人工智能月度跟踪：CPO、CPC有望开启新一轮成长周期-20250929

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][30]. Core Insights - The CPO (Co-Packaged Optics) and CPC (Co-Packaged Copper) technologies are expected to initiate a new growth cycle in the industry, driven by the exponential increase in AI model parameters and computational demands [5][11]. - The market for CPO is projected to grow significantly, with global port sales expected to reach 4.5 million units by 2027 and market revenue anticipated to hit $2.6 billion by 2033, reflecting a CAGR of 46% from 2022 to 2033 [15][17]. - The CPC technology is positioned to enhance general data center development, providing a reliable data transmission solution for AI computing clusters and short-distance interconnects [20][24]. Summary by Sections CPO Technology - CPO is a new optical integration technology that combines network switching chips and optical modules in a single package, enhancing data transmission speed and reducing losses [11][13]. - The technology is expected to enter commercial use between 2024 and 2025, with significant growth anticipated in the following years [17]. - Major companies like Intel, Marvell, and Broadcom are heavily investing in CPO technology, achieving notable advancements [18][19]. CPC Technology - CPC consists of connector modules, chip substrates, signal transmission layers, and shielding layers, designed to reduce signal transmission losses and improve performance [20]. - It is particularly suited for data center interconnects under 2 kilometers, providing flexibility in network architecture [22]. - CPC technology is complementary to CPO, focusing on cost-effectiveness and rapid deployment for general data centers [21]. Market Dynamics - The report highlights the increasing demand for data transmission solutions in data centers, driven by the rise of AI and high-performance computing [5][8]. - Traditional optical modules are becoming less efficient in high-frequency transmission scenarios, prompting a shift towards integrated solutions like CPO and CPC [8][11].