电子行业动态研究报告：CPO驱动AI时代光通信新引擎，龙头布局引领技术突破潮

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating an expected outperformance relative to the market index [1]. Core Insights - CPO (Co-Packaged Optics) technology is identified as a key driver for the upgrade of data center networks in the AI era, addressing the increasing demand for high-speed data transmission [3][4]. - Major industry players are accelerating the deployment of CPO technology, with significant advancements and product deliveries expected in the near future [4]. - The demand for CPO ports is projected to grow significantly, with estimates suggesting an increase from fewer than 50,000 ports currently to over 18 million by 2029, primarily driven by server interconnections [5]. Summary by Sections Market Performance - The electronic sector has shown a performance of -2.2% over 1 month, 4.4% over 3 months, and 45.2% over 12 months, while the CSI 300 index has performed at -2.4%, -3.2%, and 19.1% respectively [1]. CPO Technology - CPO technology offers advantages such as high bandwidth density, low power consumption, high integration, low latency, and small size, making it essential for AI and high-performance computing [3]. - The technology has been in development for over a decade, but recent demonstrations and product announcements have bolstered market confidence in its widespread adoption [4]. Industry Developments - Broadcom delivered the first 51.2 Tbps CPO Ethernet switch in March 2024, and TSMC successfully integrated CPO with advanced semiconductor packaging technology, with sample deliveries expected in early 2025 [4]. - NVIDIA plans to adopt CPO technology in its GB300 chip and subsequent Rubin architecture, which is anticipated to dominate global CPO demand by 2027 [5]. Investment Opportunities - The report suggests focusing on companies within the CPO supply chain, including Tianfu Communication, NewEase, Zhongji Xuchuang, and others, as potential investment opportunities [5].