每經(jing)編(bian)輯｜葉峰(feng)     

鼎通(tong)(tong)(tong)科技(ji)漲超(chao)13%，天孚通(tong)(tong)(tong)信、北斗(dou)星(xing)通(tong)(tong)(tong)等多股大漲。通(tong)(tong)(tong)信ETF（515880）漲超(chao)3%，成交(jiao)額超(chao)1.8億元。

興業(ye)(ye)證券表示(shi)，800G光(guang)模塊作為AI算力底(di)座，需(xu)(xu)(xu)求持(chi)續超預(yu)期(qi)，核心龍(long)頭廠商(shang)業(ye)(ye)績預(yu)期(qi)有(you)望(wang)不斷提升；光(guang)芯片等光(guang)模塊上游產(chan)(chan)業(ye)(ye)鏈在(zai)需(xu)(xu)(xu)求超預(yu)期(qi)背景(jing)下(xia)，明年(nian)產(chan)(chan)能(neng)或有(you)所緊缺，相(xiang)關公司(si)有(you)望(wang)加(jia)速客戶驗證突破！AI算力建(jian)設與云計算需(xu)(xu)(xu)求共振(zhen)，800G光(guang)模塊開啟(qi)規模量(liang)產(chan)(chan)新(xin)周期(qi)，800G大客戶需(xu)(xu)(xu)求指引有(you)望(wang)持(chi)續超預(yu)期(qi)，光(guang)模塊龍(long)頭廠商(shang)持(chi)續產(chan)(chan)能(neng)擴張以應(ying)對高漲(zhang)需(xu)(xu)(xu)求。

隨著(zhu)800G加速(su)放量收(shou)入增長后，規模效應(ying)持續改善公司盈(ying)利(li)能力，疊(die)加高速(su)率產品收(shou)入占比提升，公司盈(ying)利(li)能力或仍(reng)有較大預期差，業績預期有望不(bu)斷(duan)上修！同時(shi)800G升級周期驅動光芯(xin)片(pian)(pian)&陶(tao)(tao)瓷(ci)(ci)外(wai)(wai)殼(ke)需(xu)(xu)求高速(su)增長，海(hai)外(wai)(wai)產能受(shou)限(xian)加速(su)國(guo)產替代進(jin)程。目前(qian)海(hai)外(wai)(wai)龍頭廠商仍(reng)為高速(su)光芯(xin)片(pian)(pian)、陶(tao)(tao)瓷(ci)(ci)外(wai)(wai)殼(ke)主流供應(ying)商，受(shou)限(xian)于(yu)產能瓶頸(jing)無(wu)法滿足(zu)日益增長的行業需(xu)(xu)求，國(guo)產替代進(jin)程有望加速(su)。