[Table_Page] 深度分析|专用设备 证券研究报告 [Table_Title] AI 设备系列 光模块&服务器双轮驱动，自动化设备需求迫切 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-26 [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 01/26 03/26 专用设备 沪深300 | [分析师： Table_Author]孙柏阳 | | | --- | --- | | SAC 执证号：S0260520080002 | | | 021-38003680 | | | sunboyang@gf.com.cn | | | 分析师： | 汪家豪 | | SAC 执证号：S0260522120004 | | | SFC CE No. BWR740 | | | 021-38003792 | | | wangjiahao@gf.com.cn | | | 分析师： 王宁 | | | SAC 执证号：S0260523070004 | | | ...

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [2]. Core Insights - The report highlights the increasing capital expenditure in the optical module industry driven by AI demand, with a focus on the production processes and equipment for traditional pluggable optical modules and CPO (Co-Packaged Optics) products [1][6]. - The optical module is identified as a core component for optical communication, essential for high-speed interconnections within data centers, with significant growth expected in the market [9][40]. - CPO technology is noted for its higher integration and smaller size, offering significant improvements in bandwidth, power consumption, and space efficiency compared to traditional pluggable optical modules [29][36]. Summary by Sections 1. Overview of Pluggable Optical Module Equipment - Pluggable optical modules are crucial for optical-electrical conversion in data centers, consisting of components like TOSA, ROSA, and driver circuits [9]. - The production process includes key steps such as die bonding, wire bonding, optical coupling, packaging, and aging tests [11][15]. 2. Differences Between CPO and Pluggable Optical Modules - CPO integrates optical engines with switching chips on the same substrate, enhancing signal transmission efficiency and reducing energy consumption [17][29]. - The report outlines the core differences in production processes, including chip interconnection methods, optical coupling precision, packaging, and testing systems [30][33]. 3. Investment Recommendations - The optical module sector is positioned as a critical area for AI computing infrastructure, with ongoing investments in high-speed pluggable optical modules and CPO technology development [40]. - Key companies to watch in the optical module equipment industry include Bozhong Precision, Keri Technology, Kaige Precision, Robotec, and Quick Intelligent [6][41].

Investment Rating - The report maintains a positive investment outlook on the optical module equipment industry, highlighting significant growth potential driven by AI developments and technological upgrades in packaging and testing equipment [2]. Core Insights - The demand for optical modules is experiencing explosive growth due to the expansion of AI computing power, with a shift from 400G to 800G and accelerating towards 1.6T, indicating a high demand cycle for equipment [2][23]. - The core value segments in the optical module packaging process are die bonding, coupling, and testing, which together account for over 60% of the value, with increasing precision and automation requirements [2][58]. - Domestic substitution, automation upgrades, and the introduction of advanced packaging present structural opportunities for equipment manufacturers, particularly in high-precision areas still dominated by foreign suppliers [2][32]. Summary by Sections Section 1: AI Development and Optical Module Demand - AI advancements are driving a surge in optical module demand, with a transition towards higher specifications like CPO and OIO expected to shape future trends [4][23]. - The optical module market is projected to see significant growth, with 800G and 1.6T modules expected to reach over 52 million units shipped by 2026 [24][26]. Section 2: Core Packaging and Testing Equipment - The main processes in optical module packaging include die bonding, coupling, and testing, which are critical for ensuring high performance and reliability [53][55]. - The report emphasizes the importance of high-precision die bonding and coupling processes, which are essential for achieving optimal optical performance [70][74]. Section 3: Key Companies and Investment Recommendations - The report recommends focusing on companies such as Robotech (coupling equipment), Keri Technology (die bonding), and others that are well-positioned to benefit from the industry's growth [2][32]. - It highlights the potential of companies like Lumentum and Coherent, which are expanding their production capacities to meet rising demand [33][32].

