MaxLinear和Soitec验证AI光互联元件需求，云南锗业签磷化铟晶片大额供货协议

# 美股盘后催化 12/12: 美国AI光互联链条出现元件级验证：MaxLinear 800G DSP高增、Soitec光子SOI需求强、云南锗业InP大单

- 美股会话: 2026-07-23
- 方向: POSITIVE；类型: 订单/客户；规划重大性: 7/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：MaxLinear Q2基础设施收入同比增145%，称800G PAM4 DSP受AI数据中心光通信采用拉动，Q3收入指引高于预期；Soitec因光子SOI需求和多年期客户承诺大涨；云南锗业子公司签5.7亿至8.55亿元磷化铟晶片供货协议。推断：AI光互联需求正在从光模块整机扩散到DSP、光子SOI、InP衬底和上游材料，但需区分数据中心、电信和其它光电应用。

## 本催化相关美股真实收盘行情

- Marvell (MRVL.US): 209.32 -0.79%
- Coherent (COHR.US): 313.22 +0.33%
- Lumentum (LITE.US): 833.64 +0.47%
- Fabrinet (FN.US): 517.73 +0.79%
- Credo (CRDO.US): 236.5 +3.61%
- MXL.US (MXL.US): 91.24 +5.12%

## 亚太映射假设（仅候选，必须查证）

- 联亚 (3081.TW) [TW/供应商/positive]: 800G/1.6T光模块和InP/激光器需求增强，可能带动外延、激光和光器件链。；核验问题: 联亚在800G/1.6T、硅光子或InP相关客户中的产品和出货规格。
- 智邦科技 (2345.TW) [TW/供应商/positive]: AI数据中心网络升级带动交换机与高速互连需求。；核验问题: MaxLinear DSP或云厂800G/1.6T部署是否对应智邦交换机订单。
- 云南锗业 (002428.SZ) [A/供应商/positive]: 大额InP晶片合同若用于高速光通信或AI数据中心，将显著提升化合物半导体材料收入可见度。；核验问题: 客户身份、交付周期、毛利率、最低采购义务和终端应用是否为AI数据中心。

## 必答问题

- Soitec光子SOI客户是否用于AI CPO/硅光子，还是手机射频等其它应用？
- MaxLinear增长是否由少数hyperscaler提前拉货驱动？
- 云南锗业InP订单终端是数据中心、电信还是其它光电应用？

## 原始证据全文（9 条）

### [E0955] 华尔街见闻快讯 | 2026-07-23 15:30 UTC | 盘中
欧元区蓝筹股指收跌约1.7%、成分股英飞凌跌约6.2%，意法半导体跌17.7%，Soitec涨超21.6%
URL: https://wallstreetcn.com/livenews/3138974
欧洲STOXX 600指数收跌1.18%，报639.27点。 欧元区STOXX 50指数收跌1.69%，报6210.17点，微幅低开之后持续下挫。 富时泛欧绩优300指数收跌1.19%，报2555.61点。

