12月30日，通信ETF（515880）收红，年内涨超128%居全市场第一，光模块占比近50%，规模同类第 一。 华龙证券表示，光模块需求持续高增，受益于AI基础设施建设对以太网交换机和高速光模块的强劲需 求，以及光互连技术在AI scale-up网络中的应用推广，市场规模有望持续快速增长。中国厂商在全球光 模块领域占据主导地位，2024年TOP10榜单中占7席，高速光模块需求提升有望带动行业盈利能力提 升。 通信ETF（515880）规模同类第一，截至12月15日，通信ETF光模块含量占比超过48%，服务器含量超 过20%，叠加光纤、铜连接等成分，核心环节成分占比超过76%，代表了海外算力的基本面底气。 注：数据来源：中证指数公司；Wind，截至2025年12月29日，通信ETF规模为145.17亿元，在同类15只 产品中排名第一。权重占比截至2025年12月15日。 （文章来源：每日经济新闻） ...

如果您希望可以时常见面，欢迎标星收藏哦~ 国盛证券发布研报称，激光器芯片和探测器芯片合称为光芯片，是光模块的核心组成部分。根据 Lightcounting，全球以太网光模块市场规模有望持续快速增长，2026年将同比增长35%至189亿 美元。AI基础设施建设对以太网交换机和高速光模块的强劲需求以及光互连技术在AI scale-up网 络 中 的应用 推 广 是 本 轮 光 模 块 市场爆发的主要动力。英伟达Rubin 网 卡 升 规 且 数 量 翻 倍 ， 谷 歌 TPUv7性能强劲，亚马逊Trainium3升级显著，各大厂商加码AI芯片竞赛，有望带动光模块数量增 长。 其中，EML技术门槛较高，AI需求致高端EML产能紧缺，供应排至2027年后，2024年全球EML 激光芯片市场规模达37.1亿元，预计2030年将增长至74.12亿元，年复合增长率12.23%，目前 EML 芯 片 由 少 数 国 际 巨 头 主 导 ， 主 要 的 供 应 商 包 括 Lumentum 、 Coherent(Finisar 菲 尼 萨 ) 、 Mitsubishi(三菱)、Sumitomo(住友)、Broadcom(博通) ...

剑桥科技(06166)盘中拉升，现涨超8%，截至发稿，涨8.09%，报100.9港元，成交额3.18亿港元。 剑桥科技此前宣布，拟以H股募集资金向境外全资子公司CIG美国增资1亿美元，用于产能扩张、研发升 级、市场拓展及供应链安全等核心战略布局。此外，剑桥科技此前披露投资者关系活动记录表显示， 1.6T光模块预计于2026年一季度实现大量发货。2026年，公司1.6T光模块的出货占比预计约为20%，且 该占比后续呈上升趋势；800G光模块仍将是当年出货主力，二者占比将随市场需求与公司产能释放动 态调整。 消息面上，行业研究机构LightCounting预测，2029年全球光模块市场规模有望突破370亿美元，1.6T光 模块将于2025年进入商用元年，全球需求预计为250万至350万只。华龙证券认为，受益于AI基础设施 建设对以太网交换机和高速光模块的强劲需求，以及光互连技术在AIscale-up网络中的应用推广，光模 块市场规模有望持续快速增长。该行认为，高速光模块需求提升有望带动行业盈利能力提升。 ...

剑桥科技（06166）盘中拉升，股价现涨7.77%，现报100.60港元，成交额3.23亿港元。 行业研究机构LightCounting预测，2029年全球光模块市场规模有望突破370亿美元，1.6T光模块将于 2025年进入商用元年，全球需求预计为250万至350万只。 华龙证券认为，受益于AI基础设施建设对以太网交换机和高速光模块的强劲需求，以及光互连技术在 AIscale-up网络中的应用推广，光模块市场规模有望持续快速增长。该行认为，高速光模块需求提升有 望带动行业盈利能力提升。 剑桥科技此前宣布，拟以H股募集资金向境外全资子公司CIG美国增资1亿美元，用于产能扩张、研发升 级、市场拓展及供应链安全等核心战略布局。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 剑桥科技（06166）盘中拉升，股价现涨7.77%，现报100.60港元，成交额3.23亿港元。 行业研究机构LightCounting预测，2029年全球光模块市场规模有望突破370亿美元，1.6T光模块将于 2025年进入商用元年，全球需 ...

