如果置身于一个规划容纳数十万张加速卡的超大规模智算园区，人们会对"云端算力"这个词产生一种全新的认知。 在这个由数以万计机柜堆叠而成的算力集群中，设备之间的物理互联跨度可能长达数公里。 这意味着，如果不解决大规模智算中心连接密度、连接效率与空间占用的矛盾，堆叠再多的算力芯片也很难有效运转。 这种大规模算力集群不仅消耗着相当于一座中型城市的电力，还面临着一个更为具体且棘手的工程难题，如何在有限的物理空间内，塞进海量的连接线缆， 并确保数据在如此长距离的传输中实现微秒级的同步。 在传统的认知中，数据中心是算力的容器，但在这种超大规模的集群里，物理层的"连接"或许正在成为制约效率的天花板。 当加速卡的数量从一千张增加到十万张甚至几十万张时，布线的复杂度并不是线性增长，而是指数级爆发。同时面对AI智算中心单机柜功耗的不断上升， 高密度布线解决方案在Scale-out和Scale-up中将起到积极的作用。 除此之外，当一个大模型需要调用成千上万张加速卡进行训练时，决定运算效率的，就不仅仅是单张加速卡的性能，同时也包括这些加速卡堆叠后能否保持 高带宽，低时延，无阻塞的数据交换。 在这个意义上，光纤网络不再是简单的连接配件 ...

北京芯升半导体科技有限公司正是在这一背景下诞生的破局者。作为国内首个具备车规级TSN交换 芯片量产经验的团队，其参与设计的国产首款车载TSN 交换芯片已完成超过100万公里的整车路试 验证。近日，在中国汽车芯片产业创新战略联盟2025全体成员大会上，观察者网与芯升半导体总 经理徐俊亭做了深入对话，探讨了这家企业如何在巨头林立的市场中找到突破口，以及国产时敏通 信芯片的未来图景。 智能汽车的"神经系统"之变 理解芯升半导体的价值定位，首先需要理解智能汽车通信架构的演进逻辑。 以下文章来源于心智观察所 ，作者心智观察所 心智观察所 . 以心智观察新质 如果您希望可以时常见面，欢迎标星收藏哦~ 当智能汽车从概念走向现实，一场关于"神经系统"的革命正在悄然发生。传统汽车的通信网络如同 人体的神经末梢，仅需传递简单的控制信号；而智能汽车则需要一套能够承载海量数据、实时响 应、确定可靠的"高速神经网络"。在这场技术变革中，时敏网络（TSN）成为支撑智能驾驶的关键 基础设施，而这一领域长期被博通、Marvell、瑞昱、恩智浦等国际巨头垄断，国产自主可控率不 足1%。 "如果把汽车比作一个智能体，那么我们关注的是它的神经网络 ...

前十"门槛"达136.83% 年内仅剩十余个交易日，基金年终排名战的硝烟已进入最浓烈时刻！ Wind数据显示，截至12月12日，已有67只基金年内收益率突破100%，其中57只主动权益基金跻身"翻倍 俱乐部"。头部阵营中，永赢科技智选A以218%的收益率遥遥领跑，冠军宝座基本锁定。 永赢科技智选A的身后战况激烈，第三名之后的排位战更是悬念拉满，相邻名次差距甚小，终局随时可 能改写。不过，这些"尖子生"的制胜密码高度趋同，算力芯片、光模块（CPO）等标的近乎"标配"。在 当前市场震荡背景下，年内领涨的科技主线能否延续？ "光通信产业链的核心驱动力是来自下游需求的爆炸性增长，以及宏观政策与市场环境形成的有力共 振。"招商基金资深策略分析师汪洋说，今年的强势表现是技术、需求、资金共同作用的结果。明年该 板块仍将是科技投资图谱中的重要组成部分，但其内部或将显著分化。 观察这些业绩领先的基金持仓，一个显著特征是：投资组合"含科量"较高，大多重仓了人工智能相关概 念股，仅在具体席位排名与持仓比重上有所不同。尤其是算力芯片、光模块等AI产业链龙头公司，成 为这些基金的领跑"密码"。 第一财经根据三季报统计，目前主动权益基金 ...

