GenAI系列报告之36：硅光三问，光通信的新十年成长！

Industry Investment Rating - The report highlights that the silicon photonics (SiPh) technology path and industry trends are clear, positioning it as a high-growth area in the communications sector [2] - The silicon photonics industry chain is expected to benefit significantly, driven by downstream AI and network demand, with the "breakout moment" for the SiPh industry chain already underway [2] Core Viewpoints - Silicon photonics is expected to play a crucial role in AI chip design, interconnectivity, and the formation of intelligent computing clusters due to its compatibility, integration, and performance advantages [3] - The industry's inflection point has arrived due to the demand for technological iteration from AI and 5G/6G evolution, which traditional optical communication networks cannot meet [3] - Silicon photonics will reshape the value distribution of the optical communication industry chain, with trends towards vertical integration and chip design and foundry separation [3] Industry Development and Technology Paths - The growth of the optical module industry is driven by rate improvement, with three main technical paths: increasing the number of channels, upgrading modulation technology, and enhancing the speed of optoelectronic chips [9][10][11] - Traditional optical chips are primarily guided by III-V semiconductors, with materials like GaAs and InP dominating the market [12] - Silicon photonics is expected to accelerate its penetration, especially in high-speed scenarios like 800G and beyond, due to its integration and performance advantages [7][18] Silicon Photonics' Impact on the Industry Chain - Silicon photonics will change the division of labor and value distribution in the optical communication industry chain, with a trend towards chip design and foundry separation [36] - Key players like Intel, Nvidia, and Broadcom are advancing silicon photonics integration, with Nvidia focusing on optical interconnects for GPU clusters and Broadcom developing CPO (Co-Packaged Optics) solutions [38][39][46] - Domestic companies like InnoLight and Accelink are also making significant strides in silicon photonics, with InnoLight already shipping 400G/800G SiPh modules and Accelink achieving breakthroughs in 1.6T SiPh modules [50][51] Key Companies in the Silicon Photonics Industry Chain - Optical Module Companies: InnoLight, Eoptolink, TFC Optical, HG Tech, and Accelink [4] - Silicon Photonics Chip/Light Source/Material Companies: Yuanjie Technology, Changguang Huaxin, Shijia Photon, and Guoke Optoelectronics [4] - Silicon Photonics Equipment Companies: Robotec (ficonTEC) [5] Market Growth and Forecast - The silicon photonics module market share is expected to grow from 24% in 2022 to 44% by 2028, with the silicon photonics chip market reaching $3 billion by 2029 [53] - The global optical module market is projected to grow rapidly from 2024, driven by the demand for high-speed optical modules like 400G and 800G [30]