Core Insights - The report highlights the strong performance of China's optical module industry, with an average production and sales rate of 96.98% and an average gross profit margin of 34.99% for 2024, indicating overall good profitability [1] - The demand for optical modules in the telecommunications market is primarily driven by lower-speed modules, with significant growth in 5G base station construction projected for 2024 [2][4] - The data communication market is identified as the largest and fastest-growing segment for optical modules, fueled by increased data center traffic and evolving network architectures [7] Group 1: Optical Module Industry Overview - Major listed companies in the optical module industry include Guangxun Technology, Zhongji Xuchuang, Xinyi Sheng, Changxin Bochuang, Taicheng Guang, and others [1] - The average production and sales rate for representative optical module companies in China is projected to be 96.98% in 2024, with a gross profit margin of 34.99% [1] - Cambridge Technology has reported a production and sales rate exceeding 100% [1] Group 2: Telecommunications Market Demand - The telecommunications market is the origin of optical modules, with 5G transmission networks comprising front-haul, mid-haul, and back-haul segments [2] - In 2024, China is expected to build 874,000 new 5G base stations, bringing the total to 4.251 million by the end of the year [2] - The demand for optical modules is primarily for lower-speed modules, particularly in the front-haul subsystem, which has the highest demand due to its long-distance, high-density characteristics [2] Group 3: Capital Expenditure Trends - The capital expenditure of China's three major telecom operators is gradually shifting towards cloud computing and computing power networks as a second growth curve [4] - In 2023, the total fixed asset investment by major telecom companies and China Tower reached 420.5 billion yuan, with 5G investment accounting for 190.5 billion yuan, a year-on-year increase of 5.7% [4] - The overall market for optical modules is expected to show steady growth, supported by the expansion of fiber-to-the-home and the increase in 10G PON port numbers [4] Group 4: Data Communication Market Growth - The data communication market is currently the largest and fastest-growing market for optical modules, driven by significant increases in data center traffic and changes in network architecture [7] - By mid-2025, the total number of operational computing center racks in China is expected to reach 10.85 million standard racks [7] Group 5: Fixed Network Access Market - The "14th Five-Year" information and communication industry development plan aims to fully deploy gigabit optical fiber networks and accelerate the construction of gigabit cities [9] - By the end of 2025, the number of 10G PON ports is projected to grow from over 5 million at the end of 2021 to 12 million, with gigabit broadband users expected to increase nearly tenfold to 60 million [9] - The Ministry of Industry and Information Technology has initiated pilot projects for 10G optical networks to address key challenges and promote the development of a complete industrial chain [9]

Group 1 - The optical communication sector is experiencing a rebound, with stocks such as Yangtze Optical Fibre (601869) and Cambridge Technology (603083) seeing significant increases of 9.6% and 5.14% respectively [1] - Overnight, US optical communication stocks like Lumentum and Coherent saw gains of over 11% and 4%, indicating strong market interest [1] - Tianfeng Securities suggests that the market size for Scale-up applications is expected to dominate, driven by the expansion of Scale-up domains and increased interconnection speeds [1] Group 2 - According to a report from Fangzheng Securities, the average price of G.652.D optical fiber has risen for two consecutive quarters, showing a clear recovery trend [1] - Historical trends indicate that the optical fiber and cable market exhibits cyclical behavior, with a projected production of 125 million core kilometers of optical cables in the first half of 2025, despite a year-on-year decline [1] - The decline in production has narrowed, and prices for common cables are beginning to rebound, suggesting that operator procurement prices may stabilize and the overall industry outlook could enter an upward phase [1]

Core Viewpoint - The F5G concept sector experienced a decline of 0.21%, ranking among the top losers in the market, with notable declines in stocks such as StarNet Ruijie, Cambridge Technology, and Changxin Bochuang [1][2] Market Performance - The F5G concept sector saw a net outflow of 5.795 billion yuan, with 22 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Zhongji Xuchuang, with a net outflow of 2.578 billion yuan, followed by Changxin Bochuang, Cambridge Technology, and Fenghuo Communication [2] Top Gainers and Losers - Among the F5G concept stocks, the top gainers included Zhenyou Technology, Tongyu Communication, and CITIC Heavy Industries, with increases of 6.17%, 3.38%, and 2.13% respectively [1][2] - The top losers in the F5G sector included Zhongji Xuchuang (-2.93%), Changxin Bochuang (-3.55%), and Cambridge Technology (-4.36%) [2][3] Capital Flow Analysis - The main capital inflows in the F5G concept stocks were observed in Zhenyou Technology, Zhao Chi Shares, and Dekeli, with inflows of 134 million yuan, 114 million yuan, and 6.307 million yuan respectively [2][3] - The overall trend indicates a significant capital outflow from the F5G sector, highlighting potential concerns among investors [2]

Group 1 - The optical communication sector is experiencing a downturn, with companies like Huiju Technology (01729) down 5.64% to HKD 15.9, Cambridge Technology (603083) down 5.56% to HKD 86.65, and Yangtze Optical Fibre (601869) down 3.39% to HKD 49.32 [1] - Overnight, Lumentum, a US optical communication stock, fell over 7%, negatively impacting market sentiment for the sector today [1] - According to a recent report by Guotou Securities, the optical module market is expected to see growth driven by AI demand expansion and high-end structural releases in 2026 [1] Group 2 - The new wave of AI computing infrastructure is expected to drive high demand for optical modules, with global cloud vendors' capital expenditures projected to continue on an upward trend [1] - Key drivers include the expansion of AI clusters, the rollout of next-generation computing platforms, and the implementation of technologies such as 1.6T/CPO [1] - The industry is evolving through two pathways: Scale-out, which expands horizontally through leaf spine architecture, amplifying optical module demand, and Scale-up, which breaks through copper cable bandwidth and distance limitations, accelerating the penetration of high-end optical modules in applications like GPU cabinet interconnection and memory pooling [1]

