2026年2月24日早盘，光通信模块概念涨幅居前，截至11:18，国证通信指数强势上涨4.32%，成分股天 孚通信上涨14.21%，德科立上涨14.08%，通鼎互联上涨10.04%，长江通信，长飞光纤等个股跟涨。 数据显示，截至2026年1月30日，国证通信指数前十大权重股分别为中际旭创、新易盛、中兴通讯、天 孚通信、中国移动、中国电信、中国联通、信维通信、亨通光电、中天科技，前十大权重股合计占比 54.9%。 通信ETF嘉实(159695)紧密跟踪国证通信指数，一键布局光通信产业链。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 2026年2月，英伟达宣布将于年内规模部署CPO（共封装光学）技术，标志着CPO正式进入从0到1的规 模化落地元年。国盛证券强调，CPO并非替代可插拔光模块，而是与其互补并行，重点打开光通信在柜 内互联的新增量空间；其技术实现高度依赖硅光芯片能力，而光模块龙头厂商在硅光设计（PIC）领域 已具备领先储备与先发优势，技术壁垒进一步强化头部集中趋势。 中信建投证券指出，AI大模型正加速迈入商业变现深水区，从"低价/免费圈地"阶段转向"为高质量付 费"阶段，带动 ...

划重点 ① 2026 年，全球算力基建正式跨入"连接为王"的通信大年。当 AI 集群规模冲向更大级别，1.6T 速率让传统铜缆因电阻热效应撞上物理天花 板，光电转换从备选项跃升为唯一解。这场由大模型迭代倒逼出的"光速互联"革命，正开启一场比 2000 年光纤时代更具实力的价值重估。 ② LITE 靠垂直整合实现从"零件差价"到"系统溢价"的跨越；COHR 通过精简业务、聚焦核心资产以收割 AI 最肥美的利润；黑马 AAOI 则凭 借 LPO 方案的成本优势与微软深度绑定，展现极高弹性。硅光子、CPO 与 LPO 三线并进，核心目标只有一个：消灭能耗与延迟，重塑 1.6T 时代的定价权。 ③ 不同于 2000 年的供给泡沫，2026 年是需求倒逼下的刚需基建。虽然估值波动与技术更迭仍是变量，但投资逻辑已发生质变：核心不再是算 力多强，而是连接能效多高。拥有芯片自研能力与巨头订单的厂商，正接过 GPU 的火炬，点亮 AI 时代的下半场红利。 站在 2026 年来看，全球算力基建的叙事正发生一场深刻的权力交接。如果说 2024 至 2025 年是属于英伟达和芯片代工厂的"GPU 盛世"，那么 2026 年则 正式开 ...

Core Insights - By 2026, global computing infrastructure will enter a "connection is king" era, driven by the limitations of traditional copper cables and the necessity for optical solutions to meet the demands of AI clusters [3][5][6] - Companies like LITE, COHR, and AAOI are leveraging vertical integration and strategic focus to transition from component pricing to system premium, aiming to eliminate energy consumption and latency [3][6][20] - Unlike the supply bubble of 2000, the 2026 infrastructure is driven by demand, with a shift in investment logic focusing on connection efficiency rather than raw computing power [3][28] Group 1: Physical Limits and Optical Solutions - The physical limitations of copper cables become apparent as signal rates reach 1.6T, leading to significant energy loss and heat accumulation in large AI clusters [9][10] - Optical technology is no longer an option but a necessity, with AI architects prioritizing connection density over raw computing power [11][12] - The share of connection components in total capital expenditure for data centers has surged from 15% to over 30% in three years [12] Group 2: Key Technologies and Innovations - Silicon photonics has crossed the 50% market share threshold in optical transceivers, becoming a critical weapon for cost reduction and production efficiency [14][15] - CPO technology aims to reduce energy demands by integrating optical engines directly with GPU or switch chips, potentially lowering energy needs by 50%-65% [16][17] - LPO technology offers a transitional solution for companies seeking cost-effective options without immediately switching to expensive CPO systems [18][19] Group 3: Competitive Landscape - LITE has transformed from a component supplier to a system provider, with 60% of its revenue linked to AI infrastructure and a revenue growth rate of 65% [23] - COHR is focusing on dual development in AI communication and power semiconductors, having divested non-core assets to concentrate on AI data centers [24] - AAOI, benefiting from deep ties with Microsoft and a flexible LPO approach, is positioned as a strong competitor in the mid-market segment [25] Group 4: Historical Context and Future Outlook - The current market dynamics differ fundamentally from the 2000 bubble, as the 2026 scenario is characterized by demand-driven infrastructure rather than supply chasing demand [28] - Investment focus is shifting from who has the strongest computing power to who can connect the most computing power with the least energy consumption [30]

