以下文章来源于科创板日报 ，作者笠晨 近期AI产业链利好消息接踵而至 ，谷歌新模型性能实现跨越式提升，其TPU算力表现亮眼，DeepSeek-V3.2正式版、亚马逊Trainium3先 后亮相，摩尔线程上市更是点燃市场热情；而英伟达、阿里、AMD等一众行业头部企业集体发声否认AI泡沫论，更为这一赛道的稳健发展注 入了强心剂。 得益于AI算力的爆发式扩张，光模块作为AI算力传输的"核心纽带"，带动A股光模块板块持续增长。光模块概念近日再度起航，Wind数据显 示，周五 光模块（CPO）指数再度创出新高 ，而A股有名的 "光模块三剑客"中际旭创、新易盛、天孚通信，无一不在今年屡创股价新高 ，更被股民们赠送外号"易中天"。截至周五收盘，中际旭创、新易盛、天孚通信 市值分别为6467亿元、4254亿元、1673亿元，均步入千 亿市值行列 。这充分印证了AI算力驱动下光模块赛道的高景气度。机构称，在AI算力需求驱动下，全球光模块产业正加速向800G/1.6T升 级。 | 合首页 | & Agent | | F5-光模块(CPO)指数 88412 | | + | | | | | | | | | | | V | | --- ...

今天，沉寂一段时间的A股再度迎来爆发。两市交易量在时隔20个交易日后，重新站上2万亿元高峰，当日成交额达2.05万亿元，比前一个交易日放量3000 多亿元，一扫市场持续缩量的阴霾。 三大股指呈现高开高走的强势格局，截至收盘，沪指报3924.08点，涨0.54%；深成指涨1.39%，创业板指放量大涨2.6%。全市场3400多家公司上涨，78只 个股涨停，赚钱效应回升。 从板块来看，科技赛道继续领跑全场，多只CPO概念股创历史新高；素有"牛市旗手"之称的券商股同步崛起，个股集体走强。这种市场格局折射出乐观情 绪的全面升温，究竟发生了什么？ 科技、券商等板块爆发 今天，科技板块表现亮眼，CPO概念股全线上扬，涨幅5.36%。其中，龙头股东田微20%涨停，天孚通信一度20%涨停，源杰科技、景旺电子涨10%，长 光华芯、仕佳光子、中际旭创、新易盛、胜宏科技等均大涨，多只个股创股价历史新高。此外，AI算力、半导体等科技细分赛道也同步走强，形成板块 联动效应。 | 涨幅榜 | 跌幅榜 | 量比 | 换手率 成交额 | | --- | --- | --- | --- | | 东田微 | | 164.14 | +20.00% ...

11月25日，大盘高开后单边走强，截至上午收盘，上证指数涨1.13%报3880.22点，深证成指涨2.04%， 创业板指涨2.6%，北证50涨1.65%，科创50涨1.36%，中证A500涨1.49%，A股半日成交1.18万亿元。 | 上证指数 | | 000001 | | | --- | --- | --- | --- | | 50.60 | | +43.45 +1.13% | ਐੱ | | SSE 11:30:03 交易中 | | 沪深市场核心指数 / ■ + | | | 会领 | | | 4663.91亿 | | 成交量 | | | 301.09亿 | | | | 3850.57 ( 0.36%) | | | 同高 | | 3882.03 ( 1.18%) | | | 最低 | | 3845.14 ( 0.22%) | | | HE ARTIN | 16.3 | 市海蒸Մ | 1.47 | | 5日 | -1.51% | 20日 | -2.71% | | 60日 | -0.09% | # | 15.77% | | 52周高 | 4034.08 | 52周低 | 3040.69 | 资金面，央行公告称，1 ...

Group 1 - The core viewpoint of the article is that Huylv Ecological is currently in the research and development phase of its CPO technology and will advance based on customer demand [2] Group 2 - The company responded to investor inquiries on October 9, indicating its commitment to developing CPO technology [2] - The company is actively engaging with investors regarding its technological advancements and future plans [2]

Core Viewpoint - Cambridge Technology (603083.SH) acknowledges that CPO technology is a key pathway to overcoming speed and power consumption bottlenecks in the optical communication field, but its commercialization process remains uncertain [1] Summary by Relevant Categories Technology Development - The company has initiated preliminary research and development related to CPO technology and has completed the development of some core technology samples [1] - Customer validation processes for CPO technology are currently underway [1] Market Uncertainty - There is significant uncertainty regarding the timeline from prototype to commercial deployment of CPO technology [1] - The impact of CPO technology on supply chain division and structure also carries considerable uncertainty [1]

Core Viewpoint - CPO technology is seen as a key technological path to break through the bottlenecks of speed and power consumption in the optical communication field, but its commercialization process remains uncertain [1] Company Summary - The company has laid out preliminary research and development related to CPO technology and has completed the development of some core technology samples while advancing customer validation [1] - There is uncertainty regarding the cycle from prototype to commercial deployment of CPO technology, which also significantly impacts the supply chain division and landscape [1]