Group 1 - The optical communication sector is experiencing a decline, with companies like Huiju Technology (01729) down 5.64% to HKD 15.9, Cambridge Technology (06166) down 5.56% to HKD 86.65, and Yangtze Optical Fibre and Cable (06869) down 3.39% to HKD 49.32 [1] - The drop in the sector is influenced by a significant decline in the US optical communication stock Lumentum, which fell over 7%, affecting market sentiment [1] - According to a recent report from Guotou Securities, the optical module market is expected to see growth driven by AI demand expansion and high-end structural releases by 2026, with a continued upward trend in global cloud vendor capital expenditures [1] Group 2 - The report highlights that the new round of AI computing power construction will drive high growth in the demand for high-speed optical modules, supported by the expansion of AI clusters and the rollout of next-generation computing platforms [1] - The industry is evolving through two main paths: Scale-out, which expands horizontally through leaf spine architecture, amplifying optical module demand through a "multiplier effect," and Scale-up, which breaks through the bandwidth and distance limitations of copper cables, accelerating the penetration of high-end optical modules in applications like GPU cabinet interconnection and memory pooling [1]

（文章来源：每日经济新闻） 每经AI快讯，1月6日，CPO等算力硬件股短线下探，汇绿生态、源杰科技跌超5%，中际旭创、新易 盛、剑桥科技跌超4%。 ...

Core Insights - The strategic value of optical modules has reached unprecedented heights as they serve as the "highway" for data flow in the context of exponential growth in computing power demand driven by AI [8] - The Chinese optical module industry has transitioned from being a participant in the global market to a key player in technological evolution and market restructuring [8] Industry Overview - The current explosion in the optical module market is driven by the needs of hyperscale data centers, moving beyond traditional telecom network construction [3][8] - AI model training and inference have significantly increased the demand for data transmission bandwidth within and between data centers, necessitating thousands of high-speed optical modules for single AI server clusters [3][8] Market Trends - The shipment volume of 800G optical modules is expected to double in 2025, with a transition from 800G to 1.6T modules underway [9] - The technology is evolving along three main lines: increasing speed, reducing power consumption, and enhancing integration, leading to a diversified and layered competitive landscape [9] Competitive Landscape - Chinese optical module companies are shifting from midstream manufacturing advantages to upstream core component autonomy and global supply chain development [4][9] - The industry is focusing on cutting-edge areas such as CPO, LPO, and silicon photonics, aiming to build a fully autonomous ecosystem from materials to systems [10] Future Outlook - 2025 is identified as a pivotal year for the Chinese optical module industry, marking a transition from quantity explosion to quality leadership [10] - As computing power becomes essential in the new era, Chinese optical module companies are leveraging their technological expertise and market responsiveness to establish a robust data transmission infrastructure for the intelligent world [10]

Group 1: Industry Overview - The deployment and expansion of 5G networks are significantly driving the demand for high-speed optical modules, which are essential for data transmission in 5G networks [1] - Different scenarios such as front-haul and mid-haul require differentiated transmission performance, pushing optical modules towards higher speeds to support emerging services like HD video and industrial IoT [1] - The global 5G base station deployment is projected to reach 6.376 million by 2024, a year-on-year increase of 23.3%, with a forecast of 8.5 million by 2025 [1] Group 2: Company Developments - Zhongji Xuchuang is the only global manufacturer to achieve mass production of 400G/800G silicon optical modules, with a high yield of 95% for its self-developed 1.6T silicon optical module [4] - NewEase focuses on integrating silicon photonics and LPO technology, with significant orders from Meta and Amazon for its 800G LPO silicon optical modules [4] - Coherent maintains a strong market share in 800G optical modules and is collaborating with Lumentum to develop next-generation solutions [4] Group 3: Competitive Landscape - The Chinese optical module industry is in a high-growth phase, with competitors categorized into three tiers based on revenue, with Zhongji Xuchuang leading the first tier with over 20 billion in revenue [5] - The competitive landscape is characterized by diverse technological routes and differentiated core advantages among leading companies, with a focus on self-research and global expansion [7] - Companies like Cambridge Technology and Guangxun Technology leverage vertical integration to enhance their product offerings and market responsiveness [7] Group 4: Technological Advancements - Companies are advancing in the 800G/1.6T high-end product space, with Zhongji Xuchuang showcasing its 3nm 1.6T OSFP series products at OFC2025 [8] - NewEase has entered mass production with its automated production lines in Thailand, focusing on high-end products and optimizing supply chain responsiveness [8] - Huagong Technology is enhancing its production capabilities and expanding its delivery network to meet the growing demand for 800G and 1.6T products [8]

Group 1 - The CPO concept in the A-share market experienced a widespread decline, with several companies showing significant drops in their stock prices [1] - Guangku Technology fell over 5%, while Taicheng Light, Cambridge Technology, and Tianfu Communication dropped more than 4% [1] - Dekeli, Zhongfu Circuit, Founder Technology, Zhongji Xuchuang, Jingwang Electronics, and Xinyi Sheng all saw declines exceeding 3% [1]

每经AI快讯，12月31日，CPO概念股午后下挫，赛微电子跌超9%，天孚通信、光库科技、东田微跌超 5%，剑桥科技、中际旭创、景旺电子纷纷下挫。 （文章来源：每日经济新闻） ...