Corning (GLW) 2025 Conference September 04, 2025 08:50 AM ET Company ParticipantsAsiya Merchant - Technology Equity ResearchEdward Schlesinger - EVP & CFOConference Call ParticipantsNone - AnalystAsiya MerchantHere. You Always have a minute. A minute always helps. Alright. Good morning, everyone.Day two of Citi's Global TMT Conference. I am ASEA Merchant. I cover the tech hardware and tech supply chain here at Citi Research. So really excited to have Corning here. I have Ed here, the CFO of Corning.We have ...

记者丨 叶麦穗 编辑丨曾芳 江佩佩 9月2日午后，截至13：46，A股市场CPO和AI算力概念股全线回调，CPO指数跌幅一度高达 8%，光迅科技、景旺电子、星网锐捷、剑桥科技跌停，新易盛、天孚通信、太辰光多股跌超 10%。 | 代码 | | 名称 | | 涨跌幅 ▲ | | | --- | --- | --- | --- | --- | --- | | 8841258 | | 光模块(CPO)指数 | | -7.73% | | | 884061 | | 光通信指数 | | -6.43% | | | 8841892 | | 光芯片指数 | | -6.13% | | | 8841912 | | 稳定币指数 | | -6.04% | | | 8841866 | | 高速铜连接指数 | | -5.44% | | | 8841680 | | 6G指数 | | -5.38% | | | 884789 | | 覆铜板指数 | | -5.26% | | | 8841164 | | 电路板指数 | | -5.15% | | | 884871 | | 数字货币指数 | | -5.10% | | | 8841247 | | 液冷服 ...

Group 1 - The CPO sector continued its upward trend in the afternoon on August 28, with Tianfu Communication hitting a 20% limit up [1] - Dekeli rose over 15%, while Dongtian Micro increased by more than 14% [1] - Changxin Bochuang and Guangku Technology both saw gains exceeding 11%, with Changfei Optical Fiber previously hitting the limit up and Taicheng Light following suit [1]

（文章来源：每日经济新闻） 每经AI快讯，8月28日，CPO概念反复走强，天孚通信涨超10%，长飞光纤4天3板，长芯博创涨超5%， 续创历史新高，东田微、德科立、新易盛、中际旭创等冲高。 ...

Flash | 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 26 Aug 2025 05:21:43 ET │ 10 pages Eoptolink Technology (300502.SZ) Key Takeaways From Post 2Q25 Investor Call: Still A Bright Future CITI'S TAKE We attended Eoptolink's investor call and key takeaways are below. We view today's stock price correction to be a buying opportunity, as we still expect Eoptolink to benefit from increasing SiPh mix and continuing market gain from peers, given the solid capacity ramp and product quality. We see upside risk to our earnings estim ...

Summary of Innolight (300308.SZ) 2Q25 Earnings Call Company Overview - **Company**: Innolight - **Ticker**: 300308.SZ - **Market Cap**: Rmb348.891 billion (approximately US$48.785 billion) [6] Key Financial Highlights - **Revenue Growth**: 2Q25 revenue increased by 36% year-over-year (YoY) to Rmb8.1 billion, aligning with Bloomberg estimates [3] - **Gross Margin**: Gross margin rose to 41.5%, up 4.8 percentage points quarter-over-quarter (QoQ) and 8.1 percentage points YoY, exceeding Bloomberg estimates by 5.7 percentage points [3] - **Net Profit**: Net profit surged by 79% YoY to Rmb2.4 billion, resulting in a net margin of 29.7%, marking a historical high [3] - **Operating Expenses**: Operating expense ratio declined by 1.0 percentage point QoQ and YoY [3] Shipment and Production Insights - **SiPh Shipment Mix**: The SiPh shipment mix is expected to exceed 60% in 3Q25, contributing to anticipated sequential growth in revenue and net profit [3] - **Transceiver Production Capacity**: 1H25 transceiver production capacity increased by 29% YoY to 11.6 million units, with sales volume growing by 46% YoY to 9.1 million units [3] Subsidiary Performance - **Terahop**: The overseas subsidiary, Terahop, reported a 197% YoY revenue growth to Rmb11.4 billion, accounting for 77% of total company revenue in 1H25 [3] Inventory and Procurement - **Inventory Growth**: 1H25 inventories grew by 30% half-on-half (HoH) to Rmb9.2 billion, indicating ongoing raw materials procurement [3] Market Outlook and Analyst Recommendations - **Investment Thesis**: The investment thesis remains intact with a positive outlook on margin expansion driven by the ASIC super cycle [3][4] - **Target Price**: The target price for Innolight is set at Rmb347, based on a 20x FY26E forward price-to-earnings ratio [14] - **Buy Rating**: Analysts maintain a "Buy" rating and consider Innolight a top pick in the sector, expecting net margins to catch up with competitors [4] Risks and Concerns - **Downside Risks**: Potential risks include slower-than-expected data center investments, weaker telecom market expansion, margin pressures from price competition, and escalating China-US tech disputes [16] Conclusion - Innolight's strong financial performance in 2Q25, driven by significant revenue growth and margin expansion, positions the company favorably in the market. The anticipated increase in SiPh shipments and robust subsidiary performance further supports a positive investment outlook. However, investors should remain cautious of potential market risks that could impact future performance.