Core Insights - The demand for AI computing power is rapidly increasing, driving the evolution of core components and packaging technologies in the optical communication industry [1] - The integration of AI and optical communication technologies is a focal point at the 26th China International Optoelectronic Expo, with companies actively responding to advancements in optical modules and Co-Packaged Optics (CPO) technology [1][2] Industry Trends - Major companies in the optical communication sector showcased their innovations at the expo, including products from Guangxun Technology and Luxshare Technology, focusing on CPO and 1.6T optical modules [2] - The global optical module market is expected to experience a structural explosion, reaching a market size of $12.1 billion by 2025, driven by AI computing clusters and supercomputing centers [3] Company Performance - NewEase achieved a revenue of 10.437 billion yuan in the first half of the year, a year-on-year increase of 282.64%, with net profit rising by 355.68% [4] - Zhongji Xuchuang reported a revenue of 14.789 billion yuan, up 36.95% year-on-year, with a net profit increase of 69.40%, driven by the demand for 800G and 1.6T products [4] - Tianfu Communication's revenue reached 2.456 billion yuan, a 57.84% increase year-on-year, with net profit growing by 37.46% [4] Technological Developments - Nazhen Technology reported a 124% year-on-year revenue growth, reaching 4.216 billion yuan, with optical module revenue accounting for 77.9% of total revenue [5] - The industry is witnessing a shift towards higher integration and miniaturization in optical interconnects, with CPO technology expected to penetrate over 20% of AI data centers by 2026 [3] Capacity Challenges - The industry is transitioning from a demand-focused phase to addressing challenges related to timely delivery and production capacity [6] - Companies are facing tight supply of key raw materials, which is impacting inventory management [7] - Guangxun Technology plans to raise up to 3.5 billion yuan for the production of optical connection and high-speed optical transmission products, indicating ongoing investment in capacity expansion [7]

Core Insights - The core viewpoint of the articles highlights the impressive performance of the two leading companies in the optical module industry, Zhongji Xuchuang and Xinyi Sheng, in the first half of 2025, with net profits of 3.995 billion and 3.942 billion yuan respectively, showcasing significant growth rates of 69.4% and 355.68% [1][3]. Financial Performance - Zhongji Xuchuang achieved a revenue of 14.789 billion yuan, a year-on-year increase of 36.95%, with a net profit of 3.995 billion yuan, reflecting a growth of 69.4% [3][4]. - Xinyi Sheng reported a revenue of 10.437 billion yuan, which is 4.352 billion yuan less than Zhongji Xuchuang, but with a remarkable year-on-year growth rate of 282.64%, and a net profit of 3.942 billion yuan, only 0.53 billion yuan lower than Zhongji Xuchuang, with a growth rate of 355.68% [3][5]. Growth Drivers - Zhongji Xuchuang's growth is attributed to a stable increase in volume and price, with a focus on high-end products, particularly the 800G and 400G optical modules [4][10]. - Xinyi Sheng's rapid growth is driven by an increase in the proportion of high-speed optical modules, improved internal cost control, and aggressive market expansion [5][6]. Profitability and Cost Structure - Zhongji Xuchuang's overall gross margin was 39.33%, with the optical module business gross margin around 40%, showing significant improvement compared to the previous year [7]. - Xinyi Sheng's point-to-point optical module gross margin was 47.48%, an increase of 4.12 percentage points year-on-year [8]. Cash Flow and Expense Management - Zhongji Xuchuang reported a net operating cash flow of 3.218 billion yuan, a year-on-year increase of 232.45%, primarily due to increased customer payments [9]. - Xinyi Sheng's net operating cash flow improved significantly to 0.953 billion yuan, a 427.67% increase year-on-year, reflecting enhanced cash flow management under high growth [9]. Market Trends and Future Outlook - The optical module industry is experiencing a shift towards the widespread adoption of 800G modules and the transition of 1.6T modules from testing to mass production, with CPO technology entering a critical development phase [2][10]. - Both companies are benefiting from the growing demand for AI computing power, particularly in the data center market, which is outpacing traditional telecom markets [10][11]. International Expansion - Zhongji Xuchuang's overseas sales accounted for 86.34% of total revenue, with significant investments in AI infrastructure from key overseas clients [12]. - Xinyi Sheng's overseas sales represented 94.4% of total revenue, with ongoing expansion of production capacity in Thailand [13].

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].

Group 1: Market Performance - The computing power sector experienced significant gains on July 31, with stocks such as Invec, Changfei Fiber, and Hewei Electric seeing consecutive increases, while Chunzhong Technology and Siquan New Materials reached their daily limit [1] - Notable stock performances included Invec (002837.SZ) with a price of 40.21, up 10.01%, and a market cap of 338.70 billion; Hewei Electric (603063.SS) at 37.90, also up 10.01%, with a market cap of 172.28 billion [2] Group 2: Industry Developments - Meta announced an increase in its capital expenditure forecast for 2025 to between 66 billion and 72 billion, driven by investments in talent, infrastructure, data centers, and energy to support the evolving AI competition [4] - Microsoft reported fourth-quarter revenue of 76.44 billion, exceeding analyst expectations, and projected capital expenditures for the next fiscal year to exceed 30 billion [4] - The Ministry of Industry and Information Technology in China emphasized the acceleration of high-quality development in computing power infrastructure during the release of the National Information Development Report (2024) [4] Group 3: Institutional Insights - Guosheng Securities noted that some CSP manufacturers have revised their annual expenditure forecasts upward, indicating a high demand for computing power, with light communication becoming a crucial component of AI infrastructure [5] - According to招商证券, there is a noticeable trend of computing power demand overflow from leading overseas manufacturers, with significant growth in international business for top IDC companies [5] - Huachuang Securities highlighted the rapid iteration of AI large models and smart hardware applications driving a surge in demand for high-performance servers, GPUs, and advanced PCBs [5]