{"id":49436,"date":"2026-06-19T08:59:50","date_gmt":"2026-06-19T08:59:50","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e9%80%8f%e8%bf%87%e6%a3%b1%e9%95%9c%ef%bc%9acoherent-%e7%9a%84-ai-%e5%85%89%e5%ad%a6%e6%a6%82%e5%bf%b5%e8%82%a1%e6%b6%a8%e5%8a%bf\/"},"modified":"2026-06-19T08:59:50","modified_gmt":"2026-06-19T08:59:50","slug":"%e9%80%8f%e8%bf%87%e6%a3%b1%e9%95%9c%ef%bc%9acoherent-%e7%9a%84-ai-%e5%85%89%e5%ad%a6%e6%a6%82%e5%bf%b5%e8%82%a1%e6%b6%a8%e5%8a%bf","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/opinion\/%e9%80%8f%e8%bf%87%e6%a3%b1%e9%95%9c%ef%bc%9acoherent-%e7%9a%84-ai-%e5%85%89%e5%ad%a6%e6%a6%82%e5%bf%b5%e8%82%a1%e6%b6%a8%e5%8a%bf\/","title":{"rendered":"\u900f\u8fc7\u68f1\u955c\uff1aCoherent \u7684 AI \u5149\u5b66\u6982\u5ff5\u80a1\u6da8\u52bf"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarketsmy.com\/cn\/wp-content\/uploads\/sites\/4\/2026\/06\/1_CoherentAIbuildout-1024x573.webp\" alt=\"Abstract illustration of AI and automation with robotic arms, data server, and a glowing central crystal and rising arrow signifying growth.\" class=\"wp-image-52866\"\/><figcaption class=\"wp-element-caption\">Coherent \u5904\u5728 AI \u4f9b\u5e94\u94fe\u7684\u5173\u952e\u73af\u8282\uff0c\u4f46\u5e02\u573a\u5df2\u7ecf\u628a\u95e8\u69db\u62ac\u9ad8\u3002<\/figcaption><\/figure>\n\n\n\n<p>Coherent \u591a\u5e74\u6765\u4e13\u505a\u201c\u628a\u5149\u9001\u8fdb\u73bb\u7483\u7ea4\u7ef4\u201d\u7684\u57fa\u7840\u96f6\u4ef6\uff1a\u5de5\u5382\u7528\u7684\u6fc0\u5149\uff08laser\uff0c\u5229\u7528\u5f3a\u5149\u675f\u8fdb\u884c\u5207\u5272\u3001\u710a\u63a5\u6216\u6d4b\u91cf\u7684\u8bbe\u5907\uff09\u3001\u5b9a\u5236\u6750\u6599\uff08engineered materials\uff0c\u4e3a\u7279\u5b9a\u7528\u9014\u8bbe\u8ba1\u7684\u7279\u6b8a\u6750\u6599\uff09\u548c\u7535\u8baf\u7f51\u7edc\u7528\u7684\u5149\u5b66\u5668\u4ef6\u3002\u8fd1\u51e0\u4e2a\u6708\uff0c\u5e02\u573a\u5f00\u59cb\u628a\u5b83\u5f53\u6210\u66f4\u91cd\u8981\u7684\u516c\u53f8\u6765\u770b\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>COHR \u80a1\u4ef7\u89c6\u8d77\u70b9\u4e0d\u540c\uff0c<a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/coherent-surged-400-201-63-141506655.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u7d2f\u8ba1\u4e0a\u6da8\u7ea6 350% \u5230 520%<\/a>\uff1b\u8be5\u80a1\u5728 2026 \u5e74 3 \u6708\u7eb3\u5165\u6807\u666e 500 \u6307\u6570\uff08S&amp;P 500\uff0c\u7f8e\u56fd\u5927\u578b\u516c\u53f8\u80a1\u6307\uff09\uff0c\u76ee\u524d\u7ea6\u62a5 427 \u7f8e\u5143\uff0c\u9ad8\u4e8e<a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/cohr\/analystestimates\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u5206\u6790\u5e08\u5e73\u5747\u76ee\u6807\u4ef7\u7ea6 380 \u7f8e\u5143<\/a>\u3002<\/p>\n\n\n\n<script type=\"module\" src=\"https:\/\/widgets.tradingview-widget.com\/w\/en\/tv-ticker-tag.js\"><\/script>\n\n<tv-ticker-tag symbol=\"NYSE:COHR\"><\/tv-ticker-tag><br>\n\n\n\n<p>\u80a1\u4ef7\u9ad8\u8fc7\u5206\u6790\u5e08\u4e00\u81f4\u76ee\u6807\u4ef7\uff08consensus target\uff0c\u591a\u5bb6\u673a\u6784\u76ee\u6807\u4ef7\u7684\u5e73\u5747\uff09\u4e0d\u5e38\u89c1\uff0c\u4e5f\u4f1a\u6539\u53d8\u6295\u8d44\u903b\u8f91\uff1a\u53ef\u80fd\u4ee3\u8868\u5e02\u573a\u5df2\u7ecf\u5148\u628a\u201c\u66f4\u5927\u7684\u6545\u4e8b\u201d\u8ba1\u5165\u4ef7\u683c\uff0c\u800c\u5206\u6790\u5e08\u6a21\u578b\uff08\u7528\u6570\u636e\u9884\u6d4b\u4e1a\u7ee9\u4e0e\u4f30\u503c\u7684\u8ba1\u7b97\u6846\u67b6\uff09\u8fd8\u6ca1\u5b8c\u5168\u8ddf\u4e0a\uff1b\u4e5f\u53ef\u80fd\u662f\u80a1\u4ef7\u8dd1\u5f97\u6bd4\u57fa\u672c\u9762\uff08fundamentals\uff0c\u6307\u8425\u6536\u3001\u5229\u6da6\u3001\u73b0\u91d1\u6d41\u7b49\u7ecf\u8425\u8868\u73b0\uff09\u66f4\u5feb\u3002<\/p>\n\n\n\n<p>\u8fc7\u53bb\u7684\u903b\u8f91\u5f88\u7b80\u5355\uff1a\u5b83\u662f\u88ab\u4f4e\u4f30\u7684\u5149\u5b66\u4f9b\u5e94\u5546\uff0c\u6709\u91cd\u65b0\u4f30\u503c\uff08re-rate\uff0c\u5e02\u573a\u7ed9\u66f4\u9ad8\u4f30\u503c\u500d\u6570\uff09\u7684\u7a7a\u95f4\u3002\u8fd9\u4e2a\u9636\u6bb5\u57fa\u672c\u5df2\u7ecf\u8d70\u5b8c\u3002\u73b0\u5728\u66f4\u96be\u7684\u95ee\u9898\u662f\uff1aCoherent \u4f1a\u4e0d\u4f1a\u53d8\u6210 AI \u57fa\u5efa\uff08AI infrastructure\uff0c\u652f\u6491 AI \u8fd0\u7b97\u7684\u6570\u636e\u4e2d\u5fc3\u3001\u7f51\u7edc\u8fde\u63a5\u7b49\uff09\u91cc\u7684\u6218\u7565\u516c\u53f8\uff0c\u8fd8\u662f\u5e02\u573a\u628a\u80a1\u4ef7\u63a8\u5f97\u592a\u65e9\u3001\u592a\u5feb\uff1f<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nvidia \u7ed9\u5b83\u201c\u5b9a\u4e86\u4ef7\u201d<\/h2>\n\n\n\n<p>\u8fd9\u6b21\u91cd\u4f30\u6709\u660e\u786e\u89e6\u53d1\u70b9\u3002<\/p>\n\n\n\n<p>2026 \u5e74 3 \u6708\uff0c<a