通信行业投资策略周报：CPO趋势明确，关注龙头光模块厂商能力储备及连接、光源等环节增量

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - CPO (Co-Packaged Optics) technology significantly reduces the distance between electronic integrated circuits (EIC) and photonic integrated circuits (PIC), leading to lower I/O power consumption and heat generation, reduced signal latency, improved bandwidth density, and enhanced signal integrity [7][12][30] - CPO switches can significantly lower cluster power consumption, with Broadcom's 51.2Tbps CPO switch product achieving a 30% reduction in power consumption [7][30] - The CPO market is expected to exceed $1.2 billion by 2035, with a CAGR of 28.9% [30] Summary by Sections 1. Core Viewpoints - CPO technology integrates EIC and PIC to enhance performance and efficiency [12] - The internal core value components of CPO switches include OE light engines, external laser sources, fiber arrays, MPO connectors, fiber shuffle boards, and PMF fibers [7][30] 2. Market Performance - The communication sector outperformed the CSI 300 index by 3.99 percentage points last week, with a sector increase of 6.13% [34] - The communication sector has shown a cumulative increase of 37.91% over the past year, outperforming the CSI 300 index by 21.32% [38] 3. Industry Data Updates - As of the end of 2023, China had 3.377 million 5G base stations, a net increase of 1.065 million from the end of 2022 [50] - In November 2024, the domestic smartphone market saw a shipment of 29.606 million units, with 27.319 million being 5G smartphones, marking a 0.8% year-on-year increase [51] 4. Key Company Valuations - Zhongji Xuchuang (300308.SZ) has a target price of CNY 222.13 with a "Buy" rating [8] - New Yisheng (300502.SZ) has a target price of CNY 87.83 with a "Buy" rating [8] - Tianfu Communication (300394.SZ) has a target price of CNY 189.23 with a "Buy" rating [8]