黑色日报20260302

andwethinkTFC (300394 CH, Buy)andT&S (300570 CH,Buy)willikelybekeyandwethinkTFC (300394 CH, Buy)andT&S (300570 CH,Buy)willikelybekey beneficiaries in theglobal CPOvaluechain.WeupgradeYOFC (6869HK)toBuybeneficiaries in theglobal CPOvaluechain.WeupgradeYOFC (6869HK)toBuy fromNeutralasthecompany'sAiDCbusinessenjoysbuoyantdemandwhiletheKeythemes and analysis inthisAnchorReport include:fromNeutralasthecompany'sAiDCbusinessenjoysbuoyantdemandwhiletheKeythemes and analysis inthisAnchorReport include: :DetaileddiscussiononglobalhyperscaleAlplayers'networkingroadmapsfor:DetaileddiscussiononglobalhyperscaleAlplayers'networkingroadmapsfor Global Al networking supercycleGlobal Al networking supercycle units in2026F,whileSiPhtransceiverswillgain50-60%/60-70%share inthe800G/1.6Tsegmentsin2026F.WethinkNPO/CPOtechnologieswillcontinuetoimprove, but yet to becomemainstream solutions over the next 2-3 years in the scale-outnetwork.Meanwhile,wethink investors needtobe mindful if leading CPO solutionproviders use bundled sales strategies fortheir CPO switch products,whichcouldaccelerate adoption rates in scale-out network in the medium-term,while we believe thereare more CPO use cases in the scale-up network in the long-term.To address the opticalchip(EML,CWandVcsel)shortage,wenoteChineseplayers i.e.YuanjieTechnology(688498CH,Notrated; aCWlasermaker),SourcePhotonics(unlisted;anEMLchipmaker)areproactivelytapping intothis segment which is currently dominatedbyglobal players.While these new entrants could helpto ease the component shortageunits in2026F,whileSiPhtransceiverswillgain50-60%/60-70%share inthe800G/1.6Tsegmentsin2026F.WethinkNPO/CPOtechnologieswillcontinuetoimprove, but yet to becomemainstream solutions over the next 2-3 years in the scale-outnetwork.Meanwhile,wethink investors needtobe mindful if leading CPO solutionproviders use bundled sales strategies fortheir CPO switch products,whichcouldaccelerate adoption rates in scale-out network in the medium-term,while we believe thereare more CPO use cases in the scale-up network in the long-term.To address the opticalchip(EML,CWandVcsel)shortage,wenoteChineseplayers i.e.YuanjieTechnology(688498CH,Notrated; aCWlasermaker),SourcePhotonics(unlisted;anEMLchipmaker)areproactivelytapping intothis segment which is currently dominatedbyglobal players.While these new entrants could helpto ease the component shortage High-speed copper:replaced by optics? Still has significant room to grow in scaleWe notethere is a growing narrative inthe capital market that optical communication willHigh-speed copper:replaced by optics? Still has significant room to grow in scaleWe notethere is a growing narrative inthe capital market that optical communication will replacetraditional copper-basedconnections.However,wethink copperwill continuetoplayanimportantroleinscale-upandpartiallyscale-outnetworks,givenitsspeedandreplacetraditional copper-basedconnections.However,wethink copperwill continuetoplayanimportantroleinscale-upandpartiallyscale-outnetworks,givenitsspeedand as well as technology migration (from pluggable to SiPh to CPO).Wemaintain our Buyrating on InnoLight (300308 CH),our sector toppick,as we think the global No.1DCas well as technology migration (from pluggable to SiPh to CPO).Wemaintain our Buyrating on InnoLight (300308 CH),our sector toppick,as we think the global No.1DC transceiver supplier (source:LightCounting)willbenefitfromthe1.6Ttransceiverandtransceiver supplier (source:LightCounting)willbenefitfromthe1.6Ttransceiverand capacitiesgrowrapidly,thepowerconsumptionandcosts alsoincreasedramatically.Tocapacitiesgrowrapidly,thepowerconsumptionandcosts alsoincreasedramatically.To