通信行业深度报告：深度拆解CPO：AI智算中心光互联演进方向之一

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The CPO (Co-Packaged Optics) technology is expected to become a crucial solution for future data center interconnections, driven by advancements in AI and optical communication [4][10]. - CPO is currently in its early industrialization phase, facing challenges related to market acceptance, standards, and manufacturing capabilities, necessitating collaboration across the entire industry chain [3][10]. - Key segments to focus on include the optical engine, optical interconnect, and switch segments, with specific recommended companies for investment [3]. Summary by Sections CPO Development Potential - CPO has significant development potential but requires industry collaboration for commercial viability [3]. - The report emphasizes the importance of the optical engine segment, recommending companies like Zhongji Xuchuang and New Yisheng [3]. - The optical interconnect segment includes various components such as ELS/CW light sources and optical fibers, with recommended companies like Zhongtian Technology and Hengtong Optic-Electric [3]. - The switch segment focuses on switch and switch chip suppliers, recommending companies like Unisplendour and ZTE [3]. CPO as a Solution - CPO is positioned to replace traditional pluggable optical modules, offering advantages such as high bandwidth, low latency, low power consumption, and compact size [10][36]. - The integration of optical engines with switch chips in CPO technology enhances performance and reduces costs [10][36]. Optical Engine and Integration - The optical engine is central to CPO technology, with silicon photonics being the primary solution [15][44]. - Various integration methods, including 2D, 2.5D, and 3D packaging, are discussed, highlighting the need for advanced packaging technologies [52][59]. - The report notes that the current mainstream choice for silicon photonics CPO is external laser sources (ELS) due to the limitations of silicon in producing efficient on-chip light sources [63][86]. Challenges and Future Directions - The report identifies challenges in silicon photonics, including on-chip light sources and optical coupling, which need to be addressed for further development [44]. - Future trends in CPO technology include the exploration of 3D packaging and the integration of various components to enhance performance and reduce power consumption [59][63].