href=\"https:\/\/investor.nvidia.com\/news\/press-release-details\/2026\/NVIDIA-and-Coherent-Announce-Strategic-Partnership-to-Develop-Optics-Technology-to-Scale-Next-Generation-Data-Center-Architecture\/default.aspx\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">Nvidia \u4ee5 20 \u4ebf\u7f8e\u5143\u5165\u80a1 Coherent<\/a>\uff08equity stake\uff0c\u4e70\u5165\u80a1\u4efd\u6210\u4e3a\u80a1\u4e1c\uff09\uff0c\u5e76\u7b7e\u4e0b\u591a\u5e74\u4f9b\u8d27\u534f\u8bae\uff0c\u8986\u76d6\u5171\u5c01\u88c5\u5149\u5b66\uff08co-packaged optics\uff0cCPO\uff1a\u628a\u5149\u5b66\u6a21\u5757\u66f4\u9760\u8fd1\u4ea4\u6362\u82af\u7247\u4ee5\u7701\u7535\u4e0e\u63d0\u901f\uff09\u4e0e\u5149\u8def\u4ea4\u6362\uff08optical circuit switching\uff0c\u7528\u5149\u6765\u5efa\u7acb\u9ad8\u901f\u8fde\u63a5\u3001\u51cf\u5c11\u7535\u5b50\u4ea4\u6362\u8017\u7535\uff09\u3002\u5e02\u573a\u62a5\u9053\u8fd9\u9879\u66f4\u5e7f\u6cdb\u5408\u4f5c\u5230\u672c\u5341\u5e74\u672b\u7684\u91d1\u989d\u6216\u8d85\u8fc7 65 \u4ebf\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u5355\u6709\u4f9b\u8d27\u5408\u540c\u5df2\u7ecf\u591f\u91cd\u8981\uff1b\u4f46\u518d\u52a0\u4e0a\u5165\u80a1\u4e0e\u4ea7\u80fd\u5b89\u6392\uff08capacity\uff0c\u5de5\u5382\u80fd\u751f\u4ea7\u591a\u5c11\uff09\uff0c\u8baf\u53f7\u66f4\u5f3a\uff1aNvidia \u4e0d\u53ea\u662f\u4e0b\u5355\uff0c\u800c\u662f\u5728\u9501\u5b9a\u4e00\u4e2a\u5b83\u8ba4\u4e3a\u4e0d\u5bb9\u6613\u66ff\u4ee3\u7684\u5236\u9020\u4f19\u4f34\u3002\u534f\u8bae\u8fd8\u5f3a\u8c03\u7f8e\u56fd\u5236\u9020\u4e0e\u7814\u53d1\uff08R&amp;D\uff0c\u7814\u7a76\u4e0e\u5f00\u53d1\uff09\uff0c\u5728\u5149\u5b50\u5b66\uff08photonics\uff0c\u7528\u201c\u5149\u201d\u8fdb\u884c\u4f20\u8f93\u4e0e\u5904\u7406\u7684\u6280\u672f\uff09\u4e0e\u534a\u5bfc\u4f53\u88ab\u89c6\u4e3a\u6218\u7565\u8d44\u6e90\u7684\u73af\u5883\u4e0b\uff0c\u8fd9\u662f\u5173\u952e\u3002<\/p>\n\n\n\n<p>\u5e02\u573a\u5bf9 Coherent \u7684\u770b\u6cd5\u53d8\u5316\uff0c\u6838\u5fc3\u5728\u201c\u4f9b\u5e94\u5546 vs \u5e73\u53f0\u201d\u5dee\u522b\uff1a\u96f6\u7ec4\u4ef6\u4f9b\u5e94\u5546\u901a\u5e38\u6309\u51fa\u8d27\u91cf\u4e0e\u5229\u6da6\u7387\u4f30\u503c\uff1b\u4f46\u82e5\u88ab\u89c6\u4e3a\u7a00\u7f3a\u7684\u57fa\u7840\u8bbe\u65bd\u4f9b\u5e94\u8005\uff08scarce infrastructure supplier\uff0c\u80fd\u63d0\u4f9b\u5173\u952e\u4e14\u4e0d\u6613\u66ff\u4ee3\u4ea7\u80fd\uff09\uff0c\u4f30\u503c\u53ef\u80fd\u66f4\u9ad8\uff0c\u56e0\u4e3a\u5176\u5728\u672a\u6765\u7cfb\u7edf\u4e2d\u7684\u4f4d\u7f6e\u66f4\u91cd\u8981\u3002\u5e02\u573a\u5f00\u59cb\u7528\u7b2c\u4e8c\u79cd\u6846\u67b6\u770b Coherent\uff0c\u4f46\u6309\u8425\u6536\u7ed3\u6784\uff0c\u5b83\u4ecd\u4e3b\u8981\u50cf\u7b2c\u4e00\u79cd\u516c\u53f8\u3002<\/p>\n\n\n\n<p>\u70ed\u5ea6\u80cc\u540e\u4e5f\u6709\u6570\u636e\u652f\u6491\u3002<a href=\"https:\/\/www.coherent.com\/news\/press-releases\/third-quarter-fiscal-year-2026-results\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">Coherent 2026 \u8d22\u5e74\u7b2c\u4e09\u5b63\uff082026 \u5e74 5 \u6708\u516c\u5e03\uff09<\/a>\u663e\u793a\u9700\u6c42\u66f4\u5f3a\u3001\u5229\u6da6\u80fd\u529b\u5728\u6539\u5584\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarketsmy.com\/cn\/wp-content\/uploads\/sites\/4\/2026\/06\/codeODk5YjZiNmFkYjY3ZWM0NWFjOWFiZjA4MDJkMDE1MGNfV3pRSm5zeTdjQk5FVnBRc2F5Q0hxaFhzaDV1NVZMRUpfVG9rZW46VUdMcWJ5YmV0b05URVR4R3ZpTGxiRVNPZ05KXzE3ODE4NTgyODc6MTc4MTg2MTg4N19WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><figcaption class=\"wp-element-caption\">\u5982\u4eca\u7ea6\u56db\u5206\u4e4b\u4e09\u4e1a\u52a1\u53d6\u51b3\u4e8e\u6570\u636e\u4e2d\u5fc3\u4e0e\u901a\u8baf\u9700\u6c42\u3002<\/figcaption><\/figure>\n\n\n\n<p>\u516c\u53f8\u4e5f\u9884\u8ba1 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u8425\u6536 19.1 \u4ebf\u81f3 20.5 \u4ebf\u7f8e\u5143\u3002\u7ba1\u7406\u5c42\u9884\u671f 2027 \u8d22\u5e74\u589e\u957f\u4f1a\u5feb\u8fc7 2026 \u8d22\u5e74\uff0c\u5e76\u63d0\u5230\u8ba2\u5355\u79ef\u538b\uff08backlog\uff0c\u5df2\u4e0b\u5355\u4f46\u672a\u4ea4\u4ed8\u7684\u8ba2\u5355\uff09\u5ef6\u4f38\u5230 2028 \u5e74\uff0c\u4ee5\u53ca\u4eca\u5e74\u8f83\u65e9\u65f6\u671f\u8ba2\u5355\/\u51fa\u8d27\u6bd4\uff08book-to-bill\uff0c\u63a5\u5355\u91d1\u989d \u00f7 \u51fa\u8d27\u91d1\u989d\uff1b\u9ad8\u4e8e 1 \u4ee3\u8868\u8ba2\u5355\u5728\u589e\u52a0\uff09\u7ea6 4 \u500d\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e9b\u6570\u5b57\u652f\u6301\u66f4\u9ad8\u4f30\u503c\uff0c\u4f46\u4e5f\u628a\u672a\u6765\u8868\u73b0\u7684\u6807\u51c6\u62c9\u9ad8\uff1a\u80a1\u4ef7\u65e2\u7136\u5df2\u53cd\u6620\u589e\u957f\u9884\u671f\uff0c\u4e00\u65e6\u51fa\u73b0\u4ea4\u4ed8\u5ef6\u540e\u3001\u5229\u6da6\u7387\u8d70\u5f31\u6216\u73b0\u91d1\u56de\u6536\u5dee\uff08cash conversion\uff0c\u5229\u6da6\u662f\u5426\u80fd\u53d8\u6210\u73b0\u91d1\u6d41\uff09\uff0c\u5f71\u54cd\u4f1a\u66f4\u5927\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Coherent \u5728\u94fe\u6761\u4e2d\u7684\u4f4d\u7f6e<\/h2>\n\n\n\n<p>Coherent \u7684\u89d2\u8272\u4ece AI \u6570\u636e\u4e2d\u5fc3\u5185\u90e8\u5f00\u59cb\u3002<\/p>\n\n\n\n<p>AI \u96c6\u7fa4\uff08AI cluster\uff0c\u5927\u91cf\u82af\u7247\u7ec4\u6210\u7684\u8ba1\u7b97\u7cfb\u7edf\uff09\u7531\u6210\u5343\u4e0a\u4e07\u9897\u82af\u7247\u7ec4\u6210\uff0c\u5fc5\u987b\u6301\u7eed\u4ea4\u6362\u6570\u636e\u3002\u82af\u7247\u8d8a\u5feb\uff0c\u9650\u5236\u5c31\u4ece\u7b97\u529b\u8f6c\u5411\u6570\u636e\u4f20\u8f93\uff1a\u6570\u636e\u8981\u5728\u82af\u7247\u4e4b\u95f4\u3001\u673a\u67b6\u4e4b\u95f4\u3001\u751a\u81f3\u4e0d\u540c\u673a\u623f\u4e4b\u95f4\u9ad8\u901f\u79fb\u52a8\uff0c\u540c\u65f6\u4e0d\u80fd\u8017\u592a\u591a\u7535\u3002<\/p>\n\n\n\n<p>\u8fd9\u5c31\u9700\u8981\u5149\u5b66\uff08optics\uff0c\u7528\u5149\u6765\u4f20\u8f93\u6570\u636e\uff09\u3002\u6570\u636e\u7528\u5149\u5728\u5149\u7ea4\u4e2d\u4f20\u9001\uff1b\u6709\u4eba\u5fc5\u987b\u5728\u6570\u636e\u4e2d\u5fc3\u89c4\u6a21\u4e0a\u5236\u9020\u201c\u7535\u4fe1\u53f7 \u2194 \u5149\u4fe1\u53f7\u201d\u7684\u8f6c\u6362\u90e8\u4ef6\u3002<\/p>\n\n\n\n<p>\u5149\u8fde\u63a5\uff08optical connectivity\uff0c\u6570\u636e\u4e2d\u5fc3\u5185\u5916\u7684\u9ad8\u901f\u5149\u7ea4\u8fde\u63a5\uff09\u5c31\u662f Coherent \u7684\u6218\u573a\u3002<\/p>\n\n\n\n<p>\u516c\u53f8\u4e0d\u505a AI \u6a21\u578b\uff08AI model\uff0c\u8bad\u7ec3\u540e\u53ef\u63a8\u7406\u7684\u7b97\u6cd5\uff09\u3001\u4e0d\u8bbe\u8ba1\u82af\u7247\uff0c\u4e5f\u4e0d\u7ecf\u8425\u4e91\u5e73\u53f0\uff08cloud platform\uff0c\u63d0\u4f9b\u7b97\u529b\u4e0e\u5b58\u50a8\u7684\u670d\u52a1\u5e73\u53f0\uff09\u3002\u5b83\u63d0\u4f9b\u8ba9 AI \u57fa\u5efa\u8fd0\u4f5c\u7684\u5149\u5b66\u96f6\u4ef6\uff0c\u5305\u62ec\u6536\u53d1\u5668\uff08transceiver\uff0c\u628a\u7535\u4fe1\u53f7\u4e0e\u5149\u4fe1\u53f7\u4e92\u8f6c\u7684\u6a21\u5757\uff09\u3001\u6fc0\u5149\u5668\uff08laser\uff0c\u53d1\u5149\u6e90\uff09\u548c\u4ea4\u6362\u76f8\u5173\u96f6\u4ef6\uff08switching parts\uff0c\u7528\u4e8e\u5efa\u7acb\/\u5207\u6362\u6570\u636e\u8fde\u63a5\uff09\u3002<\/p>\n\n\n\n<p>\u9700\u6c42\u94fe\u6761\u5f88\u76f4\u63a5\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarketsmy.com\/cn\/wp-content\/uploads\/sites\/4\/2026\/06\/codeODEyNjVlZDdmMjFjOTBiZGIyOGJmYTE5OWY5ZmNiMmFfMk5BZU9ocXY1bGkxbkNiRjBCZU1keFNyOE9wcmZmUWhfVG9rZW46VmVwSGJrcnhlb09JdnN4bGZkM2xiR1h6Z2RnXzE3ODE4NTgyODc6MTc4MTg2MTg4N19WNAampadd_watermarktrueampscene_typeCCM.webp\" alt=\"\"\/><\/figure>\n\n\n\n<p>\u5f53\u8d85\u5927\u89c4\u6a21\u4e91\u5382\u5546\uff08hyperscaler\uff0c\u6307\u5927\u578b\u4e91\u4e0e\u4e92\u8054\u7f51\u516c\u53f8\uff09\u7838\u4e0b\u6570\u5341\u4ebf\u7f8e\u5143\u5efa\u8bbe\u65b0 AI \u96c6\u7fa4\uff0c\u5176\u4e2d\u4e00\u90e8\u5206\u652f\u51fa\u5fc5\u7136\u6d41\u5411\u80fd\u63d0\u4f9b\u5149\u5b66\u96f6\u4ef6\u7684\u4f9b\u5e94\u5546\u3002Coherent \u662f\u5c11\u6570\u80fd\u5728\u6240\u9700\u6570\u91cf\u4e0e\u901f\u5ea6\u4e0b\u4f9b\u8d27\u7684\u516c\u53f8\u4e4b\u4e00\u3002AI \u7b97\u529b\u6269\u5f20\u610f\u5473\u7740\u96c6\u7fa4\u585e\u5165\u66f4\u591a\u82af\u7247\uff0c\u7cfb\u7edf\u95f4\u6570\u636e\u6d41\u91cf\u66f4\u5927\uff0c\u4ece\u800c\u63a8\u9ad8\u9ad8\u901f\u5149\u8fde\u7ebf\u9700\u6c42\uff0c\u5229\u597d Coherent \u8fd9\u7c7b\u4f9b\u5e94\u5546\u3002<\/p>\n\n\n\n<p>\u4e00\u65e6\u88ab\u89c6\u4e3a\u5173\u952e\u73af\u8282\uff0c\u4ea7\u54c1\u5c31\u66f4\u4e0d\u6613\u88ab\u66ff\u6362\u3002\u9ad8\u901f\u5149\u5b66\u4e0d\u662f\u968f\u65f6\u80fd\u6362\u4f9b\u5e94\u7684\u901a\u7528\u8d27\uff08commodity\uff0c\u5dee\u5f02\u5c0f\u3001\u5bb9\u6613\u66ff\u4ee3\u7684\u4ea7\u54c1\uff09\u3002\u4f9b\u5e94\u5546\u9700\u8981\u89c4\u6a21\u3001\u6280\u672f\u79ef\u7d2f\u4e0e\u5236\u9020\u4ea7\u80fd\u3002\u8fd9\u4e5f\u89e3\u91ca\u4e86 Nvidia \u4e3a\u4f55\u9009\u62e9\u5165\u80a1 Coherent\uff0c\u800c\u4e0d\u53ea\u662f\u4e0b\u5355\u3002<\/p>\n\n\n\n<p>\u4f46\u8fd9\u4ecd\u662f\u201c\u4f9b\u5e94\u5546\u4f4d\u7f6e\u201d\uff1aCoherent \u53d7\u76ca\u4e8e AI \u57fa\u5efa\u6295\u8d44\u4e0a\u5347\uff0c\u5374\u4ecd\u662f\u522b\u4eba\u7684\u5efa\u8bbe\u8ba1\u5212\u4e2d\u7684\u4e00\u73af\u3002\u8fd9\u8ba9\u673a\u4f1a\u6709\u5438\u5f15\u529b\uff0c\u4e5f\u8ba9\u4f30\u503c\u66f4\u654f\u611f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e3a\u4ec0\u4e48\u5171\u5c01\u88c5\u5149\u5b66\u91cd\u8981<\/h3>\n\n\n\n<p>\u8981\u7406\u89e3 Nvidia \u4e3a\u4ec0\u4e48\u8981\u201c\u9501\u5b9a\u4ea7\u80fd\u201d\uff0c\u8981\u5148\u770b AI \u6570\u636e\u4e2d\u5fc3\u5185\u90e8\u6b63\u5728\u53d1\u751f\u4ec0\u4e48\u53d8\u5316\u3002<\/p>\n\n\n\n<p>\u82af\u7247\u66f4\u5feb\u540e\uff0c\u74f6\u9888\u4ece\u8ba1\u7b97\u8f6c\u5230\u8fde\u63a5\uff1a\u5982\u4f55\u628a\u6570\u636e\u5728\u82af\u7247\u4e4b\u95f4\u3001\u673a\u67b6\u4e4b\u95f4\u9ad8\u901f\u4f20\u8f93\uff0c\u53c8\u4e0d\u8017\u592a\u591a\u7535\u3002\u4f20\u7edf\u53ef\u63d2\u62d4\u5149\u6a21\u5757\uff08pluggable