Q&A 黑芝麻智能与中冀旭创的合作内容和目标是什么？ 黑芝麻智能与中冀旭创的合作涵盖光通信技术应用、汽车辅助驾驶、汽车智能 终端、先进封装技术及产业资本等多个领域。双方将以黑芝麻的芯片 IP 为核心， 结合中冀旭创在光模块和自动驾驶及机器人领域的积累，共同打造全新的解决 硅光技术在数据中心通过提高交换机性能和降低复杂性来满足高带宽需 求，解决铜线传输速率不足的问题。在机器人场景中，柔性光纤可避免 电磁干扰，适应柔性运动需求，并支持大脑与小脑之间的高速数据互联。 车载领域已有 25G/50G 速率车载以太网的光纤接入标准，机器人领域 则有塑料光纤（POF）标准，如 802.3bv。标准化推进新技术发展，降 低对定制化应用的依赖，协议层面如 AFI over fiber 也将支持底层传输 标准化。 车规级光模块成本高于服务器光模块，但随着高性能光通信需求增加， 其重要性将提升。汽车市场规模大且稳定，对产品有长期增量需求，将 降低单位成本。预计同等性能规格下，车规级光模块成本可能仅为服务 器端 1%甚至更低。机器人场景中 25G 光模块成本约为 10 至 20 美元， 综合成本将有所降低。 方案，以推动汽车和机器人 ...

| 韩国综合 3953.620 -3.32% -135.630 KS11 | | --- | | 日经指数 48702.980 -3.22% -1620.930 N225 | | 富时亚太指数 436.700 – –2.32% – –10.370 AW06 AW06 | | 澳大利亚普通股... 8738.300 AORD | | 富时澳大利亚指数 702.480 –1.87% –13.410 WIAUS WIAUS | A股黑天鹅突袭，下跌原因找到了，资金疯狂抄底越跌越买，如何走，这段话像个炸雷，却又藏着细碎 的脉络，让人又惊又好奇，接下来我把重点先抛出来，留点口水和问号给你，别急着走。 今天下午市场突然炸开，是黑天鹅来了，三大股指收盘普遍跌近1%，成交量不足2万亿，沪深北三大交 易所累计成交19460亿元，个股上跌多于涨，超过4100家下跌，上涨仅1277家。 跌幅虽不小，但过程没那种人踩人的恐慌味道，反而在下行里头频频有资金进场，尾盘还能看到明显抄 底动作，说明有人在更低位接盘，也就是说，越跌越有人往里头拽股票。 市场里有几块比较亮的板块，互联网电商类表现还行，小红书、拼多多、快手这些名字在盘面上有点活 ...

东北证券指出，光模块行业景气度持续攀升，明年需求可见度较高，订单指引持续上修，供不应求 将成为行业常态。上游物料是影响光模块厂商交付能力的核心因素，需重视EML光芯片、CW光源、硅 光芯片、无源光器件等上游核心环节的投资机遇。硅光技术优势显著，正持续夺取EML市场份额，尤 其在1.6T速率下表现突出。行业头部企业正积极扩充产能，Tower半导体计划加码硅光子和硅锗业务， 目标2025年硅光子收入超过2.2亿美元。光模块与光芯片业务正从技术突破迈向规模放量阶段，未来将 通过深度协同与创新适应市场变化。 通信ETF（515880）跟踪的是通信设备指数（931160），该指数聚焦于通信设备制造及相关服务领 域，从市场中选取涉及通信网络基础设施、终端设备生产等业务的上市公司证券作为指数样本。指数成 分股通常具备较高的技术含量和研发投入，能够综合反映通信设备行业的整体表现和发展趋势。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需 ...

