康宁GlassBridge™对中国通信基础设施的影响分析

Our thoughts on Corning GlassBridge™ implication CITI’S TAKECorning’s GlassBridge™, formally presented on 24 June 2026, introduces an IOX waveguide-based fiber-to-PIC connector targeting NPO and CPOarchitectures as an evolutionary substitute for iFAU. We believe thecurrent CPO solutions (Quantum and Spectrum) are finalized for massproduction and unlikely to be affected. 2H27 solution is not likely to bereplaced as the design is going to be confirmed in 2H26. We see lots ofuncertainty for GlassBridge before proven qualification, reliability test andyield ramp. Among our covered names,TFC‘s long-term risk in iFAU is wellcontained by its ramping active optical engines’ contribution.DSBJ,Eoptolink,AccelinkandT&Sremain largely unaffected. Kyna WongAC+852-2868-7820kyna.wong@citi.comKaren HuangYiming Li, CFAKevin Chen GlassBridge™ Technology for Scalable Fiber-to-PIC Connectivity Corning formally presented GlassBridge™ on 24 June 2026. GlassBridge uses wafer-level ion-exchange (IOX) waveguides embedded in a glass connector body to bridgethe size mismatch between silicon photonic chip waveguides and optical fiber cores,targeting next-generation optical architectures including NPO, CPO, and high-density photonic modules. This new technique represented an evolution solution tosubstitute the iFAU in CPO architecture. Limited near-to-mid-term impact We believe the design of current CPO generations (Quantum and Spectrum) arefinalized and not likely to be affected. We believe 2H27 CPO solution for Rubin UltraKyber is likely to be confirmed later this year and it’s not likely to be replaced by thenewly unveiled GlassBridge solution. There are still lots of uncertainty for GlassBridgegiven it requires CPO/NPO evaluation period and field test reliability on high-speed AIcluster system. It’s unlikely to impact in next 1-2 years. Along with CPO and NPOcommercializing through 2028–2030, GlassBridge may compete for incrementaliFAU in new deployments, not the existing installed base. Beyond 2030, if wafer-levelphotonic packaging matures in yield and loss performance, there is possibility thatthe passive optical component industry faces a genuine paradigm shift from physicalmicro-assembly toward semiconductor-grade process integration. On the ecosystem & standards context, adopting GlassBridge requires PIC designersto restructure optical beachfront layouts, redesign spot-size converters, and modifybump structures. We believe the switching costs create powerful inertia to limitGlassBridge’s near-term penetration. Business Impact Assessment for China’s Optics Names See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and QualifiedForeign Institutional Investors. GlassBridge presents varied strategic implications based on supply chain positioning for our covered optics names. Fortransceiver integrator and assemblerEoptolink, it serves neutrally as an alternative upstream component with limited directsubstitution impact.DSBJandAccelinkalso remain shielded, as their core competitive advantage lies in their active opticalchips.T&S Communicationsfocuses on passive optical components such as MT ferrules and fiber shuffle boxes, and may notbenefit or get impact from the GlassBridge given the decoupling risk with Corning. ForTFC, the long-term substitution threatto its iFAU segment is mitigated by its diversified revenue mix. TFC’s primary growth engine has pivoted to active optical engineswhich we project to contribute >70% of revenue in 2026E-2028E. Companies Mentioned:Accelink Technologies (002281.SZ; Rmb240.34; 3; 26 Jun 26; 15:00) | Corning Incorporated (GLW.N; US$221.05; 1; 26 Jun 26; 16:00) | Dongshan Precision (002384.SZ; Rmb260.32; 1; 26 Jun 26; 15:00) | Eoptolink Technology (300502.SZ; Rmb566.0; 1;26 Jun 26; 15:00) | Suzhou TFC Optical Communication (300394.SZ; Rmb318.0; 1; 26 Jun 26; 15:00) | T&S Communications(300570.SZ; Rmb234.1; 3; 26 Jun 26; 15:00) If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each