Co-Packaged Optics (CPO) Book – Scaling with Light for the Next Wave of Interconnect 共封装光学（CPO）⼿册：⽤光连接下⼀波互联浪 潮 Scale-out and Scale-up CPO, CPO TCO and Power Budgets, DSP Transceivers vs LPO vs NPO vs CPO, TSMC COUPE, MZM vs MRM vs EAM Modulator Deep Dive, CPO Focused companies and CPO Supply Chain 横向扩展与纵向扩展 CPO、CPO 总拥有成本与功耗预算、DSP 收发器对⽐ LPO/NPO/CPO、台积电 COUPE 平台、MZM 与 MRM 及 EAM 调制器深度解析、CPO 领域 重点企业与产业链 DYLAN PATEL, DANIEL NISHBALL, MYRON XIE, AND 3 OTHERS DYLAN PATEL, DANIEL NISHBALL, MYRON XIE 等 3 ⼈ JAN 02, 2 ...

Group 1 - The core viewpoint emphasizes that "Artificial Intelligence+" has been established as a key driver for economic growth, with the recent Central Economic Work Conference highlighting its strategic importance for the upcoming year [1] - The shift from "conducting" to "deepening and expanding" indicates a transition of AI from a developmental frontier to a core engine for cultivating new productive forces and driving economic growth, providing policy certainty for the integration of AI technology with various industries [1] Group 2 - The release of OpenAI's GPT-5.2 marks a significant breakthrough in AI capabilities, transitioning from a "question-answer tool" to a "productivity partner," demonstrating the ability to perform complex enterprise tasks reliably [2] - The model achieved performance levels at or above top human professionals in 70.9% of tests across 44 types of knowledge work, indicating a substantial leap in AI's applicability in business environments [2] Group 3 - The optical module industry is positioned at the intersection of demand and technological transformation, with explosive growth in demand driven by the global AI race [3] - Predictions indicate that the demand for optical modules exceeding 800G will reach 24 million units by 2025 and nearly 63 million units by 2026, representing a growth rate of 2.6 times [3] - The industry is evolving towards advanced technologies such as Co-Packaged Optics (CPO) and silicon photonics to overcome traditional power consumption and bandwidth limitations, with significant investments from leading companies like NVIDIA [3] Group 4 - The ChiNext AI ETF (159382.SZ) serves as an efficient tool for investing in the trends of AI and optical modules, with a high concentration of leading optical module companies in its top holdings [4] - The ETF tracks an index that includes core companies across the entire computing power chain, such as GPU, storage, and SoC, aligning with the core needs of building an independent AI industry system [4] - The sector is expected to benefit from global AI infrastructure and domestic market policies, highlighting the long-term investment value of the ChiNext AI ETF [4]

证券研究报告 2025 年 12 月 18 日 星期四 【A 股市场大势研判】 三大指数涨超 1% 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3870.28 | 1.19% | 45.47 | | | 深证成指 | 13224.51 | 2.40% | 309.85 | | | 沪深 300 | 4579.88 | 1.83% | 82.32 | | | 创业板 | 3175.91 | 3.39% | 104.15 | | | 科创 50 | 1325.33 | 2.47% | 31.95 | | | 北证 50 | 1439.02 | -0.04% | -0.63 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 通信 | 5.07% | 农林牧渔 | -0 ...

证券日报网讯 12月15日，凯格精机在互动平台回答投资者提问时表示，公司将密切关注共封装光学领 域（CPO）相关业务的发展及应用，同时将继续深耕精密自动化装备主业，将结合市场发展和自身优 势，持续加大新领域的技术研发，积极引进行业专业人才，提升新产品的开发能力。 （文章来源：证券日报） ...

