格隆汇2月12日丨天孚通信(300394.SZ)涨5.23%，报303.6元，股价创历史新高，总市值2360.23亿元。 ...

Core Viewpoint - The CPO sector in the A-share market experienced a significant surge, with the entire sector rising by 9.6% and individual stocks reaching historical highs, driven by impressive earnings forecasts from major companies in the CPO industry for 2025 [1][3]. Group 1: Company Performance - New Yisheng expects a net profit of 9.4 to 9.9 billion yuan for 2025, representing a growth of 231% to 248% compared to the previous year [3][4]. - Zhongji Xuchuang forecasts a net profit between 9.8 to 11.8 billion yuan, with a year-on-year growth of 89% to 128%, solidifying its position as a market leader [4]. - Tianfu Communication anticipates a profit of 1.88 to 2.15 billion yuan, with a growth rate of 40% to 60%, indicating robust growth across the supply chain [4][5]. Group 2: Industry Trends - The entire CPO sector is thriving, with companies like Guangku Technology and Shijia Photon projecting net profit increases of 152% to 172% and 425%, respectively [5]. - The demand for AI computing power is driving the growth, with major global cloud service providers like Microsoft, Google, and Amazon investing heavily in data centers and high-performance servers [6][7]. - The market for optical modules is expected to exceed $23 billion in 2025, with a projected annual growth rate of 22% over the next five years [13]. Group 3: Market Dynamics - The CPO index in the A-share market has risen over 150% since its low point in April 2025, with significant stock price increases among key players in the sector [15]. - Investment strategies are suggested to focus on three categories: "Big Light" for leading companies, "Small Light" for emerging players, and "New Light" for those involved in cutting-edge technologies [15]. - The strong demand for AI computing power is reflected in the financial performance of Chinese optical module companies, which are gaining a larger share of the global market [16].

战略合资落地新加坡，锚定全球AI算力增量 当前，生成式AI迈入万亿参数大模型时代，全球算力中心建设提速，光连接作为算力集群的"神经系 统"，成为AI基础设施的核心组成部分。根据财经杂志，美国五大科技公司微软、亚马逊、谷歌、 Meta、甲骨文的财报显示，它们在2025年的资本支出总额将超过3700亿美元，预计2026年资本支出将 高于4700亿美元，验证了大厂对于算力的强劲需求。 在此背景下，SuperX与天孚通信的战略合作，成为双方把握全球AI数据中心以及光连接赛道增量红利 的关键布局。 2026年2月11日晚间，纳斯达克上市公司SuperX AI Technology Limited(NASDAQ:SUPX，以下简 称"SuperX"或"公司")宣布，已通过其全资子公司与苏州天孚光通信股份有限公司(深圳证券交易所股票 代码：300394，以下简称"天孚通信（300394）")的新加坡全资子公司Tianfu International Investment Pte.Ltd.(以下简称"天孚国际投资")签署合资协议，联合成立SuperX Optical Communications Pte.Ltd.，整 合双方 ...

Core Viewpoint - SuperX AI Technology Limited has formed a joint venture with Tianfu International Investment Pte. Ltd. to enhance its presence in the global AI optical connectivity market, focusing on high-speed data transmission solutions for AI data centers [1] Group 1: Joint Venture Details - The joint venture, named SuperX Optical Communications Pte. Ltd., will be headquartered in Singapore and aims to deliver end-to-end optical solutions for next-generation AI data centers [1] - The collaboration is a strategic response to global tech trends, targeting high-growth markets outside Mainland China, Hong Kong, and Macau, with a focus on advanced optical modules and devices [1] Group 2: Strategic Objectives - The joint venture seeks to address bottlenecks in high-speed data transmission that affect AI computing clusters, thereby enhancing overall efficiency [1] - By integrating optical interconnect products into SuperX's modular AI infrastructure, the joint venture aims to facilitate "plug-and-play" deployment and reduce deployment cycles for data center operators [1] Group 3: Complementary Strengths - TFC will provide ODM technical support for optical components, while SuperX will leverage its expertise and customer network to drive R&D collaboration and product customization [1] - The joint venture will operate under the "SuperX Optical Communications" brand, focusing on optimizing its R&D roadmap and cost structure to enhance competitiveness [1]