Core Insights - The rise of high-speed copper cables is driven by increasing AI computing power demands and the need for efficient interconnects in server clusters [1][2] - NVIDIA's introduction of the GB200 cabinet, utilizing 5000 NVLink copper cables, highlights the cost-effectiveness of copper over optical modules, saving six times the cost [1] Industry Overview - The high-speed copper cable market is experiencing rapid growth due to the urgent demand for high-speed interconnects in AI data centers [2] - The main connection solutions in AI data center networks include optical modules with fiber, active optical cables (AOC), and direct attach copper (DAC) cables [4][5] Company Positioning - Wolong Materials has successfully captured a significant market share, achieving 24.9% in the global high-speed copper cable market, making it the second-largest globally and the largest in China [3][4] - The company has a strong technological foundation, having expanded into high-speed communication products through the acquisition of Le Ting Zhi Lian in 2013 [8] Competitive Landscape - The global copper cable connector market is highly concentrated, with major players like Amphenol and Molex holding significant market shares of approximately 40% and 20%, respectively [10] - Wolong Materials is positioned as a key supplier of core wire materials to downstream connector manufacturers, which assemble complete high-speed copper cable connectors for end users [9] Technological Advantages - Wolong Materials is a pioneer in mass-producing 224G communication lines, which are currently the most advanced products in the market, and is developing 448G samples for key clients [12] - The company has a competitive edge due to its access to specialized production equipment, particularly the Rosen Tai foaming machine, which is critical for high-speed copper cable production [15][17] Production Capacity and Expansion - Wolong Materials is aggressively expanding its production capacity to meet the surging demand driven by AI, with significant capital expenditures planned [18][21] - The company has secured multiple industrial land plots for production expansion and is increasing its manufacturing equipment, including foaming and winding machines [17][18] Future Outlook - The demand for high-speed copper cables is expected to grow further as AI hardware continues to evolve, positioning Wolong Materials favorably in the market [21] - The company's strategic focus on technology, equipment control, and global capacity expansion is likely to strengthen its competitive position in the high-speed copper cable market [21]

Core Insights - Lixun Precision (002475.SZ) disclosed its latest developments in the humanoid robot sector, expecting to ship 3,000 units this year, all directed towards external clients [1] - The company is currently in the first generation of its humanoid robot production line, with plans to launch a "Manufacturing 2.0" line by early 2026, featuring high flexibility and automation [1] - Lixun's management believes that China's humanoid robot development surpasses that of North America, with significant advancements in motion control and capabilities [2] - The company aims to become one of the top five global Tier 1 automotive suppliers within the next 5 to 10 years, leveraging both organic growth and acquisitions [3] Humanoid Robot Development - The company plans to deliver 3,000 humanoid robots this year, with all units belonging to external clients [1] - Lixun has developed a "tendon-driven dexterous hand" that approaches industry-leading levels of freedom [1] - The production line is currently semi-automated, with a fully automated line expected by 2026 [1] Technological Advancements - Lixun has established core capabilities across the entire humanoid robot industry chain, with most key components being self-manufactured [1] - The company has completed a full-stack layout in optical connections, power supply, and cooling technologies [3] Automotive Sector Goals - Lixun aims to become a top five global Tier 1 automotive supplier through internal growth and strategic acquisitions, such as the recent acquisition of Leoni [3]

明年（2026 年）全球光模块行业将迎来显著的产能扩张，尤其是在上半年。 一季度开始，头部厂商如旭创、新易盛和天孚等将在泰国进行大规模的扩产。 旭创和新易盛目前在泰国的员工数量已达到几千人，预计到明年这一数字还会 显著增加，从而提升其从泰国发货的比例。天孚虽然扩产节奏稍慢，但也在逐 步增加人员，到今年年底预计员工数量将成倍增长。这些扩展动作表明头部厂 商正在积极应对市场需求，并且这些新增产能将主要满足 800G、1.6T 等大类 产品需求。 光模块——新一轮产能释放的前夜 20251130 摘要 头部光模块厂商如新易盛、旭创等积极扩产，主要满足 800G/1.6T 需 求，天孚等也在增加人员，表明行业对高速率光模块需求强劲，但需关 注产能释放节奏。 光模块行业面临供给侧挑战，新进入者难以快速转化为有效供给，芯片、 隔离器等配套产品需求紧张，预计到 2026 年甚至更远未来，这种供给 紧张状况将持续。 太空算力作为新兴赛道受关注，海外巨头和国内政府均重视，可回收火 箭技术成熟将降低成本，但仍面临技术难点，作为从 0 到 1 的新兴主题 投资，其潜力不可忽视。 AI 领域投资者关注现金流和 ROI，企业面临资金压 ...

