Investment Rating - The report does not provide a specific investment rating for the companies mentioned, but it highlights potential beneficiaries of Broadcom's Tomahawk 6 launch, indicating a positive outlook for certain players in the AI networking value chain [1][20]. Core Insights - Broadcom's Tomahawk 6 (TH6) switch chip, launched on June 3, 2025, utilizes 3nm technology and supports 200G SerDes, enhancing networking transmission bandwidth and reducing latency. This launch is expected to drive a new technology upgrade cycle in the global AI infrastructure and networking markets, benefiting companies with advanced technologies [1][36]. - The report identifies key players that may benefit from the TH6 upgrade cycle, including Zhongji InnoLight and Suzhou TFC in the optical transceiver market, Shennan Circuits and WUS PCB in PCB/CCL manufacturing, and Unisplendour in AI server/switch manufacturing [1]. - The report discusses the competitive landscape of AI networking, highlighting the shift from Ethernet to NVIDIA's InfiniBand in large-scale AI data centers, while also noting the emergence of Ultra Ethernet specifications aimed at improving communication efficiencies for scaling out AI clusters [2][20]. Summary by Sections AI Networking Overview - The AI networking market is divided into scale-out and scale-up networks, with Ethernet historically leading in traditional data centers but losing ground to InfiniBand in AI infrastructure deployments [2][11]. - The Ultra Ethernet Consortium has developed specifications to enhance Ethernet's capabilities, aiming to regain momentum in the AI networking space [2][13]. Scale-Up Networking Technologies - NVIDIA's NVLink and the newly developed UALink Consortium's Ultra Accelerator Link are key technologies for scale-up networking, enabling high-speed interconnections between GPUs and AI accelerators [3][24]. - Broadcom's Scale-Up Ethernet (SUE) aims to provide low latency and high bandwidth connectivity for XPU scale-up networks, competing with NVIDIA's NVLink [31][34]. Market Dynamics and Trends - The global AI application landscape shows strong growth, with OpenAI's ChatGPT leading in daily active users (DAU), reaching 110 million in early June 2025 [4][74]. - In China, Bytedance's Doubao has surpassed DeepSeek in DAU, indicating a competitive generative AI application market [5][77]. Competitive Landscape - Broadcom's TH6 switch chip offers a switching capacity of 102.4 Tbps, significantly higher than its predecessors, and is designed to support both scale-up and scale-out architectures [36][41]. - Competitors like Cisco and NVIDIA are also advancing their switch technologies, with Cisco's SiliconOne G200 and NVIDIA's Spectrum series providing strong alternatives in the market [41][42]. Future Outlook - The report anticipates a rapid growth in demand for 1.6T optical modules and data center interconnects driven by the adoption of Broadcom's TH6 [38]. - The overall switch market is projected to grow, with cloud service providers expected to account for a significant portion of data center switch sales by 2027 [52][53].

2026 年 800G 光模块的需求预期如何变化？ 2026 年 800G 光模块的需求已大幅上修至 3,500 到 3,800 万支区间，较此前 预期增长显著。这一调整反映了市场对高性能光模块的强烈需求。 今年（2025 年）800G 光模块市场表现如何？ 今年（2025 年），800G 激光模块正处于需求爬坡期。尽管谷歌因供应链调 试及数据中心建设节奏调整，出货量低于此前预期，但行业对于明年（2026 年）的需求已形成明确的上升逻辑。当前 400G 光模块均价稳定，而 800G 产 品因规模化生产推动，价格较年初已下降约 15%。业内预测 800G 价格在今年 年底基础之上再降 10%左右，成本优化将成为厂商竞争的核心。 光模块调研 20250620 摘要 2025 年 800G 光模块需求处于爬坡期，虽谷歌出货量低于预期，但行 业普遍看好 2026 年需求增长。400G 光模块价格稳定，800G 光模块 因规模化生产，价格已下降约 15%，预计年底将再降 10%，成本控制 成厂商竞争关键。 亚马逊加速 400G 光模块验证，预计 Q4 批量采购。微软与头部厂商合 作，推动 40GAOC 在数据中心内部高 ...

