证券代码：002281 证券简称：光迅科技 公告编号：（2026）001 武汉光迅科技股份有限公司 第八届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、董事会会议召开情况： 武汉光迅科技股份有限公司（以下简称"公司"）第八届董事会第三次会议于 2026 年 2 月 12 日在公司 432 会议室以现场表决结合通讯表决的方式召开。本次董事会会议 通知已于 2026 年 2 月 6 日以电子邮件方式发出。会议应出席董事 11 人，实际出席董事 11 人，其中，董事宗雨冉以通讯表决方式出席会议，公司部分高级管理人员列席了本次 会议。会议的召集与召开符合《公司法》和《公司章程》的有关规定。会议由董事长黄 宣泽先生主持。 《武汉光迅科技股份有限公司信息披露暂缓与豁免管理制度》详见巨潮资讯网。 二、董事会会议审议情况： 经与会董事认真审议，以投票表决方式通过了以下决议： 1、审议通过了《关于预计 2026 年 1-3 月日常关联交易的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。关联董事丁峰、李国庆、李醒群回避 表决。 《武汉光迅 ...

Group 1 - The CPO concept stocks in the A-share market experienced a broad increase, with notable gains from several companies [1] - Changfei Fiber Optics saw an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks increased by over 4% [1] Group 2 - The following are the performance details of key stocks: - Changfei Leishe (601869) increased by 8.37%, with a total market value of 172.5 billion and a year-to-date increase of 79.06% [2] - Jepu Te (688025) rose by 5.08%, with a market value of 21.2 billion and a year-to-date increase of 57.91% [2] - Tiantong Co. (600330) increased by 4.81%, with a market value of 22 billion and a year-to-date increase of 36.10% [2] - Guangxun Technology (002281) rose by 4.34%, with a market value of 59 billion and a year-to-date increase of 4.49% [2] - Ruijie Networks (301165) increased by 4.01%, with a market value of 63.8 billion and a year-to-date decrease of 9.72% [2] - Other companies also showed positive performance, with increases ranging from 1.22% to 3.74% [2]

Group 1 - The A-share market saw a general rise in CPO concept stocks, with notable increases in several companies' stock prices [1] - Changfei Fiber Optics experienced an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks saw stock price increases of over 4% [1] Group 2 - Detailed stock performance includes: - Changfei Leishe (601869) with an 8.37% increase and a total market value of 172.5 billion, year-to-date increase of 79.06% [2] - Jepu Te (688025) with a 5.08% increase and a market value of 21.2 billion, year-to-date increase of 57.91% [2] - Tiantong Co. (600330) with a 4.81% increase and a market value of 22 billion, year-to-date increase of 36.10% [2] - Guangxun Technology (002281) with a 4.34% increase and a market value of 59 billion, year-to-date increase of 4.49% [2] - Ruijie Networks (301165) with a 4.01% increase and a market value of 63.8 billion, year-to-date decrease of 9.72% [2]

Core Insights - The optical communication chip market in China is experiencing continuous growth driven by artificial intelligence, data center expansion, consumer electronics, and 5G deployment [1][20][27] - The production and demand for optical communication chips are projected to increase significantly, with production reaching 867 million units and demand reaching 1.198 billion units in 2024, resulting in a market size of 15.16 billion yuan [1][20][27] - The market is expected to maintain rapid growth, with production estimated at 904 million units and demand at 1.249 billion units in 2025, leading to a market size of approximately 16.02 billion yuan [1][20][27] Industry Definition and Classification - Optical communication chips are defined as chips that convert optical signals and are used for generating, modulating, amplifying, and detecting optical communication signals [2][21] - These chips can be classified into laser chips and detector chips, with laser chips further divided into surface-emitting and edge-emitting types [2][21] Current Industry Status Global Market - The global optical communication chip market is projected to reach $5.43 billion in 2024, with North America accounting for $1.317 billion, Europe for $829 million, and the Asia-Pacific region for $3.048 billion [5][24] - The demand for optical communication chips is driven by the rapid development of new information technologies such as mobile internet, 5G, and cloud computing [5][24] Chinese Market - The Chinese optical communication chip market is expected to see a demand increase to 1.198 billion units in 2024, with high-speed optical communication chips accounting for approximately 13.98% of the total demand [8][27] - The market size for optical communication chips in China is projected to reach 15.16 billion yuan in 2024, with high-speed chips contributing 50.6 billion yuan [8][27] Industry Supply and Competition - The number of companies entering the domestic optical communication chip industry is increasing, leading to improved production technology and a rising domestic production rate [11][30] - The production of optical communication chips in China is expected to grow from 517 million units in 2018 to 867 million units in 2024 [11][30] Industry Value Chain - The optical communication chip industry value chain consists of upstream materials and equipment, midstream chips and modules, and downstream application markets [13][32] - The current landscape shows a monopoly in high-end materials and equipment by overseas companies, while domestic companies dominate the lower-end applications [13][32]

