从 GTC 到 OFC，模型和算力的奔跑 20260322 在 GTC 和 OFC 上，关于数据中心内部连接技术，特别是铜连接与光连接的竞 争与发展趋势，观察到了哪些核心观点和技术路径？ 铜连接与光连接是两种重要的传输介质，其选择本质上是在性能、成本和工程 实现之间进行权衡，并无绝对优劣。铜连接在短距离场景下因其无源特性，具 备功耗低、工业稳定性强和成本低的优势。光连接则在长距离传输和高带宽方 面具有明显优势，衰减更低。当前，在短距离且带宽满足需求的条件下，铜连 接因不涉及光电转换，故障点更少，优势更为突出。从英伟达的技术路线来看， 虽然其最终目标是 CPO，但在实践过程中，CPO 面临良率、误码率和丢包率不 达标等问题。产业之所以热衷于 CPO，核心目标是为了提升通信链路的可靠性 和稳定性，从而减少 AI 训练中因各单元失步而造成的 GPU 计算时间浪费。失 步的主要原因是高速传输下 DSP 等电芯片功耗过大导致性能下降。因此，解决 该问题的两条路径殊途同归：一是采用无源的铜连接，从根本上规避有源芯片 的发热问题；二是发展 CPO，利用光传输带宽更宽、发热更低的特性。两条路 径的最终目的都是提升百万卡级别集 ...

中金研究 我们参加了于3月17日-19日在美国洛杉矶举行的OFC 2026大会。作为全球光通信行业风向标之一，根据官网，本届大会汇聚超1.6万名参会人和700余 家参展企业，海内外科技企业同台竞技，纷纷展出光通信领域前沿技术与成果。从本次OFC大会中，我们感受到在位厂商对AI大周期的信心，建议关 注Scale up CPO/NPO、Scale across、OCS等光通信行业发展趋势。 点击小程序查看报告原文 Abstract 摘要 Scale up CPO趋势明确， NPO方案有 望率先放量。 CPO是本次OFC焦点话题之一。中国企业在FAU、ELS模块、OE光引擎封装等环节表现出产业引领地 位；日美企业在光芯片、连接插芯等环节展出更多创新方案。我们认为，尽管CPO在实现大规模商用上仍面临难题，但在scale up场景中，由于对 beachfront density和单位带宽功耗的要求明显高于scale out，CPO的意义更加突出、确切，产业共识认同CPO将在scale up增量场景中明确放量，我们预计 有望在2H27-2028放量。得益于NPO在维护成本、可靠性、产业链复制等方面的优势，我们判断2027 ...

Investment Rating - Maintain Buy Rating [6] Core Insights - The GTC and OFC conferences have outlined a new starting point for the optical communication industry, correcting market misconceptions and expectations [1][23] - Strong demand for optical communication is expected before 2030, driven by both Scale-up and Scale-out strategies [2][24] - The industry is moving towards a multi-technology coexistence model, with both optical and copper technologies being utilized in parallel [4][26] Demand Outlook - NVIDIA anticipates that the procurement of Blackwell and subsequent chips could reach $1 trillion by 2027, with the top five cloud service providers contributing 60% of this demand [2][24] - Lumentum revealed that its capacity will be nearly sold out by the end of 2027, with a compound annual growth rate of 85% for indium phosphide demand in AI data centers by 2030 [2][24] Technology Trends - The concept of "optical and copper coexistence" has become an industry consensus, with NVIDIA emphasizing the importance of both technologies for different dimensions of expansion [4][26] - Various packaging technologies such as LPO, CPO, NPO, and XPO are developing concurrently, each finding its niche in different application scenarios [5][27] Industry Dynamics - Leading companies in the optical module sector are expanding their advantages, transitioning from single module suppliers to system-level solutions, and solidifying their positions across multiple technology routes [10][28] - The report highlights a strong trend of "the strong getting stronger," with leading firms maintaining robust core competencies and comprehensive technology layouts [11][30] Recommended Companies - Key companies to watch in the optical communication sector include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [12][17] - The report also suggests monitoring companies involved in liquid cooling and edge computing platforms, as well as satellite communication firms [12][17]

