光通信行业正在经历一场从"量变"到"质变"的革命。硅光（Silicon Photonics）不再是仅仅作为传统 EML芯片短缺时的"备胎"方案，而是AI时代算力互联的 唯一解。 在国盛证券看来，硅光"革命"最关键在于价值链的重构：以前光模块产业链的利润大头被海外光电芯片拿走，中国厂商赚的是辛苦组装费。 但在硅光时代，价值链正在发生暴力重构。核心利润正在从上游光电芯片向中游的PIC设计（硅光芯片设计）转移。谁掌握了PIC设计和封装能力，谁就拥 有了定价权。这是从"打工仔"到"地主"的阶级跃升。 这也解释了"易中天"持续狂奔的底层逻辑——它们不是在卖铲子，而是在重塑整个矿场。 硅光：算力"功耗墙"的爆破手 国盛证券表示，硅光技术的本质是用半导体的方式做光子。它利用成熟的CMOS工艺（90nm/45nm节点即可），将光子学的高带宽、低功耗与半导体的规模 化制造结合。 但硅光改变了这一切。硅光技术将调制器、波导等核心器件集成在硅基芯片上，利用半导体Fab厂（如台积电、Tower等）的标准化工艺进行制造。这使得 Yole预测，硅光模块市场收入将从2023年的14亿美元激增至2029年的103亿美元，CAGR高达45%。 ...

光模块行业主要上市公司：光迅科技(002281.SZ);中际旭创(300308.SZ);新易盛(300502.SZ);博创科技 (300548.SZ);太辰光(300570.SZ);联特科技(301205.SZ);中天科技(600522.SH);长飞光纤(601869.SH);九联 科技(688609.SH);德科立(688205.SH);剑桥科技(603083.SH)等 5G拉动高速率光模块市场需求 5G 的规模化部署与业务拓展，正强力拉动高速率光模块的市场需求。作为 5G 网络数据传输的核心载 体，光模块需适配网络架构重构与带宽激增的需求。前传、中回传等不同场景对传输性能的差异化诉 求，推动光模块向更高速率演进，以支撑高清视频、工业互联等新兴业务的稳定运行。同时，5G 业务 的云化与边缘化部署，进一步放大了核心网及数据中心互联场景的流量需求，加速了高速率光模块的技 术迭代与应用渗透，使其成为通信产业链中增长潜力显著的核心环节。根据TD产业联盟的数据，2024 年全球5G基站部署总量达到637.6万座，同比增长23.3%，IDC及中国信通院：联合预测2025年全球5G基 站总量为850万座。 全球光模块厂商 ...

Core Insights - The article highlights the unprecedented opportunities in the optical communication sector, driven by the explosive growth in AI computing power and infrastructure needs [2][4]. Group 1: AI Arms Race and Infrastructure - The competition in AI has evolved from merely acquiring chips to building comprehensive computing and interconnect capabilities [5]. - Major companies like Google and Meta are developing custom ASIC chips and data centers to enhance AI system efficiency [7]. - The essence of this competition is to scale computing power, with optical communication networks serving as the "highway" for connecting computing units [10]. Group 2: Optical Module Market Dynamics - The demand for optical modules is surging due to the exponential increase in data throughput and the need for higher transmission speeds [16]. - The transition from 400G/800G to 1.6T and the anticipated move towards 3.2T in optical module technology reflects the industry's rapid evolution [16]. - Chinese manufacturers are rising in prominence, with seven out of the top ten global optical module companies being Chinese by 2024 [18]. Group 3: Key Players in Optical Communication - Company A (中际旭创) is a global leader in high-speed optical modules, particularly in the 800G and next-generation 1.6T segments, and is closely tied to major AI firms like NVIDIA and Google [19]. - Company B (高意) ranks among the top three globally and is recognized for its differentiated technology in linear drive pluggable optical modules [21]. - Company C (光迅科技) has a vertically integrated business model covering the entire optical communication supply chain, enhancing its risk management and cost control [23]. Group 4: Technological Innovations - Silicon photonics technology is revolutionizing traditional optical modules by integrating multiple optical components into a single silicon chip, leading to significant cost and power savings [31]. - The cost of silicon optical modules is projected to decrease significantly, with the market expected to reach $10.3 billion by 2029, capturing a larger share of the optical module market [34]. - Emerging technologies like Co-Packaged Optics (CPO) and Optical Circuit Switching (OCS) are set to further enhance efficiency and reduce latency in data centers [35]. Group 5: Future Outlook - The article emphasizes that while risks exist, the demand for AI-driven computing and interconnect solutions is expected to remain robust, indicating a prolonged high-growth cycle for optical communication [38]. - Historical trends show that each technological revolution has been preceded by infrastructure upgrades, positioning the optical communication sector at the forefront of the current AI era [42].