2026年2月，光通信行业迎来业绩集中兑现期。以中际旭创、新易盛、天孚通信三家被市场戏称为 "易 中天"的组合，凭借2025年业绩预告的亮眼表现，成为资本市场焦点。 三家公司均在业绩预告中明确指出，业绩增长的核心驱动力是终端客户对算力基础设施的强劲投入，尤 其是AI集群建设带来的800G、1.6T等高速率光模块需求爆发式增长。 业绩爆发：头部企业利润翻倍，技术卡位成关键 国内市场同样火热。据悉，中国厂商字节跳动、阿里巴巴、腾讯的800G需求逐步起量，三家合计可达 几百万只。值得注意的是，字节跳动跳过传统800G模块，直接推进LPO（线性直驱光学）技术，若验 证成功，可能成为800G领域的"黑马"路线。 挑战与机遇：供应链博弈与新兴技术布局 尽管行业景气度持续攀升，但光芯片供应短缺仍是主要瓶颈。根据野村估算，2025年全球先进光芯片产 能同比增长80%，仍落后需求5%-15%，导致部分企业交付延迟。例如，剑桥科技因硅光引擎供应问 题，将1.6T光模块量产时间推迟。 头部企业通过垂直整合与技术创新破局。中际旭创通过自研光芯片降低对外部供应商依赖，新易盛则通 过收购硅光企业完善技术布局。天孚通信凭借1200+项专利 ...

Core Viewpoint - Tianfu Communication is expected to achieve a net profit attributable to shareholders of 1.88-2.15 billion yuan in 2025, representing a year-on-year growth of 40.0%-60.0% [1] Financial Performance - The company's net profit for Q4 2025 is projected to be 550 million yuan, reflecting a year-on-year increase of 49.9% but a quarter-on-quarter decrease of 2.8% [1] - Earnings per share (EPS) estimates for 2026, 2027, and 2028 are 2.58, 4.87, and 7.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 115.4, 61.2, and 41.5 based on the closing price on February 9 [1] Market Dynamics - The growth in performance is attributed to stable global demand for high-speed optical devices and the company's ongoing efforts in smart manufacturing to reduce costs and improve efficiency [1] - Material bottlenecks are gradually easing, and the 1.6T optical engine is expected to see increased production [1] Competitive Position - The company has become a significant player in the supply chain for NVIDIA's CPO through core passive component customization and high-efficiency coupling processes [1] - The company possesses manufacturing capabilities in FAU for CPO switches, optical engine packaging, and ELS modules, which may lead to an increase in unit value [1] Future Outlook - Strong demand for 1.6T optical modules driven by capital expenditures in North America is anticipated to benefit major clients in 2026, with related revenues from Scaleout and Scaleup CPO/NPO expected to ramp up after 2027 [1]

