Core Insights - The article discusses the growing demand for AI computing power and the continuous upgrade of optical communication networks, highlighting silicon photonics technology as a mainstream solution for 1.6T high-speed optical modules. The global silicon photonics semiconductor market is projected to reach $7.86 billion by 2030, with a compound annual growth rate (CAGR) of 25.7% [2][3]. Group 1: Industry Trends - Silicon photonic chips, which are essential components of optical modules, consist of four key elements: light sources, waveguides, modulators, and detectors. Their high integration, low cost, and high transmission bandwidth make them favored in core applications such as 5G communication, AI data centers, and autonomous driving [2][3]. - Major chip manufacturers like Intel and NVIDIA are actively investing in silicon photonics technology, driving technological breakthroughs and practical applications [2][3]. Group 2: Technical Challenges - The performance of silicon photonic devices is highly sensitive to manufacturing precision. Any minor processing errors can severely degrade device performance, necessitating targeted optimization of silicon photonics manufacturing processes to enhance signal transmission quality and device reliability [3]. Group 3: Upcoming Events - TrendBank plans to host the "Frontier Forum on Heterogeneous Integration" on November 18-19, 2025, in Ningbo, focusing on advanced packaging and heterogeneous integration technologies [3][30]. - The forum will feature discussions on optical chip technology, with confirmed speakers from leading companies and research institutions [4][30].

Core Viewpoint - Cambridge Technology (603083.SH) is actively engaged in the silicon photonics chip sector, focusing on partnerships and supply agreements to ensure material availability for its products [1] Group 1: Company Developments - The company collaborates with three suppliers to secure supply through agreements or investments [1] - It has made key material reserves for optical modules of 800G and above, primarily using silicon photonics technology [1] - The company is committed to deepening its efforts in silicon photonics technology while simultaneously advancing the research and sample preparation of CPO integrated silicon photonic engines and high-power laser technology CPO devices [1]

格隆汇11月14日丨剑桥科技(603083.SH)在投资者互动平台表示,针对下一代3.2T等更高速率产品，已围 绕硅光技术启动预研，暂无硅光芯片自主研发计划，后续将根据市场需求动态优化供应链与技术布局， 聚焦与外部供应商的深度协同，以保障技术领先性与供应稳定性。 ...

Core Viewpoint - Cambridge Technology (603083.SH) is actively collaborating with three suppliers in the silicon photonics chip sector, ensuring supply through agreements and investments, while focusing on the development of key materials and technologies for high-capacity optical modules [1] Group 1: Collaboration and Supply Assurance - The company is working with three suppliers to secure the supply of silicon photonics chips [1] - Supply assurance is being achieved through supply agreements and investments [1] Group 2: Technology Development - The focus is on 800G and above optical modules primarily utilizing silicon photonics technology [1] - The company is making key material reserves and continuously deepening its efforts in silicon photonics technology [1] - Development and sample preparation for CPO integrated silicon photonics engines and high-power laser technology CPO devices are being advanced [1]

格隆汇11月14日丨剑桥科技(603083.SH)在投资者互动平台表示,针对下一代3.2T等更高速率产品，已围 绕硅光技术启动预研，暂无硅光芯片自主研发计划，后续将根据市场需求动态优化供应链与技术布局， 聚焦与外部供应商的深度协同，以保障技术领先性与供应稳定性。 ...

Core Viewpoint - Cambridge Technology (603083.SH) has announced that its 1.6T optical module products are performing at a level comparable to leading companies in the industry, with some products entering small batch supply phase and expected to achieve mass shipments by Q1 2026 [1] Group 1: Product Development - The development and mass production of the 1.6T optical module are based on the company's technological reserves and market demand [1] - The optical module products primarily utilize silicon photonics technology, with the 1.6T optical module employing advanced technology that matches the performance of industry leaders [1] Group 2: Customer Collaboration - The company is deeply binding core customers through the JDM model, ensuring supply chain stability [1] - There is strong demand for both 800G and 1.6T optical modules, and the company is advancing product validation with multiple new customers [1] Group 3: Capacity Expansion - The company is continuously expanding production capacity, with the Jiaxing and Malaysia factories gradually releasing capacity [1] - The construction of the production base in Mexico is also being promoted, with annual capacity targets to be adjusted and increased based on customer demand [1]

