东吴证券：重点关注2026年M9产业链、光互联产业链投资机遇

Core Insights - The report from Dongwu Securities emphasizes investment opportunities in the M9 industry chain and optical interconnection industry chain by 2026, particularly focusing on PCB materials upgrading to M9 level and the technological trends in optical-electrical co-packaging and "optical into the cabinet" [1] Group 1: M9 Industry Chain - The upgrade of PCB materials to M9 level is crucial for meeting the increasing demands of high-speed interconnects in AI servers and switches, driven by the evolution of SerDes technology [1] - The transition to M9 materials is necessary to address the challenges posed by high-frequency signal attenuation and power consumption as SerDes rates increase [1] Group 2: Optical Interconnection - The Rubin Ultra cabinet, featuring 144 GPUs with a total bidirectional bandwidth of 10.8TB/s, is expected to drive the growth of M9 materials and NPO optical engines [2] - The cabinet's architecture requires ultra-low loss CCL materials to ensure signal integrity, highlighting the importance of M9 materials in advanced networking solutions [2] Group 3: CPO Switches - NVIDIA's CPO switch products are positioned to create a new infrastructure for AI networks, with the Quantum X3450 setting a benchmark for technology with its 115.2T bandwidth [3] - The upcoming mass production of CPO switches is anticipated to lead to explosive growth in demand for core components such as optical engines and fiber connection units, benefiting leading domestic suppliers [3] - Recommended companies for investment opportunities in the M9 PCB industry chain include Feilihua, Dongcai Technology, Shenghong Technology, and others, while CPO industry chain companies include Zhishang Technology, Changguang Huaxin, and others [3]