前言 ①光模块+数据中心+芯片+激光雷达！这家公司1.6T光模块用AWG芯片及组件进入客户验证阶段；②光刻 胶+固态电池+PCB+PEEK！这家公司光刻胶酚醛树脂产品形成小批量销售，硫化物固态电解质项目处于 中试阶段；③人形机器人+英伟达+AI眼镜+算力！公司上半年净利同比最高预计翻倍，有多款AI算力模 组。 每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ...

通信 周跟踪（20250616-20250620） 领先大市-A(维持) 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 研究助理： 孙悦文 邮箱：sunyuewen@sxzq.com —— MWC 上海展示低轨卫星地面基建新机遇，AMD Helios 机柜或使用更多光模块与铜缆 2025 年 7 月 10 日 行业研究/行业周报 资料来源：最闻 相关报告： cloudmatrix384 创新性，算力板块迎来业 绩 情 绪 双 击 - 周 跟 踪 （20250623-20250629） 2025.7.4 低轨卫星地面基建新机遇，AMD Helios 机柜或使用更多光模块与铜缆-山西证券 通信行业周跟踪：MWC 上海展示低轨卫 星地面基建新机遇，AMD Helios 机柜或 使用更多光模块与铜缆 2025.6.26 通信行业近一年市场表现 投资要点 行业动向： 【 山 证 通 信 】 — — 再 论 昇 腾 【山证通信】—— MWC 上海展示 1）CoreWeave 开启 ...

Market Review - The A-share market rose by 1.22% during the week of June 30 to July 4, with strong performance in the glass and innovative drug sectors [2] - The average daily trading volume for the A-share market was 1.4384 trillion yuan, a decrease of 45 billion yuan from the previous week, indicating high market activity [2] - The average number of rising stocks decreased to 2,610, down by 1,012 from the previous week, reflecting a weakening profit effect [2] High Prosperity Sectors Outlook for Q2 2025 - High-growth potential sectors identified for Q2 2025 include optical modules, diesel generators, innovative drugs, and deep-sea technology [2] - The optical module sector is expected to maintain high growth due to increased data transmission rate requirements [29] - The diesel generator market is anticipated to see a rise in both volume and price as AIDC construction accelerates [37] - The innovative drug sector is benefiting from BD transactions and supportive policies, which are expected to enhance growth opportunities [39] - Deep-sea technology is showing high prosperity trends supported by policy initiatives [43] Key Themes - The "anti-involution" policy aims to promote the orderly exit of backward production capacity, facilitating high-quality industry development [3][47] - Deep-sea technology is positioned as a critical pillar of the marine economy, driving economic acceleration [3][54] - The global regulatory framework for stablecoins is rapidly taking shape, providing new opportunities for the internationalization of the renminbi [3][50] Policy Dynamics - The central bank is enhancing financial support for the real economy, with a focus on emerging industries and technology standards [4] - Recent policies emphasize the importance of high-quality development in the marine economy and the establishment of a unified national market [4][59] Industry Trends - The artificial intelligence sector is advancing with initiatives like the global multi-center plan for AI pathology models [5] - The TMT sector is seeing the introduction of the first national 6G industry policy in Beijing [5] - The biopharmaceutical sector is experiencing growth with increased clinical trials and innovations in brain-machine interfaces [5] - The deep-sea economy is being reinforced by the establishment of leadership groups to enhance industry coordination [5] - The high-end manufacturing sector is benefiting from the lifting of EDA export restrictions to China [5]

② 创业板领涨， 通达海(+20.00%)/隆扬电子(+12.92%)/中文在线(+10.86%)/ ③科创板领涨， 山大地纬(+4.47%)/当虹科技(+4.25%)/长光华芯 (+4.05%)/ ④活跃子行业， SW大众出版(+3.44%)/SW影视动漫制作(+1.68%)/ 国内新闻 行情速递 ① 主板领涨， 华媒控股(+10.10%)/大智慧(+10.04%)/信雅达(+10.01%)/天融信(+10.00%)/欢 瑞世纪(+10.00%)/ ① 艾邦半导体网，晶能官微消息/公司近日与中车时代半导体正式签署战略 合作协议/双方将围绕Si/SiC/GaN等功率半导体器件的芯片设计/工艺创新/ 模块封装及测试验证等关键领域展开全方位深度合作/共同推动功率半导体技 术的创新突破与产业化落地/ ② 大话芯片，据橙科微创始人/董事长王珲介绍/其50G速率DSP芯片已实现 规模化出货/覆盖国内5G模组厂商及三大电信运营商/并计划于2025年推出 100G系列DSP芯片/同步推进400G/800G PAM4 DSP芯片量产及1.6T PAM4 DSP芯片研发/ ① 半导体产业纵横，全球晶圆代工巨头格芯宣布已达成最终 ...

7 July 2025 | 6:24PM CST Optical Transceiver Rising attach ratio to support better growth sustainability; raise GSe and TPs We raise our volume estimates and TPs for our covered optical names to reflect the rising attach ratio and updated GS AI server volume. We have analyzed the GPU/ASIC to transceiver attach ratio based on the reference designs released recently (link); the rising attach ratio from 1:3 (3x 800G transceivers per GPU) for H100/GB200 to 1:4.5 for B300 and 1:8 for selected ASIC fabric have ma ...