Group 1 - The storage chip sector is experiencing significant activity, with companies like Baiwei Storage and Jiangbolong reaching historical highs in stock prices [1] - The Tianhong Chip ETF (159310) tracking the chip industry index has rebounded nearly 1.5%, with several component stocks showing strong gains [1] - The Tianhong Chip ETF has seen a notable inflow of funds, accumulating over 10 million yuan in net inflows over the past week, ranking first among similar stocks in the Shenzhen market [1] Group 2 - Major storage leaders, including Samsung and SK Hynix, are planning to increase NAND prices and reduce supply, with Samsung considering a price hike of 20% to 30% [2] - The current storage price increase cycle is expected to be stronger and more sustained than previous cycles, indicating a need for attention in the storage sector [2] Group 3 - The storage shortage and price increase trend is anticipated to continue throughout 2026, with expectations of profit elasticity exceeding forecasts [3] - A new domestic platform for 12-inch silicon photonic chip production has been launched, marking a significant breakthrough in the silicon photonics field [3] - The core value of silicon photonics technology lies in chip design and wafer manufacturing, shifting the industry paradigm from "packaging-led" to "design-led" [3]

国外 1. 三菱日联：美国政府结束停摆将降低数据不确定性和提振投资者情绪 金十数据11月10日讯，三菱日联新加坡分行高级货币分析师Lloyd Chan表示，结束政府停摆的协议可能 会引发显著的市场反应，主要体现在降低数据不确定性和提振投资者情绪。近期美国股市的反弹似乎是 由技术性复苏和市场对政府停摆即将结束的乐观情绪共同推动的。 2. 花旗：日本30年期国债收益率料将维持区间波动 花旗投资研究的Tomohisa Fujiki在一份报告中称，未来一段时间30年期日本国债的复合收益率可能会保 持在3%至3.2%的区间内。该策略师表示："我们认为，无论预算规模如何，发行规模的缩减都将为超长 期债券提供支撑。"花旗预计，20年期和30年期日本国债每次标售的规模将减少1,000亿日元，并预计明 年40年期日本国债的发行速度将放缓。他说，市场可能会继续受美国动态的影响，但随着7-9月GDP萎 缩得到证实，市场对日本央行12月加息的定价应该会减弱。据Tradeweb的数据，30年期日本国债收益率 上升0.3个基点，至3.136%。 3. 高盛：美资大举流入日本股市，参与度达三年来最高水平 高盛表示，越来越多的美国投资者正买 ...

Summary of Cambridge Technology Conference Call Company Overview - **Company**: Cambridge Technology - **Industry**: Optical Modules Key Points Financial Performance - Cambridge Technology's revenue for the first three quarters of 2025 reached 3.3 billion RMB, falling short of the 750 million Euro threshold set by the OECD's Pillar Two tax regime [2][4][5] - The company expects to maintain a positive outlook for Q4 2025 despite facing delivery pressures, driven by increased customer demand [2][3] Market Demand and Growth - The demand forecast for optical modules, particularly 800G, has been consistently revised upwards, with expectations that demand may exceed 100 million units by 2027 [2][6] - The company is closely collaborating with clients to ensure future delivery plans and material preparations, indicating a robust growth phase in the industry [2][6] Product Development and Technology - Silicon photonics technology is gaining high acceptance in the market, with most of Cambridge Technology's products above 800G utilizing this solution [2][7] - The company has signed supply agreements with five strategic partners to secure CW light source supplies and has addressed key material issues such as silicon photonic engines and DSPs [2][8] Production Capacity and Plans - Cambridge Technology aims to achieve a production capacity of 2.3 million units by the end of 2025, slightly exceeding expectations, and plans to reach 5 million units by the end of 2026, including both 800G and 1.6T production lines [4][15] - The 1.6T product is expected to account for 20% of total production capacity by the end of 2026 [29] Customer Base and Market Expansion - The company is expanding its business not only through existing customers but also by acquiring new clients, indicating a successful market share expansion for its high-speed optical modules [4][9] - Major clients are expected to drive the demand for 1.6T modules, with significant interest from large customers who require high bandwidth solutions [17] Pricing and Profitability - The current price range for 800G modules is approximately $350 to $400, while 1.6T modules are priced above $1,000, with expectations of price reductions in 2026 [19] - The gross margin for the first half of the year reached 32.4%, with projections to maintain above 40% in 2026 as production scales up [26][31] Supply Chain and Material Preparedness - The company has made sufficient preparations for key materials such as lasers and DSP chips, ensuring supply chain stability through annual agreements [25] - The assembly yield is reported to be above the industry average, contributing to the current gross margin levels [33] Strategic Partnerships and Future Outlook - Cambridge Technology is actively pursuing partnerships with new suppliers to meet diverse customer needs and ensure flexibility in responding to market demands [12][14] - The company is also exploring opportunities with major clients like Nokia, which may lead to increased demand for optical modules in 2026 [28] Challenges and Risks - The company acknowledges potential supply chain challenges, particularly concerning the availability of 800G capacity, which may be slightly below the target of 600,000 units for 2025 [21] - The impact of the OECD's Pillar Two tax regime is being monitored, although the company does not expect to be affected in the short term [4][5] Conclusion Cambridge Technology is positioned for growth in the optical module market, driven by increasing demand for high-speed solutions and strategic partnerships. The company is focused on expanding its production capacity and ensuring supply chain stability while navigating potential challenges in the evolving market landscape.