Investment Rating - Maintain Buy rating for key companies in the optical communication sector [6] Core Insights - The GTC and OFC conferences highlighted a strong demand for optical communication, driven by AI computing needs, with expectations of a trillion-dollar chip procurement by 2027 from major cloud service providers [2][24] - The industry is moving towards a multi-technology coexistence model, with both optical and copper technologies being utilized in parallel for different applications [4][26] - The leading companies in the optical module sector are expanding their advantages, transitioning from single module suppliers to comprehensive system solution providers [10][28] Summary by Sections Investment Strategy - The report emphasizes the importance of focusing on the optical communication sector, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication as key investment targets [12][17] Market Review - The communication sector experienced a decline, but optical communication outperformed other segments, with a notable increase in stock prices for leading companies like Xinyi Sheng and Zhongji Xuchuang [19][20] GTC and OFC Summary - The conferences clarified misconceptions about the optical communication market and established new industry coordinates, indicating a robust outlook for the sector leading up to 2030 [23][24] Demand Drivers - The dual drivers of Scale-up and Scale-out were validated, with significant growth expected in AI data centers and optical module demand [2][24][25] Technology Coexistence - The industry consensus is shifting towards a model where both optical and copper technologies coexist, with a focus on their respective strengths in different scenarios [4][26] Competitive Landscape - The report notes a trend of increasing dominance among leading companies, which are enhancing their core competencies and expanding their technological footprints [10][28]

Investment Rating - The industry investment rating is "Overweight" [1][12] Core Insights - The report emphasizes the expansion plans announced by major optical chip manufacturers at the Optical Fiber Communication Conference (OFC), indicating a high demand for optical chips driven by the growth of AI computing clusters [4] - Lumentum's financial performance exceeded expectations, with a revenue of $666 million for FY2026Q2, representing a year-on-year growth of 65.5%, and a significant improvement in profit margins [5] - The report highlights the dual-track development of traditional solutions and silicon photonics in the optical chip industry, suggesting a continuous increase in demand for optical chips [6] Summary by Sections Industry Overview - The optical chip industry is experiencing a high demand cycle, with major companies like Lumentum and Coherent planning significant capacity expansions to meet the needs of AI infrastructure [4] Company Performance - Lumentum's backlog of orders exceeds $400 million, with expectations for revenue growth to surpass $1 billion by 2027, driven by AI demand [5] - Coherent also anticipates a "double-then-double" growth in InP capacity between 2026 and 2027, indicating strong future prospects [4] Market Trends - The report notes that the optical chip market is transitioning from single-material competition to a collaborative growth phase involving multiple material systems, including InP, silicon, and thin-film lithium niobate (TFLN) [7] - The demand for EML, VCSEL, and CW laser diodes is expected to rise as optical networks continue to upgrade [6] Investment Opportunities - Recommended investment targets in optical chips include companies like Zhongji Xuchuang, Xinyi Technology, and Huagong Technology, while beneficiaries in optical materials include Tiantong Co. and Fuzhijing Technology [8]

风险提示：宏观经济下行；股市波动率上升；金融监管力度抬升超预期。 该基金属于股票型基金，预期风险收益水平较高；历史表现不代表未来。 2026 年 03 月 21 日 证券分析师 于明明 执业证书：S0600525120002 yumm@dwzq.com.cn 证券研究报告·金融工程·金工专题报告 金工专题报告 20260321 新华中证云计算 50ETF：AI 时代的算力配置 核心工具 证券分析师 孙石 执业证书：S0600526020001 suns@dwzq.com.cn 相关研究 《 市场情绪温和修复，大盘波动仍需 警惕》 2026-03-15 《华安国证石油天然气 ETF 正在发 行：一键布局油气产业链》 2026-03-12 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] 作为人工智能时代的关键基础设施，云计算是人工智能深度赋能实体行 业的必要基座，也是加快形成新质生产力，推动我国数字经济走向新发 展阶段的重要助力。 中证云计算 50 指数（指数代码：931469，以下简称"云计算 50"）选取 50 只业务涉及提供基础设施即服 ...