Group 1 - The article highlights that the most economically beneficial application of AI is in space, as it becomes the only long-term scalable computing power carrier due to ground electricity bottlenecks [5] - The demand for computing power is experiencing exponential growth, while global electricity production, excluding China, is stagnating [5] Group 2 - Key companies involved in core computing and operational energy support include Qianzhao Optoelectronics, Shunhao Co., and Zhongke Xingtou [6] - Companies in the computing chip sector include Hangyu Micro, Guangxun Technology, and Beijing Junzheng [6] - Infrastructure and manufacturing companies mentioned are Tianyin Electromechanical, Ruantong Power, and Lingyi Zhi Manufacturing [6]

Core Insights - The rapid growth of AI computing is driving an explosive demand for high-speed optical interconnect solutions, positioning companies in the CPO (Co-Packaged Optics) sector as key players in the industry [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54]. Company Summaries - **Guangzhou Technology (光库科技)**: Based in Shenzhen, focuses on high-speed optical engines and silicon photonics integration, providing critical components for CPO. The company has developed self-researched high-speed optical engines and silicon photonics technology, achieving efficient co-packaging of optical and switching chips, and has partnered with leading computing firms for products compatible with 800G and above [1][31]. - **Tianfu Communication (天孚通信)**: Located in Suzhou, it is a global leader in optical communication precision devices, with a full industry chain advantage in passive optical devices, optical engines, and CPO components. The company has developed self-researched optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has deep collaborations with major computing firms [2][31]. - **Taicheng Light (太辰光)**: Headquartered in Shenzhen, it specializes in optical communication devices and system integration, with a focus on high-speed optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [3][31]. - **Dongtian Micro (东田微)**: Based in Yichang, it is a leader in optical materials and optical components, focusing on optical filters and CPO core optical components. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration, and has partnered with leading computing firms [4][33]. - **Changxin Bochuang (长芯博创)**: Located in Beijing, it is a leader in optical communication chips and modules, with a focus on optical chips and CPO core components. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips, and has partnered with leading computing firms [5][34]. - **Saiwei Electronics (赛微电子)**: Based in Beijing, it is a global leader in MEMS sensors and semiconductors, with a focus on MEMS processes, optical chips, and CPO core components. The company has developed optical engines and co-packaged components leveraging MEMS process advantages, enhancing optical interconnect efficiency and integration [6][35]. - **Changfei Fiber (长飞光纤)**: Headquartered in Wuhan, it is a global leader in optical fiber and cable, with a full industry chain advantage in optical fiber, optical modules, and CPO optical transmission links. The company has developed self-researched high-speed optical modules and optical transmission link components, achieving efficient transmission and integration of optical signals [7][36]. - **Zhaochi Shares (兆驰股份)**: Based in Shenzhen, it is a leader in consumer electronics and semiconductors, focusing on LED chips and optical modules. The company has developed co-packaged components leveraging its technology in LED chips and optical modules, achieving efficient integration of optical and switching chips [8][37]. - **Anfu Technology (安孚科技)**: Located in Ningbo, it is a leader in energy storage and optical communication, focusing on energy storage systems and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [9][38]. - **Robotec (罗博特科)**: Based in Suzhou, it is a leader in intelligent manufacturing and optical communication equipment, focusing on photovoltaic equipment and optical engines. The company has developed co-packaged components leveraging its technology in intelligent manufacturing and optical engines [10][39]. - **Liant Technology (联特科技)**: Headquartered in Wuhan, it is a leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [11][40]. - **Zhishang Technology (致尚科技)**: Based in Shenzhen, it is a leader in precision manufacturing and optical communication components, focusing on precision components and optical engines. The company has developed self-researched high-speed optical engine core components, enhancing optical interconnect efficiency and integration [12][41]. - **Xinyi Sheng (新易盛)**: Located in Chengdu, it is a global leader in high-speed optical modules, focusing on 400G/800G optical modules and CPO components. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [13][42]. - **Huanxu Electronics (环旭电子)**: Based in Shanghai, it is a global leader in electronic manufacturing services, focusing on SiP packaging and optical engines. The company has developed co-packaged components leveraging its SiP packaging technology, achieving efficient integration of optical and switching chips [14][43]. - **Xiechuang Data (协创数据)**: Headquartered in Shenzhen, it is a leader in data center and smart terminal solutions, focusing on data center equipment and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [15][44]. - **Huilv Ecology (汇绿生态)**: Based in Wuhan, it is a leader in ecological restoration and digital economy integration, focusing on ecological restoration and digital technology. The company has developed co-packaged components leveraging its digital technology and optical module expertise [16][45]. - **Ruijie Networks (锐捷网络)**: Located in Fuzhou, it is a leader in network equipment and solutions, focusing on network devices and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [17][46]. - **Yihua Shares (意华股份)**: Based in Wenzhou, it is a leader in connectors and optical communication components, focusing on high-speed connectors and optical modules. The company has developed self-researched high-speed connectors and co-packaged components, achieving efficient integration of optical and switching chips [18][47]. - **Zhili Square (智立方)**: Headquartered in Shenzhen, it is a leader in precision manufacturing and optical communication devices, focusing on precision components and optical engines. The company has developed co-packaged components leveraging its precision manufacturing and optical engine technology [19][48]. - **Guangli Micro (广立微)**: Based in Hangzhou, it is a leader in semiconductor testing and optical communication devices, focusing on semiconductor testing and optical engines. The company has developed co-packaged components leveraging its semiconductor testing and optical engine technology [20][49]. - **Sijia Technology (世嘉科技)**: Located in Suzhou, it is a leader in precision manufacturing and communication devices, focusing on precision components and optical modules. The company has developed self-researched high-speed optical modules and co-packaged components, achieving efficient integration of optical and switching chips [21][50]. - **Yintang Intelligent Control (英唐智控)**: Based in Shenzhen, it is a leader in electronic distribution and optical communication components, focusing on electronic distribution and optical modules. The company has developed co-packaged components leveraging its electronic distribution and optical module technology [22][51]. - **Guangxun Technology (光迅科技)**: Headquartered in Wuhan, it is a leader in optoelectronic devices and modules, focusing on optoelectronic devices and optical engines. The company has developed self-researched high-speed optical engines and co-packaged components, achieving efficient integration of optical and switching chips [23][52]. - **Woge Optoelectronics (沃格光电)**: Based in Xinyu, it is a leader in optoelectronic display materials, focusing on optoelectronic display materials and optical engines. The company has developed self-researched high-speed optical engine core optical components, enhancing optical interconnect efficiency and integration [24][53].

