Market Overview - A-share market sentiment has shown significant recovery, with margin trading balances indicating strong investor willingness to buy [1][4] - Major indices closed positively last week, with the Shanghai Composite Index rising by 2.88%, Shenzhen Component Index by 4.73%, and ChiNext Index by 8.05% [4] - The 每经品牌100 Index increased by 3.62%, closing at 1222.22 points, successfully reclaiming the 1200-point mark [4] Company Performance - Over 70% of the 每经品牌100 Index constituent stocks saw price increases, with Luxshare Precision (立讯精密) leading with a weekly gain of 15.17% [4][6] - Tencent and Alibaba-W experienced significant market capitalization growth, with increases of 2700.33 million and 2653.27 million respectively [4] Economic Indicators - China's GDP growth for Q3 was reported at 4.8% year-on-year, indicating stable total output but a decline in demand [4] - The Producer Price Index (PPI) is showing initial effects of anti-involution policies, while the Core Consumer Price Index (CPI) continues to improve [4] Policy and Market Expectations - Recent important meetings are expected to provide new policy expectations and investment clues for the A-share market, guiding resources towards key sectors [5] - The potential for monetary easing, including reserve requirement ratio cuts and interest rate reductions, is anticipated in Q4, supported by a more accommodative monetary environment due to the Federal Reserve's actions [4] Luxshare Precision Developments - Luxshare Precision is benefiting from strong iPhone 17 sales, enhancing its profit potential [6] - The company is expanding its business beyond the Apple supply chain, integrating various new product lines and achieving vertical integration in its electrical connections [7] - Luxshare is also developing AI computing platforms and has begun small-scale shipments of 800G optical modules to international clients, with plans for further upgrades to high-spec products [7]

AI训练集群和超大规模数据中心的快速扩张，正让全球算力基础设施面临前所未有的互连压 力。过去数年间，数据中心的整体带宽提升了80倍；交换芯片功耗增加8倍；光模块部署量 增长26倍；SerDes接口数量更是扩张了25倍。与此同时，互连速率也从25G/100G 迅速演进 至400G/800G，并预计将在2027年突破至3.2T。 在这一趋势下，传统的可插拔光模块因功耗高、带宽受限，已难以支撑未来大规模算力集群 的互连需求。作为解决之道，光电共封（CPO）正快速崛起，并成为产业关注的焦点。 什么是CPO？ CPO的全称是Co-Packaged Optics，中文名为光电合封或共封装光学。它是一种新型的光电子集 成技术，通过 2.5D/3D 先进封装技术，将交换芯片与光学引擎共同集成在同一个基板上。这种技 术的主要目标和优势在于：能够使光信号和电信号在芯片内部直接转换，大幅减小封装尺寸，提高 数据转换效率。为实现高带宽、低延迟的光电互连提供了新的解决方案。 CPO的兴起并非偶然，而是数据中心和高性能计算系统在带宽与能耗上遇到瓶颈后的必然选择。 传统数字MAC（乘加运算）的延迟会随着矩阵规模的增大而增加。当矩阵规模达到 ...