Core Viewpoint - The company is actively developing its subsidiary's silicon photonics technology, focusing on high-speed optical modules and OCS silicon optical switches, with steady progress in initial stages of development [1] Group 1 - The subsidiary, Jiangsu Weipu Optoelectronic Equipment Co., Ltd., is collaborating with partners to research and manufacture silicon photonic high-speed optical modules [1] - The business is currently in its early development phase, with all tasks progressing steadily [1] - The company is monitoring the application of OCS products in relevant fields [1]

西部证券表示，2025年以来，受益于AI算力需求持续增长，光模块行业维持高景气。一方面，硅光光 模块凭借高集成度、低能耗、低成本的优点，逐渐受到终端客户认可，另一方面，在EML方案原材料 短缺下，硅光方案成为重点产能供给补充。该机构续指，技术升级上，率先进入硅光光模块大批量量产 的公司有望享受行业加速期的高毛利，以及受益于行业份额的巩固和聚拢。 智通财经APP获悉，剑桥科技(06166)涨超6%，截至发稿，涨5.68%，报86.5港元，成交额1.17亿港元。 消息面上，国盛证券指出，在AI算力需求驱动下，全球光模块产业正加速向800G/1.6T升级。光隔离器 作为光模块中保护激光器的关键无源组件，正因其上游核心材料法拉第旋光片的全球性供应短缺，成为 制约光模块产能扩张的"卡脖子"环节。据了解，剑桥科技的核心业务聚焦于光模块的研发、生产与销 售，其在 800G、1.6T 等高端光模块领域技术领先。在供应链层面，公司完成了硅光芯片、隔离器等关 键物料的多源认证，保障了物料齐套率与出货达成率均达到100%。 ...

为什么硅光技术被认为是 2026 年光模块行业最重要的趋势？ 硅光模块行业：AI 驱动高成长，从物理结构和产业链视角 拆解硅光投资机会 20251207 摘要 1.6T 光模块和硅光技术渗透率预计在 2026 年将从目前的 20%快速提 升至 50%以上，主要受益于硅光方案的性价比优势和产能补充潜力，以 及生产良率和封装良率的显著提升，这将显著提高相关上市公司的盈利 能力。 硅光方案通过采用硅基衬底，可集成调制器、探测器和波导等器件，实 现高集成度和低成本，尤其是在 800G 光模块中，硅光方案仅需 4 个 CW 激光源，显著降低了成本，提高了产品竞争力。 传统 EML 方案在 1.6T 光模块中需要升级到 200G EML，导致价值量翻 倍，而硅光方案仍使用 70 毫瓦的 CW 光源，并采用一拖二的配比方式， 使得硅光模块的价值量远低于传统 EML 方案，成本差距可达 100-200 美元。 200G EML 芯片因工艺壁垒高、良率低而供应紧缺，使得 1.6T 需求更 倾向于采用硅光解决方案。同时，下游客户逐渐接受硅光技术在数据中 心的应用，预计 2026 年硅光技术将迎来放量。 Q&A 2026 年，光模 ...

Core Viewpoint - The stock price of Yuanjie Technology has shown exceptional performance in 2025, reaching a peak of 633.39 yuan, marking a year-to-date increase of 348%, surpassing its downstream major client, Zhongji Xuchuang [2][3]. Group 1: Financial Performance - In the first three quarters of 2025, the company's revenue reached 383 million yuan, a year-on-year increase of 115.09%, while net profit attributable to shareholders was 106 million yuan, up 19,348.65% [7]. - The gross margin improved to 54.76%, an increase of 33.42 percentage points year-on-year, primarily due to the growth of high-margin data center products [7]. Group 2: Market Trends and Technology - The demand for AI computing is driving a transformation in interconnect technology, with a shift from traditional copper interconnects to more integrated optical solutions like Co-Packaged Optics (CPO) [12][15]. - The penetration rate of silicon photonics technology in optical modules is expected to rise from 34% in 2023 to 52% by 2029, with the global market for silicon photonics modules in data centers exceeding $3 billion by 2029 [21]. Group 3: Competitive Landscape - The domestic market for 50G and above EML chips is largely dominated by leading companies from the US and Japan, with a localization rate of less than 20% [26]. - Yuanjie Technology's high-end products, such as the 100G EML and CW laser sources, are positioned to benefit from the growing AI market, with significant orders already received [26][33]. Group 4: Strategic Positioning - Since its listing on the Sci-Tech Innovation Board in 2022, Yuanjie Technology has been transitioning from the telecom market to the AI-driven data center market, with data center revenue surpassing telecom revenue for the first time, reaching 51.04% [30]. - The company's vertical integration manufacturing (IDM) model allows for better control over product performance and expansion into overseas markets [28][32]. Group 5: Future Outlook - The company is focusing on increasing its market share in the data center sector, with significant growth in construction projects and new orders indicating a positive trend [33]. - The development of the 200G EML chip is crucial for the company to seize opportunities in the upcoming 1.6T era [35].

