行情速递 ① 主 板 领 涨 ， 特 发 信 息 (+10.03%)/ 环 旭 电 子 (+10.02%)/ 亨 通 光 电 (+10.02%)/ 立 昂 微 (+10.01%)/易德龙(+10.01%)/ ②创业板领涨，珂玛科技(+20.00%)/上海新阳(+15.88%)/长芯博创(+12.68%)/ ③科创板领涨，鼎通科技 (+20.00%)/艾森股份 (+18.65%)/拓荆科技 (+10.37%)/ ④活跃子行业，SW通信线缆及配套 (+7.56%)/SW通信网络设备及器件(+5.88%)/ 国内新闻 ①艾邦ARAI眼镜资讯，JBD正式推出"走鹃Ⅰ"彩色光引擎/光学系统重构后/ 在200 lp/mm极限空间频率下中心视场MTF达0.4/对比度100:1/画面锐利度 与层次感显著提升/ ②半导体投资联盟，中瓷电子在接受机构调研时表示/适用于CPO（共封装光 学）技术的陶瓷基板目前处于研发阶段/预计将在三年内实现量产/公司预估/ 该领域电子陶瓷产品的市场价值量将达到亿元以上规模/ 海外新闻 ① 半导体产业纵横，IDC维持其对2026年PC市场将整体萎缩2.4%的基 准预测的同时/基于全球NAND闪存与D ...

除光通信领域外，公司在电网装备等新兴应用市场的拓展也取得进展。针对固态变压器、固态断路器等 设备，公司正在开发额定电压3300V至10kV的超高压产品系列，目前已有相关产品正在客户送样验证过 程中。 此外，中瓷电子旗下子公司国联万众在其他前沿应用领域也进行了针对性布局。公司表示，在AI数据 中心、无人机、人形机器人等快速增长的市场，国联万众均已布局了相应的产品线，以把握未来市场机 遇。 近日，中瓷电子在接受机构调研时表示，作为国内外主要光模块厂商的核心陶瓷产品供应商，公司当前 在手订单饱满，产能利用率持续高位运行。通过持续优化工艺、提升成品率，有效产能正在不断释放。 公司预计，应用于光通信模块的陶瓷外壳与基板产品，在明年将进入持续放量阶段。为应对旺盛的市场 需求，保障订单及时交付，公司已启动并积极推进相关产能的扩张计划。 在备受关注的新技术布局方面，中瓷电子透露，适用于CPO（共封装光学）技术的陶瓷基板目前处于研 发阶段，预计将在三年内实现量产。公司预估，该领域电子陶瓷产品的市场价值量将达到亿元以上规 模。 在备受关注的新技术布局方面，中瓷电子透露，适用于CPO（共封装光学）技术的陶瓷基板目前处于研 发阶段， ...

Core Insights - The emergence of numerous domestic AI models in 2023 highlights the increasing demand for computing power in various sectors, including cloud computing, smart manufacturing, and intelligent finance [1] - The AI industry is viewed as a certain growth area, with computing power being a necessary but not sufficient condition for success, emphasizing the need for a comprehensive advantage across multiple domains [1] - Wuxi's proposal for "chip-computing synergy" aims to leverage national strategies to enhance AI applications in various fields, including agriculture and urban governance [1] Computing Power Demand - The rapid growth of AI has led to an unprecedented demand for computing power, with estimates indicating a need for 260 trillion TeraFLOPS of computing power daily to support AI agents [2] - The deployment of NVIDIA H100 GPUs would require approximately 700,000 units daily, highlighting a significant gap between current manufacturing capacity and future demand [2] - Wuxi has initiated the establishment of a city-level intelligent computing cloud center to address the growing need for computing power [3] Chip Development and Advanced Processes - The demand for high-performance, low-power chips is increasing due to the high computing requirements of AI applications, despite the slowdown of Moore's Law [4] - The development of new AI System on Chip (SoC) projects in Wuxi aims to enhance performance, power efficiency, and scalability through advanced manufacturing techniques [5] - Wuxi's semiconductor industry is advancing with the establishment of a pilot line for advanced process photoresists, filling a gap in domestic capabilities [5] Advanced Packaging Technologies - Advanced packaging technologies are essential for overcoming challenges related to power consumption, memory, and cost in AI chip development [6] - The industry is shifting towards high-integration solutions like Chiplet architecture and 3D stacking to meet increasing computing density demands [6] - The market for Chiplet technology is projected to grow significantly, with a compound annual growth rate of 42.5% from 2024 to 2033 [7] CPO Technology and Market Dynamics - The rise of Co-Packaged Optics (CPO) technology is generating interest in the AI computing center sector, with potential implications for existing market structures [8] - CPO is expected to coexist with traditional optical modules in the near term, addressing different needs in data center interconnectivity [8] - Challenges remain for CPO implementation, including reliability, maintainability, and production yield issues, which need to be addressed for broader adoption [9]