1、欧元区蓝筹股（欧元区STOXX 50指数）的成分股中，英飞凌收跌6.17%，皇家阿霍德德尔海兹集团跌5.59%，裕信银行跌4.8%，LVMH集团跌4.31%跌幅第四大，仅仅五只成分股收涨，德国莱茵金属RHM涨0.91%，道达尔能源涨2.54%埃尼集团Eni涨2.96%，开发基于抗体的疗法的生物技术公司Argenx涨5.09%。 2、欧洲STOXX 600指数的所有成分股中，意法半导体收跌17.70%，森特理克跌10.23%，斯道拉恩索集团跌8.51%跌幅第三大，BE半导体实业公司跌7.34%表现倒数第八，英飞凌跌幅靠前，英德拉信息技术涨7.08%涨幅第三大，阿卡迪斯公司涨11.55%，Soitec涨21.64%。 3、最新业绩报告显示，意法半导体（STMicroelectronics NV）发布的第三季度销售预测不及分析师预期，指引中值显示营收将同比增长约16%至37亿美元。公司表示，随着卫星和数据中心芯片订单的增加，第四季度销售增长将加速，预计营收将超过40亿美元。 4、Soitec受光子SOI需求强劲展望提振股价大涨，欧股盘中一度飙升33%——创2015年10月以来最大盘中涨幅。 最新业绩报告显示，该公司公布的第一季度销售额超出预期，并发布了远超分析师预期的第二季度增长指引。这一强劲表现主要得益于光子SOI（Photonics-SOI）业务的旺盛需求，预计该业务在2027财年的营收将实现翻倍以上增长。 摩根士丹利表示，此次业绩发布是“市场一直在等待的确认信号”。当前评级为增持，分析师Nigel van Putten表示，Soitec提前发布的营收预期是“市场一直在等待的确认信号”。 第一季度业绩超预期6%，第二季度增长指引大幅领先于市场共识，且预计2027财年光子SOI营收将翻倍以上，这证实了投资者此前一直存疑的产能爬坡进程。 将Soitec列为首选股（top pick），并将其2028/29财年的每股收益（EPS）预期分别上调43%和32%。 摩根大通评级为中性，分析师Craig McDowell表示，移动通信业务持续疲软，但光子业务的加速增长正在带动集团整体业绩，并领先于卖方预期。强劲的Q1业绩和Q2指引均由光子SOI业务的快速增长所驱动。 花旗的Pavan Daswani强调了Q1业绩超预期、Q2指引以及光子SOI需求可见度的提升（这得益于多年期客户承诺和客户预付款）。然而，该行继续认为，当前估值已经充分反映了对中期AI需求的高度乐观预期，并指出随着库存消化的持续，移动通信业务依然疲软。

欧元区蓝筹股指收跌约1.7%、成分股英飞凌跌约6.2%，意法半导体跌17.7%，Soitec涨超21.6%

### [E0989] Eastmoney Finance | 2026-07-23 15:36 UTC | 盘中
子公司签超5.7亿元磷化铟晶片供货协议！云南锗业董秘：扩产项目进度完全能覆盖
URL: http://finance.eastmoney.com/a/202607233819324522.html
7月23日盘后，云南锗业（SZ002428，股价76.58元，市值500.16亿元）发布的《关于签订日常经营重大合同的公告》显示，公司控股子公司云南鑫耀半导体材料有限公司（以下简称云南鑫耀）与客户签订了供货协议，约定向客户销售磷化铟晶片（衬底）（以下简称磷化铟晶片），合同预计总金额区间约5.7亿元~8.55亿元（含税），占公司2025年度经审计营收的53.48%~80.23%。

### [E1140] Marvell Technology | 2026-07-23 16:01 UTC | 盘中
Marvell Senior Vice President and Chief Technology Officer of Optical Engineering Radha Nagarajan will speak at the Silicon Photonics Global Summit at SEMICON Taiwan, one of the largest and most established tradeshows in the global semicond
URL: https://x.com/MarvellTech/status/2080322341557641727
Marvell Senior Vice President and Chief Technology Officer of Optical Engineering Radha Nagarajan will speak at the Silicon Photonics Global Summit at SEMICON Taiwan, one of the largest and most established tradeshows in the global semiconductor industry.

The summit brings together leaders across system architecture, interconnect technologies, and advanced manufacturing to address a central question: how does silicon photonics scale from innovation to high-volume deployment in support of AI infrastructure?

The theme, from die-to-die to rack-to-rack, reflects precisely the engineering challenge Marvell has been working to solve across its optical connectivity portfolio.

Learn more:

### [E2245] MXL | 2026-07-23 20:05 UTC | 收盘后
Q2 net revenue of $168.8 million, up 23% sequentially and up 55% year over year

Infrastructure business up 145% year over year reflecting accelerated adoption of optical AI data center products

CARLSBAD, Calif.--(BUSINESS WIRE)--
MaxLinea
URL: https://investors.maxlinear.com/news/detail/617/maxlinear-inc-announces-second-quarter-2026-financial-results
Q2 net revenue of $168.8 million, up 23% sequentially and up 55% year over year

Infrastructure business up 145% year over year reflecting accelerated adoption of optical AI data center products

CARLSBAD, Calif.--(BUSINESS WIRE)--
MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the second quarter ended June 30, 2026.

