The prosperity of optical communication continues to rise steadily

** Optical Communication Market Sentiment Keeps Rising [Taoguba]
2026 is set to be a blockbuster year for AI optical interconnection. On the one hand, 800G and 1.6T optical modules are jointly driving strong growth; on the other hand, new optical interconnection technologies such as CPO (co-packaged optics), NPO (near-packaged optics), and OCS (optical switching) are flourishing in all directions. Optical interconnection will continue to penetrate the computing power connection layer, and all parties along the industry chain will benefit together, opening up even greater room for growth over the coming years. From the perspective of underlying drivers, AI computing power demand is currently surging at a pace of 4 to 5 times per year, while chip performance is still doubling every two years according to Moore’s Law. Relying solely on process technology improvements can no longer keep up with computing power demand. The fundamental solution is to introduce optical interconnection and achieve an architectural leap from electrical interconnection to optical interconnection.
As of this March, Doubao’s large model has already surpassed 120 trillion in daily average Token usage, increasing by 1,000 times since May 2024. Zhipu’s January ARR was $0.4 billion, with year-end guidance of $1.0 billion, implying an expected 25-fold increase. Nvidia is investing heavily in Marvell to develop silicon photonics technology. Driven by AI, the global optical communication industry’s market sentiment continues to improve. Rapid demand growth has caused supply and demand to remain tight. Institutions are optimistic that, during this high-prosperity cycle, China’s domestic optical communication supply chain will see both higher participation and double gains in value allocation.
** I. On January 17, the optical communication special topic “Silicon Photonics in the AI Wave Is Expected to Achieve High-Speed Development” listed a total of 28 silicon photonics-related stocks.
** (I) 7 that have more than doubled: **
1. Changguang Huaxin (688048) — On January 17, the stock price was 130.22 yuan. The Friday closing price was 438.88 yuan, up 237%.
2. Yuanjie Technology (688498) — On January 17, the stock price was 467.99 yuan. The Friday closing price was 1575 yuan, up 236%
3. Huilv Ecology (001267) — On January 17, the stock price was 25.75 yuan. The Friday closing price was 62.38 yuan, up 143%。。
4. Gxun Technology (002281) — On January 17, the stock price was 76.5 yuan. The Friday closing price was 180.72 yuan, up 136%。
5. Yunnan Germanium Industry (002428) — On January 17, the stock price was 37.1 yuan. The Friday closing price was 86.07 yuan, up 132%。。
6. Tiantong Shares (600330) — On January 17, the stock price was 12.92 yuan. The Friday closing price was 29.16 yuan, up 125%。
7. Shijia Photonics (688313) — On January 17, the stock price was 87 yuan. The Friday closing price was 176.6 yuan, up 103%。
** (II) 9 with gains of 50% or more: **
1. Changxin Bochuang (300548) — On January 17, the stock price was 138.39 yuan. The Friday closing price was 274.71 yuan, up 98%。
2. Kerui Technology (002957) — On January 17, the stock price was 24.3 yuan. The Friday closing price was 45.29 yuan, up 86%。
3. Yongding Shares (600105) — On January 17, the stock price was 27.37 yuan. The Friday closing price was 49.94 yuan, up 82%。
4. Kechuan Technology (603052) — On January 17, the stock price was 50.67 yuan. The Friday closing price was 89.26 yuan, up 76%。
5. Guangku Technology (300620) — On January 17, the stock price was 151 yuan. The Friday closing price was 259.1 yuan, up 71%。
6. Luobot Ke (300757) — On January 17, the stock price was 315.6 yuan. The Friday closing price was 519.2 yuan, up 65%。
7. Huagong Technology (000988) — On January 17, the stock price was 82.59 yuan. The Friday closing price was 136.69 yuan, up 65%。
8. Tianfu Communications (300394) — On January 17, the stock price was 198 yuan. The Friday closing price was 326 yuan, up 65%。
9. Mingpu Guangci (002902) — On January 17, the stock price was 21.98 yuan. The Friday closing price was 36.18 yuan, up 64%。
** II. Potential stocks related to concepts that can be followed later: **
** 1. Huamao Technology (603306):**① The company plans to acquire the remaining 57.84% equity interest in Fuchuang Youyue for 1.504 billion yuan, thereby achieving full ownership. Fuchuang Youyue is also a core PCBA supplier for Coherent and Lumentum across their entire range of products. Optical-module-related businesses account for 70%, and it will secure 100% of the PCBA supply shares in the OCS field.② Fuchuang Youyue is expected to deliver strong overall operating performance in 2025: full-year operating revenue of 1.942 billion yuan, up 50% year over year. Under a net method accounting basis, driven by two factors—higher processing fees arising from domestic customers and the flip chip process—the company’s net profit growth will be faster than its revenue growth. Full-year net profit is expected to be 229 million yuan, up nearly 80% year over year, exceeding the 2025 performance commitment of about 200 million yuan agreed for this major asset restructuring.③ Fuchuang Youyue is an exclusive supplier for Lumentum and Coherent. All 1.6T units adopt the FlipChip process. Entering the 1.6T optical module era, after applying the FlipChip flip-bonding process, the PCBA value per single module rises directly to 400–500 yuan. Compared with the 800G level, the increase is more than 3 times. In 2026, Fuchuang Youyue’s 1.6T and 800G laser module PCBA business is expected to see substantial growth.
** 2. Zhaochi Shares (002429):**① On March 12, 2026, the company announced that the first phase of its annual production of 100 million optical communication semiconductor laser chip project has been launched. The equipment installation and commissioning for the full-process manufacturing production line for the first batch of parallel optical transceiver modules for 400G/800G have been completed. Reliability testing for the 400G/800G optical modules has been completed and has entered the small-batch production stage, and it is being advanced in an orderly manner toward large-scale mass production. The 1.6T optical modules have entered a rapid R&D stage, focusing on parallel breakthroughs across LPO, NPO, and CPO to build next-generation high-speed, low-power solutions.② On May 7, on an investor interaction platform, the company stated that it has successfully built a vertical industry chain covering optical chips, optical devices, and optical modules; with coordinated development across all links, its core competitiveness continues to strengthen.
** 3. RiseSun (603803):**① In its 2026 annual report dated April 28, the company announced that the verification of 400G/800G high-speed optical modules has been completed and they have been released. RoCE switches have been rolled out at scale for commercial use at operators’ intelligent computing centers in Guangdong, Shaanxi, Jiangxi, and other provinces. Its DCI interconnection solution has been introduced into AI intelligent computing data centers. The optical communication modules and optical components based on the 25G/100G/over-100G integrated optical transceiver chips of E-ray Optoelectronics (with a 14.87% equity stake) are used for telecom carrier metro area networks and large data center network scenarios, among others.② RiseSun’s 2026 Q1 report shows that in Q1, the company’s main operating revenue was 293 million yuan, up 17.25% year over year; net profit attributable to shareholders was 6.8422 million yuan, up 135.33% year over year; and net profit excluding non-recurring items was 5.6712 million yuan, up 126.85% year over year.
** 4. Yingtang Zhikong (300131):**① In a draft announcement issued on January 29, 2026, the company said it plans to acquire 100% of the equity interest in Guilin Guanglong Integration. The target has already overcome 32/64/128-channel OCS optical module technology, with comprehensive market promotion expected in 2026.② In an interaction on March 23, 2026, Guanglong Integration stated it has built a rich product lineup, mainly including optical switches, optical protection modules, and OCS optical path switching devices, which can meet customer needs across different industries and different scenarios.