在开启新内容系列之前，我们希望先简要说明 QSFP 与 QSFP-DD 模块之间的区别。在 QSFP、QSFP + 及 QSFP28 世代的标准时期，技术迭代速度相对较慢，理解 起来也更为容易；而新一代光模块与网络技术（或许从 400G 世代及更高速率开始）则正迅速变得愈发复杂。 QSFP 与 QSFP-DD：核心差异何在 （图示： FS QSFP28 与 Cisco QSFP-DD 电连接对比图 1 高清版）（图示： FS QSFP28 与 Cisco QSFP-DD 电连接对比图 1 高清版） QSFP28 与 QSFP56 均采用 4 条电通道。以 QSFP28 为例，若其包含 4 条 28G 通道（实际速率为 25G），则可实现 4×25G 的传输，即 100Gbps 光模块；QSFP56 则 将单通道速率提升至 56G（实际速率为 50G），实现 4×50G 的传输，对应 200Gbps 标准。 公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ： 内容来自 编译自servethehome 。 两类光模块最大的差异或许体现在电连接层面。左侧为 QSFP28 100G 光模块，右侧为 QSFP-D ...

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司是否采购Ficontec（罗博特科）光模块生产 设备？2026年800G和1.6T硅光模块的产能受到设备多大的影响？ 剑桥科技（603083.SH）9月26日在投资者互动平台表示，公司在高速光模块生产过程中，会采购国内 外数家厂商的相关设备，同时也会自主研发其他配套设备。由于具体供应商名录涉及商业信息，不便对 外披露。公司对供应商的选择建立了严格的审核机制，并会根据业务发展需求不时更新供应商名录。公 司下半年生产以800G光模块为主，明年则重点聚焦800G与1.6T光模块。目前，公司国内及海外生产基 地均在加快推进扩产工作，且已针对产能建设提前做好设备、物料等配套安排。设备是产能释放的重要 支撑，公司正通过持续的设备投入与调试，保障扩产计划顺利落地。但需说明的是，产能实际达成情况 还可能受到设备交付进度、调试效果及市场需求变化等多方面因素影响，具体产能信息请以公司定期报 告披露内容为准。 ...

（原标题：Meet the New "New Trio" ，China's Answer to Tech Revolution丨CBN Perspective） In AI, multiple enterprises already hold a market cap of over 100 billion yuan. The colloquial "Ji Lian Hai" refers to Cambricon, Foxconn Industrial Internet, and Hygon—firms focusing on AI computing chips and infrastructure. Their order books and profit margins hit record highs in H1 2024. Meanwhile, "Yi Zhong Tian" denotes Eoptolink, Zhongji Innolight, and Tianfu Communication, whose optical modules are in high demand for hig ...

格隆汇9月26日｜剑桥科技在互动平台表示，公司的800G光模块产品已大批量发货。关于1.6T光模块， 多款基于硅光技术的1.6T光模块（如DR8、2×FR4及LPO/LRO机种）已经送样给客户加快认证，在认证 完成后将进入批量生产阶段。 ...

Group 1 - The company currently supplies optical module products at speeds of 200G and below, maintaining normal operations [2] - In the 800G optical module segment, the company has initiated ODM custom development for LPO (Linear Plugable Optical Module) solutions in collaboration with clients and has received initial orders [2] - The company is also engaged in joint development of the next-generation 800G NPO (Near-Package Optics) with external customers, which is still in the research and development phase and has not yet achieved mass production [2]

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Summary of Zhongji Innolight - A Conference Call Company Overview - **Company**: Zhongji Innolight Co., Ltd. - **Industry**: Technology, specifically data center optical modules Key Points and Arguments 1. **Market Potential**: There is a confirmed potential volume upside for pluggable 1.6T technology in 2026/27, driven by further AI system upgrades [1][8] 2. **Earnings Estimates**: Revised earnings estimates for 2026 and 2027 have been increased by 18% and 17% respectively, reflecting stronger demand for 800G and 1.6T products [1][8] 3. **Cost Advantages**: Adoption of silicon photonic (SiPho) solutions for 800G/1.6T products is expected to provide added cost advantages, enhancing profitability [1][8] 4. **CPO Technology Debate**: Ongoing market discussions regarding CPO (co-packaged optics) technology disruption are noted, but it is believed that CPO adoption will occur beyond 2027 [1][8] 5. **Valuation**: The price target for December 2026 is set at Rmb430.0, based on a 20x one-year forward P/E ratio, indicating a favorable valuation compared to peers [1][4][13] 6. **Sales Growth**: Projected sales and earnings compound annual growth rates (CAGRs) of 55% and 66% respectively for 2025-2027 are anticipated due to robust sales momentum and a favorable product mix [12][20] 7. **Market Position**: Innolight is positioned as a leading player in the sector, with strong relationships with top-tier customers and expertise in optics and component integration [8][20] Financial Highlights 1. **Revenue Growth**: Revenue is expected to grow significantly, with estimates of Rmb70.8 billion for 2026 and Rmb88.6 billion for 2027, reflecting year-over-year growth rates of 85.5% and 25.1% respectively [11][16] 2. **Profit Margins**: Gross profit margin is projected to stabilize around 40.6% for 2026, with net profit margins expected to be approximately 27.9% [11][16] 3. **Earnings Per Share (EPS)**: Adjusted EPS is forecasted to reach Rmb17.80 in 2026, with a growth rate of 88.0% year-over-year [11][16] Risks and Considerations 1. **Supply Chain Risks**: Potential downside risks include component supply bottlenecks amid strong volume ramp-up [8][20] 2. **Market Dynamics**: Key risks to the rating and price target include escalation of US-China trade tensions and slower-than-expected growth in global IDC capex [22][20] Additional Insights 1. **Stock Performance**: The stock has shown a significant rally, with a 28% increase post the 2Q25 earnings report, outperforming tech and communication indices [8][20] 2. **Investment Recommendation**: The recommendation remains "Overweight," suggesting that investors should accumulate shares on dips due to the undemanding valuation compared to peers [8][20] This summary encapsulates the critical insights from the conference call regarding Zhongji Innolight's market position, financial outlook, and strategic considerations.