optical transceivers\uff0c\u53ef\u63d2\u62d4\u5f0f\u6536\u53d1\u5668\u6a21\u5757\uff09\u901a\u5e38\u88c5\u5728\u7cfb\u7edf\u8fb9\u7f18\uff0c\u4f5c\u4e3a\u7535\u2192\u5149\u8f6c\u6362\u5668\uff0c\u8d8a\u6765\u8d8a\u6210\u4e3a\u529f\u8017\u4e0e\u5bc6\u5ea6\uff08density\uff0c\u540c\u4f53\u79ef\u80fd\u653e\u591a\u5c11\u8fde\u63a5\/\u8bbe\u5907\uff09\u7684\u9650\u5236\u3002<\/p>\n\n\n\n<p>\u5171\u5c01\u88c5\u5149\u5b66\uff08CPO\uff09\u628a\u5149\u5b66\u5f15\u64ce\uff08optical engine\uff0c\u8d1f\u8d23\u53d1\u5149\/\u63a5\u5149\u4e0e\u8f6c\u6362\u7684\u7ec4\u4ef6\uff09\u653e\u5230\u4ea4\u6362\u82af\u7247\uff08switch chip\uff0c\u8d1f\u8d23\u6570\u636e\u4ea4\u6362\u7684\u82af\u7247\uff09\u65c1\u8fb9\uff0c\u7f29\u77ed\u7535\u4fe1\u53f7\u8d70\u7ebf\u8ddd\u79bb\uff0c\u51cf\u5c11\u8017\u7535\u3002\u5e02\u573a\u8fd8\u6709\u51e0\u79cd\u8def\u7ebf\uff0c\u76ee\u6807\u4e00\u81f4\uff1a\u8ba9\u201c\u5149\u201d\u66f4\u9760\u8fd1\u7845\u82af\u7247\uff08silicon\uff09\uff1a<\/p>\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5171\u5c01\u88c5\u5149\u5b66\uff08CPO\uff09\uff1a<\/strong>\u5149\u5b66\u5f15\u64ce\u7d27\u8d34\u4ea4\u6362\u82af\u7247\uff0c\u964d\u4f4e\u635f\u8017\u4e0e\u4f20\u8f93\u8ddd\u79bb\u3002<\/li>\n\n\n\n<li><strong>\u8fd1\u5c01\u88c5\u5149\u5b66\uff08near-packaged optics\uff09\uff1a<\/strong>\u628a\u5149\u5b66\u5f15\u64ce\u79fb\u5230\u66f4\u9760\u8fd1\u82af\u7247\u7684\u4f4d\u7f6e\uff0c\u4f46\u8fd8\u6ca1\u76f4\u63a5\u5c01\u5728\u540c\u4e00\u5c01\u88c5\u4e0a\uff0c\u5c5e\u4e8e\u8fc7\u6e21\u65b9\u6848\u3002<\/li>\n\n\n\n<li><strong>\u7845\u5149\u5b50\uff08silicon photonics\uff09\uff1a<\/strong>\u628a\u90e8\u5206\u5149\u5b66\u529f\u80fd\u505a\u8fdb\u7845\u82af\u7247\uff0c\u63d0\u9ad8\u96c6\u6210\u5ea6\uff0c\u89c4\u6a21\u5316\u540e\u6709\u673a\u4f1a\u964d\u4f4e\u4f53\u79ef\u4e0e\u6210\u672c\u3002<\/li>\n<\/ul>\n<!-- \/wp:post-content -->\n\n<!-- wp:paragraph -->\n<p>\u8fd9\u4e09\u6761\u8def\u7ebf\u80cc\u540e\uff0c\u90fd\u79bb\u4e0d\u5f00\u7528<a href=\"https:\/\/www.waferworld.com\/post\/inp-wafers-from-material-science-to-real-world-applications\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u78f7\u5316\u94df\uff08indium phosphide\uff09<\/a>\u505a\u7684\u53d1\u5149\u5143\u4ef6\u3002\u78f7\u5316\u94df\u662f\u4e00\u79cd\u534a\u5bfc\u4f53\u6750\u6599\uff08semiconductor\uff0c\u53ef\u5bfc\u7535\u4e5f\u53ef\u7edd\u7f18\u7684\u6750\u6599\uff0c\u662f\u82af\u7247\u57fa\u7840\uff09\uff0c\u5728\u201c\u53d1\u5149\u201d\u8fd9\u4ef6\u4e8b\u4e0a\u6bd4\u7845\u66f4\u9002\u5408\u3002Coherent \u6b63\u52a0\u901f\u6269\u5145\u78f7\u5316\u94df\u4ea7\u80fd\uff08manufacturing capacity\uff0c\u53ef\u91cf\u4ea7\u89c4\u6a21\uff09\u3002\u8fd9\u5c31\u662f\u5b83\u62bc\u6ce8\u7684\u53d8\u5316\uff0c\u4e5f\u662f Nvidia \u5408\u4f5c\u805a\u7126 CPO \u7684\u539f\u56e0\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><em><strong>\u5df2\u5206\u6790<a href=\"https:\/\/www.vtmarkets.com\/tag\/AI\/?utm_source=Opinion&amp;rt=Coherent\" target=\"_blank\" rel=\"noopener\" title=\"\">AI \u57fa\u5efa\u5982\u4f55\u5411\u66f4\u4e0a\u6e38\u8d44\u6e90\u5ef6\u4f38<\/a>\u3002<\/strong><\/em><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u673a\u4f1a\u5f88\u5927\uff0c\u4f46\u5927\u591a\u8fd8\u5728\u524d\u65b9\u3002\u6309 Coherent \u7684\u8def\u7ebf\u56fe\uff08roadmap\uff0c\u4ea7\u54c1\u4e0e\u91cf\u4ea7\u65f6\u95f4\u8868\uff09\uff0c\u9762\u5411\u201c\u6a2a\u5411\u6269\u5c55\u201d\u7684 CPO\uff08scale-out\uff0c\u589e\u52a0\u66f4\u591a\u673a\u5668\/\u8282\u70b9\u6269\u5c55\u7cfb\u7edf\uff09\u8425\u6536\u5c06\u4ece 2026 \u5e74\u4e0b\u534a\u5e74\u5f00\u59cb\uff1b\u9762\u5411\u201c\u7eb5\u5411\u6269\u5c55\u201d\u7684 CPO\uff08scale-up\uff0c\u5355\u4e00\u7cfb\u7edf\u5185\u63d0\u5347\u89c4\u6a21\u4e0e\u6027\u80fd\uff09\u9884\u8ba1 2027 \u5e74\u4e0b\u534a\u5e74\u5f00\u59cb\u3002\u591a\u901a\u9053\u7cfb\u7edf\uff08multi-rail systems\uff0c\u628a\u6570\u636e\u4f20\u8f93\u5206\u6210\u591a\u6761\u5e76\u884c\u901a\u9053\u4ee5\u63d0\u9ad8\u5e26\u5bbd\u4e0e\u6548\u7387\uff09\u9884\u8ba1 2027 \u5e74\u521d\u5f00\u59cb\u8d21\u732e\uff0c\u6563\u70ed\u7ba1\u7406\u4ea7\u54c1\uff08thermal-management\uff0c\u63a7\u5236\u6e29\u5ea6\u7684\u6750\u6599\u6216\u7ec4\u4ef6\uff09\u5728\u540c\u5e74\u7a0d\u540e\u63a8\u51fa\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Coherent \u8868\u793a\u8fd9\u4e9b<a href=\"https:\/\/seekingalpha.com\/article\/4883374-coherent-corp-cohr-discusses-photonics-innovation-and-data-center-communications-at-ofc\" target=\"_blank\" rel=\"noopener\" title=\"\">\u65b0\u4ea7\u54c1\u53ef\u80fd\u8ba9\u53ef\u670d\u52a1\u5e02\u573a\uff08addressable