HTSC·2025-06-10 10:51Investment Rating - The report maintains an "Overweight" rating for the communication equipment manufacturing sector [7]. Core Viewpoints - The CPO (Co-Packaged Optics) industry is expected to see significant advancements, particularly with Broadcom's recent developments, including the launch of a single-channel 200G CPO product series and the delivery of the Tomahawk 6 (TH6) switch chip [1][2]. - Broadcom is recognized as a pioneer in the CPO industry, with its CPO solutions focusing on switch core components rather than complete systems, differentiating it from competitors like NVIDIA [2][3]. - The TH6 chip, which supports both conventional electrical switches and CPO solutions, is noted for its high bandwidth capabilities, potentially reaching 200G per channel [3][4]. Summary by Sections CPO Industry Progress - Broadcom's CPO technology is advancing rapidly, with the TH6 chip being the first single-chip solution to achieve 102.4T bandwidth, supporting both electrical and CPO versions [3]. - The TH6 CPO solution may require 16 optical engines, doubling the number from the previous TH5 model, while maintaining a single optical engine rate of 6.4T [3]. Market Opportunities - The report expresses optimism about the CPO industry's future, highlighting potential growth for related companies in optical passive devices, optical chips, and optical engine manufacturers. Recommended companies include Taiyuan Optics and Tianfu Communication, with additional companies like Zhongji Xuchuang and Xinyi Sheng suggested for attention [1][5]. Company Recommendations - The report provides specific stock recommendations with target prices and ratings: - Zhongji Xuchuang (300308 CH): Buy, target price 164.78 [10][16] - Xinyi Sheng (300502 CH): Buy, target price 128.76 [10][16] - Tianfu Communication (300394 CH): Buy, target price 119.12 [10][16] - Taiyuan Optics (300570 CH): Overweight, target price 99.01 [10][16] - Huagong Technology (000988 CH): Buy, target price 49.62 [10][16]