全球科技硬件调研汇报 20260322 AI 算力需求从训练转向推理，预计 2027 年数据中心市场规模将突破 1 万亿美元，推理算力需求将达 ChatGPT 初期的 1 万倍。 英伟达 Rubin 平台通过增大 SRAM 使推理每瓦性能提升 10 倍；Vera CPU 专为 Agent 任务设计，实现工具负载从 GPU 卸载。 高端 PCB 迎来量价齐升：Rubin 平台全盲插设计使单 GPU 对应 PCB 价 值增超 30%；正交背板单柜价值达 12-16 万美元。 存储行业受限于无尘室空间缺口，2026-2027 年将维持供不应求； NAND 价格涨幅超 60%，产能优先向 HBM/DRAM 迁移。 CPO 技术明确在 Scale-up 场景放量，预计 2027 年后随英伟达 Fermion 平台落地；2030 年 CPO 市场预期上调至 150 亿美元。 Scale-across 架构驱动空心光纤与 Coherent Lite 技术需求，旨在解 决跨数据中心 AI 集群微秒级同步与带宽瓶颈。 单波 400G 时代薄膜铌酸锂异质集成成为确定性趋势，相比传统方案功 耗降低约 20%，天孚通信等在位企业具备 ...

直击 2026 OFC20260319 摘要 AI 算力需求驱动 Scale-across（跨域拓展）成为新趋势，其带宽需求 约为传统 DCI 网络的 14 倍，目前渗透率不足 30%，增长空间巨大。 Scale-up 场景中 CPO、NPO、XPO 技术路线并存，英伟达主推 CPO， 但因供应链成熟度问题，具备热插拔、高密度优势的 XPO 方案近期关注 度显著提升。 XPO 封装相比 1.6T OSFP 模块面板密度提升 4 倍，集成冷板设计支持 400W+散热，有效解决了风冷散热瓶颈并延长了可插拔模块生命周期。 薄膜铌酸锂与硅光结合的 PIC 方案成为单波 400G 主流，预计在 3.2T 及更高增速市场渗透领先；VCSEL 方案有望缓解 EML/CW 光源供应链 紧张。 Lumentum 预测 2030 年相关市场空间达 900 亿美元，其 OCS 业务已 获数十亿美元协议；Ciena 在云厂商光系统市场份额达 53%，800G 相 关产品 2026 年产能已售罄。 中国厂商在光封装领域实力雄厚，旭创、新易盛、天孚通信等已布局 NPO/XPO/OCS 及 2.5D 封装，有望在 CPO 时代实现从代工到 ...

Group 1 - The core viewpoint of the news highlights the ongoing developments in the AI and cloud computing sectors, particularly focusing on the demand for optical modules driven by AI training and inference needs [4][9] - Nvidia has entered a licensing agreement with AI startup Groq, indicating a strategic move to invest in AI-related companies while avoiding antitrust scrutiny [3] - The optical module market is expected to see significant growth, with 800G optical modules projected to maintain high growth rates and 1.6T shipments also expected to increase substantially [4][9] Group 2 - The demand for optical modules is primarily driven by Scale-out networks, which enhance processing capabilities by adding more computing nodes [8] - Future demand for optical modules in Scale-up networks is anticipated to be vast, as these networks increase the number of GPUs/XPUs in single computing nodes [9][11] - The average Scale-up bandwidth is significantly higher than Scale-out bandwidth, with a ratio of 12.5, indicating a larger market potential for network hardware in the Scale-up domain [11][12]

Investment Rating - The report maintains a rating of "Buy" for the industry, specifically highlighting companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication as key investment targets [3][10][14]. Core Insights - The global optical communication industry is undergoing a significant transformation driven by AI computing demand, as evidenced by Corning's Q2 financial report showing a 42% year-on-year increase in optical communication revenue and Amphenol's $10.5 billion acquisition of CommScope's CCS business, marking the largest acquisition in the company's history [1][22]. - The transition from Scale-out to Scale-up architecture is fundamentally reshaping the optical communication landscape, emphasizing higher computational density per node rather than merely increasing the number of server nodes [2][23]. Summary by Sections Financial Performance - Corning reported Q2 2025 optical communication revenue of $1.57 billion, a 42% increase year-on-year, with a net profit of $247 million, up 73% year-on-year [4][23]. Industry Trends - The Scale-up strategy is expected to create 2-3 times the market space for Corning's existing $2 billion enterprise network business, with ongoing collaborations with partners like Broadcom to advance CPO technology [4][23]. - Amphenol's acquisition of CommScope's CCS business enhances its vertical competition with Corning, establishing a comprehensive product chain from high-speed fiber connectors to data center cabling [4][23]. Technical Requirements - The Scale-up architecture demands stricter performance requirements for bandwidth and latency, necessitating support for high-frequency data transmission between GPUs and fine-grained memory semantic communication [24][25]. - The transition to Scale-up architecture is pushing optical communication technology towards higher energy efficiency and integration levels, as traditional copper interconnects face physical limits [24][25]. Market Opportunities - The demand for high-density optical interconnects is driving the need for high-speed VCSEL/EML laser chips and silicon photonic engines, with multimode fibers expected to see significant growth due to their cost advantages in short-distance high-density scenarios [11][24]. - The integration capabilities of optical communication equipment vendors are becoming increasingly important, with leading companies leveraging mergers and acquisitions to enhance their comprehensive solution offerings [11][25]. Recommended Stocks - The report recommends focusing on companies within the computing power sector, particularly in optical communication, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, as well as companies involved in liquid cooling and edge computing platforms [7][14].