CW 激光器受益于 800G/1.6T 光模块发展，硅光模块渗透 率有望提升，中兴通讯、新胜等龙头企业市占率有望提高。CW 激光器 国产化替代速度预计快于 EML/VCSEL，国内企业如源杰科技等积极储 备产能。 FA 和 MPO 等无源器件市场空间巨大，预计 2025-2026 年分别达到 30-40 亿及 100 亿以上。致尚科技、杰普特等公司积极布局并扩产，康 宁对行业前景持乐观态度。 OCS 技术与谷歌 TPU 紧密相关，Meta、亚马逊、微软等巨头推进 ASIC 自研项目，将拉动 OCS ...

Core Viewpoint - The optical communication sector in the US stock market has shown renewed activity, with notable gains in several companies [1] Group 1: Company Performance - Credo Technology experienced a nearly 7% increase in stock price [1] - Coherent saw its stock rise by nearly 4% [1] - Lumentum's stock increased by over 1.5%, reaching a new high [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, specifically mentioning the need for Ligent Technologies, Inc. (纳真科技) to clarify compliance regarding offshore structures and reverse mergers [1][2] - Ligent Technologies has submitted a listing application to the Hong Kong Stock Exchange, with Citigroup and CITIC Securities acting as joint sponsors [1] - The CSRC has requested Ligent Technologies to provide legal opinions on various compliance aspects, including foreign exchange management, overseas investment, foreign investment, and tax management related to their offshore structure and reverse investment [1][2] Group 2 - The CSRC requires Ligent Technologies to clarify the ownership structure of its controlling shareholder, Hisense Group, and whether any shareholders holding over 5% of shares have any legal restrictions on their holdings [2] - The company must provide conclusive opinions on the legality of past equity changes in its domestic operating entities and the latest developments regarding litigation involving Qingdao Hisense Broadband [2] - Ligent Technologies is a leading global provider of optical communication and connection solutions, crucial for AI computing networks, and is one of the few companies with both optical module and optical chip R&D and mass production capabilities [2]

Core Viewpoint - Tianfu Communication (300394.SZ) has achieved mass production capabilities for 800G and 1.6T high-speed optical engines and plans to leverage existing technological advantages to expand its customer base [1] Group 1: Product Development and Delivery - The company has commenced normal delivery of its 1.6T optical engine products and will continue to invest in R&D to enhance product performance and control costs [1] - The value increase of 1.6T supporting products primarily depends on the specific technological solutions and product structures employed [1] - Overall, speed upgrades are expected to lead to a positive increase in value, although the specific ratio will depend on product configurations [1] Group 2: Production Capacity Expansion - The company's Thailand production base is being developed in two phases, with the first phase expected to be operational by mid-2024 and currently increasing capacity based on customer demand [1] - The second phase of the project commenced this year, with expectations for various product lines at the Thailand production base to gradually increase capacity by 2026 [1]

Core Insights - Tianfu Communication's stock increased by 5.13%, reaching 165.00 CNY per share, with a trading volume of 3.641 billion CNY and a turnover rate of 2.93%, resulting in a total market capitalization of 128.274 billion CNY [1] Company Overview - Suzhou Tianfu Optical Communication Co., Ltd. is located at 695 Changjiang Road, Suzhou High-tech Zone, Jiangsu Province, and was established on July 20, 2005, with its listing date on February 17, 2015 [1] - The company's main business involves the research, design, high-precision manufacturing, and sales of optical passive devices, with 98.91% of its revenue coming from optical communication components and 1.09% from other sources [1] Fund Holdings - Huian Fund has one fund heavily invested in Tianfu Communication, specifically the Huian Growth Preferred Mixed A (005550), which reduced its holdings by 600 shares in the third quarter, now holding 121,900 shares, accounting for 2.97% of the fund's net value, ranking as the tenth largest holding [2] - The Huian Growth Preferred Mixed A fund was established on February 13, 2018, with a current size of 234 million CNY, achieving a year-to-date return of 116.3%, ranking 14th out of 8,130 in its category, and a one-year return of 114%, ranking 25th out of 8,054 [2] - The fund manager, Shan Bailin, has been in the position for 3 years and 167 days, managing total assets of 688 million CNY, with the best return during his tenure being 68.48% and the worst being -3.33% [2]