Core Viewpoint - The laser chips and detector chips, collectively known as optical chips, are the core components of optical modules, with the global Ethernet optical module market expected to grow rapidly, reaching $18.9 billion by 2026, driven by strong demand from AI infrastructure and advancements in optical interconnect technology [2][5]. Group 1: Optical Chip Market Dynamics - Optical chips are essential for optical modules, primarily used for optical signal conversion and processing, with laser chips categorized into surface-emitting and edge-emitting types [2]. - The global EML laser chip market is projected to reach 3.71 billion yuan in 2024, growing to 7.412 billion yuan by 2030, with a compound annual growth rate (CAGR) of 12.23% [3]. - The demand for silicon photonic modules is increasing due to their high integration, low power consumption, and cost-effectiveness, which is driving the demand for continuous wave (CW) lasers [4]. Group 2: Growth Drivers and Supply Constraints - The global Ethernet optical module market is expected to grow by 35% to $18.9 billion in 2026, with double-digit growth rates anticipated from 2027 to 2030, potentially exceeding $35 billion by 2030 [5]. - AI infrastructure demands are pushing cloud providers to increase GPU purchases and deploy ASIC chips, which will enhance the demand for optical modules [5]. - Major companies like Coherent and Lumentum are expanding their production capacities to meet the growing demand for optical chips, with Coherent's production capacity expected to double within a year [6][7]. Group 3: Company-Specific Developments - Tower's silicon photonic product revenue reached $52 million in Q3 2025, a 70% year-on-year increase, driven by strong demand for 1.6T products [8]. - Sumitomo Electric's communication business saw operating profit triple year-on-year, driven by the expansion of data centers and the demand for high-speed optical components [9]. - Broadcom reported a significant increase in AI-related orders, with a backlog of approximately $73 billion, including $20 billion from networking and optical interconnect products [9].

硅光模块具有高集成、低功耗、低成本、适合高速短距传输的特点，推动CW激光器需求提升 硅光光模块，是基于硅光技术制造的新一代光通信模块。它是硅光技术最典型、最成熟的产品形态和应 用。传统技术主要通过多通道方案实现100G以上光模块速度的提升，然而随着数据中心、核心骨干网 等场景进入到800G/400G及更高速率时代，单通道所需的激光器芯片速率要求将随之提高，利用CMOS 工艺进行光器件开发和集成的新一代硅光技术成为一种趋势，硅光需外置CW激光器作为光源，硅光方 案推动CW激光器需求提升。 光模块需求持续提升，带动光芯片供需紧缺 根据Lightcounting，全球以太网光模块市场规模有望持续快速增长，2026年将同比增长35%至189亿美 元，2027-2030年增速还将维持在双位数以上，2030年有望突破350亿美元。背后的主要增长动力是AI基 础设施建设对以太网交换机和高速光模块的强劲需求，以及光互连技术在AI scale-up网络中的应用推 广。 国盛证券（002670）发布研报称，激光器芯片和探测器芯片合称为光芯片，是光模块的核心组成部分。 根据Lightcounting，全球以太网光模块市场规模有望持 ...

证券研究报告 | 行业深度 gszqdatemark 2025 12 28 年 月 日 电子 高速率光芯片前景广阔，看好光芯片景气周期 光芯片是光模块的核心，高速率光芯片前景广阔。激光器芯片和探测器芯 片合称为光芯片，光芯片是光器件中的核心元器件，主要用于光电信号转 换和处理，是光模块的核心组成部分，激光器芯片按出光结构可进一步分 为面发射芯片和边发射芯片，面发射芯片包括 VCSEL 芯片，边发射芯片包 括 FP、DFB 和 EML 芯片；探测器芯片主要有 PIN、APD、SPAD、SiPM。 其中，EML 技术门槛较高，AI 需求致高端 EML 产能紧缺，供应排至 2027 年后，2024 年全球 EML 激光芯片市场规模达 37.1 亿元，预计 2030 年将 增长至 74.12 亿元，年复合增长率 12.23%，目前 EML 芯片由少数国际巨 头主导，主要的供应商包括 Lumentum、Coherent（Finisar 菲尼萨）、 Mitsubishi（三菱）、Sumitomo（住友）、Broadcom（博通）等。 硅光模块具有高集成、低功耗、低成本、适合高速短距传输的特点，推动 CW 激光器需求提升。 ...

文 | 钛资本研究院 在算力需求爆发式增长的今天，光通信作为数据传输的核心支撑，技术迭代正面临着前所未有的机遇与 挑战。电子计算的高效与光子传输的优势，本应形成完美互补，而光电转换的现实难题，让光模块成为 连接两者的关键枢纽。从硅光技术的集成理想与分离现实，到CPO的激进创新与NPO的折中探索，再到 空心光纤、MicroLED光通信等前沿技术的潜力与桎梏，一系列新技术试图突破现有瓶颈，却也陷入了 路线选择的分歧、成本与可靠性的博弈。 核心技术的发展现状、优缺点及产业格局如何？哪些技术是真突破，哪些仍停留在概念阶段，哪些路线 可能成为未来主流，又有哪些挑战亟待解决？近期，钛资本邀请公众号《LEO光通信观察》作者叶磊 Leo进行分享，Leo毕业于南京大学、渥太华大学，早年在美国的JDSU/Lumentum、Finisar(现Coherent) 负责产品研发和设计，之后在珠海光库、Oplink、Finisar、Source Photonics（索尔思）等企业负责供应 链和运营管理。对光通信产业的技术逻辑、市场方向有着深入独特的见解。主持人是钛资本半导体组、 人工智能组资深行业专家周晔。以下为分享实录： AI光模块市 ...

