通信周跟踪：智谱发布AutoGLM催化agent行情，CPO对光模块仍是机遇

Industry Rating - The report maintains a Leading Market-A rating for the communication industry [1] Core Views - AutoGLM by Zhipu AI introduces a new era of human-computer interaction, enabling tasks like ordering food, sending messages, and writing reviews through a self-evolving framework WEBRL [1] - AI agents are evolving rapidly, with capabilities extending to IoT, smart glasses, XR, and smart home devices, driving demand for local NPU upgrades [1] - CPO (Co-Packaged Optics) is gaining attention as a key technology for future optical communication, with leading optical module manufacturers expected to play a significant role in the CPO supply chain [1][12] Market Performance - The communication sector saw a 3.03% increase in the Shenwan Communication Index, outperforming major indices like the Shenzhen Component Index (+2.53%) and the Shanghai Composite Index (+1.17%) [15] - Controller sector led the gains with a 20.4% weekly increase, followed by optical cable and submarine cable (+7.6%) and wireless RF (+7.5%) [15] - Top-performing stocks included Changguang Huaxin (+21.02%), Zhongtian Technology (+11.75%), and Cambridge Technology (+11.34%) [15] Key Companies to Watch - Edge IoT: Companies like Quectel, Fibocom, and Meig Smart are highlighted for their potential in the IoT agent space [14] - CPO: Key players include InnoLight, Eoptolink, and TFC Optical, which are expected to benefit from the CPO evolution [14] - Satellite Internet: Companies like Shanghai Hanxun and Tianyin Electromechanical are noted for their advancements in satellite communication [14] AI and Agent Development - AI agents are advancing to Level 3 AI capabilities, enabling tool usage and complex problem-solving, which is expected to drive sustained growth in AI infrastructure investment [11] - Zhipu AI's AutoGLM is a significant development, with potential applications in IoT and multi-modal AI, combining edge and cloud agent capabilities [1] CPO Technology - CPO is seen as a solution to challenges in high-speed data transmission, with NVIDIA expected to launch its first CPO-based switch in 2025 [12] - Leading optical module manufacturers are expected to maintain their importance in the CPO supply chain due to their expertise in silicon photonics and customer understanding [12] Global Trends - Marvell announced price increases across its product lines due to surging AI demand, effective January 2025 [34] - Microsoft significantly increased its orders for NVIDIA's GB200 chips, becoming the largest customer for Blackwell architecture GPUs [34] - Intel and Samsung are exploring collaboration in the foundry business, potentially reshaping the semiconductor supply chain [34]