证券研究报告|通信 [Table_Title] GTC 及 OFC 2026 聚焦 AI 算力、Token、Agent 以及超大规模 AI 数据中心的互连需求 [Table_ReportType] ——通信行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 上周，沪深 300 下跌 2.19%，创业板指上涨 1.26%，申万通信行业指数 上涨 2.10%，分别跑赢沪深 300 和创业板指 4.29 和 0.84 个百分点，在 申万各一级行业中排名第 1 位。GTC 及 OFC 2026 年大会召开，均聚焦 AI 算力产业链相关产品服务。我们认为伴随 AI 生态的加速构建、Agent 的持续爆发、AI 算力需求的持续高增长，光通信已成为 AI 算力基础设 施建设的核心环节，光模块、光纤光缆等光通信技术将进一步创新迭代。 同时，OFC 2026 大会上多个 MSA 的集中涌现也反映出伴随全球 AI 数据 中心数据规模的不断扩大，互联技术的重要性进一步凸显，更高速铜链、 光模块以及 XPO 等新型技术也将不断涌现。本周建议继续关注光通信 领域高速光模块的出货量增长、光纤 ...

Group 1 - Leading Technology Company Readore, a subsidiary of Lingyi Zhizao, showcased its liquid cooling products at NVIDIA's GTC 2026 conference, becoming a supplier in the NVIDIA Vera Rubin architecture ecosystem [1] - The conference highlighted the official launch of NVIDIA's Rubin all-liquid cooling architecture, emphasizing the technological development direction and market demand trends for liquid cooling core components [1] - The Inner Manifold distributor presented by Readore is designed to efficiently distribute coolant to various heat dissipation units within server cabinets, while the UQD/MQD quick connectors support pressure insertion and extraction without leakage, with each Rubin cabinet requiring 200-300 connectors [1] Group 2 - The advancement of AI computing power towards higher power density is expected to accelerate the standardization and localization of liquid cooling core components, providing significant support for the global computing infrastructure upgrade [2] - Readore has a strong technical foundation and extensive industry experience in enterprise-level server thermal management, positioning itself as a key player in the AI liquid cooling sector [2] - Readore's entry into NVIDIA's core liquid cooling supply chain demonstrates the capabilities of domestic liquid cooling companies in precision manufacturing and R&D, offering a reference path for other domestic enterprises to participate in the global computing ecosystem [2]