国外 1. 瑞银：下调美股配置至中性，资金全球化分散趋势渐显 金十数据2月27日讯，瑞银表示，已将美国股票的投资建议下调至中性，因美股在其他地区增长加速之 际恐将落后。策略师列举的原因包括：美国企业盈利对全球增长的敏感度相对较低、估值偏高、资金向 美国以外分散的趋势以及美元的下行风险等。他们表示："美国是各主要地区中经营杠杆最低的，因此 若全球增速升至3.5%以上，从历史看美股表现将落后。"瑞银预计2026年全球GDP增速为3.4%。随着科 技巨头回报减弱及国内政策制定陷入混乱，全球投资者正从美股撤离，寻求替代选择。美元疲软是另一 个推动因素。策略师表示，从我们在北美市场的营销情况看，资金无疑将流向全球。ETF资金流显示分 散化正在发生。尽管如此，美国市场规模庞大，即使是中性配置也仍将占较大比重，美国股票在MSCI 全球股票指数中占比超过70%。(金十数据APP) 2. 高盛：英伟达强劲财报难阻股价下跌，利好兑现压力显现 高盛指出，尽管英伟达(NVDA.O)营收同比增长73%，且对人工智能业务前景给出乐观指引，但该股仍 下跌4.5%，拖累半导体板块及标普500指数走低。分析师称，这反映出"卖事实"行情、获利了 ...

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！ 中信证券研究 文|李赫然 魏鹏程 当前AI算力网络正经历向全光互联演进的关键期，NPO技术凭借在信号完整性、功耗及可维护性上的 出色平衡，成为突破带宽物理瓶颈的理想折中方案。以阿里和腾讯为代表的科技巨头正加速推进NPO架 构落地与标准化，标志着该技术已迈入规模商用阶段。这一底层硬件变革正驱动光通信产业链深刻重 构，促使厂商从单一模块组装向硅光集成等高附加值环节跨越。国内光模块龙头有望深度受益于核心算 力底座升级，迎来业绩与估值的双轨驱动，具备显著的长期配置价值。维持通信行业"强于大市"评级。 ▍AI大模型催生Scale up网络变革，NPO技术折中优势凸显。 在当前生成式AI的浪潮下，大模型架构逐渐从Dense向MoE演进，系统对Scaleup互连网络在带宽密度与 通信时延等方面提出了前所未有的极端挑战。随着底层SerDes技术向224G甚至448G演进，传统的铜线 或长距离PCB走线所带来的信号衰减已经逼近物理极限。相较于高功耗的传统可插拔光模块与面临极高 维护难度及制造壁垒的CPO（共封装光学）方案，NPO（近封装光学）展现出了极强 ...

Core Insights - The future of optical interconnection is driven by diverse network connection scenarios such as Scale-out, Scale-up, and Scale-across, indicating a high-speed expansion of the overall market space [1] - Various technical solutions have independent market expansion foundations, presenting long-term and sustainable development opportunities [1] - The report suggests focusing on three core lines: large optics, small optics, and new optics, based on market cycles and industry evolution stages [1] Group 1: Demand for Optical Modules - Confidence in future demand for optical modules is increasing, with major cloud service providers (CSPs) like Amazon, Google, Microsoft, and Meta disclosing a combined capital expenditure of $660 billion by 2026, a significant 60% year-on-year increase, primarily directed towards AI computing power [1] - The sustained increase in capital investment by major CSPs in AI-related infrastructure will prioritize network connectivity, crucial for computing clusters [1] - The demand for optical modules will remain strong due to the ongoing release of GPU/TPU/ASIC chips and the rapid iteration of next-generation chips, establishing a solid demand foundation for 2027 [1] Group 2: CPO Industry Progress - Lumentum has announced additional orders worth hundreds of millions of dollars for ultra-high power lasers in the CPO field, with substantial deliveries expected in the second half of 2026 and Scale-up CPO products anticipated by the end of 2027 [2] - NVIDIA has revealed that partners CoreWeave, Lambda, and TACC will deploy IBCPO systems in the first half of 2026, with Ethernet CPO products set to ship in the second half of 2026 [2] - The CPO industry is progressing faster than previously expected, with significant advancements anticipated throughout the year, suggesting a growing market space [2] Group 3: NPO's Unique Advantages - Tencent has released specifications for its NPO technology, which centralizes the optical engine deployment near device chips, enabling single-layer Scale-up networking and supporting DSP-free designs [3] - NPO offers greater flexibility and cost-effectiveness, making it a favored choice among CSP customers and potentially a long-term technical option [3] - The NPO technology can reduce costs and power consumption through high-density interconnections while maintaining higher decoupling in the supply chain, enhancing the growth potential and performance of related industry players [3]