通信周跟踪：英伟达铜光共进趋势明朗，BIS新政或不影响国内算力建设

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the communication industry, indicating an expected performance that exceeds the benchmark index by over 10% [1]. Core Insights - The report highlights a clear trend of "copper and optical coexistence" in the industry, driven by Nvidia's collaboration with TSMC on silicon photonics technology and the anticipated launch of new CPO switches [4][13]. - The optical module segment is expected to be a significant contributor to performance in 2025, benefiting from various market dynamics including the expansion of GPU clusters and the DCI market [5][14]. - The report suggests that the recent BIS regulations on GPU exports may catalyze domestic computing power replacement and infrastructure development in North America and China [6][15]. Summary by Sections 1. Events and Insights - Nvidia's recent visit to Taiwan emphasizes the importance of both copper and optical technologies, suggesting investment opportunities in optical modules, copper connections, and CPO sectors [4][13]. - The optical module market is currently undervalued, with significant growth expected due to increased demand from Nvidia's 1.6T switches and GPU cluster expansions [5][14]. 2. Market Overview - The overall market saw an increase during the week of January 13-17, 2025, with the communication sector rising by 6.13% [8][18]. - The top-performing segments included the Internet of Things (+13.8%), optical modules (+9.3%), and industrial internet (+8.7%) [18]. 3. Company Focus - Key companies to watch include those in the optical module sector such as Zhongji Xuchuang and Tianfu Communication, as well as copper connection firms like Wolong Nuclear Materials and Ding Tong Technology [17]. - The report also highlights the importance of domestic AI companies and IDC infrastructure firms, suggesting a broad range of investment opportunities across the sector [17][16]. 4. Overseas Developments - Recent developments from major companies like Samsung and Micron indicate a competitive landscape in the NAND flash and HBM markets, which could impact the communication technology sector [33]. - The report notes that global demand for integrated and discrete GPUs is expected to grow, reflecting a positive outlook for the semiconductor industry [38].