关注光通信反转时机 20260128 摘要 光通信行业 2026 年上半年将迎来光进柜类技术及产品落地，腾讯已发 布 NPU 相关方案，海外谷歌、英伟达、Meta 等公司也在积极推进相关 技术，为业绩提供保障。 北美云业务需求持续超预期增长，推动全球 AI 算力链发展，Meta、谷 歌、亚马逊等公司提高云业务价格，光通信板块整体逻辑稳固。 Meta 与康宁签订 60 亿美元光缆订单，未来五年需求可能达到数亿新公 里，对光纤需求形成强劲支撑，或将引发其他公司效仿，加剧光纤供不 应求。 电信 2025 年完成供应商资格审查，但总部招标尚未启动，分公司已率 先招标，价格仍较低，需持续观察电信及后续移动的招标情况及价格调 整。 一季度调整主要因业绩担忧，但多家公司即将在港交所递交申报材料， 龙头企业示范效应将带动市场更好认识 26 至 28 年的行业需求，现在至 3 月中旬是配置该板块的重要时期。 Q&A 2025 年光通信板块的表现如何？目前市场对该板块的担忧是什么？ 2025 年，光通信板块表现非常出色，主要得益于行业需求持续上升和业绩大 幅增长。然而，自 12 月底和 1 月初以来，该板块表现相对较弱。市场的担 ...

Summary of Dongtianwei's Conference Call Company Overview - **Company**: Dongtianwei - **Industry**: Consumer Electronics and Communication Equipment Key Points Industry and Market Dynamics - Dongtianwei completed its expansion in consumer electronics by the end of 2025, despite challenges from rising storage chip prices and raw material costs, with expectations to meet market demand in 2026 [2][3] - The shortage of low-end mobile chips is intensifying competition, but the impact on Dongtianwei's high-end market positioning is minimal [2][3] - The company is actively expanding its communication business to address current high demand, anticipating a peak in optical communication and data center business in 2026 [2][3] Raw Material Supply Challenges - The company is prioritizing supply for major clients amid tight upstream raw material supplies and is exploring alternative solutions, such as using polarizers [2][4] - The delivery cycle for core coating equipment has extended, with global suppliers facing delays, impacting production timelines [4][5] Production Capacity and Expansion Plans - Dongtianwei expects to complete its communication business capacity expansion by mid-2026, although challenges remain due to delays in Japanese component deliveries and rising prices of non-ferrous metals [5][8] - The company plans to triple its capital expenditure in the communication sector, adjusting based on market demand [8][15] Product Development and Innovation - In addition to existing products, Dongtianwei is developing new products related to silicon photonics to enhance coupling efficiency and maintain technological competitiveness [6][18] - The company is focusing on high-end products, with 70% of its offerings in high-end segments and plans to introduce new materials to meet high-end demand by 2027 [17][18] Competitive Landscape - The optical communication industry has high technical barriers, and Dongtianwei is focusing on 800G and 1.6T filters, maintaining good relationships with leading manufacturers [2][9][16] - The market is characterized by high concentration, with a focus on reliability and long-term partnerships rather than price competition [16] Financial Outlook - Despite challenges from raw material shortages, Dongtianwei remains optimistic about revenue and profit growth, viewing the current market conditions as an opportunity [15][16] - The company aims to stabilize gross margins through increased coverage of high-end projects and internal cost optimization [7][18] Future Projections - Dongtianwei plans to evaluate its production capacity for 2027 by the end of this year, with a positive outlook for a second round of expansion if market conditions are favorable [14][15] Additional Insights - The company is actively communicating with key clients to secure stable raw material supplies, given the extended delivery cycles for critical materials sourced from Japan [14][16] - The impact of Japan's rare earth material authorization issues is being monitored, with expectations for resolution to alleviate supply pressures [12][16]

汇丰晋信科技先锋股票（540010）基金经理为陈平。 截至发稿，陈平累计任职时间10年192天，现任基金资产总规模5.97亿元，任职期间最佳基金回报 77.43%， 任职期间最差基金回报-29.93%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，汇丰晋信基金旗下1只基金重仓太辰光。汇丰晋信科技先锋股票（540010）四季度持有股数 32.19万股，与上期相比持股数量不变，占基金净值比例为6.23%，位居第六大重仓股。根据测算，今日 浮亏损失约192.5万元。 汇丰晋信科技先锋股票（540010）成立日期2011年7月27日，最新规模5.97亿。今年以来收益12.54%， 同类排名1161/5551；近一年收益108.65%，同类排名109/4285；成立以来收益311.83%。 1月29日，太辰光跌5.29%，截至发稿，报107.07元/股，成交10.59亿元，换手率5.06 ...

