通信：台积电入场，光引擎进入芯片时代？

Investment Rating - The report maintains an "Outperform" rating for the communication industry [2][4]. Core Insights - The report highlights significant advancements in CPO (Co-Packaged Optics) technology, which is expected to drive demand for optical modules due to the increasing requirements for low power consumption and high bandwidth in data centers [5][7]. - The CPO market is projected to reach USD 2.6 billion by 2033, with a compound annual growth rate (CAGR) of 46% from 2022 to 2033 [5]. - Major companies like TSMC and Nvidia are making substantial investments in CPO technology, indicating a strong growth trajectory for the sector [5][6]. Summary by Sections Market Performance - The communication sector has shown a performance trend with fluctuations, indicating a -22% to +66% range compared to the CSI 300 index over the specified period [3]. Related Research - Several related reports have been published, focusing on the impact of AI on capital expenditures, new data infrastructure, and advancements in optical communication technologies [4]. CPO Technology Developments - TSMC has made significant progress in integrating CPO technology with advanced semiconductor packaging, with expectations for sample deliveries in early 2025 and mass production by late 2025 [5]. - The report emphasizes the importance of optical, electronic, and packaging technologies as core components of CPO systems [5]. Domestic Industry Advantages - Domestic companies like Tianfu Communication and Zhongji Xuchuang are well-positioned to benefit from the CPO market due to their established relationships and experience in the optical communication supply chain [7]. - The report suggests that copper connections will continue to play a significant role in short-distance transmission, particularly in high-performance AI server clusters, despite the rise of optical technologies [7]. Investment Recommendations - The report recommends focusing on companies involved in CPO optical devices, optical chips, and copper connections, highlighting specific firms such as Tianfu Communication, Zhongji Xuchuang, and others [7].