通信周观点： 1）国产算力链本周迎来多重利好。模型端看，DeepSeek 官宣发布 DeepSeek-V3.1，该模型使用了 UE8M0 FP8 Scale 的 参数精度，并大幅调整了分词器及 chat template。UE8M0 FP8 浮点格式用于适配下一代国产芯片，有望推动国产 AI 芯片大规模放量。此外竞争格局看，英伟达要求鸿海集团、三星电子、Amkor 等供应商停止 H20 芯片生产。伴随国产 大模型能力迭代升级、国产芯片量产爬升，我们长期坚定看好 AI 芯片的国产替代。2）海外光通信方案加速迭代。英 伟达官网再提 CPO 交换机商用时间。Quantum-X InfiniBand 交换机预计将于 2026 年初投入商用，Spectrum-X 以太网 交换机预计将于 2026 年下半年投入商用，建议关注太辰光等 CPO 产业链内公司。同时英伟达推出跨区域扩展（scale- across）以太网新网络技术 NVIDIA Spectrum-XGS，可将多个分布式数据中心组合成一个十亿瓦级 AI 超级工厂，能突 破大规模 AI 基础设施性能和效率的极限，同时降低能耗和运营成本。此外，谷歌积极引入 OCS ...

Investment Rating - Maintain "Buy" rating for the industry [4] Core Viewpoints - The market has underestimated the explosive potential of innovative connection solutions in optical communication, particularly with the increasing demand for MPO and shuffle box in complex interconnections [1][21] - The transition from 400G to higher speeds like 800G and 1.6T in optical modules is becoming a consensus, creating new opportunities for passive connection devices [3][24] - The report emphasizes the importance of high-density, high-speed, and low-power solutions in the context of growing computing clusters, which will drive innovation in passive products [24] Summary by Sections Investment Strategy - Focus on the undervalued high-speed optical interconnect sector, recommending "Two Big and Four Small" companies: Tianfu Communication, Sanhuan Group, and smaller firms like Taicheng Light, Shijia Photon, Bochuang Technology, and Zhishang Technology [7][13][24] Market Review - The communication sector has seen an increase, with the blockchain segment performing the best [18][19] - The report notes significant stock movements, with Guomai Technology leading the sector with a 46.586% increase [20] Weekly Topic - The upcoming GTC and OFC events are expected to highlight new technologies in optical communication, with a focus on the demand for more compact and efficient solutions [1][21] Key Recommendations - The report suggests monitoring developments in optical modules and passive connection devices, as these areas are poised for growth due to technological advancements and market demand [24][26]