Core Viewpoint - Corning reported record core performance for Q4 and the full year, driven by strong growth in optical communications and optimistic guidance for its long-term "Springboard" growth plan [1] Financial Performance - For Q4, core sales reached $4.412 billion, a 14% year-over-year increase, while GAAP revenue was $4.215 billion, up 20% [7] - Full-year core sales totaled $16.408 billion, reflecting a 13% increase, with GAAP revenue at $15.629 billion, up 19% [7] - Core EPS for Q4 was $0.72, a 26% increase year-over-year, while GAAP EPS was $0.62, up 72% [7] - For the full year, core EPS was $2.52, a 29% increase, and GAAP EPS was $1.83, up 216% [7] Business Segment Performance - Optical Communications: Sales increased by 35% for the year, becoming the strongest growth driver and showing significant profit elasticity [5] - Display Technology: Revenue declined, but profit resilience remains, contributing less to growth in 2025 [6] - Specialty Materials: Moderate revenue growth with faster profit improvement, indicating strong operational leverage [9] - Automotive: Newly established segment faced revenue pressure but saw slight profit growth [10] - Life Sciences: Stable scale but profit decline, with Hemlock contributing to revenue growth but remaining unprofitable [10] Cash Flow and Profitability - Operating cash flow for 2025 was $2.7 billion, with adjusted free cash flow at $1.717 billion, up from $1.253 billion in 2024 [7] - Core operating profit margin rose to 20.2% in Q4, with an annual margin of 19.3%, indicating strong support from expense management and operational leverage [7] Future Guidance - For Q1 2026, the company expects core sales of $4.2 to $4.3 billion, a year-over-year increase of approximately 15%, and core EPS of $0.66 to $0.70 [11] - The Springboard growth plan's annualized sales target was raised from $8 billion to $11 billion by the end of 2028, with internal plans for 2026 increased from $6 billion to $6.5 billion [11] - The partnership with Meta, involving up to $6 billion for next-generation data center technologies, is expected to provide a strong order pipeline [11]

证券日报网讯1月28日，太辰光（300570）在互动平台回答投资者提问时表示，公司的连接制造技术将 有机会应用于共封装光学(CPO)领域，并具备较强竞争力。公司产销的MDC光纤连接器等产品可为共封 装光学(CPO)提供高可靠性、高密度的光连接方案。公司暂未布局光纤光缆生产制造环节，主营业务聚 焦光通信核心器件的研发、制造与销售，与光纤光缆企业保持深度战略合作。 ...

Core Insights - Corning reported record core performance for Q4 and the full year, driven by strong growth in optical communications and optimistic guidance for its long-term "Springboard" growth plan [1] Financial Performance - Q4 core sales reached $4.412 billion, a 14% year-over-year increase; core EPS was $0.72, up 26% [1] - For the full year, core sales totaled $16.408 billion, a 13% increase; core EPS was $2.52, up 29% [1] - GAAP revenue for Q4 was $4.215 billion, a 20% increase; GAAP EPS was $0.62, up 72% [1] - Full-year GAAP revenue was $15.629 billion, a 19% increase; GAAP EPS was $1.83, up 216% [1] Profitability and Cash Flow - Q4 core operating margin rose to 20.2%, with an annual core operating margin of 19.3%, indicating strong support from expense management and operational leverage [1] - Operating cash flow for 2025 was $2.7 billion, with adjusted free cash flow of $1.717 billion, up from $1.253 billion in 2024 [1] Business Segment Performance - Optical Communications segment saw a 35% increase in sales for the year, becoming the strongest growth driver [5][6] - Display segment experienced a revenue decline but maintained profit resilience [7] - Specialty Materials showed moderate revenue growth with faster profit increases, reflecting improved operational leverage [8] - The Automotive segment faced revenue pressure but achieved slight profit growth after restructuring [9] - Life Sciences maintained stable scale but experienced profit declines [9] Growth Guidance and Strategic Plans - For Q1 2026, the company expects core sales between $4.2 billion and $4.3 billion, a year-over-year increase of approximately 15%, with core EPS projected at $0.66 to $0.70 [10] - The Springboard growth plan's annual sales target was raised from $8 billion to $11 billion by the end of 2028, with internal plans for 2026 increased from $6 billion to $6.5 billion [10] - A significant partnership with Meta, valued at up to $6 billion, is expected to drive future growth in data center technologies [10]

