硅光渗透率突破在即，华工科技全栈布局光模块多元技术路线

Core Insights - The demand for AI computing power has led to a significant increase in the adoption of silicon photonics technology in the optical module sector, with a notable rise in penetration rates [1][5] - Huagong Technology's subsidiary, Huagong Zhengyuan, showcased advanced products at the 26th China International Optoelectronic Expo, indicating a strong commitment to silicon photonics [1][5] Industry Trends - Silicon photonics technology has transitioned from an optional path to a clear direction, with various solutions like CPO and LPO coexisting in different scenarios [1][5] - The global market for silicon photonics modules in data centers is projected to reach $5.5 billion by 2025, with penetration rates expected to exceed 50% [5] Company Developments - Huagong Zhengyuan has been developing silicon photonics technology since 2019, achieving mass production of a full range of silicon photonics products, with over 70% of its 800G module shipments being silicon photonics products [5][7] - The company reported a 124% year-on-year revenue growth in its connectivity business, which accounted for 49% of total revenue, with R&D investment at 8.7% focused on silicon photonics and CPO [7] Product Innovations - The second-generation single-wave 400G optical engine was introduced, achieving a breakthrough speed of 420Gbps, laying the groundwork for the 3.2T optical module [5][9] - The 3.2T CPO product features a 16-channel 200G solution, maintaining industry-leading performance in power consumption and data density [9] Market Dynamics - The rapid iteration of optical module technology is leading to a competitive landscape where leading companies must possess fast R&D, global manufacturing, and cross-chain integration capabilities [6] - The industry is moving towards a multi-solution approach, with LPO and CPO technologies being developed to meet specific performance needs, particularly in AI training and inference [8][9]