800G光模块需求激增，光通信板块量价齐升再创增长预期

Core Viewpoint - The CPO (Co-Packaged Optics) concept remains active, with significant stock price increases among related companies, driven by optimistic market forecasts for optical modules in the coming years [1] Market Forecast - Goldman Sachs predicts that the sales volume of 800G optical modules will reach 19.9 million and 33.5 million units in 2025 and 2026, respectively, representing upward adjustments of 10% and 58% from previous forecasts [1] - The total market value for optical modules is expected to reach $12.73 billion and $19.37 billion in 2025 and 2026, showing year-on-year growth of 60% and 52% [1] - LightCounting forecasts a continued growth rate of around 50% for the global Ethernet optical module market in 2025, followed by a stable phase with a compound annual growth rate (CAGR) of 15% to 18% over the next five years [1] Industry Dynamics - Guoyuan Securities notes that while the current scale of CPO technology is small, its performance advantages are significant, suggesting a long-term potential for data center optical conversion modules [1] - Domestic suppliers are primarily involved in the upstream segments of the CPO supply chain and are pursuing global capacity expansion to mitigate complex international conditions [1] - Guoxin Securities highlights an intensified global competition in computing power, with increased capital expenditures from North American cloud companies (e.g., Meta, OpenAI), accelerating the iteration of CPO switch and optical module technologies, which further promotes domestic substitution in the CPO-related industry chain [1]