Core Viewpoint - The transition of data centers to Co-Packaged Optics (CPO) switches is inevitable, primarily driven by the power savings offered by CPO technology [1][2]. Group 1: CPO Technology and Market Trends - CPO technology is gaining traction as it significantly reduces power consumption, with potential savings of 30-50% compared to traditional optical devices [1][2]. - The industry has made substantial progress in CPO reliability over the past two years, making it a viable option for future high-speed data rates [2]. - The upcoming 400G SerDes generation may see CPO as the only feasible choice due to excessive insertion loss from traditional PCB traces and cables [2]. Group 2: Technical Integration of CPO - CPO solutions typically integrate electronic integrated circuits (EIC) and photonic integrated circuits (PIC) within the same package [3]. - Two main integration methods for optical engines within ASIC packages are the silicon interposer approach and the organic substrate approach [4][5]. - The silicon interposer method allows for high-density connections but complicates thermal management due to the proximity of high-power EICs [6]. - The organic substrate method offers better thermal isolation and modularity, allowing for independent testing of optical engines before assembly [7][8]. Group 3: Bandwidth Density and Performance - Bandwidth density, a critical metric for CPO solutions, measures the amount of data transmitted per millimeter along optical interfaces, typically expressed in Tbps/mm [9]. - Higher bandwidth density is essential to meet the explosive growth in bandwidth demand in data centers and high-performance computing systems [9]. Group 4: Competitive Landscape - Broadcom's Bailly CPO switch integrates eight 6.4 Tbps optical engines, achieving a total external bandwidth of 51.2 Tbps [12]. - NVIDIA's Quantum-X InfiniBand switch aims for higher scalability, targeting over 100 Tbps with advanced optical engine integration [17][18]. - Broadcom's next-generation switches are expected to reach 102.4 Tbps, while NVIDIA's architecture is designed for future demands of 200G SerDes and beyond [16][19]. Group 5: Power Efficiency and Thermal Management - Both Broadcom and NVIDIA report significant reductions in power consumption per bit with their CPO solutions, with Broadcom achieving approximately 5.5W per 800 Gb/s port compared to 15W for traditional modules [35]. - Effective cooling solutions, such as liquid cooling, are necessary to manage the heat generated by high-density ASIC packages [35][36]. Group 6: Future Directions and Challenges - The industry is exploring advanced coupling methods, such as vertical coupling and multi-core fibers, to enhance optical connectivity and bandwidth density [38][40]. - Challenges in deploying CPO include ecosystem disruption, operational complexity, and the need for robust reliability validation [42][43]. - CPO's prospects appear brighter in vertical scaling applications, where integrated solutions from single vendors can simplify procurement and deployment [45].

2025年6月20日，德国、法国和英国（E3）与伊朗外交部长阿巴斯·阿拉格奇在瑞士日内瓦举行会谈，试图避免中东地区爆发全面 战争。此次会晤是自以色列对伊朗发动空袭后，西方国家首次与伊朗高层直接对话。欧洲三国希望重启2015年《联合全面行动计 划》（JCPOA），要求伊朗接受国际原子能机构（IAEA）监督核计划，并削减弹道导弹库存。然而，伊朗明确表示，只有以色 列停止对伊朗的军事打击，才愿意通过外交途径解决争端。 美国总统特朗普则对欧洲的外交努力持否定态度。他称伊朗"不想与欧洲对话"，并强调美国是唯一能改变战争进程的国家或地 区。尽管欧洲三国拥有航母、核武器和经济实力，但其影响力远不及美国。佐格普洛斯教授指出，欧洲的"善意调解"作用已被边 缘化，因为美国和以色列均认为外交手段无法解决问题。 欧洲三国内部对以色列的态度也存在分歧。德国仍是最坚定的以色列支持者，拒绝批评以色列对加沙平民的轰炸；英国则因工党 上台后立场转向，本月对以色列官员实施制裁；法国则公开呼吁承认巴勒斯坦国，甚至在2023年4月率先承认巴勒斯坦。这种分 歧削弱了欧洲在中东问题上的统一性，也使欧洲难以协调对伊朗的立场。 伊核协议的前景同样堪忧。特朗 ...