在AI算力领域，针对市场热议的"光进铜退"技术路线，立讯精密数据中心业务负责人熊藤芳进行了回 应。其认为，现在讨论"光进铜退"为时过早，在下一代448G速率下，铜连接仍将是主流。 熊藤芳透露，立讯技术团队已在OIF和OCP展示了基于PAM4技术的448G CPC铜连接方案，这可能改变 业界此前认为铜连接无法支撑该速率的认知。熊藤芳同时指出，公司在光连接、电源及散热（含液冷/ 金刚石铜技术）领域均已完成全栈布局。 在汽车业务方面，立讯精密汽车业务负责人李晶表示，通过内生增长与外延并购（如近期对莱尼Leoni 的收购），公司目标在未来5到10年内成为全球前五大汽车Tier 1供应商。 采写：南都湾财社记者 严兆鑫 田玉铭介绍，目前立讯精密的人形机器人产线尚处于第一代"半自动化手工线"阶段。他透露，公司计划 于2025年初推出"制造2.0"产线，该产线将具备高度柔性、自适应与高自动化特性，实现从零件到整机 组装的完整生产能力。 在技术储备方面，田玉铭表示公司已具备人形机器人全产业链核心能力。除了电池与部分关节模组外， 谐波齿轮等关键部件均可自主完成精加工。值得注意的是，公司自主研发的"腱绳式灵巧手"，在自由度 上仅 ...

Group 1 - The core viewpoint of the news highlights a significant surge in the computing power sector, driven by overseas news and strategic partnerships, particularly between Nvidia and OpenAI [1][3] - Nvidia and OpenAI have announced a strategic collaboration to build and deploy at least 10 gigawatts of AI data centers, utilizing millions of Nvidia GPUs, with Nvidia potentially investing up to $100 billion [3] - The cloud computing ETF, Huatai-PineBridge (159273), has seen a net inflow of over 700 million yuan in the past 20 days, indicating strong investor interest [1] Group 2 - The optical module sector is experiencing a boom due to rapid iterations of Nvidia GPUs and self-developed ASICs, leading to a doubling of bandwidth capacity with each generation [5] - The market recognizes a conversion ratio of GPU to optical modules at 1:2.5, with potential future ratios reaching 1:11.5 in certain applications [5] - The demand for computing power is driving significant capital expenditures among global cloud providers, with a projected 50% increase in capital spending to $333.8 billion by 2025 [6] Group 3 - The expansion of computing clusters, referred to as "ten thousand card clusters," is seen as a ticket to participate in the current model competition, with major operators and internet companies increasing their investments [7] - The cloud computing ETF Huatai-PineBridge (159273) aims to capture the growth opportunities in AI-driven cloud computing, covering a wide range of sectors including hardware, cloud services, and data center operations [7]

