行 半导体 2026 年 02 月 04 日 业 研 究 半导体 薄膜铌酸锂：受益 AR 眼镜和光通信产业趋势 投资要点： 铌酸锂和薄膜铌酸锂 铌酸锂（LiNbO₃）是一种典型铁电单晶功能氧化物，被集成/导波 光学长期视为"基础功能材料平台"。 行 业 专 题 报 告 薄膜铌酸锂（TFLN/LNOI）是把单晶 LiNbO₃ 做成亚微米薄膜， 由于 LiNbO₃/SiO₂ 折射率对比更高，可实现更强光场约束与更小弯曲 半径，显著缩小器件尺寸、提高片上集成密度。相比传统体铌酸锂波 导工艺因折差弱导致结构尺度被限制、难以高密度集成，LNOI 通过"薄 膜化+高折差"把铌酸锂的电光/非线性优势带到纳米级强约束光子结构 中，并更接近成熟半导体光子平台的可扩展制造路径。 产业趋势&竞争格局 伴随 5G/6G、AI 算力增长、数据中心升级及 AR 智能眼镜兴起， 铌酸锂晶体凭借优异的压电、铁电与电光性能，成为新一代光子芯片 的核心基础材料。随着大尺寸制备与薄膜化技术突破并实现量产，其 在光通信、射频器件和消费电子等领域需求激增，市场规模持续扩大。 产业链上，中国已成全球铌酸锂制造重镇，中国产能占全球 42% （Creden ...

为什么薄膜铌酸锂是单波400G的必选项？ 目前，单波400G在硅光路径上已触及物理天花板。 薄膜铌酸锂（TFLN），凭借超高电光系数与实测110GHz+带宽（实验室已达260Gbaud），成为实现单波400G唯一 具备工程可行性的"性能引擎"。 【中信通信】薄膜铌酸锂：单波400G必选项，受益3.2T+CPO，关注安孚+天通！ 将薄膜铌酸锂切片后，采用Dieto Wafer（或Wafer to Wafer）工艺，通过异质集成技术键合至制备完成的SOI晶圆 上，实现晶圆级异质集成高速调制器芯片的量产。 "硅光+薄膜铌酸锂"异质集成方案是3 【中信通信】薄膜铌酸锂：单波400G必选项，受益3.2T+CPO，关注安孚+天通！ 为什么薄膜铌酸锂是单波400G的必选项？ 目前，单波400G在硅光路径上已触及物理天花板。 薄膜铌酸锂（TFLN），凭借超高电光系数与实测110GHz+带宽（实验室已达260Gbaud），成为实现单波400G唯一 具备工程可行性的"性能引擎"。 "硅光+薄膜铌酸锂"异质集成方案是3.2T光模块必选项！实现"硅光控成本、铌酸锂提性能"的效果。 预计CPO和OIO场景，薄膜铌酸锂也会大量使用。 此 ...

Core Viewpoint - The article discusses the performance and investment strategies of several mutual funds, highlighting their focus on sectors such as AI, innovative pharmaceuticals, and carbon neutrality, which are expected to yield significant returns in the current market environment [3][10][15]. Group 1: Fund Performance and Holdings - The "Zhonghang Opportunity Leading" fund reported a remarkable performance of 127.17% in the first three quarters, ranking 4th among actively managed equity funds, with a total scale of 132.31 billion yuan, nearly a 12-fold increase from the previous quarter [5][10]. - The "Yongying Medical Innovation Selection" fund achieved a performance of 114.01%, ranking in the top 20 among actively managed equity funds, with a scale of 78.29 billion yuan, reflecting a growth of 157.28% from the previous quarter [10][13]. - The "Penghua Carbon Neutral Theme" fund recorded a performance of 111.79% in the first three quarters, with a stock position of 89.95% [15][17]. Group 2: Investment Focus Areas - The "Zhonghang Opportunity Leading" fund primarily invests in the AI computing power industry chain, with a stock position of 88.56%. Key holdings include Yingweike, Xinyi Sheng, and Zhongji Xuchuang, all of which have seen significant price increases this year [5][8]. - The "Yongying Medical Innovation Selection" fund focuses on innovative pharmaceuticals, with major holdings in Kangfang Bio and Xinda Bio, both exceeding 700 million yuan in market value [10][12]. - The "Penghua Carbon Neutral Theme" fund emphasizes manufacturing, new energy, and new technologies, with significant profits reported in the third quarter [15][17]. Group 3: Market Outlook and Trends - The article suggests that the growth potential for AI computing power remains high, with a focus on long-term investment opportunities in emerging technologies [8][17]. - The innovative pharmaceutical sector is expected to become a key investment theme, similar to the explosive growth seen in the CXO sector from 2018 to 2019 [13]. - The AI technology cycle is anticipated to last at least 5 to 10 years, with significant investment opportunities in robotics and new industrial technologies [17][23].

Summary of Conference Call Records Industry Overview - The conference call discusses the AI industry and its related technologies, particularly focusing on the optical and semiconductor sectors, including CPO (Co-Packaged Optics) and thin-film lithium niobate technologies [1][2][4]. Key Points and Arguments AI Industry Dynamics - Short-term market fluctuations are normal, with significant structural rotation observed. Leading overseas computing chain companies like Xuchuang and Xinyi Sheng are expected to show strong performance and valuation support [1][2]. - The third quarter report window in October is anticipated to reinforce AI industry logic, potentially leading to a new market rally [1][4]. - After October, valuations for leading overseas computing chain companies are expected to switch to over 30 times next year's earnings, while current valuations remain below 20 times due to rapid performance release [1][4]. Domestic Computing Chain - The domestic computing chain, particularly in the edge computing sector, is also noteworthy. The fourth quarter is seen as a catalyst-rich period, with significant investments from major players like Alibaba Cloud and Huawei [1][5]. - Events such as the ByteDance AI conference and Huawei Mate 80 launch are expected to catalyze market movements, leading to a bullish trend in the autumn [1][5]. CPO and Thin-Film Lithium Niobate Technologies - CPO technology aims to reduce power consumption in data centers by eliminating DSP in optical modules, potentially lowering power usage by 30%-40% [1][6][7]. - Thin-film lithium niobate technology enhances modulation rates and is suitable for high-performance applications like 3.2T [3][24]. - The industry is expected to see a shipment volume of around 30,000 units by 2026, primarily led by NVIDIA [14][15]. Market Acceptance and Challenges - The acceptance of CPU solutions in North American data centers is gradually increasing, with major clients including Google, Meta, and Microsoft [15]. - Current challenges for CPO technology include low yield rates (around 50%), which lead to higher costs. If yield rates improve to 80%, market penetration is expected to increase [14][17]. Additional Important Insights - The optical module industry is experiencing rapid growth, with significant measures being taken to reduce power consumption, such as removing DSP and improving connection methods [8][9]. - The thin-film lithium niobate industry chain consists of several stages, including crystal growth, wafer cutting, chip manufacturing, and sales to optical module manufacturers [29][30]. - Companies like Nio Optoelectronics and Guangke Technology are noted for their competitive edge in the thin-film lithium niobate chip sector [30]. Conclusion - The AI and optical technology sectors are poised for significant growth, driven by advancements in CPO and thin-film technologies. The upcoming quarterly reports and major industry events are expected to catalyze market movements and reinforce investment opportunities in these areas [1][4][5].