Core Insights - The article discusses the competitive landscape of AI networking, highlighting the advantages of InfiniBand over Ethernet in large data centers, particularly in the context of NVIDIA's dominance in the GPU market [1][6][13]. Broadcom Tomahawk 6 - Broadcom announced the shipment of the Tomahawk 6 (TH6) switch chip, which utilizes 3nm technology and supports up to 102.4Tbps switching capacity, doubling the capacity of current mainstream Ethernet switch chips [2][4]. - The TH6 chip is priced at under $20,000, nearly double that of its predecessor, but offers significant performance improvements that justify the cost [2][4]. AI Network Optimization - TH6 excels in both scale-out and scale-up architectures, allowing connections to up to 100,000 XPUs and supporting 512 XPU single-hop connections, significantly reducing latency and power consumption [3][9]. - The chip features Cognitive Routing 2.0 technology, optimized for modern AI workloads, enhancing global load balancing and dynamic congestion control [3][9]. Market Trends - The introduction of TH6 is expected to drive rapid growth in the demand for 1.6T optical modules and data center interconnects, marking a new technology upgrade cycle in the global AI infrastructure market [4][10]. - The global optical circuit switch hardware sales are projected to grow at a CAGR of 32% from 2023 to 2028, outpacing Ethernet and InfiniBand switches [10]. Ethernet vs InfiniBand - Approximately 78% of top supercomputers use Ethernet solutions based on RoCE, while 65% utilize InfiniBand, indicating a competitive dynamic between the two technologies [13][16]. - InfiniBand has gained traction in the early stages of generative AI infrastructure deployment due to NVIDIA's market position, although Ethernet is expected to regain momentum as cloud service providers invest in self-developed ASIC projects [16]

微信编辑 | 生产队的驴 2025.06. 20 作者 | 一财资讯 截至午盘， 上证指数报3364.83点，涨0.08%，深成指报10032.64点，跌0.19%，创业板指报 2015.47点，跌0.56%。全市场超3200只个股下跌，近2000只个股上涨。 | 全A | 涨 1941 | 平 268 | 跌 3206 | A股成交额 | 6863.5亿 | | --- | --- | --- | --- | --- | --- | | | | | A股重要指数 | | | | | 名称 | 最新 | 涨跌 | 涨幅 | | | | 上证指数 | 3364.83 | +2.72 | +0.08% | | | | 深证成指 | 10032.64 | -19.33 | -0.19% | | | | 北证50 | 1363.90 | -1.88 | -0.14% | | | | 创业板指 | 2015.47 | -11.35 | -0.56% | | 银行股持续走强，交通银行等多股创历史新高；白酒、固态电池、光刻机概念涨幅居前，军工、油 气、稳定币概念局部活跃；短剧、CPO概念集体熄火。 | 板块名称 | 涨幅号 ...

