📡 ICT Industry Daily — International Edition

🎯 Cisco's record quarter and accelerating AI order book confirm a broad-based networking supercycle, with AI infrastructure demand from hyperscalers the key driver. As H3C's primary global competitor in switching/routing/security, Cisco's momentum signals both market expansion (positive for the category) and intensifying competition in high-end AI networking — worth monitoring its share gains among cloud customers.
🎯 思科创纪录业绩与AI订单加速确认全球网络设备超级周期，超大规模云客户AI基础设施需求是核心驱动。作为新华三在交换机/路由器/安全领域的首要全球竞争对手，其强劲订单既反映行业需求扩容，也意味着高端AI网络竞争加剧，需关注其在云客户中的份额变化。

🎯 Tencent's capex inflection — nearly doubling YoY to RMB52.8B in a single quarter — signals that China's hyperscalers are entering an AI compute build-out phase, directly lifting demand visibility for AI servers and networking. The sharp net-cash drawdown reflects upfront AI infrastructure investment; follow-through on depreciation and cloud-margin trajectory warrants monitoring. For H3C, Tencent's expansion is a direct demand signal, though it also tightens GPU and optical-module supply.
🎯 腾讯AI资本开支进入兑现期，单季capex同比近乎翻倍、上半年近850亿元，对国内AI服务器与网络设备采购形成强需求牵引；现金净额显著下降主因资本开支付款，需关注后续折旧压力与云业务利润率。对H3C而言，腾讯等云巨头算力扩张是直接需求信号，但亦加剧GPU/光模块等上游供给紧张。

🎯 Coherent, a core supplier of optical transceivers and photonic components, confirms that 1.6T/AI datacom demand is transitioning from expectation to realized revenue, with visibility extending to 2028. For H3C, this reinforces a multi-year tight supply and lengthening lead times for 1.6T optical devices — proactive capacity locking and supplier diversification remain prudent to support AI server and cluster delivery.
🎯 Coherent作为全球光模块/光器件核心供应商，Q4营收加速+34%、订单可见度延伸至2028年，从供给端确认1.6T/AI数通光互联需求正由预期转入业绩兑现。对H3C而言，光模块供给偏紧、交期拉长的中期趋势延续，需前瞻性锁定1.6T光器件产能与多元供应商。