红土创新科技创新股票型证券投资基金(LOF)（简称：红土创新科技创新股票(LOF)A，代码 501201）公布3月20日最新净值，上涨3.41%。 红土创新科技创新股票(LOF)A成立于2020年7月23日，业绩比较基准为中国战略新兴产业成分指数 收益率×50%+中证全债指数收益率×50%。该基金成立以来收益95.73%，今年以来收益29.92%，近一月 收益9.33%，近一年收益90.97%，近三年收益27.54%。近一年，该基金排名同类52/4411。 基金经理为盖俊龙。盖俊龙自2021年8月3日管理（或拟管理）该基金，任职期内收益-11.96%。 最新定期报告显示，该基金前十大重仓股如下： | 股票代码 | 股票名称 | 持仓占比 | 持仓股数（股） | 持仓市值（元） | | --- | --- | --- | --- | --- | | 300502 | 新易盛 | 9.60% | 20200 | 870.38万 | | 300308 | 中际旭创 | 9.56% | 14200 | 866.2万 | | 688498 | 源杰科技 | 8.75% | 12349 | 792.79万 | | 300 ...

18 March 2026 | 9:38PM HKT Equity Research Eoptolink (300502.SZ): 800G/ 1.6T ramp up on high-speed transmission; 12.8T XPO showcased in OFC; Buy We are positive on Eoptolink's 800G/ 1.6T optical transceivers shipment ramp-up in 2026E/ 27E, along with rising contribution from in-house and Silicon Photonics transceivers, supported by capacity expansion. During OFC 2026, the company released the 12.8T XPO product, which is the next generation of pluggable transceiver to achieve clients' requirements on the net ...

Group 1 - The core point of the news is the performance update of the FuGuo Innovation Technology Mixed Securities Investment Fund (FuGuo Innovation Technology Mixed A, code 002692), which reported a net value increase of 3.40% as of March 18 [1][2] - The fund was established on June 16, 2016, with a performance benchmark of 60% CSI TMT Industry Theme Index and 40% CSI All Bond Index yield [1][2] - Since its inception, the fund has achieved a return of 218.90%, with a year-to-date return of 11.62%, a one-month return of 7.85%, a one-year return of 133.11%, and a three-year return of 112.03% [1][2] Group 2 - The fund ranks 25th out of 8170 in its category over the past year [1][2] - The fund manager is Luo Qing, who has managed the fund since July 15, 2025, achieving a return of 97.53% during his tenure [3] - The latest report lists the top ten holdings of the fund, with the largest positions being Zhongji Xuchuang (9.88% holding, 5.43 billion yuan market value) and Xinyi Sheng (9.41% holding, 5.17 billion yuan market value) [4]

目前，英伟达已经正式宣布，CPO技术将于2026年开始启动规模化部署。合作伙伴CoreWeave、Lambda及德克萨斯高级计算中心（TACC）将率先在上 半年部署基于InfiniBand CPO系统，而面向Spectrum-X以太网平台的CPO产品也计划于下半年开始部署。全球算力数据中心终于开始迈入一个全新的光 通信时代。 自此，共封装光学CPO也从根本上颠覆了传统光模块的独立形态，取而代之的是与特定交换芯片深度绑定的"光引擎子系统"。这也直接引发了行业最深 的忧虑："去模块化"是否意味着光模块的产业价值链，就此要结束了？ 0 1 供应链的战争，即将开始 目前，英伟达宣布向Lumentum和Coherent各投20亿美元，并附上价值数十亿美元的长期采购承诺。其核心目的就是，不惜重金，提前锁定全球最紧缺的 高端激光芯片产能。 自此，全球AI算力行业，开始进入一场关于底层光学供应链的规模战。这也是英伟达首次与上游光器件供应商达成含股权投资的深度绑定协议，进而其 对原有的光模块产业链的主导能力，前所未有地增强了。 如此的迫在眉睫，重点还是出于对产能瓶颈的考量——当前，基于磷化铟（InP）衬底的高速激光芯片（如EM ...