market\uff0c\u7b80\u79f0 TAM\/SAM\uff0c\u6307\u516c\u53f8\u7406\u8bba\u4e0a\u80fd\u4e89\u53d6\u5230\u7684\u5e02\u573a\u89c4\u6a21\uff09\u518d\u589e\u52a0\u8d85\u8fc7 200 \u4ebf\u7f8e\u5143<\/a>\uff0c\u52a0\u4e0a\u539f\u672c\u8d85\u8fc7 500 \u4ebf\u7f8e\u5143\u7684\u57fa\u7840\u89c4\u6a21\u3002\u8fd9\u662f 2030 \u5e74\u7684\u4f30\u7b97\uff0c\u4e0d\u662f\u5f53\u524d\u8425\u6536\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u8fd9\u4e5f\u610f\u5473\u7740\u4f30\u503c\u66f4\u50cf\u662f\u5728\u62bc\u6267\u884c\u529b\uff08execution\uff0c\u80fd\u5426\u6309\u8ba1\u5212\u91cf\u4ea7\u3001\u4ea4\u4ed8\u3001\u8d5a\u94b1\uff09\uff0c\u800c\u4e0d\u662f\u770b\u73b0\u6709\u6210\u7ee9\u5355\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">\u6a21\u578b\u592a\u6162\uff0c\u8fd8\u662f\u80a1\u4ef7\u592a\u8d35\uff1f<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>\u6295\u8d44\u4eba\u5206\u6b67\u5c31\u5728\u8fd9\u91cc\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u4e00\u79cd\u770b\u6cd5\u662f\uff1a\u5206\u6790\u5e08\u8fd8\u6ca1\u8ddf\u4e0a\u3002\u5e02\u573a\u5df2\u7ecf\u786e\u8ba4 Coherent \u4e0d\u518d\u53ea\u662f\u53d7\u666f\u6c14\u5f71\u54cd\u7684\u5149\u5b50\u5b66\u4f9b\u5e94\u5546\uff08cyclical supplier\uff0c\u4e1a\u7ee9\u968f\u666f\u6c14\u8d77\u843d\u660e\u663e\uff09\uff0c\u800c\u662f AI \u57fa\u5efa\u6269\u5f20\u4e2d\u7684\u5173\u952e\u73af\u8282\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u652f\u6301\u8005\u6307\u5411<a href=\"https:\/\/www.ebc.com\/forex\/coherent-stock-cohr-ai-optics-analyst-targets-nvidia-2026\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u4e0d\u65ad\u4e0a\u8c03\u7684\u76ee\u6807\u4ef7<\/a>\u3001Nvidia \u5165\u80a1\u3001\u5f3a\u52b2\u8ba2\u5355\u79ef\u538b\uff0c\u4ee5\u53ca\u516c\u53f8\u5728\u5149\u8fde\u63a5\u7684\u5730\u4f4d\u3002\u4e0d\u5c11\u673a\u6784\u5728 2026 \u5e74\u6301\u7eed\u4e0a\u8c03\u76ee\u6807\u4ef7\uff1b<a href=\"https:\/\/www.theedgesingapore.com\/capital\/brokers-calls\/jpm-reiterates-overweight-call-cdl-gs-says-market-underappreciates-roe-uplift\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u6469\u6839\u5927\u901a\uff08J.P. Morgan\uff09\u4e5f\u8ba4\u4e3a<\/a>\u5e02\u573a\u5bf9 CPO \u5bfc\u5165\u5ef6\u8fdf\u7684\u62c5\u5fe7\u88ab\u5938\u5927\uff0c\u5e76\u7ef4\u6301\u201c\u589e\u6301\/\u8dd1\u8d62\u5927\u5e02\u201d\uff08Overweight\uff0c\u5efa\u8bae\u914d\u7f6e\u6bd4\u57fa\u51c6\u66f4\u9ad8\uff09\u8bc4\u7ea7\u3002\u82e5\u516c\u53f8\u7ed3\u6784\u771f\u7684\u6539\u53d8\uff0c\u80a1\u4ef7\u9886\u5148\u6a21\u578b\u53ef\u80fd\u5408\u7406\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u53e6\u4e00\u79cd\u770b\u6cd5\u66f4\u8c28\u614e\uff1aCoherent \u4ecd\u662f\u4f9b\u5e94\u5546\uff0c\u4e0d\u638c\u63a7 AI \u5e73\u53f0\u3002\u4f9b\u5e94\u5546\u80a1\u5728\u57fa\u5efa\u6269\u5f20\u671f\u53ef\u4ee5\u6da8\u5f88\u5927\uff0c\u4f46\u4e00\u65e6\u6295\u8d44\u4eba\u8d28\u7591\u5229\u6da6\u7387\u3001\u91cf\u4ea7\u8fdb\u5ea6\u6216\u9700\u6c42\u662f\u5426\u53ef\u6301\u7eed\uff0c\u56de\u64a4\u4e5f\u4f1a\u5f88\u5feb\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u56e0\u6b64\u6700\u5927\u98ce\u9669\u5728\u6267\u884c\uff1a\u672a\u5fc5\u662f AI \u9898\u6750\u964d\u6e29\uff0c\u800c\u53ef\u80fd\u662f\u6307\u5f15\u504f\u5f31\uff08guide\uff0c\u7ba1\u7406\u5c42\u5bf9\u672a\u6765\u8425\u6536\/\u5229\u6da6\u7684\u9884\u6d4b\uff09\u3001\u4ea7\u80fd\u722c\u5761\uff08capacity ramp\uff0c\u4ea7\u91cf\u63d0\u5347\u8fc7\u7a0b\uff09\u53d8\u6162\u3001\u5229\u6da6\u7387\u8d70\u5f31\u3001\u73b0\u91d1\u56de\u6536\u5dee\uff0c\u6216\u8ba2\u5355\u79ef\u538b\u8fdf\u8fdf\u65e0\u6cd5\u8f6c\u6210\u51fa\u8d27\uff08shipped products\uff0c\u5b9e\u9645\u4ea4\u4ed8\u7684\u4ea7\u54c1\uff09\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u4f30\u503c\u8ba9\u5206\u6b67\u66f4\u5177\u4f53\uff1aCoherent \u4ee5\u5f53\u524d\u76c8\u5229\u8ba1\u7b97\u7684\u4f30\u503c\u500d\u6570\uff08multiple\uff0c\u5982\u5e02\u76c8\u7387 P\/E\uff09\u504f\u9ad8\uff0c\u53ea\u6709\u5728\u589e\u957f\u6301\u7eed\u52a0\u901f\u65f6\u624d\u5408\u7406\uff1b\u4f46\u82e5\u672a\u6765\u76c8\u5229\u653e\u5927\uff0c\u6309\u201c\u672a\u6765\u9884\u4f30\u201d\uff08forward estimates\uff0c\u9884\u6d4b\u7684\u660e\u5e74\/\u540e\u5e74\u76c8\u5229\uff09\u8ba1\u7b97\u7684\u500d\u6570\u4f1a\u660e\u663e\u4e0b\u964d\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5f53\u524d\u4ef7\u683c\u5df2\u9884\u8bbe\u8def\u7ebf\u56fe\u4f1a\u5151\u73b0\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u4e24\u79cd\u60c5\u51b5\u90fd\u53ef\u80fd\u6210\u7acb\uff0c\u56e0\u6b64\u80a1\u4ef7\u6ce2\u52a8\u66f4\u50cf\u201c\u53ef\u4ea4\u6613\u7684\u5206\u6b67\u201d\uff0c\u800c\u4e0d\u662f\u4e00\u773c\u5b9a\u80dc\u8d1f\u3002\u53ef\u7c97\u7565\u5bf9\u7167\u5982\u4e0b\uff1a<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:table -->\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td>\u770b\u591a\u89e3\u8bfb<\/td><td>\u770b\u7a7a\u89e3\u8bfb<\/td><\/tr><tr><td>\u80a1\u4ef7 vs \u76ee\u6807\u4ef7\u5dee\u8ddd<\/td><td>\u6a21\u578b\u843d\u540e\u4e8e\u771f\u5b9e\u91cd\u4f30<\/td><td>\u80a1\u4ef7\u9886\u5148\u4e1a\u52a1\u57fa\u672c\u9762<\/td><\/tr><tr><td>Nvidia \u5408\u4f5c<\/td><td>\u80cc\u4e66 + \u9501\u5b9a\u9700\u6c42<\/td><td>\u5355\u4e00\u5ba2\u6237\uff0c\u96c6\u4e2d\u98ce\u9669\uff08concentration risk\uff0c\u8fc7\u5ea6\u4f9d\u8d56\u5c11\u6570\u5ba2\u6237\uff09<\/td><\/tr><tr><td>CPO \/ \u591a\u901a\u9053\u8def\u7ebf\u56fe<\/td><td>\u5e02\u573a\u89c4\u6a21\u589e\u52a0\uff0c\u589e\u957f\u8dd1\u9053\u957f<\/td><td>\u8425\u6536\u591a\u672a\u9a8c\u8bc1\uff0c\u8d21\u732e\u504f\u540e\u6bb5<\/td><\/tr><tr><td>\u4e0b\u884c\u89e6\u53d1\u70b9<\/td><td>AI \u8d44\u672c\u5f00\u652f\u4e0b\u6ed1\uff08capex\uff0c\u4f01\u4e1a\u7528\u4e8e\u5efa\u5382\/\u8bbe\u5907\/\u6570\u636e\u4e2d\u5fc3\u7684\u957f\u671f\u6295\u8d44\uff1b\u77ed\u671f\u8f83\u4e0d\u6613\u53d1\u751f\uff09<\/td><td>\u5355\u5b63\u5229\u6da6\u7387\u6216\u4ea7\u80fd\u722c\u5761\u4e0d\u8fbe\u6807<\/td><\/tr><\/tbody><\/table><\/figure>\n<!-- \/wp:table -->\n\n<!-- wp:paragraph -->\n<p>\u771f\u6b63\u7684\u9a8c\u8bc1\u4e0d\u4f1a\u6765\u81ea AI \u5927\u6807\u9898\uff0c\u800c\u662f\u6765\u81ea\u6bdb\u5229\u7387\uff08gross margin\uff0c\u9500\u552e\u6bdb\u5229 \u00f7 \u8425\u6536\uff09\u3001\u4ea7\u80fd\u8f6c\u5316\uff08capacity conversion\uff0c\u628a\u4ea7\u80fd\u53d8\u6210\u5b9e\u9645\u51fa\u8d27\u4e0e\u8425\u6536\uff09\u3001\u51fa\u8d27\u89c4\u6a21\u4e0e\u7ecf\u8425\u73b0\u91d1\u6d41\uff08operating cash flow\uff0c\u4f01\u4e1a\u4e3b\u8425\u4e1a\u52a1\u5e26\u6765\u7684\u73b0\u91d1\u51c0\u6d41\u5165\uff09\u3002\u4e0b\u4e00\u4e2a\u5173\u952e\u65f6\u95f4\u70b9\u662f 2026 \u5e74 8 \u6708 13 \u65e5\uff0c\u516c\u53f8\u516c\u5e03 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u4e1a\u7ee9\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">\u53e6\u4e00\u4e2a\u53ef\u80fd\u7684\u589e\u957f\u5f15\u64ce<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>\u5728 AI \u6570\u636e\u4e2d\u5fc3\u6210\u4e3a\u7126\u70b9\u4e4b\u524d\uff0c\u5149\u5b66\u516c\u53f8\u7684\u666f\u6c14\u591a\u7531\u7535\u8baf\u5468\u671f\u51b3\u5b9a\u3002\u591a\u5e74\u91cc\uff0c\u7535\u8baf\u8d44\u672c\u5f00\u652f\u662f\u5f71\u54cd Coherent \u4e1a\u52a1\u7684\u4e3b\u5468\u671f\u3002Coherent \u4ecd\u7528\u540c\u4e00\u5957\u6838\u5fc3\u6280\u672f\u670d\u52a1\u7535\u8baf\u7f51\u7edc\uff08\u627f\u8f7d\u7535\u8bdd\u4e0e\u7f51\u7edc\u6d41\u91cf\uff09\uff0c\u4e5f\u652f\u6491\u5982\u4eca\u63a8\u52a8 AI \u53d9\u4e8b\u7684\u6570\u636e\u4e2d\u5fc3\u8fde\u63a5\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u56e0\u6b64\uff0c\u628a\u7535\u8baf\u89c6\u4e3a\u7b2c\u4e8c\u589e\u957f\u5f15\u64ce\u5e76\u4e0d\u5947\u602a\uff1a\u82e5\u7535\u8baf\u8425\u8fd0\u5546\u652f\u51fa\u56de\u5347\uff0cCoherent \u9664\u4e86 AI \u6570\u636e\u4e2d\u5fc3\u70ed\u6f6e\uff0c\u8fd8\u4f1a\u591a\u4e00\u4e2a\u9700\u6c42\u6765\u6e90\uff0c\u4e1a\u52a1\u66f4\u5e73\u8861\u3001\u5bf9\u5355\u4e00\u5e02\u573a\u4f9d\u8d56\u66f4\u4f4e\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u4f46\u73b0\u6709\u6570\u636e\u6682\u4e0d\u652f\u6301\u3002Dell&#8217;Oro Group \u9884\u8ba1\u5168\u7403\u7535\u8baf\u8d44\u672c\u5f00\u652f\u5728 2026 \u5e74<a href=\"https:\/\/www.delloro.com\/news\/worldwide-telecom-capex-to-decline-in-2026\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">\u4e0b\u964d\u7ea6 2%\uff0c\u5e76\u5728 2030 \u5e74\u524d\u4ee5\u7ea6 1% \u7684\u5e74\u590d\u5408\u589e\u957f\u7387\uff08CAGR\uff0c\u590d\u5408\u5e74\u589e\u957f\uff09\u589e\u957f<\/a>\u3002\u8425\u8fd0\u5546\u5728\u591a\u5e74 5G \u4e0e\u5149\u7ea4\u6295\u8d44\u540e\u8d8b\u4e8e\u8c28\u614e\uff0c\u8fd9\u66f4\u50cf\u662f\u201c\u9ad8\u4f4d\u6301\u5e73\u201d\uff0c\u91cd\u70b9\u5728\u4f18\u5316\u73b0\u6709\u7f51\u7edc\uff0c\u800c\u975e\u65b0\u589e\u5927\u91cf\u5bb9\u91cf\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u4e0d\u8fc7\uff0c\u7535\u8baf\u9700\u6c42\u6ca1\u6709\u6d88\u5931\uff0c\u800c\u662f\u6362\u4e86\u5f62\u6001\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Coherent \u53c2\u4e0e\u7684\u5149\u4f20\u8f93\uff08optical transport\uff0c\u957f\u9014\u4e0e\u57ce\u57df\u9aa8\u5e72\u7f51\u7edc\u8bbe\u5907\uff09\u4ecd\u5728\u589e\u957f\uff0c\u4f46\u9a71\u52a8\u529b\u6539\u53d8\uff1a\u4f20\u7edf\u7535\u8baf\u5546\u4e0d\u518d\u662f\u4e3b\u5f15\u64ce\uff0c\u8d85\u5927\u89c4\u6a21\u4e91\u5382\u5546\u4e0e\u4e91\u670d\u52a1\u5546\u6b63\u5728\u8d21\u732e\u66f4\u591a\u9700\u6c42\uff0c\u7ea6\u5360 2025 \u5e74\u7535\u8baf\u8bbe\u5907\u8425\u6536\u589e\u957f\u7684\u4e00\u534a\u3002\u6309 Dell&#8217;Oro \u7684\u8bf4\u6cd5\uff0c\u8d85\u5927\u89c4\u6a21\u9700\u6c42\u5df2\u4ece\u201c\u62b5\u6d88\u5468\u671f\u6ce2\u52a8\u201d\u53d8\u6210\u201c\u4e3b\u8981\u5f15\u64ce\u201d\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u8fd9\u4e5f\u538b\u7f29\u4e86\u201c\u5206\u6563\u98ce\u9669\u201d\u7684\u60f3\u8c61\uff1a\u589e\u957f\u786e\u5b9e\u6765\u81ea\u5728\u6269\u5f20\u7684\u90a3\u90e8\u5206\u5149\u5b66\u652f\u51fa\uff0c\u8fd9\u662f\u597d\u6d88\u606f\uff1b\u4f46\u6295\u8d44\u4eba\u4ee5\u4e3a\u7684\u201c\u7b2c\u4e8c\u5f15\u64ce\u201d\uff0c\u5176\u5b9e\u662f\u540c\u4e00\u7b14\u8d85\u5927\u89c4\u6a21\u8d44\u672c\u5f00\u652f\u6362\u4e86\u6807\u7b7e\u3002\u82e5\u8d85\u5927\u89c4\u6a21\u8d44\u672c\u5f00\u652f\u653e\u7f13\uff0c\u5e76\u6ca1\u6709\u72ec\u7acb\u7684\u7535\u8baf\u7f13\u51b2\u80fd\u6258\u5e95\u3002\u56e0\u6b64\uff0c\u62bc\u6ce8 Coherent \u7684\u96c6\u4e2d\u5ea6\uff0c\u6bd4\u5b83\u7684\u7535\u8baf\u80cc\u666f\u770b\u8d77\u6765\u66f4\u9ad8\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\"><strong>\u63a5\u4e0b\u6765\u5982\u4f55\u89c2\u5bdf Coherent<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>\u4e00\u53e5\u8bdd\uff1aCoherent \u4f9b\u5e94 AI \u6269\u5f20\uff0c\u4f46\u4e0d\u5b9a\u4e49 AI\u3002\u6570\u636e\u4e2d\u5fc3\u57fa\u5efa\u6295\u8d44\u4e0a\u884c\u65f6\uff0c\u5b83\u7684\u4f4d\u7f6e\u5f88\u5f3a\uff1b\u4e00\u65e6\u5e02\u573a\u5f00\u59cb\u8d28\u7591\u6295\u8d44\u901f\u5ea6\u6216\u76c8\u5229\u80fd\u529b\uff0c\u5b83\u4e5f\u4f1a\u66f4\u654f\u611f\u3002\u4f9b\u5e94\u5546\u80a1\u5f80\u5f80\u6bd4\u5e73\u53f0\u80a1\u66f4\u65e9\u53cd\u6620\u60c5\u7eea\u53d8\u5316\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u591a\u7a7a\u5206\u6b67\u4e0d\u5728\u4e8e\u8425\u6536\u4f1a\u4e0d\u4f1a\u589e\u957f\uff08\u6307\u5f15\u5df2\u6697\u793a\u4f1a\u4e0a\u5347\uff09\uff0c\u800c\u5728\u4e8e\uff1a\u6bdb\u5229\u7387\u80fd\u5426\u5b88\u5728\u7ea6 40%\uff1b\u78f7\u5316\u94df\u4ea7\u80fd\u722c\u5761\u80fd\u5426\u53d8\u6210\u5b9e\u9645\u51fa\u8d27\uff1b\u7ecf\u8425\u73b0\u91d1\u6d41\u80fd\u5426\u8bc1\u660e\u5229\u6da6\u201c\u771f\u7684\u6536\u5f97\u5230\u73b0\u91d1\u201d\uff0c\u800c\u4e0d\u662f\u8d26\u9762\u6570\u5b57\u3002\u82e5\u6bdb\u5229\u8d70\u8f6f\u6216\u722c\u5761\u53d8\u6162\uff0c\u5c06\u5f3a\u5316\u8c28\u614e\u6d3e\u89c2\u70b9\uff1b\u82e5\u8ba2\u5355\u987a\u5229\u8f6c\u51fa\u8d27\u3001\u73b0\u91d1\u6d41\u5e72\u51c0\uff0c\u5206\u6790\u5e08\u6a21\u578b\u5c31\u66f4\u53ef\u80fd\u5411\u80a1\u4ef7\u9760\u62e2\u3002\u4e0b\u4e00\u4e2a\u660e\u786e\u50ac\u5316\u5242\u662f 2026 \u5e74 8 \u6708 13 \u65e5\u7684 2026 \u8d22\u5e74\u7b2c\u56db\u5b63\u8d22\u62a5\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u4e5f\u8981\u8bb0\u5f97 Coherent \u4e0d\u662f\u5355\u72ec\u4ea4\u6613\u3002\u5149\u7f51\u7edc\u677f\u5757\u5e38\u88ab\u5f53\u6210\u4e00\u4e2a\u7bee\u5b50\uff08basket\uff0c\u4e00\u7ec4\u540c\u7c7b\u80a1\u4e00\u8d77\u6da8\u8dcc\uff09\u6765\u4e70\u5356\uff1aLumentum \u7b49\u96f6\u7ec4\u4ef6\u80a1\u4f1a\u968f\u540c\u4e00\u5957\u201c\u8d85\u5927\u89c4\u6a21\u8d44\u672c\u5f00\u652f\u60c5\u7eea\u201d\u8d77\u843d\u3002\u4e00\u5219 Nvidia \u6d88\u606f\u6216\u67d0\u5bb6\u8d85\u5927\u89c4\u6a21\u516c\u53f8\u8d22\u62a5\u4e0d\u4f73\uff0c\u5f80\u5f80\u4f1a\u8ba9\u6574\u7ec4\u80a1\u7968\u4e00\u8d77\u91cd\u4f30\u3002\u8fd9\u79cd\u9ad8\u76f8\u5173\u6027\uff08correlation\uff0c\u540c\u6da8\u540c\u8dcc\u7a0b\u5ea6\u9ad8\uff09\u6b63\u8bf4\u660e\u5e02\u573a\u628a\u5149\u8fde\u63a5\u5f53\u6210 AI \u4f9b\u5e94\u94fe\u4ea4\u6613\uff0c\u800c\u4e0d\u662f\u4e00\u5806\u5f7c\u6b64\u72ec\u7acb\u7684\u516c\u53f8\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">Trading the Theme<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>VT Markets <a href=\"https:\/\/www.vtmarkets.com\/notification\/v2026061501\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u6700\u65b0\u63a8\u51fa\u7684 39 \u9879\u65b0\u4ea7\u54c1<\/a>\uff0c\u63d0\u4f9b Coherent\uff08COHR\uff09\u4e0e Lumentum\uff08LITE\uff09\u7684\u5dee\u4ef7\u5408\u7ea6\uff08CFD\uff0c\u5dee\u4ef7\u5408\u7ea6\uff1a\u4e0d\u6301\u6709\u80a1\u7968\u672c\u8eab\uff0c\u53ea\u4ea4\u6613\u4ef7\u683c\u6da8\u8dcc\u5dee\u989d\u7684\u91d1\u878d\u4ea7\u54c1\uff09\u3002\u53ef<a href=\"https:\/\/www.vtmarkets.com\/vt-markets-app\/?utm_source=Opinion&amp;rt=Coherent\" target=\"_blank\" rel=\"noopener\" title=\"\">\u4e0b\u8f7d app<\/a>\u89c2\u5bdf\u5149\u5b66\u677f\u5757\u8d70\u52bf\uff0c\u5e76\u5728\u4e0d\u6301\u6709\u73b0\u8d27\u80a1\u7968\u7684\u60c5\u51b5\u4e0b\u505a\u4ef7\u683c\u5224\u65ad\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u7531\u4e8e\u4e24\u53ea\u80a1\u7968\u9ad8\u5ea6\u540c\u6da8\u540c\u8dcc\uff0c\u8fd9\u4e9b\u4ed3\u4f4d\u672c\u8d28\u4e0a\u662f\u540c\u4e00\u7b14 AI \u4f9b\u5e94\u94fe\u4ea4\u6613\u7684\u4e0d\u540c\u8868\u8fbe\u3002Coherent \u6ce2\u52a8\u5927\uff08\u4ec5\u51ed\u60c5\u7eea\u4e00\u5468\u5185\u4e24\u4f4d\u6570\u6da8\u8dcc\u5e76\u4e0d\u7f55\u89c1\uff09\uff0c\u6760\u6746\uff08leverage\uff0c\u7528\u8f83\u5c0f\u672c\u91d1\u653e\u5927\u6da8\u8dcc\u5e45\u7684\u673a\u5236\uff09\u4f1a\u540c\u65f6\u653e\u5927\u76c8\u5229\u4e0e\u4e8f\u635f\u3002\u76f8\u5173\u6027\u8ba9\u7bee\u5b50\u66f4\u597d\u7406\u89e3\uff0c\u4e5f\u610f\u5473\u7740\u4e00\u6761\u884c\u4e1a\u6d88\u606f\u5c31\u53ef\u80fd\u5feb\u901f\u5f71\u54cd\u4ed3\u4f4d\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<!