算力基础设施的“卖铲人”机遇，CPO引领光通信新浪潮

Core Insights - The demand structure for computing power infrastructure is undergoing profound changes as AI technology evolves from training to inference, with significant capital expenditure increases from major cloud providers like Google, Microsoft, and Meta [1] - The communication ETF (515880) has seen a substantial increase of over 4%, with net inflows exceeding 1.7 billion in the past 20 days, driven by the rising demand for computing power hardware [1] Group 1: CPO Technology and Its Impact - CPO (Co-Packaged Optics) technology is set to revolutionize the computing interconnect architecture by integrating optical engines with switching ASIC chips on the same substrate, significantly reducing signal loss and power consumption [4] - The energy efficiency of CPO technology is highlighted by NVIDIA's Spectrum-X Photonics solution, which achieves a total power consumption of only 9W compared to 30W for traditional solutions, representing an efficiency improvement of over 3 times [4] - CPO technology is expected to lead to a major shift in the value chain of the optical communication industry, moving from traditional module manufacturing to upstream silicon photonics and advanced packaging [3][10] Group 2: Industry Dynamics and Competitive Landscape - Major players like NVIDIA, Broadcom, and Intel are accelerating their CPO technology roadmaps, with 2026 being identified as a critical year for the large-scale deployment of CPO in AI data centers [7][8] - NVIDIA plans to launch its first CPO product in the second half of 2025, followed by a second-generation product in 2026, indicating confidence in the maturity of CPO technology [7] - Broadcom is advancing its CPO platforms towards higher bandwidth and advanced packaging, while Intel is following a phased strategy to transition to direct optical engine connections [8][9] Group 3: Market Trends and Investment Opportunities - The communication ETF (515880) has a significant focus on optical modules and servers, with over 66% of its holdings in core computing hardware, making it a key investment tool for capitalizing on the AI computing infrastructure trend [15] - The ETF has shown a remarkable performance with a 125.81% increase in 2025, ranking it first among all ETFs in the market [5] - The demand for optical fibers is surging due to AI data centers, leading to price increases driven by supply-demand mismatches, further enhancing the attractiveness of investments in the optical communication sector [14]