Second Quarter Financial Summary

($ in thousands, except per share amounts)

GAAP

Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

Q/Q

Y/Y

Net revenue

$

168,847

$

137,188

$

108,813

23

%

55

%

Gross Margin

57.8

%

57.5

%

56.5

%

30 bps

130 bps

Operating Expenses

$

101,848

$

96,093

$

86,140

6

%

18

%

Operating Margin

(2.5

)%

(12.5

)%

(22.6

)%

1,000 bps

2,010 bps

Diluted Net Income (Loss) Per Share

$

0.02

$

(0.52

)

$

(0.31

)

104

%

106

%

Non-GAAP

Three Months Ended

June 30, 2026

March 31, 2026

June 30, 2025

Q/Q

Y/Y

Gross Margin

59.5

%

59.5

%

59.1

%

— bps

40 bps

Operating Expenses

$

62,798

$

59,916

$

56,555

5

%

11

%

Operating Margin

22.3

%

15.9

%

7.2

%

640 bps

1,510 bps

Diluted Net Income Per Share

$

0.35

$

0.22

$

0.02

59

%

1650

%

Management Commentary

“Q2 results underscore the ongoing significant inflection in MaxLinear’s overall business as we delivered 55% year-over-year revenue growth, including 145% growth year over year in our data center-oriented infrastructure revenue,” said Kishore Seendripu, Chairman and Chief Executive Officer of MaxLinear. “The strong momentum in our optical AI data center business reflects the ramp of our Keystone PAM4 DSP platform for 800G applications, as well as the strength of our expanding infrastructure portfolio and roadmap for 1.6T- capable products. With the convergence of multiple growth drivers over the next two years, and with our continued focus on innovation, operational excellence, and disciplined execution, we believe MaxLinear is well-positioned to deliver sustained growth, expanding profitability, and long-term value for our shareholders.”

Third Quarter 2026 Business Outlook

The Company estimates the following (in millions):

GAAP

Non-GAAP

( except for revenue)

Revenue

$210 - $220

$210 - $220

Gross Margin

57.0% - 60.0%

58.5% - 61.5%

Operating Expenses

$98 - $104

$66 - $71

Interest and Other Expense, Net

$3.8 - $4.2

$3.7 - $4.1

Income Tax Provision (Benefit)

$1.5

$1.0

Fully Diluted Share Count

99

99

Webcast and Conference Call

MaxLinear will host its second quarter financial results conference call today, July 23, 2026 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com and will be archived and available after the call at https://investors.maxlinear.com until August 6, 2026. A replay of the conference call will also be available until August 6, 2026 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13761549.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “target,” “seek,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements include, among others, statements concerning our future financial performance (including our current guidance for third quarter 2026, including net revenue and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, income tax provision (benefit), and diluted share counts); the start of a multi-year growth phase and our potential for sustained growth and increasing profitability in 2026 and beyond; statements regarding an inflection point in, and anticipated step-function or accelerating revenue growth from, our optical data center and infrastructure businesses; statements regarding the momentum, traction, and production ramps of our optical data center and other connectivity products, including at hyperscale customers and across scale-up and scale-out AI platforms; statements regarding the ramp of our Keystone PAM4 DSP platform for 800G applications and the development, roadmap, and anticipated availability of our 1.6T-capable products; statements regarding momentum and improving visibility throughout our portfolio; statements regarding continued customer engagement and demand in high-value markets; statements relating to the timing of new products ramping into production; statements related to new and increased products; settlement of bonus awards for our 2026 performance period; statements related to growth trends in the markets in which we operate; and statements by our Chairman and CEO. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to: our dependence on the ramp of our optical data center and related connectivity products and the concentration of our anticipated growth in a limited number of hyperscale customers and scale-up and scale-out AI-platform programs, and the risk that adoption, program timing, qualification, or demand for AI and data center infrastructure does not develop or continue as anticipated; our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; increased tariffs, export controls or imposition of additional trade barriers; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has previously declined, and/or manage future growth effectively; escalating trade wars, military conflicts and other geopolitical and economic tensions among the countries in which we conduct business; international geopolitical and military conflicts; our ability to obtain or retain government authorization to export certain of our products or technology; the loss of, or a significant reduction in orders from major customers; legal proceedings or potential violations of regulations; information technology failures; a decrease in the average selling prices of our products; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial and productive research and development investments; delays or expenses caused by undetected defects or bugs in our products; substantial quarterly and annual fluctuations in our revenue and operating results; failure to timely develop and introduce new or enhanced products; order and shipment uncertainties and differences between our estimates of customer demand and product mix and our actual

