据智通财经报道，英伟达向Lumentum、Coherent分别投资20亿美元。 Lumentum主营光通信业务，业务涵盖OCS（光交换机）MEMS方案核心部件供应，2025年第四季度其OCS订单积压已突破4亿美元；Coherent则聚焦OCS液 晶方案及激光源等产品，是谷歌、英伟达等巨头的核心供应商。 分析认为，此次投资核心目的在于保障AI算力集群所需光器件供应。随着SerDes速率持续升级至224Gbps乃至更高，AI数据中心对高带宽、低功耗光互联需 求激增，而Lumentum与Coherent在OCS、CPO（光电共封装）核心部件激光源、光引擎等领域具备技术垄断优势。东吴证券指出，该投资将加速光通信、光 模块、CPO产业技术迭代，推动"光入柜内"趋势落地。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 公司方面，据机构总结包括 | 品类 | 公司 | # # # # CPO相关技术和 | | --- | --- | --- | | | 锐捷网络 | 2021 年发布基于 112G SerDes 交换芯片、16 主营业务为网络设备及云计算解决方案,主要产品包括 1.6T/ ...

Macro Insights - The upcoming National People's Congress is expected to set the GDP growth target for 2026 at "4.5%-5%" and maintain a CPI target around 2%[6] - Key indicators to watch include whether the PMI can return to expansion territory and if the first quarter credit can achieve a "good start"[6] Market Performance - The overall market performance in January showed a 13.1% increase, while March saw a 31.4% rise, with a year-on-year increase of 82.3%[3] - The coal sector maintained a steady performance with a 11.3% increase in both January and March, and a 25.4% increase year-on-year[3] Investment Recommendations - Focus on sectors benefiting from price increases, such as chemicals, steel, and energy, as well as companies involved in AI and technology[9] - Recommended stocks include Yanzhou Coal Mining, Nanshan Aluminum, and Yanjing Beer, among others[9] Economic Indicators - The central bank's liquidity measures have led to a slight decline in deposit rates, maintaining a stable and loose monetary environment[14] - The carbon market saw a total transaction volume of 8.8 billion tons, with a cumulative transaction value of 587.2 billion yuan[23] Sector-Specific Trends - The environmental sector is expected to benefit from new policies in Zhejiang and Guangxi, promoting solid waste treatment and recycling[22] - The tourism market is projected to perform well throughout 2026, driven by ongoing policy support and consumer demand[26] Risks - Potential risks include unexpected changes in external environments, policy effectiveness, and geopolitical tensions[6] - The coal market faces risks from domestic production exceeding expectations and downstream demand not meeting projections[34]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **AI transceiver market**, which is projected to experience significant growth, with the total addressable market (TAM) expected to triple from approximately **US$18 billion in 2025 to US$50 billion by 2028** driven by advancements in AI data center architectures [1][29]. Core Insights - **Transceiver Demand Growth**: - AI transceiver demand is anticipated to rise from **41 million units in 2025 to 95 million units by 2028**. High-end transceivers (800G and 1.6T) are expected to be the primary growth drivers, with unit volumes increasing from **20 million in 2025 to 80 million in 2028** [19][28]. - The growth is attributed to three main factors: expansion of AI data centers, strong capital expenditures (capex) from major cloud players, and continuous product innovation in transceivers [28]. - **CPO (Co-Packaged Optics) Impact**: - CPO is recognized as a legitimate long-term risk to traditional pluggable transceivers, but its impact is projected to be limited in the medium term, with demand dilution expected to be **~3% in 2026, ~11% in 2027, and ~16% in 2028** [17][26]. - Large-scale adoption of CPO is not expected before **2027-2028**, primarily due to manufacturing challenges and the need for a mature ecosystem [17][90]. Company-Specific Insights - **Eoptolink**: Upgraded to **Overweight** with a price target raised to **Rmb460**. The company is expected to gain market share in the 800G and 1.6T segments, likely achieving above-industry growth [49]. - **Suzhou TFC**: Price target increased to **Rmb371** but maintained at **Equal Weight** due to recent price rallies reflecting potential positive impacts from CPO development [50]. - **Coherent**: Seen as having better opportunities compared to Lumentum, with expectations of significant revenue contributions from CPO solutions [51]. - **Lumentum**: Despite strong performance, the stock is viewed as vulnerable due to high expectations for future earnings growth [52]. Market Dynamics - The **competitive landscape** is shifting with CPO posing a threat to traditional transceiver companies by integrating optical components directly into switch packages, which could disrupt existing business models [80][81]. - **Copper technology** continues to evolve, maintaining its dominance in certain applications, which adds competitive pressure on optical transceivers [85]. Investment Recommendations - The report highlights several key stock recommendations based on the anticipated growth in the AI transceiver market and the potential impact of CPO: - **Eoptolink** and **LandMark** are identified as strong beneficiaries of the AI transceiver demand [75]. - **TSMC** and **ASE** are noted for their roles in CPO technology development, with expectations of significant contributions in the coming years [55][56]. Additional Considerations - The report emphasizes the importance of monitoring the **availability of critical substrate materials** and the potential supply bottlenecks that could arise as the industry shifts towards CPO architecture [66]. - The **shift from discrete transceivers to CPO** could pose structural challenges for PCB and connector vendors, with some companies likely to face direct pressure from this transition [63][64]. This summary encapsulates the key insights and projections regarding the AI transceiver market and the implications of CPO technology on traditional transceiver companies, along with specific company recommendations and market dynamics.