Core Viewpoint - Tianfu Communication is expected to achieve a net profit attributable to shareholders of 1.88-2.15 billion yuan in 2025, representing a year-on-year growth of 40.0%-60.0% [1] Financial Performance - The company's net profit for Q4 2025 is projected to be 550 million yuan, reflecting a year-on-year increase of 49.9% but a quarter-on-quarter decrease of 2.8% [1] - Earnings per share (EPS) estimates for 2026, 2027, and 2028 are 2.58, 4.87, and 7.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 115.4, 61.2, and 41.5 based on the closing price on February 9 [1] Market Dynamics - The growth in performance is attributed to the stable increase in global demand for high-speed optical devices, alongside the company's ongoing efforts in smart manufacturing to reduce costs and improve efficiency [1] - Material bottlenecks are gradually easing, and the 1.6T optical engine is expected to see increased production [1] Competitive Position - The company has become an important player in the supply chain for NVIDIA's CPO through core passive component customization and high-efficiency coupling processes [1] - Tianfu Communication possesses manufacturing capabilities in FAU, optical engine packaging, and ELS modules, which are expected to enhance unit value [1] Future Outlook - Strong demand for 1.6T optical modules driven by capital expenditures in North America is anticipated to benefit major clients in 2026, with potential revenue growth from Scaleout and Scaleup CPO/NPO expected to materialize after 2027 [1]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with the top 20 stocks experiencing substantial withdrawals, highlighting potential concerns in the respective sectors [1][2][3] Group 1: Stock Performance and Capital Outflow - GCL-Poly Energy saw a capital outflow of 1.342 billion yuan, despite a price increase of 2.58% [2] - Lightway Technology experienced a capital outflow of 853 million yuan, with a decline of 1.71% [2] - Xinwei Communication had a capital outflow of 837 million yuan, with a drop of 3.66% [2] - Shanshan Co. faced an outflow of 827 million yuan, down 4.24% [2] - Tianfu Communication saw an outflow of 817 million yuan, with a decrease of 2.84% [2] - Zhongchao Holdings had a significant outflow of 780 million yuan, down 6.14% [2] - Contemporary Amperex Technology experienced a capital outflow of 701 million yuan, with a slight decline of 1.07% [2] - BlueFocus Communication saw an outflow of 687 million yuan, with a minor increase of 0.5% [2] - Aerospace Electronics faced an outflow of 679 million yuan, down 3.03% [2] - 360 Security Technology had a capital outflow of 672 million yuan, with a rise of 1.24% [2] - Western Materials experienced an outflow of 656 million yuan, down 6.78% [3] Group 2: Additional Stock Details - China Satellite had a capital outflow of 616 million yuan, with a decline of 1.79% [3] - Shunhao Co. faced an outflow of 604 million yuan, down 7.65% [3] - Aerospace Development saw an outflow of 584 million yuan, with a decrease of 4.48% [3] - Qianzhao Optoelectronics experienced an outflow of 538 million yuan, down 5.94% [3] - Wuzhou New Spring had a capital outflow of 524 million yuan, with an increase of 6.29% [3] - Robot Technology faced an outflow of 521 million yuan, down 5.81% [3] - Longi Green Energy saw an outflow of 507 million yuan, with a decline of 1.93% [3] - Kweichow Moutai experienced a capital outflow of 499 million yuan, down 1.45% [3] - JuLi Rigging faced an outflow of 475 million yuan, down 6.86% [3]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with the top 20 stocks experiencing substantial withdrawals, highlighting potential concerns in investor sentiment and market dynamics [1][2][3] Group 1: Major Stocks with Capital Outflows - GCL-Poly Energy saw the largest outflow of -1.009 billion yuan, indicating a negative trend in the photovoltaic equipment sector [1][2] - Soshine Technology experienced an outflow of -679 million yuan, reflecting challenges in the electronic components industry [1][2] - 360 Security Technology had a capital outflow of -649 million yuan, suggesting potential issues in the software development sector [1][2] Group 2: Additional Stocks with Notable Withdrawals - Tianfu Communication faced an outflow of -561 million yuan, indicating pressures in the communication equipment sector [1][2] - Aerospace Development reported a capital outflow of -530 million yuan, which may reflect broader concerns in the aerospace and defense industry [1][2] - Kweichow Moutai experienced an outflow of -428 million yuan, raising questions about the performance in the liquor industry [1][3]

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, highlighting potential concerns in specific sectors and companies [1][2][3] Group 1: Stock Performance and Fund Flow - GCL-Poly Energy experienced a fund outflow of 1.151 billion yuan with a price increase of 3.77% [2] - Tianshu Communication saw a fund outflow of 816 million yuan with a price decrease of 4.65% [2] - Guangku Technology had a fund outflow of 763 million yuan and a price drop of 3.46% [2] - Shanshan Co. faced a fund outflow of 749 million yuan with a decline of 1.96% [2] - Western Materials reported a significant fund outflow of 735 million yuan and a price decrease of 8.52% [2] - Zhongchao Holdings had a fund outflow of 688 million yuan with a price drop of 6.05% [2] - BlueFocus Communication experienced a fund outflow of 666 million yuan and a price increase of 2.36% [2] - XW Communications saw a fund outflow of 665 million yuan with a price decrease of 4.11% [2] - 360 Security Technology had a fund outflow of 626 million yuan and a price increase of 1.94% [2] - Aerospace Development faced a fund outflow of 596 million yuan with a price drop of 5.67% [2] - China Satellite experienced a fund outflow of 539 million yuan with a price decrease of 2.37% [3] Group 2: Additional Stock Details - Aerospace Electronics had a fund outflow of 525 million yuan with a price drop of 3.98% [3] - Shunhao Co. reported a fund outflow of 518 million yuan and a significant decline of 9.67% [3] - Robot Technology faced a fund outflow of 496 million yuan with a price decrease of 6.67% [3] - Qianzhao Optoelectronics had a fund outflow of 491 million yuan and a price drop of 6.5% [3] - Yongding Co. experienced a fund outflow of 481 million yuan with a price decrease of 1.43% [3] - Julite Equipment reported a fund outflow of 476 million yuan and a price drop of 6.16% [3] - Shenghe Resources had a fund outflow of 463 million yuan with a price increase of 2.1% [3] - China Duty Free Group faced a fund outflow of 454 million yuan with a price decrease of 3.08% [3] - Wuzhou New Spring reported a fund outflow of 444 million yuan with a price drop of 2.04% [3]