国盛证券：可插拔模块在未来数年内仍是柜外互联主流需求

Core Viewpoint - Recent market concerns regarding CPO (Co-Packaged Optics) technology rapidly replacing pluggable optical modules are misaligned with the fundamentals of industry development, and pluggable optical modules will remain the mainstream solution for data center optical interconnects for the next two to three years or longer [1][5]. Group 1: Market Dynamics - The anxiety in the market originates from a misinterpretation of NVIDIA's announcement to scale up CPO technology, leading to irrational valuation differentiation [1][5]. - CPO and pluggable optical modules are not in direct competition but can coexist, with CPO primarily targeting scale-up scenarios while pluggable modules dominate scale-out applications [2][3]. Group 2: Technological Landscape - CPO opens new opportunities in the cabinet interconnect market rather than replacing existing solutions, with major chip manufacturers promoting its adoption [2]. - The NPO (Non-Pluggable Optics) solution offers more flexibility and cost-effectiveness compared to CPO, making it a favored choice among CSP customers [3]. Group 3: Market Structure and Investment Sentiment - The current concentration of holdings in the optical module sector requires time for structural optimization and self-correction, driven by strong fundamentals and high visibility of performance [4][5]. - The rapid concentration of holdings has created a situation where the market is sensitive to negative news, leading to increased stock price volatility, necessitating a period of digestion and reallocation of shares [4].