Core Viewpoint - The stock price of Yuanjie Technology has surged significantly, reaching a high of 633.39 yuan, with a year-to-date increase of 348%, outperforming its major client, Zhongji Xuchuang [1] Group 1: Company Performance - In the first three quarters of 2025, Yuanjie Technology experienced explosive growth, with revenue reaching 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, up 19,348.65% [4] - The gross margin improved to 54.76%, an increase of 33.42 percentage points year-on-year, primarily due to the growth of high-margin data center products [4][26] - The company's data center business revenue share increased from 15.8% in 2022 to 51.04% in 2024, marking a significant shift in its revenue structure [26] Group 2: Market Trends - The demand for AI computing is driving a transformation in interconnect technology, with a shift from traditional copper interconnects to more integrated optical solutions like CPO (Co-Packaged Optics) [9][12] - The penetration rate of silicon photonics technology in optical modules is expected to rise from 34% in 2023 to 52% by 2029, with the global market for silicon photonics modules exceeding $3 billion by 2029 [18] - The industry consensus indicates that as AI cluster scales expand, the architectural transformation will gradually spread from high-end applications [15] Group 3: Competitive Landscape - Major international players in the optical chip market are advancing from 100G to 200G technology nodes, while domestic manufacturers are still upgrading from 50G to 100G [20] - The domestic market for 50G EML chips is largely dominated by leading companies from the US and Japan, with a localization rate of less than 20% [23] - Yuanjie Technology's high-end products, such as the 100G EML and CW laser chips, are positioned to benefit from the growing AI market, with significant orders already received [23][29] Group 4: Future Outlook - The company is in a critical transition period from the telecom market to the AI-driven data center market, with a focus on high-performance optical chips [24][32] - The development of the 200G EML chip is crucial for the company to seize opportunities in the upcoming 1.6T era [31] - The company's integrated device manufacturing (IDM) model enhances its control over product performance and expands its capacity for overseas market growth [28]

Core Viewpoint - CPO (Co-Packaged Optics) technology is set to revolutionize the external bandwidth of AI data centers, significantly enhancing data transmission speeds and reducing power consumption, marking a shift in computational infrastructure [1][3]. Industry Trends - The silicon photonics industry is on the brink of explosive growth, with over 150 companies forming a diverse ecosystem from upstream SOI/Epi-wafer to downstream cloud computing and AI factories [1][3]. - The competition among foundries is intensifying, with significant investments in silicon photonics capacity and technology, as companies race to establish themselves in the CPO market [3][4]. Foundry Dynamics - Foundries are crucial in transitioning silicon photonics from design to large-scale production, focusing on integrated manufacturing capabilities that combine photonic and electronic components [4][5]. - Samsung is aggressively investing in silicon photonics to challenge TSMC's dominance, positioning CPO technology as a key competitive advantage in the advanced packaging market [5][6]. Strategic Acquisitions - GlobalFoundries' acquisition of Advanced Micro Foundry (AMF) aims to solidify its leadership in silicon photonics, enhancing its manufacturing capabilities and supply chain reliability [7]. - Tower Semiconductor is expanding its production capacity significantly, driven by the surging demand for silicon photonics, with a focus on providing comprehensive delivery packages [8]. Design Services and Integration - Companies like Broadcom are transforming silicon photonics into platform businesses, integrating optical engines directly into their networking solutions to facilitate scalable deployment [12][13]. - Marvell's acquisition of Celestial AI is a strategic move to enhance its optical interconnect capabilities, aiming to provide a comprehensive connectivity platform for AI infrastructure [17][19]. XPU Manufacturers' Role - XPU manufacturers, particularly NVIDIA, are pivotal in driving the commercialization of CPO technology, with NVIDIA's CPO solutions expected to generate significant revenue by 2026 [21][22]. - AMD is also positioning itself in the silicon photonics space through strategic acquisitions and partnerships, focusing on AI interconnect needs [23]. Intel's Foundation - Intel has established itself as a foundational player in the silicon photonics ecosystem, having commercialized the technology early and built a robust supply chain [24][25]. Conclusion - The competition in the "optical chip" space is not just about manufacturing capacity but also about reshaping the interconnect architecture for AI data centers, with CPO technology expected to be fully commercialized by 2027 [26].