证券研究报告|行业周报 gszqdatemark 2026 02 08 年 月 日 通信 光模块逻辑的背离与收敛 市场近期关于 CPO（共封装光学）技术将快速取代可插拔光模块的过 度担忧，背离了产业发展的基本面，在未来两至三年，乃至更长时间 内，可插拔光模块仍将是数据中心光互连的主流解决方案。市场担忧 和筹码结构集中需时间消化，长期来看市场终将回归业绩基本面主导 的共识。 【预期差纠偏：市场"焦虑"的起源与误读】 英伟达宣布将于今年规模部署 CPO 技术，市场普遍担忧 CPO 技术将 快速全面地取代可插拔光模块。这种过度担忧脱离了行业发展的基本 面，是对 CPO 技术的误读，导致市场估值出现非理性分化。 【筹码结构：过度集中与结构优化】 当前光模块板块筹码结构过于集中，需要时间进行结构优化与自我修 正。 增持（维持） 行业走势 -20% 4% 28% 52% 76% 100% 2025-02 2025-06 2025-10 2026-02 通信 沪深300 作者 分析师 宋嘉吉 执业证书编号：S0680519010002 邮箱：songjiaji@gszq.com 分析师 黄瀚 执业证书编号：S0680519 ...

Core Viewpoint - The A-share market experienced a "structural frenzy" on November 26, 2025, with the ChiNext Index rising by 2.14%, while the Shanghai Composite Index slightly declined by 0.15%, indicating a divergence between index performance and individual stock activity [1] Group 1: Market Performance - The ChiNext Index closed at 3044.69 points, with the Shenzhen Component Index and the Sci-Tech 50 Index also recording gains of 1.02% and 0.99% respectively, reflecting a recovery in market sentiment [1] - The total trading volume reached 1.8 trillion yuan, showcasing a typical characteristic of "weak index, active stocks, and sector differentiation" [1] Group 2: Sector Analysis - The communication sector was the standout performer, surging by 4.64% with a trading volume of 155.58 billion yuan, driven by multiple converging factors [2] - In contrast, the defense and military sector experienced a significant decline of 2.25%, attributed to profit-taking and geopolitical event expectations, although the fundamental outlook for the sector remains intact [2] - Consumer sectors such as retail, home appliances, and food and beverage saw slight increases, influenced by expectations surrounding an upcoming policy briefing by the State Council [2] Group 3: Short-term Market Signals - The "continuous board index" surged by 4.77%, indicating a revival in short-term capital activity, with strong performance in the communication and CPO sectors [3] - However, caution is advised as some mid-tier stocks experienced sharp declines, suggesting a structural reallocation of funds towards stronger performers [3] Group 4: Future Observations - Key observations for the market include: maintaining trading volume above 1.7 trillion yuan in the coming days, which could signal the start of a new structural bull market if the technology sector continues to gain momentum [4] - The upcoming policy briefing on November 27 is expected to release favorable measures such as "trade-in" and "consumer subsidies," which could positively impact the consumer sector [4] - The relative calm in the Hong Kong market, with the Hang Seng Technology Index only rising by 0.2%, may affect the spillover strength of A-share technology stocks [4] Group 5: Investment Insights - The communication sector's surge is seen as a result of technical accumulation and policy support, while the military sector's pullback reflects market self-regulation [5] - Investors are encouraged to focus on long-term value rather than short-term volatility, emphasizing the importance of holding quality companies for sustained wealth growth [5] Group 6: Industry Trends - Continuous policy dividends are being released, with the 14th Five-Year Plan identifying integrated circuits, optical communications, and AI computing as strategic core areas, providing long-term certainty for the industry [6] - Breakthroughs in technology, particularly in CPO (Co-Packaged Optics), are driving growth, with leading stocks like Zhongji Xuchuang and Xinyi Sheng reaching historical highs [6] - There is a notable shift in market funds from defensive sectors like consumption and real estate towards high-growth technology sectors, with a renewed valuation of the long-term value of AI infrastructure [6]

