花旗中国通信基础设施关于康宁GlassBridge的技术解析与产业链影响

Ourthoughts on Corning GlassBridgeTM implication Corning'sGlassBridgeTM,formallypresentedon24June2026,introduces anIOXwaveguide-basedfiber-to-PiC connectortargetingNPOandCPOarchitectures as an evolutionary substituteforiFAU.WebelievethecurrentCPOsolutions(QuantumandSpectrum)arefinalizedformassproductionandunlikelytobeaffected.2H27solutionisnotlikelytobereplacedas thedesign isgoingtobeconfirmedin2H26.Wesee lots ofuncertaintyforGlassBridgebeforeprovenqualification,reliabilitytestandyieldramp.Amongourcoverednames,TFCslong-termriskiniFAUiswellcontainedbyitsrampingactiveoptical engines'contribution.DsBJ,Eoptolink,AccelinkandT&Sremainlargelyunaffected. Kyna WongAC+852-2868-7820kyna.wong@citi.com Karen HuangYiming Li, CFAKevin Chen GlassBridgeTMTechnologyforScalableFiber-to-PICConnectivity CorningformallypresentedGlassBridgeTM on24June2026.GlassBridgeuseswafer-level ion-exchange (iOx)waveguides embedded in aglass connectorbodyto bridgethe sizemismatchbetween siliconphotonic chipwaveguidesandopticalfibercores,targeting next-generation optical architectures including NPO, CPO,and high-density photonic modules.This newtechnique represented an evolution solution tosubstitutetheiFAUinCPOarchitecture. Limited near-to-mid-term impact Webelievethedesignof currentCPO generations(Quantumand Spectrum)arefinalized andnot likelyto be affected.Webelieve2H27CPO solution for Rubin UltraKyberis likely to be confirmed later this yearand it's not likelyto be replacedby thenewlyunveiled GlassBridgesolution.Thereare still lots ofuncertaintyfor GlassBridgegiven it requiresCPO/NPO evaluationperiodandfieldtestreliabilityonhigh-speedAlcluster system.It's unlikely to impact in next 1-2years.Along with CPO and NPOcommercializingthrough2028-2030,GlassBridgemaycompeteforincrementaliFAUinnewdeployments,nottheexistinginstalledbase.Beyond2030,ifwafer-levelphotonic packaging matures in yield andloss performance,there is possibility thatthepassiveoptical componentindustryfacesagenuineparadigmshiftfromphysicalmicro-assemblytowardsemiconductor-gradeprocessintegration. Ontheecosystem&standardscontext,adoptingGlassBridgerequiresPiCdesignersto restructure optical beachfrontlayouts,redesign spot-size converters,andmodifybump structures.We believe the switching costs create powerful inertia to limitGlassBridge'snear-termpenetration. BusinessImpactAssessmentforChina'sOpticsNames SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations Notfordistribution inthePeople's Republicof China,excludingtheHongKong Special AdministrativeRegionandQualifiedForeignInstitutionalInvestors. citivelocity.com 29June2026 transceiverintegrator and assembler Eoptolink,it serves neutrally as an alternative upstream component with limited directsubstitution impact.DsBJ andAccelink also remain shielded,as their core competitive advantage lies in their activeopticalchips.T&sCommunicationsfocusesonpassiveopticalcomponentssuchasMTferrulesandfibershuffleboxes,andmaynotwhichweprojecttocontribute>70%ofrevenuein2026E-2028E. AccelinkTechnologies(002281.SZ;Rmb240.34;3;26Jun26;15:00)ICorningIncorporated(GLW.N;US$221.05;1;26Jun26; 16:00)/DongshanPrecision(002384.SZ;Rmb260.32;1;26Jun26;15:00)/EoptolinkTechnology(300502.SZ;Rmb566.0;1;(300570.SZ;Rmb234.1;3;26Jun26;15:00) of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblockor(ii)listedinboldalongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand(b)viewsexpressedsolelyratinghistorytablesforthatissuershownbelow.Eachoftheseanalystscertify,withrespecttothesectionsofthereportissuerandsecurityreferencedandwereprepared inanindependentmanner,includingwithrespecttoCitigroup GlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothe specificrecommendations orviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES CitigroupGlobal Markets Inc.or its affiliates received compensation for products andservices otherthaninvestmentbanking 12monthsCitigroup Global Markets Inc.or its affiliates currently has, or had within the past12months,thefollowing as clients,and the servicesprovided werenon-investment-banking,securities-related:Corning Incorporated,DongshanPrecision,EoptolinkTechnology.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past12 months,the following as clients, and the servicesprovidedwerenon-investment-banking,non-securities-related:CorningIncorporated,Dongshan Precision,EoptolinkTechnology,SuzhouTFCOpticalCommunication.CitigroupGlobal Markets Inc.and/orits affiliates has a signifi