Group 1 - The core viewpoint of the news is that artificial intelligence (AI) is transitioning from point applications to comprehensive empowerment, becoming a key driver for the intelligent upgrade of the real economy in China [1] - China has become the largest holder of AI patents globally, accounting for 60% of the total [1] - The "China Internet Development Report 2025" highlights that AI is significantly changing the operational methods of the economy and society, with a shift in large models from "heavy training" to "heavy reasoning," resulting in improved reasoning efficiency [1] Group 2 - The successful launch of the experimental satellite No. 32 demonstrates advancements in space technology, with the Long March 11 rocket completing its 606th flight [2] - The launch of the Chu Tian No. 2 technology test satellites by the Li Jian No. 1 rocket marks its 10th flight, indicating progress in commercial space endeavors [2] Group 3 - Guosheng Securities reports that silicon photonics technology is restructuring the optical module industry chain, shifting investment focus from backend packaging to frontend design and wafer manufacturing [3] - The report identifies four key investment directions: silicon photonics design companies, silicon modulation FAB manufacturers, supporting devices, and necessary equipment for silicon photonics [3] Group 4 - The registration of the "Remote Sensing Satellite Multispectral Monitoring Data Set" in Shanxi marks a significant milestone in the resourceization of remote sensing satellite data in China [4] Group 5 - The first batch of pilot projects for national data infrastructure construction has achieved positive results, with 18 cities establishing data infrastructure nodes and over 3,900 entities providing more than 13,000 data products [5] - By the end of September, the total volume of high-quality data sets in China exceeded 500PB, with significant growth in data annotation-related output [5] Group 6 - In October, the Consumer Price Index (CPI) in China rose by 0.2% month-on-month and year-on-year, while the core CPI increased by 1.2%, marking the sixth consecutive month of growth [6] - The Producer Price Index (PPI) showed a month-on-month increase of 0.1%, indicating a shift from stability to growth for the first time this year [6] Group 7 - The PPI in October decreased by 2.1% year-on-year, with the decline narrowing by 0.2 percentage points compared to the previous month, while the average PPI for January to October fell by 2.7% [7] Group 8 - From January 1, the purchase tax for new energy vehicles in China will shift from full exemption to a 50% reduction, coinciding with a peak in consumer demand due to the upcoming policy change and the traditional sales season [8] Group 9 - Beijing is establishing a national data element comprehensive pilot zone, aiming to enhance data management and market-oriented reforms [9] Group 10 - China's laser equipment market accounts for over 50% of the global market, with significant exports to Europe and Southeast Asia [10] - The domestic high-power laser device localization rate has surpassed 70%, indicating a strong position in the global laser equipment market [10]