Group 1 - The CPO sector experienced a rebound after hitting a low, with notable stocks such as Changfei Fiber and TeFa Information reaching their daily limit up [2] - New Yisheng saw a 3% increase, while Zhongji Xuchuang rose by 2%, achieving a historical high [2]

Core Viewpoint - Dekoli (688205.SH) has experienced a significant stock price fluctuation, with a cumulative closing price deviation exceeding 30% over three consecutive trading days, indicating abnormal trading activity [1] Group 1: Stock Performance - The stock price deviation occurred on December 5, December 8, and December 9, 2025, highlighting unusual trading behavior [1] - The company is subject to regulations regarding abnormal trading as per the Shanghai Stock Exchange rules [1] Group 2: Business Developments - The recent surge in interest for Optical Circuit Switching (OCS) products is driven by the demand for AI computing power [1] - The company is actively following advancements in technology and has received overseas sample orders for silicon-based OCS products, currently in the sample delivery and customer validation phase [1] - Despite the sample orders, the contribution to the company's revenue is limited as no bulk orders from mainstream overseas manufacturers have been secured yet [1] Group 3: Market Outlook - The OCS sector is characterized by diverse technological pathways and high R&D barriers, indicating that the overall market is still in the early stages of development and ecosystem formation [1] - There remains uncertainty regarding the technological paths, application scenarios, and timelines for scaling within the market [1]

Core Viewpoint - The CPO sector in the A-share market has experienced a significant surge, with multiple stocks reaching their historical highs, driven by the increasing demand for AI computing power and the ongoing upgrade of the optical module industry [1][2]. Group 1: Stock Performance - Dekoli (688205) reached a 20% increase, with a total market value of 26.1 billion and a year-to-date increase of 136.95% [2]. - Yueling Co. (002725) saw a 9.98% rise, with a market value of 4.485 billion and a year-to-date increase of 63.28% [2]. - Taicheng Light (300570) increased by 8.46%, with a market value of 29.5 billion and a year-to-date increase of 80.23% [2]. - Ruijie Network (301165) rose by 6.65%, with a market value of 69.6 billion and a year-to-date increase of 71.08% [2]. - Zhongji Xuchuang (300308) increased by 5.01%, with a market value of 665.1 billion and a year-to-date increase of 387.06% [2]. - Other notable stocks include Jingwang Electronics, Juguang Technology, and Xinyi Sheng, all showing increases of over 3% [1]. Group 2: Industry Insights - The global optical module industry is accelerating its upgrade to 800G/1.6T due to the demand for AI computing power, with optical isolators becoming a critical component due to a global supply shortage of Faraday rotators [2]. - The production of Faraday rotators is monopolized by a few manufacturers in the U.S. and Japan, creating a significant supply-demand mismatch as the demand for high-speed optical modules surges [2]. - Companies positioned in the optical isolator sector are expected to benefit from their scarcity, sufficient production capacity, and high technical barriers, making them key players in the industry [2].

Core Insights - The optical communication sector has seen a significant surge, with industry leaders like Zhongji Xuchuang and Tianfu Communication reaching historical highs, and several companies experiencing limit-up trading [1] - Major US companies such as Lumentum and Coherent have also reached historical highs, indicating a strong market trend towards optical connectivity [3] Group 1: Market Performance - On December 8, the optical communication sector collectively surged, with key players like Zhongji Xuchuang and Tianfu Communication hitting record highs [1] - Companies such as Huilv Ecology and Wantong Development also experienced limit-up trading, reflecting strong investor interest [1] Group 2: Industry Developments - Lumentum and Coherent reached historical highs on December 5, with LightCounting forecasting a continued shortage of EML and CW laser chips until the end of 2026 [3] - Marvell announced a $3.25 billion acquisition of Celestial AI to enhance its position in the optical connectivity market [3] Group 3: Supply Chain Insights - Optical isolators, crucial components in optical modules, are facing supply constraints due to a global shortage of Faraday rotator materials, which are monopolized by a few manufacturers in the US and Japan [4] - The demand for high-speed optical modules is surging, leading to a significant mismatch between supply and demand for isolators, which are expected to remain in short supply [4] Group 4: Future Projections - The demand for optical chips is projected to grow significantly, with LightCounting estimating a CAGR of 17% for the optical communication chip market from 2025 to 2030, increasing total sales from approximately $3.5 billion in 2024 to over $11 billion by 2030 [5] - Lumentum reported a 25%-30% supply gap in optical chips, with prices expected to rise by 2026 [5]

Group 1 - The CPO sector in the A-share market has experienced a significant surge, with multiple companies seeing substantial gains, including Tianfu Communication rising over 16% and several others exceeding 10% [1] - Notably, Tianfu Communication, Shijia Photon, Yongding Co., Zhongji Xuchuang, and Sruy New Materials have reached historical highs [1] - Driven by the demand for AI computing power, the global optical module industry is accelerating its upgrade to 800G/1.6T, with optical isolators becoming a critical component due to a global supply shortage of Faraday rotators [1] Group 2 - Guosheng Securities highlights that the continuous implementation of AI applications will further accelerate the construction of computing infrastructure, creating investment opportunities in the related industry chain [1] - The AIDC industry chain, including optical modules, PCBs, main equipment manufacturers, and copper cables, is expected to see rapid demand release, leading to a dual boost in performance and valuation [1] - Longcheng Securities recommends ongoing attention to these sectors as they serve as the fundamental support for computing power [1]

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]