[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcioa873b8b2":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcioa873b8b2","盼OCP催涨？大摩警告：架构之争或有结果，光通信行业短期催化已被提前定价","\u002Fdoc\u002Fdcioa873b8b2","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网注意到，一年一度的开放计算项目(OCP)全球峰会将于下周一拉开帷幕。作为数据中心与AI网络领域最具分量的\"风向标\"级会议，今年的OCP被寄予了格外厚重的期待——超大规模云厂商能否给出下一代AI网络架构的清晰答案，NPO\u002FCPO(近封装光学\u002F共封装光学)的商用时间表能否落地，将直接决定整个光通信与网络设备产业链的未来走向。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>摩根士丹利在最新发布的OCP前瞻报告中给出判断会议有望为AI网络设计方向\"拨云见日\"，但对个股的短期股价拉动可能有限。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>大摩分析师梅塔·马歇尔指出了本届OCP的独特价值。与全年其他展会多从供应商角度展示产品不同，OCP的独特之处在于，超大规模云厂商将\"亲自下场\"，从客户视角阐述其架构演进方向。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>马歇尔预计，微软(MSFT)、Meta(META)、谷歌(GOOGL)、甲骨文(ORCL)等巨头的主题演讲将成为最大亮点，重点聚焦两大议题一是各家如何在迁移至更高速度数据中心网络的过程中，找到应对功率、散热、成本、布线、生态系统等共性挑战的\"共同解\"；二是备受关注的scale-up(纵向扩展)网络架构，这恰恰是当前演进最剧烈的环节。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>大摩特别提示，围绕互连架构(interconnect fabrics)、铜缆与光缆的取舍、以及CPO\u002FNPO的商用时间表与架构路线，预计将在会上引发激烈辩论。这三大议题，正是当下AI网络产业链最核心、也最具分歧的矛盾焦点。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>NPO\u002FCPO继ECOC之后的核心争论延续\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>报告明确，NPO\u002FCPO仍是继欧洲光通信会议(ECOC)之后的核心争论点，商用化时间表与落地路径是焦点。尽管相关讨论持续升温，但大摩判断审慎预计会上将有持续的网络创新与产品发布，但若无更明确的客户承诺落地，对股价的短期催化有限。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>大摩认为，供应链扩张、客户采用率提升与毛利率改善才是驱动个股的关键变量。标的配置上，继续偏好是德科技(KEYS)，而鲁门特姆(LITE)、相干公司(COHR)被认为对NPO\u002FCPO路线更为敏感。分化逻辑在于是德科技作为测试测量龙头，无论哪条技术路线胜出测试需求都将受益，具备\"路线中性\"属性;而鲁门特姆、相干公司直接暴露于NPO\u002FCPO落地节奏的博弈之中，弹性与不确定性并存。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>短期催化已被\"提前定价\"\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>值得警惕的是，大摩提示了OCP固有的\"头条风险\"——尤其是对Arista网络(ANET)这类与云厂商深度绑定的公司。但报告同时指出，过去几周板块已录得积极表现，股价上涨或已提前反映会议潜在利好，意味着\"预期兑现\"空间可能被部分透支。其对整体行业评级为\"与大盘持平\"。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>是德科技(KEYS)是大摩的板块首选，维持\"增持\"评级，目标价为13.30美元。作为测试测量龙头，其\"路线中性\"属性使其无论NPO\u002FCPO哪条技术路径胜出都能受益，成为AI网络不确定性中的避风港。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>大摩维持Arista网络(ANET)\"增持\"评级，目标价220美元，基于47倍2027年预期市盈率(或约40倍2028年预期市盈率)，该估值较网络同业存在溢价，反映其高增长、超大规模数据中心周期与AI机遇，但与光模块\u002FAI同业更为接近。不过其客户高度集中于微软与Meta，构成核心下行风险。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>大摩维持相干公司(COHR)与鲁门特姆(LITE)\"中性\"评级，被大摩视为对NPO\u002FCPO路线更为敏感的标的。相干公司目标价基于约28倍FY28基准EPS(约13.3美元)，鲁门特姆基于25倍2028年市盈率(约40美元)，二者估值均因AI增长前景而较历史区间存在溢价。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FC\u002FC\u002FC.jpg","2026-10-09T17:15:15","2026.10.09","2026\u002F10\u002F09",47827,[22],"C","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]