Investment Rating - The report maintains a "Recommended" rating for the communication industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communication developments [4][1]. Core Insights - The overall market performance for the week (November 24-30, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 3.56%, and the ChiNext Index by 4.54%. The communication sector, represented by the Shenwan Communication Index, increased by 8.70% [1][9]. - Within the communication sector, the highest increase was observed in the communication network equipment and devices, which rose by 12.14%, while the lowest increase was in communication application value-added services, which rose by 3.56% [12][1]. - Notable individual stock performances included Guangku Technology with a 39.19% increase, Tongyu Communication at 39.06%, and TeFa Information at 34.07% [14][1]. Summary by Sections Weekly Market Overview - The communication industry index increased by 8.70% during the week [9]. - The communication network equipment and devices sub-sector had the highest increase at 12.14% [12]. - The majority of stocks in the communication sector experienced gains, with 89.52% of stocks rising [14]. News Highlights - Google has adjusted its 2027 TPU shipment expectations upward, indicating a positive outlook for the non-NV inference chip supply, which is expected to boost the overseas computing hardware chain [2]. - Alibaba's cloud revenue for Q2 FY2026 reached 398.24 billion yuan (approximately 55.94 billion USD), marking a 34% year-on-year growth, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [2][21]. - The establishment of the Commercial Space Administration in China is expected to enhance coordination and integration within the satellite industry, promoting high-quality development [2][20]. Key Company Announcements - Notable announcements from the communication sector include ongoing equity acquisitions and transfers by companies such as Unisplendour and Tianfu Communication [24][26].

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [11]. Core Insights - The report highlights that the silicon photonics module industry is experiencing high growth driven by increasing AI computing power demands and the advantages of silicon photonics technology, such as high integration, low energy consumption, and cost-effectiveness [7][10]. - The report identifies a shift in the industry towards silicon photonics as a key supply supplement due to shortages in EML raw materials, indicating a growing acceptance of silicon photonics solutions among end customers [27][28]. Summary by Sections Silicon Photonics Technology Overview, Industry Rhythm, and Development Trends - Silicon photonics technology utilizes silicon as the optical medium and is compatible with CMOS processes to manufacture photonic and optoelectronic devices, enabling applications in optical communication and computing [7][16]. - The current stage of silicon photonics technology is focused on integration and application, with future trends pointing towards higher speeds, greater integration, advanced packaging, and broader application fields [29]. Breakdown of Silicon Photonics Principles and Structural Components - Key components include: 1. Lasers: External CW lasers are the mainstream solution, with heterogeneous bonding technology expected to become prevalent for on-chip lasers [8]. 2. Modulators: Silicon-based substrates are predominant, with MZM being the mainstream solution [8]. 3. Detectors: Silicon-germanium detectors are the mainstream solution [8]. 4. Other passive devices include multiplexers and resonators [8]. Analysis of the Silicon Photonics Module Industry Chain - The industry chain is divided into three segments: 1. Upstream: Core materials, including silicon photonic chips, with design led by North American firms and manufacturing concentrated among a few foundries [9]. 2. Midstream: Module packaging, with leading companies closely collaborating with clients and maintaining high market shares [9]. 3. Downstream: System integrators or end customers [9]. Investment Recommendations - Companies that lead in the mass production of silicon photonics modules are expected to enjoy high margins and benefit from market share consolidation [10]. - Key areas of focus include: 1. Silicon photonic chip design: Companies like Zhongji Xuchuang and Xinyi Sheng are recommended for their strategic positioning [10]. 2. Substrate and epitaxy: Companies like Sumitomo Electric and AXT are highlighted for their roles in material supply [10]. 3. Silicon photonic wafer foundries: Tower Semiconductor, GlobalFoundries, TSMC, and SMIC are noted for their capacity and expansion potential [10]. 4. CW light sources: Companies like Yuanjie Technology and Shijia Photonics are recommended due to supply-demand mismatches [10]. 5. Silicon photonic modules: Companies like Zhongji Xuchuang, Xinyi Sheng, Cambridge Technology, Tianfu Communication, and Guangxun Technology are highlighted for their technological leadership [10].

