11月27-28日，被誉为"年度科技与商业风向标"的36氪WISE2025商业之王大会，在北京798艺术区传导空间落地。 今年的WISE不再是一场传统意义上的行业峰会，而是一次以"科技爽文短剧"为载体的沉浸式体验。从AI重塑硬件边界，到具身智能叩响真实世界的大门； 从出海浪潮中的品牌全球化，到传统行业装上"赛博义肢"——我们还原的不仅是趋势，更是在捕捉在无数次商业实践中磨炼出的真知。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 光联芯科 CEO 陈超 不能。为什么？因为算力行业面临了两大挑战，有带宽的瓶颈、也有能耗的问题。 以下是真知创投合伙人、光联芯科CEO 陈超先生的演讲实录，经36氪编辑： 大家下午好！我是来自光联芯科的陈超。非常高兴有机会跟大家分享,我的演讲主题是"算力·无界 光互连是通往AGI的必由之路"。 在正式开始之前，我想邀请大家来先看一组图片，这三张图由Open AI Sora多模态大模型生成的，算力规模不同，从左到右别用到了300张GPU、1250张 GPU和10000张GPU，从左到右也是图片质量越来越好。那么，我们是否可以做一个基 ...

Summary of Key Points from Conference Call Industry Overview - The telecommunications industry is experiencing accelerated infrastructure development, driven by significant investments from large domestic and international companies, as well as technological innovations [3][4] - Emerging technologies such as CPO, OIO, and hollow fiber optics are gaining attention, further propelling industry growth, particularly in the optical communication sector [3] Company Insights - Leading companies in the telecommunications sector, such as Xuchuang and Xinyi, currently have relatively low valuations, but their Q3 performance is expected to exceed market expectations, potentially boosting their market value [1][4] - The supply chain for silicon photonics is rapidly expanding, with suppliers like Tower planning to significantly increase production capacity by June next year [1][6] - Companies like Xuchuang and Yuanjie are anticipated to maintain stable growth due to the increasing penetration of silicon photonics [8] Emerging Technologies - New technologies like OCS and CPU are impacting the telecommunications industry but will not completely replace traditional technologies. Leading companies are expected to maintain their strong positions while benefiting from the growth of second-tier companies like Cambridge and Huylv [5] - The introduction of liquid cooling technology is necessary due to increased power consumption of optical modules in the 3.2T era [10][11] Market Dynamics - The domestic market is more event-driven, focusing on short-term catalysts, while the overseas market emphasizes long-term investment value based on industry trends and performance [7] - The upcoming Huawei super node architecture is expected to generate significant demand for 800G connections, benefiting companies like Guangxun Technology and Huagong Technology [12][20] Future Outlook - The silicon photonics supply chain is projected to grow robustly, with significant increases in production capacity expected in the near future [6][8] - The next generation of optical interconnect technologies, such as CPC and CPU, is being actively discussed, with potential advancements in materials and electrical connection architectures [9] - Key events like the ECOC conference and OCP summit are anticipated to catalyze developments in the overseas computing power chain [13] Investment Recommendations - It is advisable to focus on leading companies in the main sectors while also monitoring second-tier companies for breakthrough opportunities and the long-term trading potential brought by new technologies [1][7][20]