研究早观点 2026 年 2 月 27 日 星期五 市场走势 【今日要点】 【行业评论】通信：周跟踪（20260209-20260215）-国产大模型春节档 密集推新，NPO 和柜内光 3 月重点关注 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,146.63 | -0.01 | | 深证成指 | | 14,503.79 | 0.19 | | 沪深 | 300 | 4,726.87 | -0.19 | | 中小板指 | | 8,841.13 | 0.61 | | 创业板指 | | 3,344.98 | -0.29 | | 科创 | 50 | 1,485.86 | 0.85 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】通信：周跟踪（20260209-20260215）-国产大模型春节档密集推新，NPO ...

"Selecting the right partner was critical for us,†said Jan Collins, Managing Director at KCOM Enterprise. "We ran a rigorous tender process and looked across the market for a platform that could meet the needs of our customers, from everyday business communications through to mission-critical contact center environments. 8x8 stood out not only for the strength of its unified communications and contact center platform, but for its cultural alignment and the way our teams have collaborated to bring this partn ...

2月26日，算力硬件股走高，CPO、PCB概念股午后持续强势，截至14点15分，同指数规模最大通信 ETF华夏（515050）涨幅达2.5%，同类费率最低创业板人工智能ETF华夏（159381）涨1.64%，云计算 ETF华夏（516630）涨1.5%。沪电股份、深南电路、亨通光电、烽火通信此前涨停，润泽科技、星宸科 技领涨，天孚通信、光环新网、东山精密等股跟涨。资金积极布局AI产业链核心方向，近3日，创业板 人工智能ETF华夏（159381）获得资金连续净流入，累计吸金1.67亿元。 消息面上，2月25日，OpenAI发布了对OpenClaw之父Peter Steinberger的深度访谈。在过去一年Peter通过 AI Agent工具，一个人在GitHub上完成了超过9万次代码提交，横跨120多个项目。他指出AI已具备自主 解决问题的能力，开发本质已变为"定义意图"而非写代码，Peter预言2026年Agentic Coding能力将彻底 爆发。 中信证券表示，AI Coding能力的跃升使得全球有效代码的规模正式进入指数级别膨胀的阶段，全球大 概率会先经历一个代码量膨胀、竞争加剧的过程，这是在考虑市场行 ...

截至午间收盘，科创成长指数上涨1.5%，科创200指数上涨1.0%，科创100指数上涨0.9%，科创综指上涨0.6%，科创50指数上涨 0.1%。 | 科创50ETF易方达 低费率 | | | 588080 | | --- | --- | --- | --- | | 跟踪上证科创板50成份指数 | | | | | 该指数由科创板中市值大、流动性 | 截至午间收盘 | 该指数 | 该指数自2020年 | | 好的50只股票组成,"硬科技"龙 | 该指数涨跌 | 滚动市智率 | 发布以来估值分位 | | 头特征显著,半导体占比超65%, | | | | | 与医疗器械、软件开发、光伏设备 行业合计占比近80% | 0. 1% | 167. 3倍 | 95. 4% | | 【保要率 科创100ETF易方达 | | | 588210 | | 跟踪上证科创板100指数 | | | | | 该指数由科创板中市值中等且流动 性较好的100只股票组成,聚焦中 | 截至午间收盘 该指数涨跌 | 该指数 滚动市盈率 | 该指数 | | 小科创企业,电子、电力设备、医 | | | | | 药生物、计算机行业合计占比超 | | | ...

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（文章来源：每日经济新闻） 每经AI快讯，2月24日，6G指数盘中涨3%，成分股中，天孚通信大涨14.89%，长江通信、华工科技涨 停，亨通光电涨9.56%，华脉科技涨9.14%。 ...

华工科技光电子信息研创园（一期）高速光模块自动化产线现场，来源：中国光谷 华工科技光模块业务负责人介绍，春节期间公司武汉及泰国两大生产基地全线运转，初一即复工，全力保障1.6T、800G等高速光模块的量产交付。 烽火通信（600498）武汉光纤生产车间也在春节持续运转，匈牙利、泰国光缆厂员工仍在专注生产，以保障光缆交付。邮储服务器紧急扩容攻坚保障团 队、运营商云网接入运营单元保障团队及综合保障团队等仍在值守。 据中国光谷2月22日消息，新春佳节，光谷多家企业、实验室生产线仍在开足马力忙生产。 其中，华工科技（000988）旗下多个业务板块生产不停工。据称，公司联接业务订单已经排到2026年第四季度，AI高速光模块产线24小时满负荷运转。 每日经济新闻综合自中国光谷、证券时报、都市频道及公开资料 （文章来源：每日经济新闻） 烽火通信则是烽火科技旗下的通信央企，主要经营通信系统设备、光纤及线缆、数据网络等产品的生产与销售。公司的主要产品是通信系统设备、光纤及 线缆、数据网络产品。 据证券时报，为切实做好春晚通信保障，今年春节，烽火通信还配合运营商提前部署了专业保障团队，坚守在北京、黑龙江、浙江、安徽、四川各会场。 ...

