1. 海外供应 "双杀"（最直接导火索） Coherent（原 II-VI）：全球第一大供应商（市占约 50%），已停止对外销售，全部自用保障英伟达等 大客户。 日本 GRANOPT（住友电工合资）：全球第二大（市占 20%-30%），因中国 2026 年 1 月起加强稀土出 口管制（钆、铽等中重稀土 100% 依赖中国），原料耗尽被迫减产 + 保线不扩产；高温炉一旦停炉重启 需4-6 个月，产能短期无法恢复。 法拉第旋光片当前催化事件，核心是全球供应断崖式收缩 + AI 算力光模块需求暴增 + 国产替代加速三 重共振。 一、核心催化事件（2026 年 Q1） 供需错配下，旋光片价格暴涨：2024 年初约 4 元 / 片→2025 年底约 10 元 / 片（+150%），2026 年预计 再涨20%-30%。 3. 国产替代 "窗口打开"（A 股核心逻辑） 海外断供倒逼光模块厂（中际旭创、新易盛等）紧急导入国产， 国内厂商扩产启动，但高温炉、铂金坩埚、衬底材料等瓶颈仍在，短期供给弹性有限，涨价与稀缺性逻 辑持续。 国内能量产 / 小批量供货法拉第旋光片（含 TGG/TSAG/YIG）的主流厂家如下，按上市 / ...

Investment Rating - The report suggests a positive outlook for the AI-related sectors, particularly in servers and IDC, driven by strong demand for AI computing power and infrastructure [4]. Core Insights - The continuous breakthroughs in large model capabilities are expected to accelerate AI penetration across various industries, leading to sustained growth in computing power demand [1]. - Oracle's capital expenditure guidance indicates strong AI demand, with projected cloud revenue growth exceeding 40% in FY26 [1]. - NVIDIA's plans to deploy over 3000 EFLOPS of AI computing power in Europe and establish 20 AI factories highlight the increasing demand for AI infrastructure [1]. - The report emphasizes the robust growth in AI computing demand, particularly in Europe, and recommends focusing on companies within NVIDIA's supply chain [2][6]. Summary by Sections Industry Overview - The telecommunications sector is experiencing steady growth, with major operators reporting a 1.0% year-on-year increase in telecom revenue [3]. - The AI computing demand remains strong globally, with NVIDIA's initiatives in Europe expected to significantly boost AI capabilities [6]. Sub-Sector Analysis - **Servers**: The server index decreased by 2.10% this week but has a monthly increase of 2.11%. The demand for AI computing power is expected to rise sharply in Europe due to NVIDIA's initiatives [2][6]. - **Optical Modules**: The optical module sector saw a 1.64% increase this week, with a monthly rise of 13.47%. The demand for 800G/1.6T modules is expected to increase due to Oracle's capital expenditure adjustments [2][10]. - **IDC**: The IDC index decreased by 1.85% this week but has increased by 4.44% this month. The establishment of AI factories in Europe is anticipated to drive IDC construction [14]. Key Data Updates - Major telecom operators reported a total revenue of 598.5 billion yuan in the first four months, reflecting a 1.0% year-on-year growth [3]. - Capital expenditures from major tech companies like Microsoft, Google, Meta, and Amazon have shown significant year-on-year increases, indicating strong investment in AI infrastructure [3]. Investment Recommendations - The report recommends focusing on sectors such as servers and IDC driven by domestic AI development, as well as optical modules benefiting from overseas AI growth [4].