（文章来源：证券日报） 证券日报网讯 1月28日，光库科技发布公告称，公司使用1，000万元暂时闲置募集资金购买平安银行对 公结构性存款（保本挂钩黄金）产品，已于2026年1月27日到期赎回，获得收益4.51万元；截至公告 日，尚未到期现金管理余额2.23亿元，未超过公司董事会对使用暂时闲置的募集资金进行现金管理的授 权额度。 ...

Core Insights - The article highlights the surge in optical communication stocks driven by accelerated global AI infrastructure investments, with significant gains observed in both A-share and Hong Kong markets [1] - Corning has entered a long-term agreement with Meta to supply optical fiber cables worth up to $60 billion, marking a historic high for Corning's stock price [1][5] Group 1: Company Developments - Corning's CEO, Wendell Weeks, stated that the company is expanding its fiber optic manufacturing capacity to meet the growing demand from major tech companies like Meta, OpenAI, Google, Amazon, and Microsoft [3] - The agreement with Meta is one of Corning's largest commercial contracts and is seen as a significant move by tech giants to enhance AI infrastructure [5] - Corning's optical communications business revenue increased by 33% to $1.652 billion in Q3, driven by strong demand for generative AI products [8] Group 2: Market Trends - The demand for optical fibers is surging due to the shift from copper to fiber optics in data centers, driven by the increasing scale of GPU clusters and the need for higher data throughput [9] - The trend of "optical over copper" is becoming mainstream, as fiber optics are essential for the performance of AI computing clusters [9] - The global demand for optical fibers and cables is expected to grow significantly, with projections indicating that the market could reach several hundred million core kilometers by 2025 [10] Group 3: Industry Implications - The AI infrastructure investment trend is positively impacting the Chinese optical communication industry, benefiting companies like Yangtze Optical Fibre and Cable, Hengtong Optic-Electric, and Zhongji Xuchuang [10] - Despite previous market fluctuations, analysts believe that Corning's diversified business and technological advantages will help it navigate through potential cycles in the optical fiber market [10]

AI算力需求爆发正推动光通信产业升级。 1月28日，受全球AI基础设施投资加速催化，光通信相关个股高涨。A股方面，可川科技（603052）强 势涨停，奕东电子（301123）大涨7.44%，太辰光（300570）涨7.63%；港股市场同样情绪高涨，其中 长飞光纤（601869）光缆收涨15.43%。 作为协议的核心组成部分，康宁将大幅扩建其在美国北卡罗来纳州的制造能力。魏文德透露，当前市场 对光纤的需求极度旺盛，客户普遍急于锁定更多的产能。据他预测，随着AI算力建设的加速，明年"超 大规模云厂商"（Hyperscalers）将超越其他业务板块，成为公司的最大客户群体。 此次与Meta签署的协议，不仅是康宁历史上规模最大的单笔商业合同之一，也被视为科技巨头加码AI 基础设施的重要动作。Meta全球事务总裁乔·卡普兰（Joel Kaplan）表示，建设最先进的数据中心离不 开在光互连领域拥有深厚积累的顶级合作伙伴，康宁提供的技术能力，将成为Meta持续迭代AI基础设 施的重要支撑。 对于Meta而言，与康宁的协议是其雄心勃勃的AI基建计划的重要组成部分。1月12日，Meta CEO扎克伯 格宣布，将启动名为"Me ...

每经AI快讯，有投资者在投资者互动平台提问：公司产销MDC光纤连接器同时为共封装光学（CPO） 提供高密度光连接方案，那么公司是否也是共封装光学（CPO）企业？在光纤光缆领域公司是否有布 局？ 太辰光（300570.SZ）1月28日在投资者互动平台表示，公司的连接制造技术将有机会应用于共封装光学 （CPO）领域，并具备较强竞争力。公司产销的MDC光纤连接器等产品可为共封装光学（CPO）提供 高可靠性、高密度的光连接方案。公司暂未布局光纤光缆生产制造环节，主营业务聚焦光通信核心器件 的研发、制造与销售，与光纤光缆企业保持深度战略合作。 （文章来源：每日经济新闻） ...