今日（12月9日）A股三大指数涨跌不一，上证指数收于3909.52点，跌0.37%，深证成指跌0.39%，创业板 指涨0.61%。市场全天成交额1.92万亿元，较前一交易日缩量超1300亿元。收盘上涨个股超1300只，其中 收盘股价涨停的有54只。 盘面上，共封装光学（CPO）概念领涨，板块内德科立、陕西华达均"20cm"涨停。元件、福建自贸区、 PVDF、零售等概念跟涨。海南、工业金属、金属铅概念等跌幅居前。 40股收盘价创历史新高 据证券时报·数据宝统计，不含近一年上市的次新股，今日共有40股收盘价创历史新高。从行业属性来看， 电子、通信、机械设备行业创新高的个股较为集中，分别有14股、6股、5股出现在名单中。 收盘价创历史新高股中，今日股价平均上涨4.96%，涨停的有陕西华达、德科立、洛凯股份等，涨幅居前 的有乾照光电、腾景科技、致尚科技等。 | 代码 | 首标 | 收盘价 | 日涨幅 | 行业 | | --- | --- | --- | --- | --- | | | | (元) | (%) | | | 688205 | 德科立 | 165.02 | 20.00 | 通信 | | 301517 | 陕 ...

根据A股概念涨跌幅与所对应的股票池综合分析，涨幅靠前的三个概念板块分别为：共封装光学（CPO）、福建自贸区与PVDF概念。排名前10位的概念板 块相关数据见下表： 一、强势个股 截至12月9日收盘，上证综指下跌0.37%，收于3909.52点，深证成指下跌0.39%，收于13277.36点，创业板指上涨0.61%，收于3209.6点。今日沪深两市A股共 计54只涨停，综合当前连板数以及当日龙虎榜数据，其中较为强势的前三只个股分别为：龙洲股份（002682）、骏亚科技（603386）与舒华体育 （605299）。今日强势个股前10位具体数据见下表： | 代码 | 简称 | 连板数 | 换手率 (%) | 成 | | --- | --- | --- | --- | --- | | 002682 | 龙洲股份 | 5连板 | 18.15 | 9.7 | | 603386 | 骏亚科技 | 5连板 | 24.13 | 14.7 | | 605299 | 舒华体育 | 4连板 | 7.34 | 4.5 | | 002512 | 达华智能 | 4天3板 | 17.63 | 15.0 | | 603023 | 威帝股份 | ...

晶圆代工业者联电昨（8）日宣布与比利时微电子研究中心（imec）签署技术授权协议，取得imec iSiPP300硅光子制程，该制程具备共封装光学（CPO）相容性，藉由此次授权合作，联电将推出12 吋硅光子平台，瞄准下世代高速连接应用市场。 联电表示，AI数据负载日益增加，传统铜互连面临瓶颈，硅光子技术以光传输数据，成为数据中心、 高效能运算及网路基础设施在超高频宽、低延迟及高能源效率的解决方案。联电将结合imec经验证的 12吋硅光子制程技术、加上联电绝缘层上覆硅（SOI）晶圆制程，为客户提供高度可扩展的光子芯片 （PIC）平台。 联电资深副总经理洪圭钧指出，取得imec最先进的硅光子制程技术授权，将加速联电12吋硅光子平 台的发展进程。联电正与多家新客户合作，预计在此平台上提供用于光收发器的光子芯片，并于2026 及2027年展开风险试产。此外，联电未来系统架构将朝CPO与光学I/O等更高整合度的方向迈进，提 供资料中心内部及跨数据中心需要的高频宽、低能耗且高度可扩展的光互连应用解决方案。 IC-Link by imec副总裁Philippe Absil表示，iSiPP300平台具备精巧且高效能的元件，包括 ...

