南财智讯1月9日电，罗博特科在投资者关系活动中表示，为匹配CPO、OCS等核心业务的高速增长需 求，公司正系统推进产能提升工作。一方面加强设计、组装、调试等关键环节的人才梯队建设，柔性配 置资源；另一方面拟通过港股市场融资重点投向产能扩充与全球服务网络建设。目前ficonTEC全球服务 团队已实现规模性拓展，东南亚等地区已完成服务团队的人员扩张。同时公司持续优化供应链韧性，将 在境内外同步布局产能，保障全球客户的交付周期与服务品质。 ...

如何看光模块未来几年增长空间？20260108 摘要 光模块行业受益于数据中心升级和 AI 大模型需求，800G 光模块增量主 要来自 AI 应用。SKU 层互联需求增加，高速光模块需求呈指数级增长， 预计 2025-2028 年行业保持高增长。 海外大厂如谷歌、英伟达采用 Skyop 设计，增加光连接需求。谷歌预计 2026 年展示机柜内光互联方案，英伟达或稍晚。高密度机柜内部及 Skill Up 层之间将大量使用高速光模块。 硅光集成方案、LPO 等技术路径市场份额将提升。2025 年硅光在单模 光模块中占比 20%-30%，预计 2026 年翻倍至 40%-50%，主要因 800G 硅光产品成熟及 100G EML 芯片紧缺。 LPO 适用于小应用推理场景，LRO 和 TRO 通过定制化设计降低整体链 路功耗，适用于特定连接场景。这些定制化互联解决方案将在未来批量 应用于特定连接场景。 英伟达和博通积极推动 CPO 方案，但共封装结构导致维修复杂且成本高 昂，限制大规模应用。NPU 通过集成光模块缩短电信号传输距离，头部 厂商已开始研发。 Q&A 2026 年和 2027 年光模块行业的增长趋势如何？ ...

证券代码：300757 证券简称：罗博特科 罗博特科智能科技股份有限公司投资者关系活动记录表 该客户未来还有新的产线规划需求，公司将积极匹配其需 求。鉴于下游客户的保密要求，具体细节暂不便进一步展开， 后续若相关业务进展达到信息披露标准，公司将严格按照法律 法规及信息披露制度的要求及时履行披露义务，敬请投资者关 注公司官方公告。 4、请问公司当前产能布局是否匹配 CPO、OCS 等核心 业务的增长需求？后续产能扩产的整体规划及关键支撑条件 有哪些？ 答复：根据未来市场的高速增长态势及核心客户提供的需 求预测，公司亟需加速构建与之匹配的产能规模。得益于该业 务板块的轻资产属性与公司模块化、集成化的运营模式，现有 产能体系具备良好的弹性基础。目前，公司已从以下维度系统 推进产能提升工作： 编号：2026-01 | | 特定对象调研 ☑ | □分析师会议 | | | | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | | 类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | □其他 （电话会议） ...

继摩尔线程、沐曦股份相继谋求科创板上市后，国产GPU赛道在资本市场再迎里程碑。1月2日，壁仞科 技正式登陆港交所，由此摘得"港交所GPU第一股"的桂冠。 在2025年WAIC上，最火热的词汇当属超节点。这是因为，算力厂商的竞赛，早已从单卡延伸至超节点 （超级算力集群）。 在激烈的国产GPU竞逐中，壁仞科技素以"硬核"技术见长。壁仞科技不仅是算力领域应用先进封装技术 的先行者，在支持业内先进互连规格方面，同样处于行业领先梯队。 目前，国内已有多家算力厂商推出GPU以及AI ASIC产品。不过，目前国内厂商在单卡性能上与国际厂 商存在差距。为了"弯道超车"，国内厂商纷纷推出超节点，以实现集群算力优势。 随着成功叩开二级市场大门，壁仞科技有望进一步打通"资本"向技术能力转化的通道，持续推动产品迭 代，从而致力于在万亿级的算力市场中，构建起属于中国自主的算力生态体系。 实现超级算力集群，主要分为Scale up和Scale out两种路线，前者通过南向互联技术将单个服务器内的 多张GPU高速互联，构建高算力密度单元。 这种方式能减少通信延迟，提升单个超节点内的资源利用 率。 在单卡性能的竞争中，不仅需要先进工艺，也需 ...

Group 1 - The communication sector experienced a significant increase in valuation, with the communication index rising by 73.0% in 2025, ranking second among 31 primary industries in the Shenwan classification [1][15][24] - The growth in the communication industry is primarily driven by AI computing power, leading to accelerated technological iterations and scale growth across the entire AI computing power supply chain [1][15] - The report emphasizes the focus on the supply-demand imbalance in AI computing power and the evolution of new technologies, particularly the entry of low-orbit satellites into a prosperous cycle [1][2] Group 2 - AI computing power is entering a new stage, with structural changes expected in 2026, including a shift in demand from training to inference computing power [2][26] - The capital expenditure (Capex) investment structure is stabilizing among leading cloud providers, with second-tier cloud providers beginning to join the market [2][35] - The architecture of computing power networks is evolving, with scale-up and scale-across strategies contributing to increased network demand [2][42] Group 3 - The optical interconnection sector is facing supply-demand imbalances, particularly in optical modules, optical chips, and Faraday rotators, with a focus on technological trends such as 1.6T, silicon photonics, OCS, and CPO [3][51][54] - The liquid cooling market is at a historic turning point, with significant demand in North America, Southeast Asia, and China, particularly driven by the North American computing power market [3][11] - The IDC industry is expected to maintain an expansion trend driven by AI development, with an increase in AIDC penetration rates anticipated for 2026 [4][11] Group 4 - The report highlights the importance of breakthroughs in rocket capacity as a key variable for the commercial aerospace industry in China, with low-orbit satellite internet expected to enter an accelerated prosperity phase [1][11][24] - The commercial aerospace industry is a key focus area supported by national policies, with significant growth potential anticipated as satellite and computing power converge for space data processing [11][24][25] - The report suggests monitoring the success rates of various rocket models and their capacity planning as the industry matures [11][24]

