2026 年 03 月 23 日 开源晨会 0323 ——晨会纪要 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2025-03 2025-07 2025-11 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 电力设备 | 1.550 | | 通信 | 1.482 | | 煤炭 | 0.104 | | 公用事业 | -0.014 | | 银行 | -0.262 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 综合 | -5.523 | | 计算机 | -3.826 | | 国防军工 | -3.000 | | 传媒 | -2.982 | | 美容护理 | -2.886 | | 数据来源：聚源 | | | 吴梦迪（分析师） | | --- | | wumengdi@kysec.cn | | 证书编号：S0790521070001 | | 观点精粹 | | 总量视角 | | 【宏观经济】开年财政支出释放积极信号——宏观经济点评-20260320 | | 【宏观经济】 ...

Investment Rating - The industry investment rating is "Overweight" [1][12] Core Insights - The report emphasizes the expansion plans announced by major optical chip manufacturers at the Optical Fiber Communication Conference (OFC), indicating a high demand for optical chips driven by the growth of AI computing clusters [4] - Lumentum's financial performance exceeded expectations, with a revenue of $666 million for FY2026Q2, representing a year-on-year growth of 65.5%, and a significant improvement in profit margins [5] - The report highlights the dual-track development of traditional solutions and silicon photonics in the optical chip industry, suggesting a continuous increase in demand for optical chips [6] Summary by Sections Industry Overview - The optical chip industry is experiencing a high demand cycle, with major companies like Lumentum and Coherent planning significant capacity expansions to meet the needs of AI infrastructure [4] Company Performance - Lumentum's backlog of orders exceeds $400 million, with expectations for revenue growth to surpass $1 billion by 2027, driven by AI demand [5] - Coherent also anticipates a "double-then-double" growth in InP capacity between 2026 and 2027, indicating strong future prospects [4] Market Trends - The report notes that the optical chip market is transitioning from single-material competition to a collaborative growth phase involving multiple material systems, including InP, silicon, and thin-film lithium niobate (TFLN) [7] - The demand for EML, VCSEL, and CW laser diodes is expected to rise as optical networks continue to upgrade [6] Investment Opportunities - Recommended investment targets in optical chips include companies like Zhongji Xuchuang, Xinyi Technology, and Huagong Technology, while beneficiaries in optical materials include Tiantong Co. and Fuzhijing Technology [8]