【华泰通信】关于CPO，我们应该关注什么？ 近期市场对于CPO关注度持续提升，我们此前已多次提示市场关注CPO相关投资机会。 ②为何要用，以及应用场景？ A：Scale out侧，CPO助力降功耗，且试错成本较低，英伟达、博通等将先在out侧推动；Scale up侧，CPO基于传输 距离、集成度的优势，未来有望实现光入柜内，未来成长空间广阔。 站在当前时点，市场较为关注如下问题： ①为何近期关注度快速提升？ A：未来1-2月内有潜在催化（GTC、OFC、相关美股业绩会等）；台股相关标的大涨有情绪带动；过去两个月A股 风格也从关注季度业绩 逐步转向更加关注远期空间 【华泰通信】关于CPO，我们应该关注什么？ 近期市场对于CPO关注度持续提升，我们此前已多次提示市场关注CPO相关投资机会。 站在当前时点，市场较为关注如下问题： ①为何近期关注度快速提升？ A：未来1-2月内有潜在催化（GTC、OFC、相关美股业绩会等）；台股相关标的大涨有情绪带动；过去两个月A股 风格也从关注季度业绩 逐步转向更加关注远期空间品种。 ③量产时间点及客户？ A：我们预计英伟达CPO有望于26Q4量产落地、2027年开启批量。 客户侧 ...

Group 1: Semiconductor Market Focus - The focus is on the air market, particularly on analog semiconductors that are essential for various applications [1][2] - Companies like Amphenol are key suppliers in air systems, which are critical for NVIDIA's products [2][3] - There is a significant increase in complexity for NVIDIA's supply chain due to the transition from 8 GPUs to 72 GPUs, indicating a major product moment for the company [5][6] Group 2: Supply Chain and Domestic Manufacturing - The process of onshoring supply chains in the U.S. will take years, and the current focus is less on this timing [4][6] - NVIDIA's capital commitments and production in Arizona are highlighted, but the broader opportunity for investors extends beyond NVIDIA [3][4] Group 3: Market Dynamics and Geopolitical Factors - The demand for manufacturing is outstripping supply, which is a critical concern for investors [11] - The geopolitical landscape, particularly U.S.-China relations, is affecting the semiconductor industry, with rare earth stocks experiencing significant gains [9][10] - There is potential for improved relations between the U.S. and China, which could benefit the semiconductor sector [13][14]