目前光模块及相关产业链的远期空间和估值情况如何？ 从 5 月份以来，海外算力链出现了大量产业催化现象。首先，北美云商财报显 示 KBOX 营收业绩超预期，行业厂商对 2026 年的指引也超出预期。此外，大 模型公司的 TOKEN 用户数和 ARR（年度经常性收入）均呈现显著增长趋势。 这些因素推动了光模块、PCB、铜连接等网络侧产品的需求增加。 在估值方面， 目前市场对光模块等产品的需求持续增长。1.6T 光模块在二季度开始放量，其 他环节如机柜、PCB 等也表现出加速出货的趋势。例如，工业富联近期业绩超 预期，反映出整个产业链的增长动能强劲。因此，即使中报数据未能完全达到 乐观预期，对股价影响也有限，因为市场普遍认为后续几个季度仍将保持加速 增长态势。 TOKEN 用户数和 ARR 显著增长，推动光模块、PCB 等网络侧产品需求。 海外 AI 商业变现加速，4 月至 6 月 TOKEN 使用量较年初增长四五倍， 推理算力需求大幅增加，利好相关产业链。 光模块产品暂不受美国对等关税影响，但需关注潜在的 232 行业税。行 业中报增速可观，模型端如 GPT-5 和 GOC-4 预计发布，海外算力链财 报强劲，均 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1、从整体的行业景气度方面来看，本周煤炭、机械设备、电子、食品饮料、纺织服饰、非银金融、公用事业、商贸零售等行业 整体呈上行趋势；电力设备、医药生物、轻工制造、家用电器、汽车、银行、房地产、环保等行业整体呈下行趋势。本周，我 们预测了未来4周表现较优的申万二级行业。重视汽车零部件、自动化设备、专用设备、元件、半导体、光学光电子、商用车、 工程机械、通用设备、汽车服务、电子化学品Ⅱ、造纸、电视广播Ⅱ、游戏Ⅱ、电机Ⅱ等申万二级行业。相较于上周，新增了 汽车零部件、半导体、光学光电子、工程机械等。2、截至2025年07月06日，重视行业值得关注的景气度数据有：汽车：乘用车 日均销量大幅上升18.44%，但半钢胎轮胎开工率下降7.64个百分点。机械设备：氧气（液体）出厂价上涨4.65%。电子：DRAM （DDR34Gb）价格上涨2.19%。轻工制造：白卡纸价格下降2.38%。电力设备：三元材料5系价格上涨0.89%，六氟磷酸锂价格下 降2.32%。行业配置建议：赛点2.0第三阶段攻坚不易，波折难免，重视恒生互联网。风险提示：1）历史复盘仅供参考 ...

高盛表示，AI芯片对光模块的配比率正在显著提升，这支撑了数据中心对高速光模块的需求，将光模块厂商2025-2027年 的净利润预测上调42%，目标价提升23%-82%。展望后续，高盛预计一线厂商估值收敛、二线厂商受益于需求外溢将成 为两大投资主线。。 硬·AI 作者 | 李笑寅 编辑 | 硬 AI 随着AI技术的迅猛发展，AI芯片与光模块的"配比率"持续提升，成为推动光模块行业增长的重要引擎。 据追风交易台消息，高盛分析师Jin Guo、Allen Chang在其最新研报中表示，AI芯片与光收发器配比率持 续上升的趋势将显著增强行业长期发展韧性。 01 配比率提升驱动下 光模块需求有强劲支撑 AI芯片与光模块的配比率提升是行业增长的核心驱动力。 报告显示，基于厂商发布的参考设计，GPU/ASIC与光收发器的配比率呈明显上升趋势。 比如，H100和GB200的配比率约为1:3（每GPU需要3个800G光收发模块），而B300提升至1:4.5，特定 ASIC训练集群甚至达到1:8。这一变化源于新芯片更高的带宽需求以及网络架构从400G向800G甚至1.6T 的升级。 报告强调， 这种趋势意味着即使AI芯片销量增长 ...

Group 1 - The core viewpoint is that the increasing ratio of AI chips to optical modules is a significant growth driver for the optical module industry, enhancing its long-term resilience [1] - Goldman Sachs analysts have raised the sales forecast for 800G optical transceiver modules to 19.9 million and 33.5 million units for 2025 and 2026, representing increases of 10% and 58% respectively, with market size expected to grow by 60% and 52% in USD terms during the same period [3] - The increase in the ratio of GPU/ASIC to optical transceivers is highlighted as a key growth driver, with specific ratios such as H100 at 1:3 and B300 at 1:4.5, indicating a rising demand for new chip bandwidth and network architecture upgrades [3] Group 2 - Investment themes identified include valuation convergence, with companies like Zhongji Xuchuang and NewEase expected to see their 2026 P/E ratios at a low point, and NewEase being approximately 20% lower than Zhongji Xuchuang [4] - Secondary manufacturers may benefit from demand overflow, as the surge in 800G demand creates capacity constraints for leading manufacturers, with Huagong Technology poised for mass production in the second half of 2025, potentially increasing net profit by 5% to 24% in 2026 if they secure U.S. customer orders [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]