Core Viewpoint - The article highlights the strong performance of Yuanjie Technology's stock, which has surged by 348% year-to-date, driven by the growing demand for optical chips in data centers and the evolving market dynamics influenced by AI computing needs [3][36]. Group 1: Company Performance - Yuanjie Technology's stock reached a high of 633.39 yuan, making it the second-highest stock on the Sci-Tech Innovation Board [3]. - The company reported explosive growth in the first three quarters of 2025, with revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 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 products in the data center market [7][29]. Group 2: Market Dynamics - The demand for AI computing is driving a transformation in interconnect technology, with a shift from traditional copper interconnects to more efficient optical interconnects [12][15]. - The transition to Co-Packaged Optics (CPO) architecture is expected to enhance performance and reduce operational costs in large-scale AI computing clusters [15][18]. - The penetration rate of silicon photonics in optical modules is projected to increase from 34% in 2023 to 52% by 2029, with the global market for silicon photonics in data centers exceeding $3 billion [20]. Group 3: Competitive Landscape - Major international companies like Lumentum and Coherent are advancing from 100G to 200G technology nodes, while domestic firms are upgrading from 50G to 100G [22]. - The domestic market for 50G EML chips is largely dominated by American and Japanese companies, with a localization rate of less than 20% [25]. - Yuanjie Technology's high-end products, such as the 100G EML chip, are positioned to benefit from the AI market's growth, as the company has successfully commercialized these products [25][36]. Group 4: Future Prospects - The company is in a critical transition phase from the telecom market to the AI-driven data center market, with a significant increase in data center revenue share from 15.8% in 2022 to 51.04% in 2024 [29][36]. - The ongoing development of 200G EML chips will be crucial for the company to capture market opportunities in the upcoming 1.6T era [35]. - The company's ability to maintain growth will depend on its product development and capacity expansion to meet the increasing demand for high-performance optical chips [39].

周三，迈威尔科技(MRVL.US)涨7%，报99.33美元。消息面上，迈威尔科技昨日公布2026财年第三季度 业绩，营收20.75亿美元，同比增长37%，超预期20.69亿美元，调整后每股收益0.76美元，超预期0.74美 元。该公司预计，2027财年数据中心业务收入同比增长超25%，显著高于市场预期16%，并预测2028财 年增速将进一步加快。 2025年12月2日，迈威尔科技宣布以32.5亿美元现金和股票收购CelestialAl，最高交易价值可达55亿美 元。通过收购Celestial AI，迈威尔获得了一张"未来王牌"。如果光互连技术成为下一代AI服务器的标准 配置(业界普遍认为会这样)，迈威尔就掌握了核心IP，这将大大增加它在争取云巨头(如微软、谷歌)下 一代订单时的筹码。 ...

Core Insights - The "2025 Super Node Data Center Industry Summit and High-Density Data Center Developer Forum" will be held from November 26-28 in Hangzhou, Zhejiang, focusing on topics such as super node data center architecture design, interconnection technology, optical module packaging trends, liquid cooling technology, and high thermal conductivity materials [2] - The forum is expected to attract over 500 industry experts and 40+ speakers from major companies including Nvidia, Huawei, Alibaba Cloud, and China Mobile [2] Group 1: Forum Overview - The event will feature one main conference and two specialized sessions for in-depth discussions [2] - Key topics include innovations in AI chip interconnection protocols and the evolution of super node optical interconnection [3][4] Group 2: Technical Presentations - Presentations will cover high-speed optical interconnection systems for AI clusters and the opportunities and challenges of hollow-core optical fibers in data centers [4][5] - Discussions will also focus on thermal management materials for optical modules and the application of graphene in thermal management [4][5] Group 3: Schedule Highlights - The first day will include keynotes on super node data centers and liquid cooling acceleration plans by Intel [9][10] - The second day will address optical module development and thermal management technologies [11][12] Group 4: Participation and Sponsorship - Various participation formats are available, including theme reports and sponsorship opportunities [16][19] - Registration for the event is priced at 2500 per participant [16]

