电信与网络设备 -2026 展望：网络效应-Telecom & Networking Equipment-2026 Outlook Network Effect

December 17, 2025 05:02 AM GMT Telecom & Networking Equipment | North America 2026 Outlook: Network Effect Networking returns in 2025 were largely concentrated in AI and the optical trade (+100% return YTD). We believe AI trade will continue for optical through the 1H, though look towards a broader set of names that could outperform in 2026. Upgrading MSI to OW, remain OW AXON, CSCO, ANET. Key Takeaways AI trade broadened out from semi names in 2025, helping infrastructure names, particularly within optical ...