金吾财讯 | 光通信板块全线上涨，长飞光纤光缆(06869)涨15.77%，汇聚科技(01729)涨9.63%，剑桥科技(06166)涨5.93%，京信通信(02342)涨 0.91%。山西证券此前报告指出，近期，北美主要 CSP 完成了 2025 年度财报的公布，普遍向外界传达的信号是 AI 已从成本中心转为收入引擎，继续扩大投资急迫且真实。近期伴随着 Claude Cowork、openclaw、BedrockAgent、Copilot Studio、QoderWork、Coze 等自动化编程工作流智能体的上线，Token增长被快速引爆，由于工作任务和数据量的不确定性，智能体工作流拉动Token的增长天花板目前并无上限。而诸如 Claude Opus 4.6“极速模式”由于算力加成时间缩短的定价高达普通模式的 6 倍，这意味着算力的投入通过产品的包装完全可以转化成高溢价的市场策略，因此认为CSP 激进的资本支出“仍在路上”，未来还需观察应用端的 Token 变化才能判定此轮资本开支见顶信号。
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