Company Performance - Lumentum Holdings Inc. (NASDAQ:LITE) experienced a significant increase of 9.58% on Friday, closing at $255.59, driven by positive investor sentiment linked to hopes of an interest rate cut [1][2] - Mizuho Securities initiated coverage on Lumentum with a "buy" recommendation and set a price target of $290, indicating a potential upside of 13.46% from its latest closing price [3] Market Context - The Federal Reserve is scheduled to meet on December 9 and 10 to discuss benchmark rates, with indications that there may still be room for further adjustments to the federal funds rate [2] - The broader market optimism surrounding potential interest rate cuts has positively influenced Lumentum's stock performance [1] Industry Position - Lumentum is recognized as a leading supplier in optical communications and laser technology, particularly benefiting from strong demand in artificial intelligence applications [4]

Core Viewpoint - Tianfu Communication's stock price increased by 4.48% on November 20, with a trading volume of 7.047 billion yuan, indicating strong market interest and activity in the stock [1]. Financing and Margin Trading - On November 20, Tianfu Communication had a financing buy-in amount of 959 million yuan and a financing repayment of 641 million yuan, resulting in a net financing buy-in of 318 million yuan [1]. - As of November 20, the total margin trading balance for Tianfu Communication was 4.759 billion yuan, with the financing balance accounting for 3.81% of the circulating market value, indicating a high level of leverage compared to the past year [1]. - The company had a margin repayment of 21,400 shares and a margin sell-out of 31,900 shares on the same day, with a sell-out amount of approximately 5.1066 million yuan [1]. Financial Performance - For the period from January to September 2025, Tianfu Communication reported a revenue of 3.918 billion yuan, representing a year-on-year growth of 63.63%, and a net profit attributable to shareholders of 1.465 billion yuan, reflecting a year-on-year increase of 50.07% [2]. - Since its A-share listing, the company has distributed a total of 2.172 billion yuan in dividends, with 1.536 billion yuan distributed over the past three years [2]. Shareholder Structure - As of November 10, the number of shareholders for Tianfu Communication was 128,000, a decrease of 13.36% from the previous period, while the average circulating shares per person increased by 15.42% to 6,060 shares [2]. - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 14.8 million shares, a decrease of 3.17 million shares from the previous period [3]. - New entrants among the top ten shareholders included Zhonghang Opportunity Leading Mixed Fund A and Yongying Technology Smart Selection Mixed Fund A, while several funds exited the list [3].

Core Viewpoint - Lumentum Holdings Inc. (NASDAQ:LITE) is experiencing significant stock performance, driven by positive analyst coverage and strong financial results, particularly in the context of rising demand in the artificial intelligence sector [1][2][3]. Financial Performance - In the first quarter of fiscal year 2026, Lumentum reported a net income of $4.2 million, a turnaround from a net loss of $82.4 million in the same period last year [5]. - Net revenues increased by 58.4% year-on-year, reaching $533.8 million, up from $336.9 million [5]. - The company raised its net revenue outlook for the second quarter to between $630 million and $670 million, with projected diluted earnings per share of $1.30 to $1.50 [5]. Analyst Coverage - Mizuho Securities initiated coverage on Lumentum with a "buy" recommendation and a price target of $290, indicating a 7.8% upside from the latest closing price [2]. - Wolfe Research set a price target of 60% higher, alongside an "outperform" rating, citing the benefits of Lumentum's indium phosphide laser solutions from the growth of the artificial intelligence industry [4]. Market Position - Lumentum is recognized as a leading supplier of optical communications and laser technology for data centers and telecommunications, positioning the company to benefit from strong demand driven by artificial intelligence [3].

Group 1 - The optical communication sector in the US stock market experienced a significant increase, with Lumentum (LITE.US) rising over 11% [1] - Coherent (COHR.US) saw an increase of more than 5.5% [1] - Other companies such as Credo Technology (CRDO.US), Lumen Technologies (LUMN.US), and Astera Labs (ALAB.US) also reported gains exceeding 4% [1]