### [E2278] MaxLinear Inc. | 2026-07-23 20:05 UTC | 收盘后
Item 2.02 Results of Operations and Financial Condition · Item 9.01 Financial Statements and Exhibits
URL: https://www.sec.gov/Archives/edgar/data/1288469/000128846926000050/
Item 2.02 Results of Operations and Financial Condition · Item 9.01 Financial Statements and Exhibits

### [E2441] Wall St Engine | 2026-07-23 20:15 UTC | 收盘后
MAXLINEAR $MXL Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $168.8M (Est. $164.7M) 🟢; +55% YoY
🔹 Adj. EPS: $0.35 (Est. $0.33) 🟢
🔹 Adj. Gross Margin: 59.5%; +40 bps YoY
🔹 Adj. Operating Margin: 22.3%; UP from 7.2% YoY
🔸 Infrastructure revenue grew
URL: https://x.com/wallstengine/status/2080386451393708080
MAXLINEAR $MXL Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $168.8M (Est. $164.7M) 🟢; +55% YoY
🔹 Adj. EPS: $0.35 (Est. $0.33) 🟢
🔹 Adj. Gross Margin: 59.5%; +40 bps YoY
🔹 Adj. Operating Margin: 22.3%; UP from 7.2% YoY
🔸 Infrastructure revenue grew 145% YoY, driven by optical AI data center products

Strong Q3 Guidance:
🔹 Revenue: $210M-$220M (Est. $173.8M) 🟢
🔹 Adj. Gross Margin: 58.5%-61.5%
🔹 Adj. Operating Expenses: $66M-$71M

🔸 Growth is being driven by the ramp of MaxLinear’s Keystone PAM4 DSP platform for 800G applications and its expanding 1.6T product roadmap.

### [E2442] Seeking Alpha | 2026-07-23 20:15 UTC | 收盘后
MaxLinear slides even as Q2 results, guidance top Wall Street's forecast
URL: https://seekingalpha.com/news/4617479-maxlinear-slides-even-as-q2-results-guidance-top-wall-streets-forecast?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
MaxLinear (MXL) shares fell 4.9% in extended trading on Thursday even as the semiconductor company offered up second-quarter results and guidance that were above Wall Street's forecast.
For the period ending June 30, MaxLinear said it earned an adjusted $0.35 per share as revenue jumped 55% year-over-year to come in at $168.8M. Analysts expected the company to earn an adjusted $0.33 per share on $164.3M in revenue.
“Q2 results underscore the ongoing significant inflection in MaxLinear’s overall business as we delivered 55% year-over-year revenue growth, including 145% growth year over year in our data center-oriented infrastructure revenue,” said MaxLinear Chairman and CEO Kishore Seendripu in a statement. “The strong momentum in our optical AI data center business reflects the ramp of our Keystone PAM4 DSP platform for 800G applications, as well as the strength of our expanding infrastructure portfolio and roadmap for 1.6T-capable products. With the convergence of multiple growth drivers over the next two years, and with our continued focus on innovation, operational excellence, and disciplined execution, we believe MaxLinear is well-positioned to deliver sustained growth, expanding profitability, and long-term value for our shareholders.”
Looking ahead, MaxLinear expects third-quarter revenue to be between $210M and $220M, with the midpoint of $215M well above the $173.8M analysts were anticipating. It also anticipates adjusted gross margins to be between 58.5% and 61.5%.
The company will host a conference call at 4:30 p.m. EST to discuss the results.

### [E2525] Investing.com | 2026-07-23 20:24 UTC | 收盘后
MaxLinear earnings beat by $0.02, revenue topped estimates
URL: https://www.investing.com/news/earnings/maxlinear-earnings-beat-by-002-revenue-topped-estimates-4809967
MaxLinear earnings beat by $0.02, revenue topped estimates

### [E0671] 每日经济新闻快讯 | 2026-07-23 14:46 UTC | 盘中
应用光电股价涨幅收窄至3.5%
URL: http://www.nbd.com.cn/articles/2026-07-23/4505084.html
每经网首页 > 首发快讯 > 正文
每日经济新闻 2026-07-23 22:46:34
每经AI快讯，7月23日，应用光电股价涨幅收窄至3.5%，盘初一度涨超8%。
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## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。