创50ETF（159681），联接基金（A类 018482，C类 018483，I类 023024） 关联个股： 券商研究方面，国盛证券指出AI算力需求驱动全球光模块产业加速向800G/1.6T升级，光隔离器关键材 料法拉第旋光片供应短缺成为产能扩张瓶颈，催化CPO概念股走强。创50指数成分股受行业技术升级及 供需格局影响显著上涨，带动创50ETF同步上行。光模块技术迭代与上游材料短缺形成的结构性机会成 为短期市场关注焦点。 "超强宽基"创50ETF囊括CPO核心标的+固态电池链龙头+互联网券商，估值分位在主流宽基中处于低 位，景气高增有望迎来双击！ 关联产品： 截至12月08日13:15，创50ETF（159681.SZ）上涨3.16%；主要成分股中，中际旭创上涨6.93%，新易盛 上涨7.55%，天孚通信上涨20.00%，宁德时代上涨1.25%，胜宏科技上涨6.22%。 消息面上，Marvell发布财报，本季度营收20.75亿美元，较公司8月给出的指引中点高出1500万美元，略 超市场预期；该公司同日宣布，将以约32.5亿美元的现金和股票交易方式，收购开发下一代CPO的人工 智能初创公司Celestial ...

Market Overview - The Shanghai Composite Index experienced fluctuations throughout the day, while the ChiNext Index saw a rise followed by a decline. The coal and gas sectors continued to surge, with multiple stocks such as Zhengzhou Coal Electricity and Guo Xin Energy hitting the daily limit. The trading volume reached 1.75 trillion yuan, a decrease of over 200 billion yuan compared to the previous trading day [1]. Hot Topics Cultivated Diamonds - The cultivated diamond sector saw significant gains in the afternoon, with stocks like Hengsheng Energy, Sifangda, and Huanghe Xuanfeng hitting the daily limit. This surge was catalyzed by the announcement from the Ministry of Commerce and the General Administration of Customs regarding export control measures on superhard materials, effective from November 8 [4]. Coal Sector - The coal sector experienced a substantial rise, with stocks such as Dayou Energy and Antai Technology achieving consecutive daily limits. The latest report indicated a notable increase in port coal prices, with the price of thermal coal at northern ports rising to 748 yuan per ton, an increase of 39 yuan per ton week-on-week [7]. Optical Communication - The optical communication sector rebounded, with stocks like Cambridge Technology and Huylin Ecological hitting the daily limit. Recent research indicated that the optical module and PCB indices had adjusted for 13 trading days, with declines of 17% and 16%, respectively. Citigroup noted potential upward demand for optical modules, predicting a rise in industry demand from 8 million units to over 20 million units by 2026 [9][10]. Stock Performance Cultivated Diamonds - Hengsheng Energy (605580.SS) closed at 30.03 yuan, up 10.00% with a market cap of 8.408 billion yuan. Sifangda (300179.SZ) rose by 19.98% to 14.05 yuan, with a market cap of 5.277 billion yuan. Huanghe Xuanfeng (600172.SS) increased by 10.00% to 6.38 yuan, with a market cap of 8.143 billion yuan [5]. Coal Stocks - Dayou Energy (600403.SS) closed at 7.26 yuan, up 10.00%, with a market cap of 17.357 billion yuan. Antai Technology (600408.SS) rose by 10.10% to 3.27 yuan, with a market cap of 3.292 billion yuan. Zhengzhou Coal Electricity (600121.SS) increased by 10.10% to 5.45 yuan, with a market cap of 6.640 billion yuan [8]. Optical Communication Stocks - Cambridge Technology (603083.SS) closed at 108.25 yuan, up 10.00%, with a market cap of 29.013 billion yuan. Huylin Ecological (001267.SZ) rose by 10.02% to 16.25 yuan, with a market cap of 9.850 billion yuan. Ruisi Kanda (603803.SS) increased by 9.99% to 8.92 yuan, with a market cap of 3.790 billion yuan [10].

Core Viewpoint - The optical module industry is entering a critical period of technological iteration and demand restructuring, with 800G remaining the mainstream product while the mass production cycle for 1.6T is longer than previously expected. CPO technology is unlikely to replace pluggable solutions in the short term, and the passive components market is undergoing a value reassessment [1]. Group 1: Product Iteration and Market Dynamics - The 800G optical module will maintain its mainstream status, while the 1.6T trend is confirmed but will not see significant volume until 2026 and beyond. The market size for 800G is projected to reach approximately $750 million in 2024, growing to $1.7 billion by 2027, with a CAGR of about 31% [2]. - The industry typically follows a 2-3 year iteration cycle for product upgrades, with the transition from 400G to 800G taking about three years. The expectation for rapid advancement to 1.6T has not accounted for the necessary maturity in materials, packaging, and testing [3]. Group 2: Market Expectations and Performance - The second quarter of 2025 saw significant profit increases for companies like NewEase, which reported a net profit of 1.57 billion yuan, up 385% year-on-year, primarily due to the large-scale rollout of 800G modules. This indicates a correction in market expectations regarding 1.6T [4]. Group 3: CPO Technology and Market Positioning - CPO technology is one of many solutions rather than a complete replacement for pluggable options. While CPO offers advantages such as reduced interface loss and lower power consumption, challenges in packaging, heat dissipation, and cost remain, indicating that pluggable solutions will continue to meet mainstream demands in the near term [5]. Group 4: Passive Components Market Growth - The passive components market is experiencing a new wave of high-elasticity growth, with the value and complexity of these components increasing alongside optical module speed upgrades. The AWG chip market is expected to grow from $1.13 billion in 2023 to $2.89 billion by 2032, with a CAGR of 11.1% [7]. Group 5: Industry Structure and Competitive Positioning - The industry structure is solid, with high concentration among downstream CSPs and an oligopolistic landscape among upstream suppliers. Major cloud providers are significantly increasing their capital expenditures, which will drive demand for optical modules [8]. - Companies like NewEase and Zhongji Xuchuang are leveraging their expertise in niche markets to establish competitive advantages, making it difficult for new entrants to disrupt established players [9].