Core Viewpoint - The surge in the STAR Market and ChiNext is driven by the booming demand for AI computing power, leading to significant growth in the performance of related listed companies in the first half of 2025 [3][4]. Group 1: Market Performance - The dual innovation leader ETF (588330) saw a price increase of 6.57% with a trading volume exceeding 800 million yuan, indicating strong market activity [1]. - Semiconductor industry leaders, including Haiguang Information and Cambrian, experienced significant gains, with stocks like SMIC rising over 14% [1]. Group 2: Company Performance - Haiguang Information reported a revenue of 5.464 billion yuan, a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% [3]. - Zhongji Xuchuang, a major optical module manufacturer, expects a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, reflecting a growth of 52.64% to 86.57% [4]. - New Yisheng anticipates a net profit of 3.7 billion to 4.2 billion yuan, marking a year-on-year increase of 327.68% to 385.47% [4]. Group 3: Industry Trends - The AI computing power boom is creating substantial demand for key infrastructure like optical modules, particularly CPO technology, which reduces data center power costs and enhances transmission efficiency [3]. - The development opportunities in AI computing are driven by three main factors: technological iteration, localization of products, and dual support from policies and capital [4]. - The transition from old to new economic drivers in China is expected to favor technology innovation and high-end manufacturing, with emerging industries like AI and innovative pharmaceuticals likely to benefit [4]. Group 4: Investment Insights - The dual innovation leader ETF (588330) is characterized by cross-market diversification, focusing on strategic emerging industries, and offers a low entry point for investors [6]. - The ETF captures high-growth sectors, including new energy and semiconductors, and is positioned as a tool for investors to engage with the technology market [6].

Group 1 - The core market indices showed varied performance, with the ChiNext Index rising by 2.56% and the Sci-Tech 50 Index leading with a 5.25% increase, indicating strong interest in the technology sector, particularly in AI-related stocks [1] - The China AI 50 index led the market with a 3.64% increase, attracting significant capital inflow of 6.752 billion, reflecting strong market enthusiasm for AI [2] - Key sectors such as the National Big Fund and semiconductors also performed well, with increases of 3.02% and 2.66% respectively, highlighting the robust position of technology and AI industries in the market [2] Group 2 - Individual stocks within the China AI 50 index showed remarkable gains, with Haiguang Information surging by 17.19% due to strong revenue and profit growth from its deep computing processors [3] - Cambrian's stock rose by 12.40%, reflecting market confidence in its AI chip technology and its significant market position [3] - Zhongke Shuguang hit the daily limit with a 10.00% increase, benefiting from the explosive growth in AI computing demand, attracting a net capital inflow of 1.934 billion [3] Group 3 - The current proliferation of AI applications is driving a surge in computing power demand, with China's intelligent computing capacity expected to reach 1,037.3 EFLOPS by 2025 and grow to 2,781.9 EFLOPS by 2028 [4] - The growth in foundational computing infrastructure and AI-related investments is becoming a core driver of revenue growth for industry chain companies [4] - In the optical module sector, high-end products like 800G are seeing increased sales, and CPO technology is gaining traction for its efficiency benefits, indicating a promising market outlook [4]

Core Viewpoint - The A-share market experienced slight declines today, with the three major indices showing mixed performance, indicating a divergence in market sentiment and sector performance [1] Market Performance - The A-share indices closed with minor losses: Shanghai Composite Index down 0.02%, Shenzhen Component down 0.12%, and ChiNext down 0.17%. The total trading volume in Shanghai and Shenzhen was 26,407 billion yuan, a decrease of 1,685 billion yuan from the previous day [1] - The white wine sector saw a significant rebound, with stocks like JiuGuiJiu hitting the daily limit, and others like SheDeJiuYe and YangHe股份 rising over 4% [8][10] Company-Specific Developments - Dongfang Zhenxuan's stock price fluctuated dramatically, initially rising over 12% to reach a 1.5-year high, but later plummeting by over 20% before the close [2][6] - Dongfang Zhenxuan's Q4 revenue for the fiscal year ending May 31, 2025, is projected at 150 million USD, a year-on-year decline of approximately 30% [6] Sector Analysis - The white wine sector is under pressure, with major companies like Moutai and Wuliangye reporting slower growth rates. Moutai's H1 revenue grew by 9.2%, while Wuliangye's Q1 net profit growth was only 5.8%, marking a recent low [10][12] - The government has emphasized boosting domestic consumption, which may positively impact the white wine sector as the Mid-Autumn Festival approaches [10][12] CPO Sector Insights - The CPO (Co-Packaged Optics) sector continues to show strength, driven by technological advancements and increased demand for AI computing power. Companies like Tianfu Communication and Zhongji Xuchuang have seen significant stock price increases [15][19] - The CEO of OpenAI has announced plans for substantial investments in AI infrastructure, which could further stimulate demand in the CPO sector [19]

