上海证券发布研报称，近日在深圳举行的光博会吸引5000家展商集中展示前沿产品与技术，为光电产业 及下游应用持续注入新动能。光产业的核心看点在于数通市场"高速光互联"的产业趋势，当前光通信板 块成长逻辑明确，近期三大催化剂进一步强化产业景气预期。建议关注新易盛（300502） (300502.SZ)、仕佳光子(688313.SH)、移远通信（603236）(603236.SH)等。 该行认为，光产业的核心看点在于数通市场"高速光互联"的产业趋势，当前光通信板块成长逻辑明确， 近期三大催化剂进一步强化产业景气预期：1)Oracle业绩稳中向上：公司上季度实现营收33亿美元(同比 +55%)，未履约订单金额达4550亿美元(同比+359%)。公司已与OpenAI达成合作，计划在美国共同建设 总容量达4.5吉瓦的大型数据中心;2)云厂商资本开支持续上修：2025年Q2北美四大云厂商资本开支合计 958亿美元，同比增长64%，行业仍处高增通道。Google与Meta均已上调全年资本支出指引，反映了AI 驱动下基础设施投入力度加强;3)英伟达长期预期指引积极：英伟达于8月提出，到2030年全球AI基础设 施年支出规模有望 ...

Core Insights - The 26th China International Optoelectronic Expo will be held from September 10 to 12, 2025, in Shenzhen, featuring over 30,000 square meters of exhibition space and attracting 5,000 exhibitors to showcase cutting-edge products and technologies [2][3] - The expo will cover a full innovation chain from core materials and key equipment to system solutions, injecting new momentum into the optoelectronic industry and its downstream applications [2][3] Industry Highlights - The exhibition is organized into eight major thematic areas, including information communication, precision optics, laser technology, infrared technology, smart sensing, optoelectronic innovation, new display technology, and AR/VR [3] - Key highlights include the information communication section focusing on optical communication advancements, showcasing products like 400G/800G/1.6T high-speed optical modules and silicon photonic chips, indicating technological evolution in data centers and high-speed transmission [3] - The precision optics and camera technology section will display optical components, lens modules, coating equipment, and machine vision systems, addressing diverse professional needs [3] - The smart sensing section will present innovations in sensors, including 3D vision systems and LiDAR solutions, with a dedicated interactive area for humanoid robots, emphasizing the synergy between smart equipment and sensing technology [3] Industry Conferences - A series of industry conferences will be held concurrently, focusing on cutting-edge technology clusters in communication, optics, lasers, infrared, and quantum technologies, as well as applications in automotive, robotics, AR/VR, display, smart sensing, consumer electronics, and security [4] - The expo will feature multiple forums, including the Advanced Photonic Technology Forum and the IEEE OGC2025Light Optoelectronic Innovation and Entrepreneurship Forum, covering the entire innovation chain from academia to industry [4] Growth Catalysts - The optical communication sector is expected to grow steadily, supported by three main catalysts: 1. Oracle's stable performance with a revenue of $3.3 billion (up 55% year-on-year) and a backlog of $455 billion (up 359% year-on-year) [6] 2. Increased capital expenditures from major cloud providers, totaling $95.8 billion in Q2 2025 (up 64% year-on-year) [6] 3. Positive long-term guidance from NVIDIA, projecting global AI infrastructure spending to reach $3-4 trillion annually by 2030, indicating a favorable outlook for optical communication and related hardware [6] Investment Recommendations - Companies to watch include: - CPO: NewEase, Zhongji Xuchuang, Tianfu Communication, Cambridge Technology, Huagong Technology [7] - Optical Chips: Shijia Photonics, Guangxun Technology, Yuanjie Technology [7] - IoT Modules: Yiyuan Communication, Guanghetong, Meige Intelligent [7] - Optical Fiber and Cables: Changfei Fiber, Hualing Cable, Yongding Co. [7]

[Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | [行业Table_Industry] : | 通信 | | --- | --- | | 日期: | shzqdatemark 2025年09月16日 | | [Table_Author] 分析师: | 刘京昭 | | --- | --- | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | | 联系人: | 杨昕东 | | SAC 编号: | S0870123090008 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 0% 17% 34% 51% 68% 85% 102% 119% 136% 09/24 11/24 02/25 04/25 07/25 09/25 通信 沪深300 [Table_ReportInfo] 相关报告： 《国产芯片替代加速，光交换开启新纪 元》 ——2025 年 08 月 26 日 《大规模算力具备必要性，国产 AI 芯片生 态不断完善》 ——2025 年 08 月 21 日 《周专题： ...