GOLDEN SUN SECURITIES·2025-06-22 07:16Investment Rating - The report maintains a "Buy" rating for key companies in the computing power and optical communication sectors, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [4][10]. Core Insights - The CPO (Co-Packaged Optics) technology is rapidly advancing, with leading companies like Nvidia and Broadcom making significant strides in technology iteration and industrialization, transitioning from validation to large-scale commercialization [1][20]. - The shift towards CPO in the scale-up segment indicates a growing penetration of optical technology within data centers, particularly in cabinet interconnections, which is expected to enhance computing power and communication bandwidth [2][22]. - The trend of large-scale computing clusters is evident, with major CSPs (Cloud Service Providers) building clusters with tens of thousands to millions of GPUs, indicating a robust demand for computing power [3][22]. Summary by Sections Investment Strategy - The report emphasizes the importance of CPO technology in enhancing interconnectivity and supporting the construction of larger computing clusters, recommending companies like Zhongji Xuchuang and Xinyi Sheng as key players in the optical module industry [7][24]. Market Trends - The optical communication market is expected to expand as CPO solutions transition from inter-cabinet to intra-cabinet applications, with a notable increase in market understanding and recognition of CPO among traditional optical module manufacturers [7][22]. Key Companies and Recommendations - Recommended companies include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others in the optical communication and computing power sectors, highlighting their potential for growth and market share acquisition [8][24].