（编辑 丛可心 王雪儿） 证券日报网讯 11月28日，开勒股份在互动平台回答投资者提问时表示，今年7月，公司全资子公司皓勒 科技与专业投资机构共同投资设立苏州观澜孛璞投资合伙企业，投资方向为上海孛璞半导体技术有限公 司（以下简称孛璞半导体）项目。孛璞半导体官方信息显示，公司是硅光技术全链条解决方案商，具备 硅片芯片设计、制造到应用的能力，同时具备硅光量产经验并实现工艺全流程跑通。公司聚焦高精度光 传感与高速光互联领域，掌握硅基CMOS工艺、Chiplet异构集成及光电共封装（CPO）核心技术。今年 10月，孛璞半导体承接上海市科委战略前沿专项项目中的光交换方向项目。 ...

Summary of Black Sesame Intelligence and Zhongji Xuchuang Collaboration Conference Call Industry and Company Involved - **Company**: Black Sesame Intelligence - **Partner**: Zhongji Xuchuang - **Industry**: Automotive, Robotics, Optical Communication Core Points and Arguments - **Collaboration Goals**: Black Sesame Intelligence and Zhongji Xuchuang aim to advance the application of optical modules in automotive and smart terminal sectors, focusing on low latency and high data transmission needs in next-generation computing platforms [2][5][16] - **Autonomous Driving Solutions**: The partnership is developing comprehensive solutions for both passenger and commercial vehicles to meet L2 to L4 autonomous driving requirements, accelerating technology implementation in OEMs [2][6][16] - **AI Industrial Robots**: Joint development of AI industrial robot solutions tailored for industrial scenarios, addressing core needs for precise control, real-time interaction, and multi-device collaboration [2][6][16] - **Optical Communication Trends**: Optical communication is identified as a future trend, providing higher bandwidth, lower latency, and stronger anti-interference capabilities. Companies like Tesla and Huawei are already exploring these technologies [2][7][8][9] - **Cost Comparison**: Automotive-grade optical modules are expected to be significantly cheaper than server-grade modules, potentially costing only 1% of the server-side equivalent under similar performance specifications [4][14][15][16] Additional Important Content - **Technical Requirements**: Optical packaging technology requires chips to be compatible with optical communication, necessitating large switch interfaces and bandwidth exceeding P3E, along with reserved interfaces for MIPI or FII [10][11] - **Silicon Photonics Advantages**: In data centers, silicon photonics can enhance switch performance and reduce complexity, while in robotics, flexible optical fibers can mitigate electromagnetic interference and adapt to flexible motion needs [12][16] - **Standardization Needs**: The automotive sector has existing standards for optical fiber access, while the robotics sector is moving towards standardization to promote new technologies without relying solely on customized applications [13][14] - **Market Impact**: The collaboration is expected to enhance Black Sesame Intelligence's competitiveness in the automotive sector and facilitate the adoption of advanced AI and communication technologies in industrial robots [16]