Core Viewpoint - The article discusses significant investments and strategic partnerships in the AI and semiconductor sectors, highlighting the ongoing developments and potential market implications despite concerns over AI valuation bubbles [3][4][5]. Investment and Partnerships - Microsoft and NVIDIA plan to invest up to $15 billion in AI startup Anthropic, raising its valuation to $350 billion, with a commitment to purchase $30 billion worth of computing power from Microsoft’s Azure platform [4][5]. - The partnership aims to enhance Anthropic's AI model, Claude, and signifies a shift in Microsoft's strategy to reduce reliance on OpenAI, with which it has previously invested over $13 billion [5]. - GlobalFoundries announced the acquisition of Advanced Micro Foundry (AMF), aiming to become the largest silicon photonics chip manufacturer globally, enhancing its capabilities in Singapore and complementing its existing technologies in the U.S. [6][7]. Technological Developments - The acquisition of AMF will allow GlobalFoundries to leverage silicon photonics technology, which is crucial for high-speed data transmission in AI data centers and telecommunications [7]. - Arm has announced a collaboration with NVIDIA to integrate its Neoverse platform with NVIDIA's NVLink Fusion technology, facilitating easier integration of Arm-based CPUs with NVIDIA's GPUs for large-scale data center operators [8][9]. - This partnership is expected to set new standards for AI infrastructure, with Arm's Neoverse platform projected to capture 50% of the market share in top-tier data centers by 2025 [9].

Core Insights - Silicon photonics technology is rapidly reshaping the global information industry landscape, becoming a core development direction in optoelectronic technology due to its high integration, low cost, and large-scale manufacturing advantages [2] - The surge in procurement of 800G/1.6T optical modules by North American cloud giants is driving the demand for silicon photonics and Co-Packaged Optics (CPO) technology, which can significantly reduce power consumption by 30%-40% [2] - A conference on CPO and silicon photonics integration will be held on December 11-12 in Wuxi, Jiangsu, focusing on collaborative innovation in the industry-academia-research ecosystem [2] Conference Overview - The conference will feature discussions on key topics such as silicon chip design optimization, breakthroughs in CPO packaging yield, innovations in liquid cooling management, and the evolution of OIO technology [2] - Various companies will present their insights, including market forecasts for the CPO market from 2025 to 2030, and advancements in optical interconnect technologies for AI and quantum computing [5][6] Participating Companies and Topics - Notable participants include LightCounting, NVIDIA, Cisco, and TSMC, discussing topics ranging from CPO market analysis to high-speed optical signal transmission technologies [5][6] - Roundtable discussions will address challenges and opportunities in the CPO ecosystem, including overcoming memory wall limitations and exploring CPO applications in 6G networks [8][10] Event Format - The event will utilize a combination of keynote speeches, technical demonstrations, roundtable forums, and closed-door seminars to facilitate in-depth discussions on technological trends, market challenges, and innovative applications in the CPO and silicon photonics sectors [14]

剑桥国际(06166)涨超3%，公司持续深耕硅光技术路线，硅光领域充分受益算力高景气。 猫眼娱乐(01896)再跌超2%，近三日股价累跌一成，《鬼灭之刃》上映3天票房显著下滑。 煤炭股跌幅居前，机构称煤价迎来短期见顶，中期向上趋势不改。兖矿能源(01171)跌4.88%；兖煤澳洲 (03668)跌3.8%。 老铺黄金(06181)回落3%，明年无计划在中国内地开设分店，黄金购买税修改对其毛利率影响较小。 智通财经APP获悉，港股恒生指数跌1.47%，跌387点，报25997点；恒生科技指数跌1.67%。港股早盘成 交1345亿港元。 中芯国际在投资者关系活动记录表中称，公司的产线实际上非常满，存储器特别紧缺，价格也涨得非常 厉害。芯片股逆市走强。华虹半导体(01347)涨超4%，中芯国际(00981)涨1.5%。 万威国际(00167)复牌飙升逾77%，获折让约68.90%提全购要约。 携程集团-S(09961)绩后涨1.53%，第三季度净利润199亿元，国际业务表现突出。 中集安瑞科(03899)涨3.89%，拟于公开市场回购不超过2亿港元，三季度新签订单明显加快。 锂电股集体走低，碳酸锂价格近期持续上涨， ...