花旗闭门会-CPO 的演进路径和对中国光模块影响，技术架 构解析和看好天孚通信 20260227 摘要 2027 年 CPU 交换机基础假设为 20.9 万台，综合考虑横向扩展（4 万 台光模块相关交换机）和纵向扩展（6.9 万台）需求，以及上行链路容 量。光模块需求下调因升级需求驱动，需外部接口对接数据中心和 AI 集 群。 下一代机柜采用扩张式设计，单机柜可部署约 144 颗 GPU 芯片，高密 度计算需光模块替代铜缆。每个节点约需 648 个光引擎，FAU 数量相近； 外部光源（ELS）需求取决于通道带宽，用于交换机间通信和内部连接。 NVR 576 配备 24 个交换托盘组件，每个模块对应 6 个组件配置，整体 配置需匹配总传输带宽，保障 GPU 侧带宽需求。数据测算需在 GPU、 计算节点等维度验证，通过带宽与逻辑校验市场测算的合理性。 2027 年市场规模测算：FAU 连接器约 22 亿美元，ELS 约 77 亿美元， 光纤整形器约 33 亿美元，光纤托盘约 56 亿美元。下调可封装光传输展 望因 CSP 提前锁定产能，改变了对节奏与供需结构的判断。 Q&A 对 CPO 在供应链中的潜在落地时间点 ...

M Global Insight February 26, 2026 09:14 PM GMT Global Technology AI Transceivers: Growth Dominates Disruption Our global team has collaborated to assess the growth opportunity and disruption risk in the AI transceiver market. Industry TAM is likely to triple from ~US$18bn in 2025 to ~US$50bn by 2028, driven by scale-out, scale-up, and scale-across of AI data center architectures. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be ...

证券研究报告|行业点评报告 [Table_Date] 2026 年 03 月 01 日 [Table_Title] 国产算力逻辑春节后全面夯实 [Table_Title2] 通信 [Table_Summary] 1、国产算力逻辑春节后全面夯实：Token 调用量首超 美国 + 芯片拐点验证 + 政策基建双轮驱动 春节后，国产算力逻辑进一步夯实，由 Token 数量暴增、国产芯 片业绩拐点使得算力全链条确定性提升。当前时点， 短期地缘冲 突（美以-伊朗升级）可能放大 risk-off 情绪，需警惕海外不确 定性对全球 AI 投资节奏的扰动，但在国内市场需求相对具有韧 性，国产模型的成本/生态提供较强对冲，国产算力全链条有望 在政策+成本双轮驱动下持续稳健提升。在视频、编程等核心领 域有望加速催化应用落地，同时国内相关算力需求有望拉动硬件 设备和算力租赁相关市场景气度，对于边缘端算力分发也有受 益。相关受益标的包括算力租赁和第三方数据中心厂商：光环新 网、数据港、润泽科技、协创数据、东阳光、大卫科技等；国产 芯片和昇腾生态相关厂商：寒武纪、海光信息、华胜天成等；海 外共振+国产推理放量受益的光联接相关：天孚通信、 ...