以下文章来源于投资界 ，作者冯雨晨 投资界 . 清科创业旗下创业与投资资讯平台 市值4600亿。 作者： 冯雨晨 来源：投资界 "乘上了英伟达的东风。" 这里插播一条课程资讯： 报名 「 黑马·消费崛起精选课 」 ，10月17日-19日 ， 用 3天时间拆解中日消费企业突围逻 辑：从 索尼、无印良品、优衣库 学产品创新与供应链管理，还有中国新消费冠军实战分享， 想破增长瓶颈、出海避坑、摆脱同质化的创始人/CEO千万不要错过。 来 「 黑马·消费崛起精选课 」， 向中日消费冠军学习产品创新和品牌出海。 扫码咨询报名 01 这是中际旭创爆发的秘密。"一颗英伟达的GPU，至少需要使用6-8个光模块。"2025上半 年，中际旭创卖光模块豪赚40亿，股价四个月翻了3倍，最新市值超4600亿， 超越海尔智家 一跃成为山东市值最高的公司。 很难想象，10年前中际旭创净利润尚在几百万元中挣扎。转机是2016年的一笔收购：当时， 来自山东烟台的王伟修，找到雄心满怀的海归博士刘圣。两个男人联手，中际旭创由此诞生。 水涨船高，如今75岁的王伟修作为中际旭创实控人，持股市值近600亿， 对比《2025胡润全 球富豪榜》数据，成功登顶 ...

Core Viewpoint - Oracle's cloud infrastructure business reported a revenue of $3.3 billion for the latest quarter, reflecting a year-on-year growth of 55% [1][2] - The company has a significant increase in unfulfilled performance obligations, which surged 359% to $455 billion, supported by a partnership with OpenAI for a 4.5GW data center project [1][2] - Oracle's CEO announced the acquisition of four major contracts worth "several billion dollars" across three different industries during the quarter [2] Group 1: Financial Performance - Oracle's cloud infrastructure revenue reached $3.3 billion, marking a 55% increase year-on-year [1][2] - Unfulfilled performance obligations rose dramatically by 359% to $455 billion, with the OpenAI collaboration being a key contributor [1][2] - The company anticipates its cloud infrastructure revenue to grow eightfold over the next four years, projecting $18 billion for fiscal year 2026 and $144 billion by 2030 [2] Group 2: Strategic Partnerships and Contracts - Oracle signed a five-year computing power procurement agreement with OpenAI, valued at up to $300 billion [1][2] - The CEO highlighted the successful acquisition of four significant contracts during the quarter, indicating strong demand across various sectors [2] Group 3: Capital Expenditure and Growth Plans - Oracle's capital expenditure for fiscal year 2026 is expected to be $35 billion, a substantial increase from $25 billion in the previous fiscal year, primarily focused on servers and networking equipment [2] - The management has laid out an ambitious growth blueprint, aiming for substantial revenue increases in the cloud infrastructure segment [2]

Group 1 - The optical module (CPO) concept has gained significant attention in the capital market, with a 6.64% increase on September 11, making it the top-performing sector [1] - Among the 18 companies in the A-share optical module sector, 9 have published ESG-related reports, resulting in a disclosure rate of 50% [1] - Only 6 companies disclosed Scope 1 and Scope 2 greenhouse gas emissions, with just 1 company reporting Scope 3 emissions, highlighting challenges in data availability and accuracy [1][4] Group 2 - Leading companies like Zhongji Xuchuang and Tianfu Communication have established dedicated ESG governance structures, indicating a commitment to sustainable development [2] - Zhongji Xuchuang has implemented a three-tier ESG management organization, while Tianfu Communication has a similar governance framework [2] - The focus on responsible sourcing is evident, with companies like Zhongji Xuchuang and Dongshan Precision committing to avoid "conflict minerals" in their supply chains [5] Group 3 - The top three companies in R&D spending for optical modules in 2024 are Ruijie Networks, Zhongji Xuchuang, and Dongshan Precision, with expenditures of 2.19 billion, 1.33 billion, and 1.27 billion respectively [6] - Companies emphasize the importance of intellectual property protection and innovation as key drivers for their development [6][7] - Tianfu Communication has allocated 2.32 million for R&D, representing 7.14% of its revenue, showcasing a strong commitment to innovation [6]