Market Overview - The U.S. stock market experienced an unexpected rebound, with the three major indices achieving a rare five-day winning streak, driven primarily by Intel rather than the anticipated AI giant Nvidia [1] - The Nasdaq index rose nearly 5% over the week, the S&P 500 increased by over 3.7%, and the Dow Jones Industrial Average climbed more than 3%, nearing historical highs [1] Federal Reserve Influence - The market sentiment shifted positively following dovish signals from Federal Reserve officials, particularly from Governor Christopher Waller, who indicated a lack of strong evidence for sustained inflation and supported pausing interest rate hikes in December [1] - The probability of a pause in rate hikes in December surged to over 80% according to the FedWatch tool [1] Technology Sector Performance - The technology sector saw a significant surge, with various tech concepts experiencing substantial gains; digital currency stocks rose over 5%, while mixed reality and co-packaged optics (CPO) concepts increased by over 4% [4] - Robotics stocks emerged as standout performers, with RBOT and LAZR soaring nearly 12% and 11%, respectively, driven by developments in Tesla's humanoid robot and IPOs from leading domestic robotics firms [4] Intel's Strategic Developments - Intel is positioned to potentially produce entry-level M-series processors for Apple starting in 2027, utilizing its advanced 18A process technology, which could lead to shipments of 15 to 20 million units [7][8] - The collaboration with Apple signifies a potential turnaround for Intel's foundry services, marking a significant milestone in regaining its competitive edge in the semiconductor industry [8] Broader Market Trends - Chinese concept stocks also saw a broad increase, with notable performances from companies like WoKe Medical and Xpeng Motors, reflecting a positive sentiment in the market [9] - European markets showed strength, with major indices like the FTSE 100 and DAX rising significantly over the past week, supported by expectations of stable interest rates from the European Central Bank [9] Conclusion - The year-end rally in the U.S. stock market was fueled by the Federal Reserve's interest rate outlook and Intel's potential recovery in its foundry business, alongside strong performances in robotics and CPO sectors [11]

一、强势个股 截至11月25日收盘，上证综指上涨0.87%，收于3870.02点，深证成指上涨1.53%，收于12777.31点，创业板指上涨1.77%，收于2980.93点。今日沪深两市A股 共计95只涨停，综合当前连板数以及当日龙虎榜数据，其中较为强势的前三只个股分别为：榕基软件（002474）、实达集团（600734）与海南海药 （000566）。今日强势个股前10位具体数据见下表： 二、强势概念板块 根据A股概念涨跌幅与所对应的股票池综合分析，涨幅靠前的三个概念板块分别为：F5G概念、共封装光学（CPO）与光纤概念。排名前10位的概念板块相 关数据见下表： | 概念名称 | 涨跌幅 (%) | 涨停用 | | --- | --- | --- | | F5G概念 | 4.52 | | | 共封装光学 (CPO) | 3.62 | | | 光纤概念 | 3.61 | | | 金属铝 | 3.17 | | | 海南自贸区 | 3.13 | | | 金属锌 | 3.07 | | | 赛马概念 | 2.98 | | | WiFi6 | 2.84 | | | 铜缆高速连接 | 2.83 | | | 福建自贸区 | ...

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing down 0.46% at 3972.03, the Shenzhen Component Index down 0.11% at 13202.00, and the ChiNext Index down 0.20% at 3105.20 [2][3] - The energy metal sector saw a significant increase, rising by 5.26% [3][4] Energy Metals Sector - The energy metal sector led the market with a 5.26% increase, with key stocks such as Shengxin Lithium Energy and Rongjie Co. hitting the daily limit [3][4] - Major players like Tianqi Lithium and Ganfeng Lithium also experienced substantial gains, with Tianqi Lithium up 9.87% and Ganfeng Lithium up 7.48% [4] Lithium Battery Materials - Lithium battery material stocks surged, with companies like Rongbai Technology and Tianhua New Energy reaching their daily limit [4][5] - Fengyuan Co. has seen a continuous rise, achieving a "three consecutive boards" status [5] Market Sentiment and Strategy - According to CITIC Securities, there is active capital in thematic investments and growth sectors, suggesting a continued state of market rotation [2] - Recommended sectors for mid-term allocation include dividends, new chemical materials, lithium materials, steel, agriculture, and AI [2] Lithium Carbonate Market - The futures market for lithium carbonate saw a significant increase, with the main contract rising to over 95,200 yuan per ton, marking a 9% increase [6] - The supply side of lithium ore faces bottlenecks, while strong terminal demand and inventory depletion contribute to a positive outlook for the lithium market [7] Organic Silicon Sector - The organic silicon sector experienced a rally, with stocks like Dongyue Silicon Material rising nearly 10% [8] - The operating rate for organic silicon in October was reported at 70.08%, with stable inventory levels despite new capacity [9]