随着AI算力需求的增加，单一数据中心在电力、散热、土地等方面逐渐逼近极限。 近日，英伟达在Hot Chips大会上发布了全新的Spectrum-XGS以太网技术。新技术通过"跨区域扩 展"（scale-across）的创新理念，将地理上分散的多个数据中心整合为一个统一的千兆规模AI超级工 厂，以应对单个数据中心在电力和空间上的物理极限。 该技术作为一套软硬件协同解决方案，通过动态距离自适应算法和先进的拥塞控制机制，解决了传统以 太网在长距离数据中心互连（DCI）时面临的高延迟与性能不确定性难题，能将分布式AI训练效率大幅 提升。 云岫资本AI/智能制造组副总裁庄昌磊告诉21世纪经济报道记者，未来的算力竞争不再是单个数据中心 的竞争，而是跨地域算力网络的竞争。英伟达此举旨在打造一个全球性的"AI工厂"网络，提供无处不 在的算力服务。 而在资本市场，空芯光纤、光模块等相关概念受到极大关注。本周截至发稿，长飞光纤走出3天2板，中 际旭创涨超15%，新易盛涨超10%，天孚通信涨超20%。 Scale-Across模式兴起 要建立强大的AI计算集群，一般有Scale up和Scale out两条路径。 跨区域扩展（sc ...

作者 | 深鹏 数据支持 | 勾股大数据（www.gogudata.com） 今天，AI再次成为最靓的"仔"。 芯片、光模块、通信设备、互联网等板块，集体上涨。 国产AI算力巨头寒武纪，股价盘中暴涨近10个点，一度超越贵州茅台，成为A股新股王。虽然尾盘有所回落，但寒武纪本 月至今最大涨幅超100%，2023年至今累计涨幅超2500%，总市值曾经突破6000亿元。 寒武纪的良好表现，带动了以其为最大权重股（占比超10%）的科创人工智能ETF(588730)走强，今日涨3.03%，4月8日以 来涨幅超61%。 利好刺激频现 最为重磅的政策利好，当属国务院《关于深入实施"人工智能+"行动的意见》正式对外公布，明确到2027年，率先实现人工 智能与6大重点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%。 到2030年，新一代智能终端、智能体等应用普及率超90%，智能经济成为我国经济发展的重要增长极，到2035年，我国全 面步入智能经济和智能社会发展新阶段，为基本实现社会主义现代化提供有力支撑。 AI板块火力全开，也带动另一个人工智能ETF(159819)涨1.99%，4月9日以来涨幅超68%。 | 分时 ...

Group 1: Market Performance - The CPO concept stocks in the A-share market continue to perform strongly, with notable gains from companies such as Shijia Photon (+13.34%), Xinyi Sheng (+11.60%), and Cambridge Technology reaching a 10% limit up [1][2] - Other companies like Changxin Bochuang, Fangzheng Technology, and Tianfu Communication also saw significant increases, with growth rates exceeding 7% [1][2] Group 2: Company Earnings and Announcements - Zhongji Xuchuang reported a revenue of 14.789 billion yuan for the first half of 2025, representing a year-on-year growth of 36.95%, and a net profit of 3.995 billion yuan, up 69.40% year-on-year [1] - The company plans to distribute a cash dividend of 4 yuan per 10 shares to all shareholders, based on a total of 1.111 billion shares [1] Group 3: Business Development and Risks - Cambridge Technology clarified that it does not currently produce chips containing CPO technology, and that its related core components are still in the collaborative research and design phase, with no business revenue generated yet [1] - The LPO business has sent samples for testing to several major North American clients, but the cumulative orders and shipment amounts for the first half of 2025 account for only about 0.03% of the company's revenue during the same period, indicating minimal contribution to current performance [1]

Core Viewpoint - The company, Taicheng Light (300570), announced on August 21 that it is focusing on the development of passive optical products, emphasizing market-leading technologies and customer needs [1] Group 1 - The company is developing products such as hollow core fiber connectors and V-grooves [1]