Core Viewpoint - The article emphasizes the transformative potential of Optical Input/Output (OIO) technology in the optical interconnect chip sector, particularly through the rapid advancements and funding received by Guanglian Xinke, which is seen as a pivotal player in redefining AI computing infrastructure [1][3][20]. Group 1: Industry Trends - The optical module industry is poised for significant growth by 2025, with companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication gaining market attention due to the demand for 800G optical modules [3]. - OIO technology is positioned as a key leap from electrical to optical connections, addressing the inefficiencies in data transport that currently consume over 90% of energy in large model training [3][6]. - The shift from copper to optical interconnects is expected to yield breakthroughs in energy consumption, bandwidth density, latency, and distance, thus enhancing overall computational efficiency [3][6][10]. Group 2: Guanglian Xinke's Position - Guanglian Xinke has rapidly progressed from inception to securing multiple rounds of funding, indicating strong market confidence in its OIO technology and its commercialization potential [1][3]. - The company aims to create a "light-speed highway" for AI chips, enhancing inter-chip connectivity and potentially surpassing competitors like NVIDIA in system-level performance [3][19]. - Guanglian Xinke's strategy focuses on optimizing system-level performance rather than just individual chip capabilities, which is crucial for overcoming current limitations in the semiconductor industry [12][19]. Group 3: Investment and Market Dynamics - The investment landscape reflects a strong belief in the potential of Guanglian Xinke's technology, with top-tier capital backing its growth, indicating a broader trend towards investing in foundational technologies for AI infrastructure [20][21]. - The deep incubation model employed by Zhenzhi Venture Capital has been instrumental in supporting Guanglian Xinke, highlighting the importance of strategic partnerships in fostering innovation [21][22]. - The article suggests that the focus on optical interconnects is not merely a technological shift but a strategic move aligned with national AI development goals, emphasizing the importance of self-sufficiency in China's semiconductor landscape [20][26]. Group 4: Future Outlook - The vision for Guanglian Xinke includes establishing a nationwide optical interconnect network that could redefine the competitive landscape of AI computing in China by 2030 [27]. - The company is positioned to leverage its technological advancements to create a scalable and open ecosystem for domestic GPU enterprises, contrasting with NVIDIA's closed model [19][27]. - The anticipated impact of Guanglian Xinke's technology on the AI industry is significant, with the potential to drive a new era of computational efficiency and capability in China [26][27].

Core Viewpoint - The company, Huacan Optoelectronics (300323.SZ), is a global leader in Mini/Micro LED chip supply and is committed to maintaining technological leadership through continuous R&D investment [1] Group 1: Technology Development - The company focuses on cutting-edge technology development and has established mature capabilities in chip design, epitaxial growth, and wafer manufacturing in the MicroLED field [1] - The company actively collaborates with upstream and downstream partners in the industry chain to promote technological innovation applications [1] Group 2: Potential Applications - Optical interconnect technology is identified as a potential application direction for MicroLED [1]

Group 1 - Samsung Electronics has made a strategic investment in Israeli startup Teramount Ltd. to secure critical high-speed data transmission technology for next-generation semiconductor packaging [2] - The investment is part of Samsung's broader push for optical interconnect technology, which is seen as a key driver in the AI era [2] - Teramount is known for its technology that integrates optical fibers directly with semiconductor chips, allowing for ultra-fast data exchange using optical signals [2][3] Group 2 - Samsung's Catalyst Fund participated in Teramount's $50 million Series A funding round, alongside other investors like AMD Ventures and Hitachi Ventures [2] - The flagship technology of Teramount, the optical plug or universal optical coupler, offers higher precision and scalability compared to traditional methods, supporting ultra-high bandwidth and improved energy efficiency [2] - This technology is crucial for large-scale computing environments such as data centers, AI workloads, high-performance computing (HPC), and next-generation communications (5G/6G) [2] Group 3 - Korean AI chip startup Rebellions has received funding from Samsung and plans to raise up to $200 million before going public [4] - Rebellions aims to position itself as a strong competitor to Nvidia in the AI chip market, having merged with another startup, Sapeon [4][5] - The company has raised $220 million since its inception in 2020, with a current valuation of $1 billion [5] Group 4 - Rebellions is working on its second-generation chip, Rebel, which is set to be launched later this year, and Samsung will handle its mass production [6] - The funding will be partially used for product development, and Rebellions is currently testing its chips [6] - Samsung's investment in Rebellions is partly due to the promising performance of the chip so far, which is being manufactured using Samsung's advanced 4nm process technology [6] Group 5 - If Rebellions successfully finds a large customer base, it could significantly benefit Samsung's foundry business, which currently lags behind TSMC in market share [7] - Samsung recently signed a $16.5 billion semiconductor supply contract with Tesla, indicating its efforts to enhance its chip manufacturing division [7]