通信设备及服务2024年第44周周报：CPO：功耗与带宽的双向奔赴

Investment Rating - The report maintains an "Overweight" rating for the communication equipment and services industry [2]. Core Insights - The report highlights the increasing market attention towards Co-packaged Optics (CPO) technology due to the rising demand for computing power optical modules and advancements by leading global manufacturers [4][6]. - Traditional pluggable module solutions face challenges such as high optical power consumption and assembly costs, leading to a shift towards CPO, which integrates optical components directly within chips for more efficient optical communication [4][6]. - The value of optical connection devices is expected to significantly increase, with anticipated enhancements in connector types and external light sources, as well as new internal connection schemes for switches [4][6]. Summary by Sections 1. Weekly Investment Perspective - The report emphasizes the growing focus on CPO technology as a response to the challenges faced by traditional optical modules, with major companies like AWS, Cisco, Broadcom, and NVIDIA investing in this area [6]. - It suggests that the value of optical connection devices will rise, particularly through advancements in connector types and the introduction of external light sources [6]. 2. Weekly Market Review 2.1. Communication Sector Performance - The communication sector outperformed the broader market, with a 3.03% increase compared to a 0.79% rise in the CSI 300 index [8]. - The communication equipment sub-sector saw a notable increase of 4.42% [8]. 2.2. Individual Stock Performance - The report lists top-performing stocks, with Li Erda leading at +126.91%, followed by Yunli Wuli at +77.90% [9][10]. 3. Upcoming Announcements - The report includes a schedule of upcoming announcements from various companies in the sector, indicating a busy period for earnings reports and shareholder meetings [12]. 4. Lock-up Expiration Reminders - The report outlines upcoming lock-up expirations for several companies, which may impact stock liquidity and market dynamics [13]. 5. Company Earnings Forecasts and Valuations - The report provides earnings forecasts and valuations for key companies, recommending "Overweight" ratings for several firms including Tianfu Communication and Xinyi Technology based on their growth potential [14].