Core Viewpoint - The article discusses how artificial intelligence (AI) is reshaping data center architecture due to its immense computational power requirements, leading to a transformation from isolated servers to interconnected computing clusters that operate as unified systems [2][3]. Group 1: AI Interconnect Architecture - The AI interconnect architecture is structured in layers, similar to memory systems, categorized by connection distance, bandwidth, latency, and power consumption [2]. - The Scale-up interconnect focuses on connecting GPUs and AI accelerators (XPUs) with high-performance, ultra-low latency links, transitioning from traditional copper solutions to optical technologies like Linear Pluggable Optics (LPO) [3]. - Scale-out interconnects act as the "optical loom" that weaves together multiple racks and units, relying on PAM4 modulation for high bandwidth and low latency over distances of tens to hundreds of meters [4]. Group 2: Data Center Interconnect (DCI) - Data Center Interconnect (DCI) technology connects computing clusters across cities and continents, utilizing coherent ZR optical technology for high-capacity connections over long distances, such as 800G ZR/ZR+ modules achieving up to 2500 kilometers [6]. Group 3: Future of AI Interconnect - The future of AI interconnect will not rely on a single technology but will integrate various solutions like copper, LPO, CPO, PAM4, coherent-lite, and coherent ZR to create a scalable, energy-efficient, and high-performance AI infrastructure [8]. - Collaboration among chip manufacturers, developers, and cloud service operators is essential to elevate interconnects from auxiliary components to core pillars of system architecture, emphasizing the importance of connectivity in the AI landscape [9].

Core Viewpoint - NVIDIA's introduction of silicon photonics technology, specifically the Co-Packaged Optics (CPO), is set to revolutionize data center infrastructure by significantly reducing power consumption and enhancing network efficiency for AI computing clusters [1][11]. Group 1: NVIDIA's Innovations - NVIDIA announced its groundbreaking silicon photonics technology at the GTC2025 conference, which is expected to reduce data center power consumption by 40 megawatts [1]. - The Spectrum-X and Quantum-X silicon photonic network switches integrate electronic circuits with optical communication technology, enabling AI factories to interconnect millions of GPU clusters while lowering energy consumption and operational costs [1][2]. Group 2: Spectrum-X and Quantum-X Specifications - Spectrum-X offers configurations with up to 128 ports at 800 Gb/s or 512 ports at 200 Gb/s, achieving a total bandwidth of up to 100 Tb/s [2]. - Quantum-X features a throughput of 115.2 Tb/s with 144 ports, utilizing advanced cooling and silicon photonics technology to double AI computing speeds compared to previous generations [2][4]. Group 3: CPO Technology Advantages - CPO technology integrates ASIC and optical components, eliminating the need for separate DSP chips, which enhances overall module performance and significantly reduces data center power consumption [6]. - Compared to traditional pluggable optical modules, CPO can reduce power consumption by 30% in high-capacity switches [6]. Group 4: Challenges and Market Position - CPO modules face challenges such as fixed configurations that may limit flexibility, as failures in CPO systems require replacing the entire module rather than just the faulty part [8]. - Despite the advantages of CPO technology, pluggable optical modules remain the market standard due to their flexibility and established standardization [9]. Group 5: Future Outlook - The CPO technology marks the beginning of a transformative phase in the semiconductor and switching markets, with potential for accelerated growth in AI infrastructure as the technology matures [11]. - In the short term, CPO may be piloted in specific scenarios, while pluggable modules will continue to dominate; however, a hybrid "CPO + pluggable" architecture may emerge to meet varying application needs [11].