未知机构：广发通信海外AI应用提速光入柜内开启光通信投资第二阶段-20260128

Summary of Conference Call on Optical Communication and AI Applications Industry Overview - The conference call focused on the optical communication industry and the acceleration of AI applications in North America, particularly among major cloud service providers like Google, Meta, Microsoft, and Amazon [1][2]. Core Insights and Arguments - The return on investment (ROI) for AI is expected to perform well in the upcoming quarterly reports from major cloud companies, indicating a revival of the "ROI-CaPex narrative" [1]. - The emergence of personal AI agents, exemplified by Clawdbot, signifies the beginning of the personal AI agent era, characterized by a "de-app" design that integrates various skills and connects communication software with local environments and models [1]. - On the business side, Claude Cowork is expanding Claude's capabilities from programming to everyday office workflows, marking a significant transformation from tools to collaborators [1]. - The demand for scaling up is anticipated to be significantly driven by AI agents and ultra-long contextual text, which will initiate the second phase of investment in optical communication, referred to as "光入柜内" [2]. Key Recommendations - Zhongji Xuchuang and Xinyi Sheng: The supply of optical chips and Faraday rotators from leading manufacturers remains unaffected, maintaining profit forecasts for 2026. The investment logic is shifting towards "光入柜内," which will resonate with total addressable market (TAM) and valuations [2]. - Tianfu Communication: The company is expected to reach a turning point in optical chips in Q1 2026, with potential catalysts related to Scale Up at the March GTC event. There are significant expectations for the value of CPO single cabinet units [2]. - Yuanjie Technology: The company is accelerating the arrival and process debugging of MOCVD equipment, with optimistic capacity expectations for 2026. It is predicted to have the highest growth rate among global manufacturers in 2027, benefiting from the trends in NPO and CPO [2]. Additional Important Points - The call highlighted the ongoing developments in AI applications and their implications for the optical communication sector, emphasizing the interconnectedness of these technologies and their potential to drive future investments [1][2].