2026 年 2 月 27 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 超配（维持） 通信行业双周报（2026/2/13-2026/2/26） 行 业 5G SA 发展进入拐点 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 通信行业 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（2/13-2/26）累计上 涨4.39%，跑赢沪深300指数4.24个百分点，涨幅在31个申万一级行业中 位列第5位；申万通信板块2月累计上涨1.63%，跑赢沪深300指数1.2 ...

中国经济网北京2月27日讯光迅科技（002281）(002281.SZ)昨晚披露关于向特定对象发行股票申请获得 深圳证券交易所审核中心审核通过的公告称，公司于2026年2月26日收到深圳证券交易所出具的《关于 武汉光迅科技股份有限公司申请向特定对象发行股票的审核中心意见告知函》。深交所发行上市审核机 构对公司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、上市条件和信息披露要 求，后续深交所将按规定报中国证券监督管理委员会履行相关注册程序。 中国信科集团为公司实际控制人，其同意以现金方式认购本次向特定对象发行股票，认购比例不低于本 次向特定对象发行股份总数的10%，且不超过本次向特定对象发行股份总数的30%。根据相关规定，中 国信科集团认购本次向特定对象发行股票构成关联交易。 公司本次向特定对象发行股票事项尚需获得中国证监会同意注册后方可实施,最终能否获得中国证监会 作出同意注册的决定及其时间尚存在不确定性,公司将根据该事项的进展情况按照相关规定及时履行信 息披露义务。 光迅科技2025年度向特定对象发行股票募集说明书(申报稿)显示，本次向特定对象发行股票的发行对象 为包括公司实际控制人中国信科 ...

本次向特定对象发行股票募集资金总额预计不超过350,000万元（含350,000万元），在扣除发行费 用后实际募集资金净额将用于算力中心光连接及高速光传输产品生产建设项目、高速光互联及新兴光电 子技术研发项目、补充流动资金。 | 房号 | 项目名称 | 投资 总额 | 拟使用 事集资金额 | | --- | --- | --- | --- | | | 算力中心光连接及高速光传输产品生产建设项目 | 248,210.08 | 208,288.83 | | 2 | 高速光互联及新兴光电子技术研发项目 | 100,060.59 | 61,711.17 | | ਤੇ | 补充流动资金 | 80,000.00 | 80,000.00 | | | 合 计 | 428,270.67 | 350,000.00 | 中国经济网北京2月27日讯 光迅科技(002281.SZ)昨晚披露关于向特定对象发行股票申请获得深圳证 券交易所审核中心审核通过的公告称，公司于2026年2月26日收到深圳证券交易所出具的《关于武汉光 迅科技股份有限公司申请向特定对象发行股票的审核中心意见告知函》。深交所发行上市审核机构对公 司向特定对象发行股票的 ...

Core Insights - OCS technology is still in the early stages of industrialization, with increasing demand for related components and materials as Google’s usage penetration and customer engagement rise [1] - The OCS technology allows for direct switching of optical signals without O/E/O conversion, significantly reducing latency and power consumption, with potential power savings of over 30% for AI computing clusters and data center interconnect systems [1] - The OCS market is projected to grow rapidly, with an estimated market size of approximately $400 million in 2025 and expected to exceed $2.5 billion by 2029, driven by the demand for AI data centers [3] Industry Overview - OCS technology has four main technical routes: MEMS, liquid crystal, piezoelectric, and silicon waveguide, with MEMS being the fastest to commercialize [2] - Google is shifting from a "self-research + outsourcing" model to OCS system procurement, which is expected to expand the OCS market significantly [2] - Lumentum reported an OCS order backlog exceeding $400 million, primarily from three core customers, indicating strong demand growth [3]