Weave Communications (NYSE: WEAV) published its latest earnings release on Friday, and it'll probably spend the weekend wishing it hadn't. Mr. Market wasn't happy about the company's slight bottom-line miss, and punished Weave by selling out of its equity. By the end of the day, the company's shares had fallen by almost 5%. Focused on health Weave, which specializes in communications solutions for healthcare businesses, released its final set of 2025 figures. The fourth quarter saw the company earn reven ...

Core Viewpoint - Bandwidth (BAND) reported a slight decline in revenue and earnings per share (EPS) for the quarter ended December 2025, indicating potential challenges in maintaining growth despite meeting some analyst expectations [1][2]. Financial Performance - Revenue for the quarter was $207.67 million, a year-over-year decline of 1.1%, compared to the Zacks Consensus Estimate of $207.17 million, resulting in a surprise of +0.24% [1]. - EPS for the same period was $0.35, down from $0.37 a year ago, with an EPS surprise of -0.71% against the consensus estimate of $0.35 [1]. Key Metrics - Geographic Revenue- International reached $27.78 million, slightly below the two-analyst average estimate of $27.9 million, but showed a year-over-year increase of +23.6% [4]. - Geographic Revenue- North America was $179.88 million, exceeding the two-analyst average estimate of $178.81 million, but reflecting a year-over-year decline of -4.1% [4]. - Revenue from Messaging surcharges was $57.41 million, surpassing the average estimate of $56.83 million, but down -12.9% year over year [4]. - Revenue from Cloud communications was $150.26 million, slightly below the average estimate of $150.36 million, with a year-over-year increase of +4.3% [4]. Stock Performance - Bandwidth shares have returned -4.6% over the past month, underperforming the Zacks S&P 500 composite, which changed by -0.8% [3]. - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance in the near term [3].

Financial Data and Key Metrics Changes - In Q4 2025, total revenue increased by 12% year-over-year on an organic basis, excluding cyclical revenue from political campaign messaging [15][16] - For the full year 2025, total revenue reached $754 million, up 10% organically year-over-year, with a non-GAAP gross margin of 58% and adjusted EBITDA of $93 million [16][19] - Free cash flow for 2025 was $57 million, significantly exceeding the cumulative target of $125 million set for 2026 [7][19] Business Line Data and Key Metrics Changes - Voice segment achieved 11% year-over-year growth driven by increased usage and adoption of voice-based AI applications [15][16] - Messaging segment saw an organic growth of 12% year-over-year, primarily due to robust holiday messaging demand [15][16] - The enterprise voice customer category grew by 21% in 2025, supported by a record number of million-dollar-plus deals [16][17] Market Data and Key Metrics Changes - The company noted strong demand across both voice and messaging markets, with healthy execution contributing to confidence in future growth [8][18] - The political campaign contribution to revenue is expected to be approximately 2.5% of cloud communications revenue for 2026, with monitoring ongoing [32][34] Company Strategy and Development Direction - The company is focused on high-margin innovation, particularly in AI voice tools and orchestration software, which are seen as critical for future growth [6][9] - A share repurchase program of up to $80 million was authorized, reflecting confidence in the business model and cash generation capabilities [8][24] - The company aims for a 15%-20% revenue compound annual growth rate through 2026, with specific targets for gross margin, EBITDA margin, and free cash flow [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upward trajectory of the business, despite market dynamics potentially impacting revenue growth [6][7] - The company anticipates continued growth in voice driven by AI applications and large deal activity, projecting a total revenue growth of approximately 16% year-over-year for 2026 [18][19] - Management highlighted the importance of customer relationships and the durability of the business model, with a customer retention rate above 99% [20][21] Other Important Information - The number of third-party conversational AI developers building on the company's platform has quadrupled over the past six months, indicating strong momentum [13] - The company is positioned at the intersection of enterprise communications and AI, with a robust infrastructure to support future innovations [14][26] Q&A Session Summary Question: Insights on Enterprise Voice segment growth - Management acknowledged a slight tick down in Q4 growth rates but expressed optimism for continued healthy growth in 2026 driven by large deals [30] Question: Political contribution to revenue - Management indicated that political campaign contributions are expected to be around 2.5% of cloud communications revenue for 2026, with ongoing monitoring [32][34] Question: Dynamics between cloud communication growth and total revenue growth - Management explained the difference is due to carrier messaging surcharges, which are expected to increase due to recent price hikes from carriers [38][43] Question: Competitive landscape with Twilio - Management noted that recent customer wins were not influenced by Twilio, highlighting competitive advantages over other carriers [46][47] Question: Details on the insurance example and Google AI integration - Management elaborated on the integration of Google AI within a complex Cisco environment, emphasizing the value of their orchestration platform [51] Question: AI's impact on the business and competitive moats - Management described AI as a significant tailwind for the business, with strong infrastructure and customer relationships serving as competitive advantages [53][54] Question: Pipeline for voice AI and its revenue impact - Management indicated that 2026 is expected to be a pivotal year for AI adoption in voice, with significant revenue implications [58][59] Question: Composition of million-dollar-plus deals - Management confirmed that the number of million-dollar-plus deals in 2025 exceeded previous years, driven by an expanded product portfolio and customer demand for AI integration [60][61]