智通财经APP获悉，国泰海通证券发布研报称，Micro LED行业如果在大规模量产成本的下降、光互连 应用场景下的技术可行性研究这两个方面持续突破，有望从2026年开始看到Micro LED从智能手表/AR 智能眼镜逐步发展应用到超大尺寸(100英寸以上)超高端TV和商业显示、高端车载HUD显示等领域，以 及期待在AI算力服务器中心的短距离通信领域技术的不断进步，Micro LED行业将在未来几年逐步扩大 应用场景以及市场规模。 风险提示：Micro LED量产难度大导致成本居高不下，下游客户不采用Micro LED技术方案导致行业发 展不及预期，光互联的光源技术研发放缓或直接放弃等。 国泰海通证券主要观点如下： 2025年Micro LED行业的"涅槃重生"及未来展望。可以看到：①、2025年如何将几百万甚至数千万颗微 米级LED芯片从生长衬底上高速、精准、低成本地转移至驱动背板上的问题正被逐渐攻破，比如Q- Pixel发布Q-Transfer技术实现超过99.9995%的转移良率。②、2025年9月，佳明推出全球首款Micro LED 智能手表Fenix 8 Pro，表明Micro LED技术在智能手表上 ...

苹果暂停后，2025 Micro LED 涅槃重生 [Table_Industry] 电子元器件 新型显示行业系列观察报告之二 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 肖隽翀(分析师) | 021-23154139 | xiaojunchong@gtht.com | S0880525040064 | 本报告导读： Micro LED 行业经历了 2024 年"至暗时刻"，2025 年不断解决巨量转移良率问题， 开始搭载在智能手表/AR 智能眼镜上，此外 AI 数据中心光互连的巨大吸引，我们认 为 Micro LED 行业已迎来涅槃重生，并有望在未来不断扩大应用场景、市场规模。 投资要点： [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 行 电子元器件《长鑫科技科创板 IPO 获受理》 2026.01.02 电子元器件《Mini LED 技术的渗透率预计将不断 提升》202 ...

今日（12.25），算力板块冲高后小幅回落，云计算ETF汇添富（159273）微跌0.07%！交易层面，圣诞节假期来临，港股12月24日上午正常 交易，12月24日下午休市，12月25日、12月26日休市两天。 消息面上，当地时间周三，英伟达与人工智能初创企业Groq达成授权协议，进一步加大对人工智能（AI）热潮相关公司的投资。此前消息， 英伟达拟以约200亿美元收购Groq。随后，英伟达称，公司并未收购Groq，仅为技术许可安排。不过，有分析师表示，此类形式的交易（技术 许可安排），是规避反垄断风险的策略。在并购受限的领域，企业常通过技术许可替代股权收购，以减少市场集中度上升引发的反垄断审查 压力。 【光模块2026年投资机遇如何？】 长江证券指出，在光模块领域，AI训练+推理齐发力，通胀逻辑清晰且持续。AI算力高景气延续，训练与推理需求同步放量，网络侧通胀逻 辑愈发清晰。随着模型能力持续提升、Token成本快速下降，推理逐步成为主要算力驱动力，带动数据中心内部与跨机柜互连需求持续放大。 结构上，ASIC凭借显著的TCO优势加速渗透，在同等算力规模下对光模块的拉动强于通用GPU，使光模块在整体IT Cape ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信建投证券研究 文|阎贵成 杨伟松 刘永旭 汪洁 曹添雨 朱源哲 随着GPU和ASIC的快速升级迭代，算力性能持续提升，同时对于数据传输需求也大幅增长。在AI数据 中心中，越来越多的客户倾向于选择更大带宽的网络硬件。带宽越大，单位bit传输的成本更低、功耗 更低及尺寸更小。800G光模块的高增速已经能够反映出AI对于带宽迫切的需求。我们认为，2026年， 800G光模块需求预计将继续保持高速增长态势，而1.6T的出货规模也将大幅增长，3.2T光模块的研发也 正式开始布局。 据中信建投通信团队对于通信行业各子板块的划分，通信各子板块中，2025Q1-Q3营收同比增速前三位 依次是：光器件/光模块（662亿元，同比增长65%）、连接器（100亿元，同比增长19%）、ICT设备 （2313亿元，同比增长15%），基本都因为AI带动。2025Q1-Q3营收同比增速后三位依次是：工业互联 网（78亿元，同比下降26%）、智能卡（31亿元，同比下降21%）、智能网关（83亿元，同比下降 12%）。 各子板块中，2025Q1-Q3归母净利润同比增速 ...