Core Viewpoint - The article emphasizes the growing importance and potential of hollow-core optical fibers in the telecommunications industry, driven by advancements in technology and increasing demand for high bandwidth and low latency solutions [2][3]. Optical Cable Market - In the previous year, China's optical cable market reached a total sales volume of approximately 270 million core-kilometers, with major demand coming from telecom operators like China Mobile, China Telecom, and China Unicom [5]. - The market's activity is largely attributed to ongoing infrastructure upgrades and expansions, particularly the "fiber to the home" policy, which is replacing outdated lines and increasing the demand for higher core counts [5]. - Long Fiber Optic Cable Company is projected to achieve sales of 12 billion yuan in 2024, with 90% of revenue coming from fiber business, especially preform sales, and 35% of revenue from overseas markets [5]. Hollow-Core Optical Fiber - Hollow-core optical fiber represents a revolutionary technology in optical communication, with a core that is hollow and filled with high-purity argon gas, allowing light to travel at near-light speed and significantly reducing transmission loss by about 50% [7][8]. - The technology was initiated in 2016 and has seen practical applications, such as Microsoft's acquisition of Lumenisity for data security purposes [8]. - Current usage of hollow-core optical fiber in China is around 1,000 core-kilometers, with rapid market expansion anticipated [8]. Market Potential and Challenges - Microsoft predicts that global production capacity for hollow-core optical fiber could reach 10,000 core-kilometers by 2025 and potentially 1 million core-kilometers by 2030, with a market size that could increase tenfold if prices drop significantly [9]. - Despite its promising outlook, high costs remain a significant barrier, with domestic prices ranging from 30,000 to 36,000 yuan per core-kilometer compared to only 20 yuan for standard single-mode fiber [10]. - Technical challenges include complex production processes and the need for specialized equipment, which can hinder widespread adoption [10]. Industry Players - Long Fiber is a global leader in the hollow-core optical fiber sector, utilizing advanced preform technologies and achieving a significant reduction in attenuation rates [11]. - The company has begun supplying products to major clients like Guangdong Mobile and Guangdong Telecom, and 35% of its revenue comes from exports, indicating strong international competitiveness [11]. - However, potential risks from international policy changes affecting exports should be monitored [11].

Group 1: Market Overview - On September 11, the A-share market experienced a significant rally, with the CPO (Co-Packaged Optics) sector leading the way, rising by 6.64% and attracting a net inflow of 19.763 billion yuan [2] - The focus was on three companies, collectively referred to as "Yizhongtian": New Ease (300502.SZ), Zhongji Xuchuang (300308.SZ), and Tianfu Communication (300394.SZ), which saw substantial stock price increases of 13.42%, 14.28%, and 13.54% respectively, pushing their combined market capitalization above 1 trillion yuan for the first time [2] - Oracle's unexpected strong performance in cloud infrastructure contracts was a catalyst for this surge, indicating a robust demand for AI computing power and related infrastructure investments [3] Group 2: Industry Trends - The 26th China International Optoelectronic Exposition (CIOE) showcased a record attendance of 77,418 visitors, highlighting the growing interest in the optical communication sector [4] - The event emphasized the trend of "optoelectronic integration," with major domestic companies displaying advancements in 800G and 1.6T optical modules, as well as CPO and LPO technologies [4][9] - The rapid evolution of optical modules is driven by the explosive demand for AI computing, necessitating faster and more energy-efficient data transmission solutions [5][6] Group 3: Technological Developments - CPO technology, which integrates optical components directly with switching chips on the same substrate, is emerging as a solution to reduce signal loss and power consumption [7] - Major companies are focusing on developing 1.6T optical modules and CPO systems, with significant investments in R&D to maintain competitive advantages [9][12] - The optical module market is expected to see a surge in demand for 800G and 1.6T products, with predictions of rapid growth in 2026 [10] Group 4: Financial Performance - Companies in the optical module sector reported strong financial results, with Zhongji Xuchuang achieving a net profit of 3.995 billion yuan in the first half of 2025, a 69.4% year-on-year increase [14] - New Ease reported an astonishing 355.68% increase in net profit, reaching 3.942 billion yuan in the same period [14] - The competitive landscape is shifting, with New Ease closing the gap on Zhongji Xuchuang in terms of revenue and profitability [15][16] Group 5: Market Dynamics and Future Outlook - The debate over the sustainability of high valuations in the optical module sector continues, with differing opinions on future profit projections for companies like Zhongji Xuchuang [18][20] - The industry faces challenges related to reliance on imported high-end optical chips, with domestic companies striving for greater self-sufficiency [20][21] - Significant capital expenditures from major cloud service providers and domestic tech giants indicate ongoing strong demand for optical modules [22]