12 December 2025 Equity Research Report China Technology Equities Optical transceivers: TPU ramp brings new opportunity China TPUv7 and OCS are gaining traction with the debut of Google Gemini 3. Google's Gemini 3 has reset the bar for LLM performance, and it noted its success is rooted in its revolutionary infrastructure of the 9,216-chip TPUv7 (Ironwood) cluster. The massive scale interconnection is delivered by the optical circuit switch (OCS), an innovative technology that establishes dedicated, low-lat ...

近期A股市场高位震荡之际，机构调研上市公司热情不减，部分市场热门板块公司尤其受到关注。Wind 数据显示，截至12月15日中国证券报记者发稿时，12月以来已有超过520家上市公司获得机构调研，合 并告吹的中科曙光、海光信息以及商业航天概念股超捷股份等关注度居前，机械、电子、汽车、基础化 工等行业标的也受到机构密集调研。 对于后市相关领域投资机遇，业内人士认为，2025年是人形机器人批量应用元年，建议关注核心供应 商；可回收火箭的发射试验突破，给行业底层逻辑带来明确拐点；AI硬件尤其值得关注，重点配置TPU 产业链特别是光模块、PCB、OCS、光纤供应商等，此外关注硬件端紧缺环节的存储芯片、AI电力等。 超捷股份表示，除已合作的几家头部民营火箭企业外，公司正积极拓展商业航天领域的其他潜在客户， 预计将于明年一季度起陆续有新客户进入批量合作阶段，并签署新的订单；公司商业航天业务已于2025 年实现产品的稳定小批量交付并初步形成小幅盈利，预计2026年相关业务营收将实现较快增长，整体盈 利水平亦有望较2025年进一步改善。 板块投资机遇值得期待 从12月以来获机构调研的上市公司行业分布情况看，机械行业拔得头筹，共有 ...

Core Viewpoint - The company, Yintan Zhikong (300131.SZ), confirmed that the deflection speed of its OCS MEMS micro-mirror is at the microsecond level, which is a critical feature for achieving millisecond-level overall optical path switching in OCS systems [1] Group 1 - The deflection speed of the MEMS micro-mirror is at the microsecond level [1] - This fast mechanical response supports OCS in achieving millisecond-level optical path switching [1] - Faster deflection speeds lead to higher switching frequencies for OCS [1]

Core Insights - The report indicates that the Chinese economy is expected to grow by 5.0% in 2025 and 4.5% in 2026 according to the IMF, reflecting a moderate recovery phase [5][8] - The A-share market is experiencing a phase of consolidation with potential upward movement supported by favorable policies and improved liquidity [9][12] - The semiconductor industry is in an upward cycle, driven by strong demand for AI computing hardware and significant capital investments from major tech companies [19][30] Domestic Market Performance - The Shanghai Composite Index closed at 3,900.50 with a slight decline of 0.23%, while the Shenzhen Component Index rose by 0.29% to 13,316.42 [4] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.04 and 49.54 respectively, indicating a suitable environment for medium to long-term investments [12] Industry Analysis - The food and beverage sector saw a rebound in November 2025, particularly in pre-packaged foods and alcoholic beverages, although overall performance remains weak with a cumulative decline of 0.16% from January to November [14][15] - The semiconductor industry experienced a 5.10% decline in November, but year-to-date performance remains strong with a 38.02% increase [19] - The electric power and utilities sector showed resilience, with a 10.4% year-on-year increase in electricity consumption in October 2025, driven by the charging and swapping service industry [23][24] Investment Strategies - The report suggests focusing on sectors such as commercial retail, precious metals, and automotive for short-term investment opportunities [12][18] - In the semiconductor space, companies involved in AI chip production and infrastructure are recommended due to the ongoing demand and technological advancements [19][30] - The food and beverage sector is advised to consider investments in soft drinks, health products, and baked goods, with specific companies highlighted for potential growth [35][36]

Core Viewpoint - AI computing power is becoming the main growth engine in the telecommunications industry, with a focus on investment opportunities in the computing power supply chain and the delivery capabilities of leading optical module manufacturers [1] Group 1: Industry Insights - The computing power sector has shown significant growth, with the semiconductor equipment and AI chip industries facing increased urgency for development due to overseas restrictions, making domestic substitution a prevailing trend [1] - The domestic chip manufacturers have begun to explore solutions such as super nodes to compensate for the performance disadvantages of single cards by leveraging the advantages of multiple card configurations [1] Group 2: Investment Opportunities - The construction of multi-card clusters raises higher demands for the quantity and quality of components, creating greater investment opportunities across the supply chain [1] - Specific segments such as liquid cooling, storage, power supply, optical modules, PCB, and quantum computing are expected to experience higher performance elasticity [1] Group 3: Market Outlook - Since 2025, both Chinese and American technology stocks have performed well, with the computing power sector leading market gains, and there are emerging opportunities on the model and application side [1] - Looking ahead to 2026, the domestic computing power market is expected to thrive, with performance elasticity and investment certainty, potentially replicating the long bull market seen in U.S. stocks since 2023 [1]