Core Insights - The AI development is expected to continuously drive the demand for high-end optical modules, indicating strong long-term growth momentum in the optical module industry [1] - The global optical module sales are projected to grow by 10% quarter-on-quarter by Q2 2025, primarily driven by the demand for 800G Ethernet optical modules, with contributions from 1.6T products [1] - The global Ethernet optical module market is forecasted to maintain a growth rate of around 50% in 2025, followed by a stable growth phase with a compound annual growth rate (CAGR) of 15% to 18% over the next five years [1] Industry Overview - The deployment of 800G technology is accelerating, becoming the main driver of growth in the optical module market, while 1.6T products are gradually increasing in volume [1] - The optical module market is expected to maintain high prosperity due to ongoing investments in computing infrastructure [1] - New technological paths such as LPO and CPO are maturing, paving the way for high-density deployments aimed at the 3.2T era [1] ETF Insights - The Communication ETF (515880) effectively represents the AI market, tracking the communication equipment index and selecting listed companies involved in communication equipment manufacturing and services [2] - The Communication ETF has over 40% exposure to optical modules, with the top three companies, referred to as "Yizhongtian," accounting for over 32% of the ETF, positioning it to benefit from the surge in AI computing demand [2] - The top ten constituents of the index include companies like Xinyi Technology (15.08%), Zhongji Xuchuang (13.59%), and ZTE Corporation (9.59%) [3]

Core Viewpoint - The article highlights the successful C-round financing of Raycus Technology, which raised several hundred million yuan to enhance R&D, expand production, and explore overseas markets, indicating strong investor interest despite a cautious financing environment [4][5]. Company Overview - Raycus Technology, established in 2017, specializes in high-precision automated equipment for the optical communication semiconductor sector, providing solutions for optical modules, laser processing, and automotive radar [4][5]. - The company has a strong team with over 20 years of experience in the optical semiconductor automation equipment industry and has established manufacturing bases and R&D centers in Shenzhen and Xi'an, with nearly 40% of its workforce dedicated to R&D [5][6]. Market Demand and Growth - The demand for optical modules is expected to continue growing over the next two to three years, driven by rapid advancements in AI, data centers, and telecommunications [5][6]. - Raycus Technology has achieved significant market penetration in the optical communication sector, with its equipment meeting the high precision and efficiency demands of domestic manufacturers [6][8]. Product Development and Innovation - The company’s core products are evolving, with a notable increase in sales of multi-mode/single-mode optical device coupling machines, which are expected to drive new growth [6][9]. - Raycus Technology is also focusing on expanding its product offerings, including high-precision semiconductor packaging equipment, which has begun to see small-scale domestic sales [9] . Investment Insights - Investors view Raycus Technology as a key player in providing comprehensive solutions for optical communication, industrial lasers, and chip manufacturing, with a strong potential for future growth [10]. - The investment from the optical-electronic integration fund is seen as a strategic move to establish a presence in the silicon photonics sector, highlighting the company's importance in the industry [10].