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通信行业快评报告：广东省出台光芯片产业政策，推动建设光芯片产业创新高地
Wanlian Securities·2024-10-22 10:23

Investment Rating - The industry investment rating is "Outperform the Market" [4][6]. Core Insights - The Guangdong Provincial Government has issued an action plan to accelerate the innovative development of the optical chip industry, aiming to achieve breakthroughs in over 10 key core technologies and create a new trillion-level industrial cluster by 2030 [1][2]. - The global optical chip market is substantial, with a market size of approximately $2.78 billion in 2023, reflecting a growth of 14.4% year-on-year, and is expected to reach $3.17 billion in 2024 [2][3]. - The optical chip industry is expected to enhance the digital economy in Guangdong, which had a digital economy scale of 6.9 trillion yuan in 2023, maintaining its position as the largest in the country for eight consecutive years [3][2]. - There is significant potential for domestic substitution in high-end optical chips, with the current domestic production rate for 2.5G and below optical chips exceeding 90%, while the rate for 10G chips is around 60%, and only 4% for 25Gbs and above [3][2]. - The action plan emphasizes strengthening basic research and original innovation capabilities, which is expected to accelerate the development of the optical chip industry and enhance supply chain autonomy [3][2]. Summary by Sections - Market Size and Growth: The optical chip market is projected to grow from $2.78 billion in 2023 to $3.17 billion in 2024, driven by the demand for high-speed optical modules due to advancements in cloud computing, big data, and AI technologies [2][3]. - Policy Impact: The Guangdong action plan aims to create a globally influential optical chip innovation hub, which will support the high-quality development of new-generation network communications and AI-related industries [3][1]. - Domestic Production and Innovation: The plan focuses on enhancing domestic production capabilities and fostering leading enterprises in the optical chip sector, which is crucial for achieving technological independence [3][2].