为什么硅光技术被认为是 2026 年光模块行业最重要的趋势？ 硅光模块行业：AI 驱动高成长，从物理结构和产业链视角 拆解硅光投资机会 20251207 摘要 1.6T 光模块和硅光技术渗透率预计在 2026 年将从目前的 20%快速提 升至 50%以上，主要受益于硅光方案的性价比优势和产能补充潜力，以 及生产良率和封装良率的显著提升，这将显著提高相关上市公司的盈利 能力。 硅光方案通过采用硅基衬底，可集成调制器、探测器和波导等器件，实 现高集成度和低成本，尤其是在 800G 光模块中，硅光方案仅需 4 个 CW 激光源，显著降低了成本，提高了产品竞争力。 传统 EML 方案在 1.6T 光模块中需要升级到 200G EML，导致价值量翻 倍，而硅光方案仍使用 70 毫瓦的 CW 光源，并采用一拖二的配比方式， 使得硅光模块的价值量远低于传统 EML 方案，成本差距可达 100-200 美元。 200G EML 芯片因工艺壁垒高、良率低而供应紧缺，使得 1.6T 需求更 倾向于采用硅光解决方案。同时，下游客户逐渐接受硅光技术在数据中 心的应用，预计 2026 年硅光技术将迎来放量。 Q&A 2026 年，光模 ...

Core Viewpoint - The article highlights the strong performance of Yuanjie Technology's stock, which has surged by 348% year-to-date, driven by the growing demand for optical chips in data centers and the evolving market dynamics influenced by AI computing needs [3][36]. Group 1: Company Performance - Yuanjie Technology's stock reached a high of 633.39 yuan, making it the second-highest stock on the Sci-Tech Innovation Board [3]. - The company reported explosive growth in the first three quarters of 2025, with revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, up 19,348.65% [7]. - The gross margin improved to 54.76%, an increase of 33.42 percentage points year-on-year, primarily due to the growth of high-margin products in the data center market [7][29]. Group 2: Market Dynamics - The demand for AI computing is driving a transformation in interconnect technology, with a shift from traditional copper interconnects to more efficient optical interconnects [12][15]. - The transition to Co-Packaged Optics (CPO) architecture is expected to enhance performance and reduce operational costs in large-scale AI computing clusters [15][18]. - The penetration rate of silicon photonics in optical modules is projected to increase from 34% in 2023 to 52% by 2029, with the global market for silicon photonics in data centers exceeding $3 billion [20]. Group 3: Competitive Landscape - Major international companies like Lumentum and Coherent are advancing from 100G to 200G technology nodes, while domestic firms are upgrading from 50G to 100G [22]. - The domestic market for 50G EML chips is largely dominated by American and Japanese companies, with a localization rate of less than 20% [25]. - Yuanjie Technology's high-end products, such as the 100G EML chip, are positioned to benefit from the AI market's growth, as the company has successfully commercialized these products [25][36]. Group 4: Future Prospects - The company is in a critical transition phase from the telecom market to the AI-driven data center market, with a significant increase in data center revenue share from 15.8% in 2022 to 51.04% in 2024 [29][36]. - The ongoing development of 200G EML chips will be crucial for the company to capture market opportunities in the upcoming 1.6T era [35]. - The company's ability to maintain growth will depend on its product development and capacity expansion to meet the increasing demand for high-performance optical chips [39].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The high-end optical chip market is experiencing a supply shortage, accelerating domestic substitution [1] - The demand for optical chips is driven by the rapid development of AI and the need for high-speed communication networks [4][45] - The Chinese government is actively supporting the optical chip industry through various policies and initiatives [42] Summary by Sections 1. Scaling Law and AI Impact - The Scaling Law demonstrates a positive correlation between model performance and the scale of models, data, and computational resources [10] - North American cloud providers are increasing capital expenditures significantly, with a 76.9% year-on-year growth in Q3 2025 [13] - Chinese cloud providers are also ramping up investments in AI infrastructure, with a 32.2% increase in capital expenditures [14] 2. Optical Chips as Core Components - Optical chips are critical for modern high-speed communication networks, directly influencing transmission efficiency [27][30] - The optical chip market is expected to grow at a CAGR of 17% from 2025 to 2030, with total sales projected to rise from approximately $3.5 billion in 2024 to over $11 billion by 2030 [46] - The demand for high-speed optical chips is increasing due to the transition from 800G to 1.6T modules, necessitating advanced chip technologies [4][41] 3. Domestic Market Dynamics - The domestic optical chip industry is transitioning from low-end to high-end production, supported by government policies [42] - The AI data center market is becoming a core growth driver for the optical chip industry, with significant investments in high-speed optical modules [45] - The telecommunications market is also evolving, with increasing demand for high-speed, integrated, and intelligent communication networks [51] 4. Investment Recommendations - The report suggests focusing on companies like Yuanjie Technology and Shijia Photon, which are well-positioned to benefit from the growing optical chip market [5]