整体来看，AI驱动的算力需求持续扩张，供应链企业有望迎来增长机遇，创业板人工智能ETF华夏 （159381）跟踪创业板人工智能指数，选取创业板上市的AI主业公司，日内涨跌幅限制为±20%。目前 年管理费率为0.15%，托管费率为0.05%，场内综合费率在可比基金中最低。行业分布上，指数"硬件 +软件+应用"AI全产业链覆盖，同时侧重通信设备和光模块龙头。光模块CPO概念股权重超26.6%，是 目前"光"含量较高的AI类指数。前5大成分股囊括新易盛、中际旭创、天孚通信三大光模块龙头，前十 大成分股包含北京君正、全志科技两大芯片设计公司，以及软通动力、润泽科技、光环新网、网宿科 技、深信服等IDC、云计算、数据中心行业龙头公司。 （文章来源：每日经济新闻） 6月19日，A股指数低开后震荡，盘面上锂电池、中文语料库、光模块CPO等概念表现活跃，创业板人 工智能ETF华夏（159381）盘中涨超1%，截至10:55，涨幅缩窄至0.64%，持仓股万兴科技涨超7%，中 际旭创、兆龙互连、创意信息、太辰光等纷纷上攻。 AI算力景气度持续上行，市场乐观情绪不断上修。一方面，英伟达GB200及后续GB300芯片出货加速； 另一 ...

证券研究报告 2025 年 6 月 19 日 星期四 【A 股市场大势研判】 三大指数小幅收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3388.81 | 0.04% | 1.40 | | | 深证成指 | 10175.59 | 0.24% | 24.16 | | | 沪深 300 | 3874.97 | 0.12% | 4.59 | | | 创业板 | 2054.73 | 0.23% | 4.79 | | | 科创 50 | 968.18 | 0.53% | 5.10 | | | 北证 50 | 1393.44 | -0.65% | -9.11 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子 | 1.50% | 美容护理 | -1.73% | PC ...

证券研究报告 | 2025年06月18日 金融工程日报 沪指探底回升，AI 硬件方向午后崛起 市场表现：今日(20250618) 规模指数中沪深 300 指数表现较好，板块指数 中科创 100 指数表现较好，风格指数中中证 500 成长指数表现较好。电子、 通信、国防军工、银行、电新行业表现较好，综合金融、房地产、轻工制造、 非银、商贸零售行业表现较差。覆铜板、电路板、光模块(CPO)、电子纸、 磁电存储等概念表现较好，稀土永磁、虫害防治、黄酒、稀土、草甘膦等概 念表现较差。 市场情绪：今日收盘时有 49 只股票涨停，有 13 只股票跌停。昨日涨停股票 今日收盘收益为 1.12%，昨日跌停股票今日收盘收益为-5.64%。今日封板率 66%，较前日提升 1%，连板率 25%，较前日提升 7%。 市场资金流向：截至 20250617 两融余额为 18273 亿元，其中融资余额 18153 亿元，融券余额 120 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 9.1%。 折溢价：20250617 当日 ETF 溢价较多的是游戏 ETF 华泰柏瑞，ETF 折价较多 的是创业板 200ETF ...

虽然今日指数集体小幅收涨，但市场整体跌多涨少。 题材方面，稳定币概念继续局部走强，时代出版一字板，协鑫能科4连板，东信和平3连板，安妮股份5天3板，楚天龙、翠微股份、华峰超纤 （20CM炸）、恒宝股份（3板炸）涨停，古鳌科技、正元智慧、海联金汇、科蓝软件、飞天诚信等盘中均有强势表现； 军工板块局部发力，长城军工、新光光电（20CM）、贵绳股份、北方长龙（20CM）先后涨停，捷强装备、科新机电、晨曦航空、富吉瑞涨超 10%； 1、行情 内存概念连续2天异动，大为股份涨停，聚辰股份、江波龙、朗科科技、德明利、好上好等集体走强； PCB板块全天单边大涨，中京电子、逸豪新材（20CM）、沪电股份、科翔股份（20CM）先后涨停，生益电子、大族数控、满坤科技、中富电 路均涨超10%； CPO概念午后反弹，联特科技（20CM炸）涨停，源杰科技、德科立、中际旭创、新易盛、剑桥科技等上涨； 此外，算力、AI眼镜、核污染防治等均有局部强势表现，稀土、农药、IP经济、创新药等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨0.04%、0.24%、0.23%，市场近3500股下跌，1800股上涨。 2、稳定币 稳定币近期真的是一 ...