Group 1 - The core point of the news is that Guangxun Technology's stock price dropped by 5.02% to 66.20 CNY per share, with a trading volume of 1.299 billion CNY and a turnover rate of 2.47%, resulting in a total market capitalization of 53.402 billion CNY [1] - Guangxun Technology, established on January 22, 2001, and listed on August 21, 2009, is based in Wuhan, Hubei Province, and specializes in the research, production, sales, and technical services of optoelectronic devices and subsystems [1] - The company's main business revenue composition is as follows: data and access 70.86%, transmission 28.94%, and others 0.20% [1] Group 2 - From the perspective of major fund holdings, Morgan Fund has a significant position in Guangxun Technology, with the Morgan Quantitative Multi-Factor Mixed Fund (005120) holding 2,400 shares, accounting for 0.99% of the fund's net value, ranking as the eighth largest holding [2] - The Morgan Quantitative Multi-Factor Mixed Fund (005120) was established on January 19, 2018, with a latest scale of 17.017 million CNY, and has achieved a year-to-date return of 9.44%, ranking 1454 out of 8873 in its category [2] - The fund has a one-year return of 40.09%, ranking 2920 out of 8119, and a cumulative return of 65.15% since inception [2]

Core Insights - The Chinese optical module industry has evolved from technology introduction during the "11th Five-Year Plan" to achieving technological independence, product upgrades, and scale expansion, becoming a core player in the global optical module market during the "14th Five-Year Plan" period, focusing on high-end and domestic production driven by 5G and computing power demands [1] National Policy Summary - Recent policies in China show a collaborative effort between national and local governments, focusing on technological breakthroughs and practical applications in the optical module industry. The Ministry of Industry and Information Technology (MIIT) has issued multiple documents, including the "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry," which aims to promote the trial of 10G optical networks and the layout of computing power infrastructure [4][5] - Key areas of focus include integrating CPO (Co-Packaged Optics) and high-speed optical modules into critical technological breakthroughs, supporting the mass production of products like 800G and 1.6T [4][5] Provincial Policy Summary - Various provinces have developed their own policies aligned with the national "14th Five-Year Plan," emphasizing the development of optical communication, millimeter-wave, 5G enhancement, and quantum communication technologies. Local governments are also providing funding support for core technology research and development [13] - For instance, Beijing's policies include promoting advanced packaging technology for 1.6T silicon optical modules and enhancing broadband network capabilities to support user experiences exceeding 100 Mbps by 2025 [14] - Shanghai's initiatives focus on deploying 50G PON and 400G optical transmission technologies, aiming to create a fully optical direct connection network for data centers [17] Industry Development Trends - The optical module industry is expected to see significant growth driven by the increasing demand for high-speed data transmission in AI, industrial internet, and other applications. Policies are encouraging the development of high-reliability, low-power products suitable for industrial scenarios [4][5] - The goal is to enhance the domestic production rate of key components and technologies, with specific targets set for the market share of domestic CPO modules to reach 40% by 2025 [5][6] Investment Opportunities - The ongoing policy support and technological advancements present substantial investment opportunities in the optical module sector, particularly for companies involved in high-speed optical modules and related technologies. The focus on domestic production and technological independence further enhances the attractiveness of this sector for investors [1][4][5]

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

Core Viewpoint - The report by Zhiyan Consulting highlights the trends and forecasts for the optoelectronic device industry in China from 2026 to 2032, indicating a slight decline in production in December 2025 but an overall growth in annual production for the year [1] Group 1: Industry Overview - In December 2025, China's optoelectronic device production reached 173.3 billion units, reflecting a year-on-year decrease of 0.6% [1] - For the entire year of 2025, the cumulative production of optoelectronic devices in China was 1,923.39 billion units, showing a cumulative growth of 8.8% [1] Group 2: Market Research and Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and quality services [1]