Core Viewpoint - Eagle Semiconductor is positioned as a leading player in the VCSEL (Vertical-Cavity Surface-Emitting Laser) market, having achieved significant milestones in high-end optical communication technology, particularly with the production of 100G VCSEL chips, breaking the monopoly of American companies in this field [5][11][12]. Group 1: Company Overview - Eagle Semiconductor, founded by Bian Difei, has over 50% of its workforce dedicated to R&D and is the only company in China capable of mass-producing 100G VCSEL chips for optical communication [5][11]. - The company has recently completed a B+ round financing of 700 million yuan, setting a record for domestic companies in this sector, with participation from major investors including CITIC Jinshi and Guoxin Fund [6][29]. - The founder's previous experience in the semiconductor industry, particularly in LED chips, has informed the company's strategy to adopt an IDM (Integrated Device Manufacturer) model, which is capital-intensive but necessary for long-term success [7][21]. Group 2: Market Dynamics - The VCSEL market is expected to grow significantly, with a compound annual growth rate (CAGR) of 22.2% in the optical communication sector from 2022 to 2027, driven by increasing demand for data centers and AI computing [11][12]. - The company strategically chose to enter the challenging optical communication market rather than the more accessible consumer electronics market, believing that tackling the hardest challenges first would provide a competitive advantage [32][33]. - The demand for optical interconnects is rising due to the increasing number of GPUs in data centers, which necessitates high-speed communication solutions [6][8]. Group 3: Competitive Landscape - Prior to Eagle Semiconductor's entry, the VCSEL market was dominated by American companies like Coherent and Lumentum, which held nearly 80% of the market share [11]. - The company aims to fill the gap in the domestic market for high-end VCSELs, which has been largely absent, and is focused on building a complete ecosystem for optical communication in China [28][41]. - Despite a 1-2 year technological gap compared to the U.S., the company is confident in its ability to catch up quickly due to the unique demands of the Chinese market [41][42]. Group 4: Future Outlook - The founder envisions a future where every household may have access to mini supernodes, with VCSEL technology playing a crucial role in the intelligent era of data processing and transmission [13][14]. - The company is also exploring opportunities in related fields such as laser radar and 3D sensing, indicating a broader vision for growth beyond just optical communication [43].

11月27-28日，被誉为"年度科技与商业风向标"的36氪WISE2025商业之王大会，在北京798艺术区传导空间落地。 今年的WISE不再是一场传统意义上的行业峰会，而是一次以"科技爽文短剧"为载体的沉浸式体验。从AI重塑硬件边界，到具身智能叩响真实世界的大门； 从出海浪潮中的品牌全球化，到传统行业装上"赛博义肢"——我们还原的不仅是趋势，更是在捕捉在无数次商业实践中磨炼出的真知。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 光联芯科 CEO 陈超 不能。为什么？因为算力行业面临了两大挑战，有带宽的瓶颈、也有能耗的问题。 以下是真知创投合伙人、光联芯科CEO 陈超先生的演讲实录，经36氪编辑： 大家下午好！我是来自光联芯科的陈超。非常高兴有机会跟大家分享,我的演讲主题是"算力·无界 光互连是通往AGI的必由之路"。 在正式开始之前，我想邀请大家来先看一组图片，这三张图由Open AI Sora多模态大模型生成的，算力规模不同，从左到右别用到了300张GPU、1250张 GPU和10000张GPU，从左到右也是图片质量越来越好。那么，我们是否可以做一个基 ...