-- \/wp:separator -->\n\n<!-- wp:details -->\n<details class=\"wp-block-details\"><summary>Tap for Trader Recap!<\/summary><!-- wp:paragraph -->\n<p><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"placeholder\":\"Type \/ to add a hidden block\"} -->\n<p><strong>Coherent \u662f\u505a\u4ec0\u4e48\u7684\uff1f<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Coherent \u63d0\u4f9b\u6fc0\u5149\u5668\u3001\u6536\u53d1\u5668\u3001\u5149\u5b66\u96f6\u4ef6\u53ca\u76f8\u5173\u6280\u672f\uff0c\u5e94\u7528\u5728\u7535\u8baf\u7f51\u7edc\u3001\u5de5\u5382\u4e0e\u6570\u636e\u4e2d\u5fc3\u3002\u5b83\u5728 AI \u57fa\u5efa\u4e2d\u7684\u89d2\u8272\u662f\u8ba9\u6570\u636e\u80fd\u5728\u82af\u7247\u3001\u673a\u67b6\u4e0e\u7cfb\u7edf\u4e4b\u95f4\u66f4\u5feb\u4f20\u8f93\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>\u4e3a\u4ec0\u4e48 AI \u6295\u8d44\u4eba\u66f4\u5173\u6ce8 Coherent\uff1f<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>AI \u6570\u636e\u4e2d\u5fc3\u5728\u96c6\u7fa4\u53d8\u5927\u3001\u67b6\u6784\u66f4\u590d\u6742\u540e\uff0c\u9700\u8981\u66f4\u591a\u9ad8\u901f\u5149\u8fde\u63a5\u3002Coherent \u5904\u5728\u53d7\u76ca\u4f4d\u7f6e\uff0c\u5c24\u5176\u5728 Nvidia \u5165\u80a1\u5e76\u7b7e\u4e0b\u591a\u5e74\u4f9b\u8d27\u534f\u8bae\u540e\uff0c\u5e02\u573a\u66f4\u91cd\u89c6\u5b83\u7684\u6218\u7565\u4ef7\u503c\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>\u4ec0\u4e48\u662f\u5171\u5c01\u88c5\u5149\u5b66\uff1f<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>\u5171\u5c01\u88c5\u5149\u5b66\uff08CPO\uff09\u628a\u5149\u5b66\u7ec4\u4ef6\u66f4\u9760\u8fd1\u4ea4\u6362\u82af\u7247\uff0c\u53ef\u964d\u4f4e\u8017\u7535\u3001\u6539\u5584\u6570\u636e\u4f20\u8f93\uff0c\u5e76\u652f\u6301\u66f4\u9ad8\u5bc6\u5ea6\u7684 AI \u7cfb\u7edf\u3002Coherent \u628a CPO \u89c6\u4e3a\u672a\u6765\u589e\u957f\u65b9\u5411\u4e4b\u4e00\u3002<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>\u4e3a\u4ec0\u4e48 Coherent \u7684\u4f30\u503c\u88ab\u653e\u5927\u68c0\u89c6\uff1f<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"placeholder\":\"Type \/ to add a hidden block\"} -->\n<p>\u80a1\u4ef7\u5df2\u5927\u5e45\u4e0a\u6da8\uff0c\u5e76\u9ad8\u4e8e\u5206\u6790\u5e08\u5e73\u5747\u76ee\u6807\u4ef7\uff0c\u4ee3\u8868\u5e02\u573a\u5df2\u8ba1\u5165\u5f3a\u52b2\u7684\u672a\u6765\u589e\u957f\u3002\u516c\u53f8\u9700\u8981\u7528\u5229\u6da6\u7387\u3001\u4ea7\u80fd\u8f6c\u51fa\u8d27\u3001\u5b9e\u9645\u4ea4\u4ed8\u4e0e\u73b0\u91d1\u6d41\u6765\u652f\u6491\u5f53\u524d\u4f30\u503c\u3002<\/p>\n<!-- \/wp:paragraph --><\/details>\n<!-- \/wp:details -->\n\n<!-- wp:paragraph -->\n<p><\/p>\n<!-- \/wp:paragraph -->\n<p>\r\n<!-- wp:paragraph -->\r\n<p><strong>\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 &#8211; \u70b9\u51fb<a href=\"https:\/\/www.vtmarketsmy.com\/cn\/trade-now\/\">\u8fd9\u91cc<\/a>\u521b\u5efa\u60a8\u7684 VT Markets \u771f\u5b9e\u8d26\u6237 <\/strong> <\/p>\r\n<!-- \/wp:paragraph --><!-- \/wp:paragraph -->","protected":false},"excerpt":{"rendered":"<p>Nvidia\u5165\u80a1+\u591a\u5e74\u4f9b\u8d27\u70b9\u71c3Coherent\u91cd\u4f30\uff0c\u80a1\u4ef7\u66b4\u6da8\u5e76\u9ad8\u4e8e\u76ee\u6807\u4ef7\u3002\u5b83\u5361\u4f4dAI\u5149\u8fde\u63a5\u4e0eCPO\uff0c\u4f46\u4f30\u503c\u5df2\u62ac\u9ad8\uff0c\u63a5\u4e0b\u6765\u76ef\u6bdb\u5229\u3001\u4ea7\u80fd\u722c\u5761\u4e0e\u73b0\u91d1\u6d41\u9a8c\u771f\u3002<\/p>\n","protected":false},"author":12,"featured_media":49434,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[142,25],"tags":[],"class_list":["post-49436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-opinion"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/49436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=49436"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/49436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media\/49434"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=49436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=49436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=49436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}