国盛证券：硅基光电子引爆新一轮算力革命 市场容量有望进一步打开

Core Viewpoint - Silicon photonics is not merely a substitute for existing technologies but represents a revolutionary shift in the optical communication industry, reshaping the entire value chain and creating new opportunities for domestic leaders with independent PIC design capabilities [1][2]. Industry Insights - The demand for optical communication is accelerating, necessitating higher standards for both upstream supply and rapid iteration, which silicon photonics can meet through its capacity flexibility, high integration, low power consumption, and rapid iteration capabilities [1]. - Silicon photonics technology integrates photonics with established semiconductor manufacturing processes, shifting the focus from discrete components to a more centralized design approach, enhancing the core position of PIC design companies within the industry [2]. Market Potential - The synergy between silicon photonics and CPO (Co-Packaged Optics) is expected to unlock a scale-up market, representing a systemic revolution from "electrical interconnect" to "optical interconnect," thus expanding the market space significantly beyond traditional optical modules [3]. - The full-scale interconnect technology enabled by silicon photonics will break existing limitations in density, power consumption, and distance, creating a market that is an order of magnitude larger than the traditional optical module market [3]. Key Companies to Watch - Key silicon photonics chip manufacturers include: Zhongji Xuchuang, Xinyi Sheng, Xihe Technology, Saili Technology, Kecuan Photonics, Xilian Optoelectronics, Bopu Semiconductor, Ayar Labs, and Intel [4]. - Notable silicon photonics fab manufacturers are: SMIC, Huahong Semiconductor, Tower, and Global Foundry [4]. - CW light source manufacturers include: Yuanjie Technology, Shijia Photonics, Yongding Co., and Lumentum [4]. - Companies providing silicon photonics supporting devices and solutions include: Tianfu Communication, Dongtian Micro, and Weiteng Electric [4]. - Silicon photonics module suppliers consist of: Guangxun Technology, Huagong Technology, Cambridge Technology, and Liante Technology [4].