国盛证券指出，Coherent公布最新财季财报，多项核心指标超出市场预期，光通信龙头企业强劲表现反 映了AI数据中心、数据中心互连对光学组件需求的增长，将从AI计算基础设施的持续扩张中受益。该 行指出，硅光技术核心价值在于芯片设计与晶圆制造，这使产业范式从"封装主导"转向"芯片设计主 导"。传统方案EML芯片短缺，硅光凭借高集成度、低损耗等性能优势，以及产能弹性和成本优势，市 场份额逐步提升。而前瞻布局、芯片设计能力优秀的光通信龙头企业将持续扩大优势，充分受益于算力 高景气。 消息面上，近日，剑桥科技在投资者互动平台表示，在硅光芯片领域，公司与3家供应商合作并通过保 供协议或投资保障供应，800G及以上光模块以硅光技术为主，已做关键物料储备，在硅光技术路线上 持续深耕，同步推进CPO集成硅光引擎、大功率激光技术CPO器件的研发与送样准备。剑桥科技此前披 露三季报时指出，公司业绩实现高质量增长，核心驱动力来自高速光模块与电信宽带接入两大主营业 务。 智通财经APP获悉，剑桥国际(06166)涨超4%，截至发稿，涨4.23%，报83.8港元，成交额8009.26万港 元。 ...

国盛证券（002670）指出，Coherent公布最新财季财报，多项核心指标超出市场预期，光通信龙头企业 强劲表现反映了AI数据中心、数据中心互连对光学组件需求的增长，将从AI计算基础设施的持续扩张 中受益。该行指出，硅光技术核心价值在于芯片设计与晶圆制造，这使产业范式从"封装主导"转向"芯 片设计主导"。传统方案EML芯片短缺，硅光凭借高集成度、低损耗等性能优势，以及产能弹性和成本 优势，市场份额逐步提升。而前瞻布局、芯片设计能力优秀的光通信龙头企业将持续扩大优势，充分受 益于算力高景气。 剑桥国际(06166)涨超4%，截至发稿，涨4.23%，报83.8港元，成交额8009.26万港元。 消息面上，近日，剑桥科技（603083）在投资者互动平台表示，在硅光芯片领域，公司与3家供应商合 作并通过保供协议或投资保障供应，800G及以上光模块以硅光技术为主，已做关键物料储备，在硅光 技术路线上持续深耕，同步推进CPO集成硅光引擎、大功率激光技术CPO器件的研发与送样准备。剑桥 科技此前披露三季报时指出，公司业绩实现高质量增长，核心驱动力来自高速光模块与电信宽带接入两 大主营业务。 ...