Summary of Key Points from the Conference Call Company and Industry - **Company**: NVIDIA - **Industry**: Data Center Networking and GPU Acceleration Core Insights and Arguments - **Product Launches**: NVIDIA introduced the Cotton series IB switches and Spectrum UM series Ethernet CPO switches at the GDC 2025, aimed at addressing low power requirements for million-card clusters [2][3] - **CPO Technology Advantages**: CPO technology significantly reduces power consumption (1.6T optical engine consumes 9W, saving 3.5 times compared to pluggable modules), optimizes link loss (18 dB signal integrity improvement), and enhances data center installation efficiency [2][4] - **Cotton Series Structure**: The Cotton series switch features a complex internal structure with four 28.8T ASIC chips, total bandwidth of 115.2T, and utilizes a liquid cooling system [2][5] - **Micro-Ring Modulator Challenges**: Manufacturing micro-ring modulators is complex due to high sensitivity to process and temperature, involving hundreds of patents [7] - **CPO Switch Connectivity**: Each CPO switch has 144 MPU interfaces with a total capacity of 115.2T, connecting to external single-mode fiber links using 1,152 fibers [10][11] Additional Important Content - **Potential Suppliers**: Domestic companies like Xuchuang, Xinyi Sheng, and Huagong have capabilities in silicon photonics design and production, potentially taking on component packaging tasks [12] - **Future Trends**: NVIDIA's CPU penetration structure is expected to evolve, with initial focus on self-owned network clusters, and gradual market penetration anticipated by 2026 [13] - **Installation Efficiency**: The CPO solution reduces the risk of data center downtime caused by human error during installation, which accounts for approximately 3% to 5% of outages [4]

Core Insights - The GTC conference is seen as a pivotal moment for U.S. tech stocks, particularly for NVIDIA, which is expected to showcase transformative innovations [2][10] - NVIDIA's market capitalization has decreased by $820 billion since its peak on January 7, 2023, with a 1.8% drop in stock price on the first day of the conference [2][10] Group 1: GTC Conference Highlights - The GTC conference, often referred to as the "AI Developer Spring Festival," is taking place in San Jose, California, with an expected attendance of 25,000 in-person participants and 300,000 online attendees [1] - CEO Jensen Huang is scheduled to deliver a keynote speech, discussing NVIDIA's accelerated computing platform and its impact on AI, digital twins, cloud technology, and sustainable computing [1] - The conference will feature a dedicated "Quantum Day" to discuss the current state and future of quantum computing, with participation from leading companies in the field [8] Group 2: Product Innovations - Analysts anticipate the launch of the GB300 AI chip, which may begin shipping in May, and the introduction of the Blackwell Ultra series, expected to significantly enhance performance and efficiency [4][10] - The Blackwell Ultra (GB300) chip is projected to improve performance by 50% compared to the previous B200 series, utilizing TSMC's 4NP process and increasing HBM capacity to 288GB [4] - The Rubin platform is expected to be discussed, featuring advanced specifications and a potential launch in late 2025 or early 2026, with significant memory capacity improvements [5][6] Group 3: Market Context and Challenges - The stock price of NVIDIA has fallen over 13% this year, and the current price-to-earnings ratio is below 27, which is lower than many slower-growing tech giants [10] - Analysts express concerns about NVIDIA's profitability, particularly as the AI chip market shifts from training to inference, where competition is intensifying [11] - There are broader economic uncertainties, including macroeconomic weakness and supply chain issues, which may impact NVIDIA's growth prospects [11]