Core Insights - Marvell has reached a final agreement to acquire Celestial AI for approximately $3.25 billion, which includes $1 billion in cash and $2.25 billion in Marvell common stock [1][2] - The acquisition is expected to enhance Marvell's position in the AI and cloud data center connectivity market, with significant revenue contributions anticipated from Celestial AI starting in the second half of fiscal year 2028 [1][2] - Celestial AI's technology focuses on photonic interconnects, which are expected to provide high bandwidth, low latency, and energy efficiency, making them suitable for large AI clusters [6][8] Acquisition Details - The deal includes an additional contingent payment of up to 27.2 million shares of Marvell common stock, valued at up to $2.25 billion, based on revenue milestones achieved by Celestial AI [1][2] - The transaction is expected to close in the first quarter of 2026, pending customary closing conditions and regulatory approvals [2] Financial Projections - Marvell anticipates that Celestial AI will generate a run rate of $500 million by Q4 of fiscal year 2028, doubling to $1 billion by Q4 of fiscal year 2029 if certain revenue milestones are met [1][2] Strategic Importance - The acquisition is seen as a strategic milestone for Marvell, reinforcing its technological leadership and expanding its potential market in scalable connectivity [2] - Marvell's CEO emphasized that the acquisition will accelerate the company's roadmap to provide a comprehensive connectivity platform for AI and cloud customers [2] Technology Overview - Celestial AI's photonic interconnect technology is designed to allow large AI clusters to scale easily, offering energy efficiency that is more than twice that of copper interconnects [6][8] - The technology is expected to support high-performance, low-power, and low-latency solutions, which are critical for next-generation data center architectures [5][6] Market Context - The demand for scalable, high-performance cloud platforms is driving the need for differentiated technology solutions, with photonic interconnects playing a crucial role in future AI infrastructure [3][5] - Marvell's custom chip business is projected to experience accelerated growth, with new customers including emerging hyperscale data center operators [3]

本文源自：金融界AI电报 预付对价收购Celestial AI，其中包括10亿美元现金，以及约2720万股Marvell普通股（价值22.5亿美 元）。此外，若Celestial AI达成特定营收里程碑，Marvell将向其股权持有者支付最高约2720万股 Marvell普通股作为增量或有对价，价值上限为22.5亿美元。本次交易预计将于2026年第一季度完成。 ...

Core Insights - The Micro LED chip market is projected to reach $460.8 million by 2029, driven by advancements in large display manufacturing processes and the introduction of new AR glasses and smartwatches [1] - Micro LED technology is expanding beyond consumer electronics into the optical interconnects sector, particularly due to increased demand from AI servers, which may enhance technology development and chip demand [1] Display Applications - Micro LED is gradually penetrating the market, benefiting from improved manufacturing processes and yield rates, as well as the expansion of automotive products [1] - Despite high power consumption and costs, Micro LED has the potential to meet the extreme brightness demands of outdoor sports watches and can integrate physiological sensing capabilities [3] - Long-term optimization and market maturation are necessary for Micro LED to achieve large-scale application and compete with more established OLED technology [3] Non-Display Applications - In the optical communications field, the demand for data centers is driving the search for more cost-effective light sources, with Micro LED offering low power consumption, higher data transmission density, and better temperature stability [4] - The display industry is expected to facilitate rapid cost reductions for Micro LED due to economies of scale in the coming years [4]

Core Insights - Micro LED technology is gradually penetrating various display applications, benefiting from improved manufacturing processes and the introduction of new products like AR glasses and smartwatches, with the chip value expected to reach $4.608 billion by 2029 [2] - In non-display applications, Micro LED is expanding into the optical interconnects sector, driven by AI server demand, which may enhance technology advancement and chip demand [2] Display Applications - The launch of Garmin's first Micro LED smartwatch, Fenix 8 Pro, signifies the industry's initial steps into high-value applications, although high power consumption and costs pose challenges for market acceptance compared to OLED [4] - Long-term trends indicate that Micro LED can meet the high brightness demands of outdoor environments for sports watches and has potential for integration with health monitoring and navigation features [4] Optical Interconnects - The increasing demand for data centers is driving the search for more economical light sources, with Micro LED offering low power efficiency, higher data transmission density, and better temperature stability, potentially leading to rapid cost reductions in the coming years [6]