科技行业周报（第三周）：CPO加速导入，关注产业链投资机遇

Investment Rating - The report maintains an "Overweight" rating for the communication sector and communication equipment manufacturing [8]. Core Viewpoints - The CPO (Co-Packaged Optics) technology is expected to accelerate its adoption in 2025, driven by major players like Nvidia, Broadcom, and TSMC, despite facing short-term challenges such as technical reliability and production yield [1][12]. - The report suggests focusing on investment opportunities within the CPO supply chain, including MPO and optical engines, as the technology is projected to enhance integration and reduce power consumption significantly [2][13]. - The communication sector index rose by 6.13% last week, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 2.31% and 3.73%, respectively [1][12]. Summary by Sections Market Performance - The communication sector index increased by 6.13%, while the Shanghai Composite Index rose by 2.31% and the Shenzhen Component Index by 3.73% [1][12]. CPO Technology Insights - CPO is a significant trend in optical technology aimed at reducing SerDes power consumption by shortening the packaging distance between ASIC chips and optical engines [2][13]. - Broadcom delivered the industry's first 51.2T CPO switch, which integrates eight silicon photonic optical engines, achieving a 70% reduction in power consumption compared to traditional solutions [2][13]. Recommended Companies - The report recommends several companies for investment, including China Mobile, China Telecom, China Unicom, ZTE, Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Hengtong Optic-Electric, Shanghai Huanxun, and Unisplendour [3][9].