Group 1 - The Robot ETF (562500) experienced a strong rebound after a period of weak horizontal fluctuations, rising by 0.37% to a latest price of 1.08 yuan, with significant gains in constituent stocks such as Dazhu Laser (+10.00%), Yuntian Lifeng (+6.02%), Tianzhun Technology (+4.17%), Kuaike Intelligent (+2.97%), and Bojie Co. (+2.21%) [1] - The liquidity of the Robot ETF showed a turnover of 1.5% during the session, with a total transaction volume of 4.04 billion yuan. Over the past week, the average daily transaction volume reached 15.55 billion yuan, ranking first among comparable funds [1] - In terms of capital inflow, the Robot ETF recorded net inflows for 3 out of the last 4 trading days, totaling 9.01 billion yuan, with an average daily net inflow of 2.25 billion yuan. The ETF's scale increased by 6.35 billion yuan over the past two weeks, placing it first among comparable funds [1] Group 2 - The 2026 Spring Festival Gala featured humanoid robots in various performances, highlighting their role as a central theme. This event is expected to positively impact brand awareness and commercialization of humanoid robots, accelerating the industry's development [2] - The humanoid robot industry remains highly prosperous, with several domestic companies pursuing IPOs. Notably, Tesla's Optimus Gen3 is set to launch soon, marking 2026 as a critical year for the industry's growth [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments including humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robot industry chain [2]

Core Viewpoint - Kuake Intelligent has indicated that HBF and HBM structures are similar, both relying on Chiplet heterogeneous integration, CoWoS packaging, and 3D stacking [1] Group 1: Technology Development - The company is currently developing TCB thermal compression bonding equipment specifically for HBM stacking processes [1] - Future iterations of the equipment will be based on specific applications of HBF [1]

Group 1 - The company emphasizes its commitment to global expansion by establishing a customer service center in Poland [1] - The overseas business primarily operates through a distributor model while directly providing equipment and automated production line delivery to global key clients [1]

Group 1 - The core viewpoint of the article highlights that Kuaike Intelligent (603203.SH) is actively promoting its AOI equipment in the optical module sector, which can detect critical quality issues such as chip displacement and gold wire bonding defects [1] Group 2 - The AOI equipment is applicable in COC and COB process scenarios, indicating its versatility in the industry [1]

Group 1 - The core viewpoint of the article is that Kuaike Intelligent (603203.SH) has begun preliminary verification of its TCB hot-press bonding equipment for customers, specifically for C2S and C2P processes [1] Group 2 - The company is actively engaging with clients to validate its technology, indicating progress in its product development and potential market applications [1]

Core Viewpoint - The company is developing TCB (Thermal Compression Bonding) equipment specifically for HBM (High Bandwidth Memory) stacking processes, with future iterations planned based on specific applications of HBF (High Bandwidth Fabric) [1] Group 1 - The structures of HBF and HBM are similar, both relying on Chiplet heterogeneous integration, CoWoS (Chip-on-Wafer-on-Substrate) packaging, and 3D stacking [1] - The company's TCB equipment is currently focused on the development for HBM stacking technology [1]

Core Viewpoint - The Robot ETF (159770) is experiencing significant growth, with notable increases in both trading volume and fund size, reflecting strong investor interest in the robotics sector. Group 1: ETF Performance - As of February 9, 2026, the Robot ETF (159770) recorded a transaction volume of 91.04 million yuan, with the underlying index, the CSI Robot Index (H30590), rising by 1.29% [1] - The Robot ETF (159770) saw a weekly growth of 213 million yuan in size and an increase of 11.1 million shares over the past week [2] - In the last five trading days, the Robot ETF (159770) experienced net inflows on three days, totaling 201 million yuan [3] Group 2: Product Highlights - The Robot ETF (159770) is the largest robot-themed ETF in the Shenzhen market, covering various segments such as humanoid robots, industrial robots, and service robots, allowing investors to easily access the entire robotics industry chain [4] Group 3: Related Events - The first Global Humanoid Robot Fighting League (URKL) was officially launched on February 9, 2026, focusing on testing core technologies in humanoid robots and promoting the transition from laboratory to practical applications [5] Group 4: Institutional Insights - CITIC Securities notes that the robotics industry is at a critical juncture, transitioning from "technological vision" to "industrial reality," with 2026 expected to be a year of mass production, supported by refined governance and capital market innovations [6]