Core Viewpoint - The AI arms race has entered its 2.0 phase, shifting focus from general-purpose GPUs to self-developed ASIC chips and interconnect technologies by CSP cloud vendors [1][2] Group 1: AI Development and Investment - Since the launch of ChatGPT 3.5 in 2023, major tech companies have significantly increased investments in large model development and computing center construction, with projected Capex for Amazon, Google, Microsoft, and Meta reaching $361 billion by 2025, a year-on-year increase of over 58% [2] - Domestic companies like ByteDance, Tencent, and Alibaba are expected to exceed 360 billion yuan in Capex [2] - NVIDIA, as a leading AI chip manufacturer, has faced supply shortages, while CSPs are increasingly investing in self-developed ASIC chips for better cost-performance ratios [2] Group 2: CSP Cloud Vendors' Self-Developed ASIC Chips - Google has been developing its TPU ASIC chips since 2015, with plans for the seventh generation and innovations in OCS architecture starting from TPUv4 [3] - AWS's Trainium chip is progressing to its third generation, with notable interconnect innovations using copper cables and plans for copper backplane connections in future clusters [3] - Meta has designed its MTIA chip and has a long history of data center architecture design, including the well-known CLOS architecture [3] - Other companies like Broadcom and Marvell are actively supporting global CSP cloud vendors in data center construction [3] Group 3: Silicon Photonic Modules - Silicon photonic modules integrate various optical components into a single chip, offering low cost, low power consumption, and high integration [4] - The application scenarios for silicon photonic modules include data center communication and telecom networks, benefiting from the demand for cost-effective solutions driven by AIGC transformations [4] - The market for silicon photonic modules is projected to reach $10.3 billion by 2029, with a CAGR of 45% over the past five years, corresponding to nearly 18 million units sold [4] Group 4: Growth in Optical Communication Market - The demand for ASIC chips is expected to increase, with global shipments of 800G optical modules projected to reach 40 million units and 1.6T optical modules exceeding 7 million units next year [5] - The penetration rate of CPO is expected to reach 50% by 2029, with the OCS market projected to exceed $1.6 billion [5] - The PCIe Switch market is anticipated to reach $5 billion, while the DCI market is expected to reach $28.4 billion [5]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **optical module supply chain** and its challenges, particularly focusing on the **AI-related market** and its implications for the **semiconductor industry** [1][2][3]. Key Points and Arguments Optical Module Supply Chain - The supply chain for optical modules is currently facing significant **supply shortages**, particularly in the transition from **800G to 1.6T** products. The upstream supply of **100G and 200G EML optical chips** remains scarce, leading to a highly tense supply situation [1][3]. - The introduction of **silicon photonics** technology is creating new bottlenecks, shifting the focus from traditional optical chips to silicon-based designs, which is expected to enhance the **return on equity (ROE)** for companies like **Xuchuang** [1][6]. Pricing Dynamics - Prices for optical modules are stable among major clients due to long-term contracts, while retail prices are significantly higher, with some products priced at **twice the quoted price** from leading companies [1][4]. ROE Trends - Concerns about peak profit margins in manufacturing are addressed, emphasizing that the current AI investment cycle is global and substantial. The **ROE** is expected to rise due to supply-demand tightness and advancements in silicon photonics technology [1][5]. Demand for Computing Power - The demand for computing power remains robust, with prices for **H100 and A100** GPUs increasing. Even older models are maintaining high rental rates, indicating a strong market demand that differs from the **dot-com bubble** era [1][7]. Market Sentiment on GPU Depreciation - Market concerns regarding GPU depreciation and pricing trends are considered somewhat exaggerated. Many data centers continue to utilize older GPU models effectively, demonstrating sustained demand driven by increased usage and model capabilities [1][8]. Investment Insights - **Warren Buffett's investment** in Alphabet, amounting to approximately **$4.2 billion**, signifies a shift in investment philosophy under the new CEO of Berkshire Hathaway. This investment reflects confidence in AI and its related sectors, potentially influencing other companies like **Meta** to enhance their AI capabilities [1][9][11]. Future Outlook for the Computing Sector - The computing sector is recommended for continued focus, with high levels of valuation and certainty. Positive signals from the supply chain suggest a favorable trend, especially as the end of the year approaches [1][12]. Company-Specific Developments - **Smiq's** third-quarter report shows improved operational metrics, including higher gross margins and increased profits attributable to minority shareholders, indicating a solid foundation for domestic computing chip expansion [1][13]. - **Tencent's** capital expenditures remain stable, with potential for growth in cloud services if supply constraints are alleviated. Other major domestic tech companies are also expected to benefit from local computing expansion [1][14]. Huawei's New System - Huawei's upcoming system aims to significantly enhance the utilization rates of **GPUs and NPUs** from **30% to 70%**, although challenges remain in optimizing performance across different scenarios [1][15]. Domestic Computing Market Outlook - The domestic computing market is poised for growth, driven by AI developments and significant investments. The computing sector is expected to be the area with the highest certainty and growth potential in the coming year [1][16].