SHFE Tin to Face Downward Pressure (2017-9-28)

Coherent launched PhotonLink, an integrated optics platform for AI infrastructure incorporating Indium Phosphide (InP) lasers, silicon photonics, detectors and optical modules. The company disclosed more than 10 CPO engagements, over 10 NPO engagements and more than five chip-to-chip connectivity projects, with anchor customers and long-term agreements secured for both CPO and NPO. Revenue is expected to begin ramping in Q4 2026. Coherent has shipped over 300 million InP lasers and is expanding its 6-inch InP manufacturing capacity to support the ramp. The customer pipeline provides a clearer commercial demand signal for InP devices and upstream materials, although additional capacity and indium consumption were not disclosed.

According to Counterpoint Research's China Smartphone Weekly Sales Tracker, China's weekly smartphone sales have maintained a double-digit YoY decline since July. Affected by rising storage costs, consumer demand remains weak, but with the arrival of the September new product launch cycle, the market is expected to see a MoM recovery. Sales of the iPhone 18 Pro series in its first three days of availability (accounting for only three days of Week 38) were up 12% YoY compared with the first-week sales of the iPhone 17 Pro series. Driven by this strong start, Apple topped the weekly sales chart in Week 38, capturing a 33% share of China's smartphone market.

According to TrendForce's latest memory industry research, in Q4 2026, DRAM manufacturers will continue to allocate advanced process capacity to high-performance products for server applications, maintaining an overall undersupply situation. However, the contract price uptrend is slowing down, with Conventional DRAM expected to increase by 10%–15% QoQ. The NAND Flash market is showing a dual-track development of AI acceleration and low consumer demand that nonetheless drives price increases, with overall contract prices expected to rise by 15%–20% QoQ.