Co-Packaged Optics (CPO) Book – Scaling with Light for the Next Wave of Interconnect 共封装光学（CPO）⼿册：⽤光连接下⼀波互联浪 潮 Scale-out and Scale-up CPO, CPO TCO and Power Budgets, DSP Transceivers vs LPO vs NPO vs CPO, TSMC COUPE, MZM vs MRM vs EAM Modulator Deep Dive, CPO Focused companies and CPO Supply Chain 横向扩展与纵向扩展 CPO、CPO 总拥有成本与功耗预算、DSP 收发器对⽐ LPO/NPO/CPO、台积电 COUPE 平台、MZM 与 MRM 及 EAM 调制器深度解析、CPO 领域 重点企业与产业链 DYLAN PATEL, DANIEL NISHBALL, MYRON XIE, AND 3 OTHERS DYLAN PATEL, DANIEL NISHBALL, MYRON XIE 等 3 ⼈ JAN 02, 2 ...

Core Viewpoint - The article discusses the current state and future potential of Co-Packaged Optics (CPO) technology in the AI infrastructure landscape, emphasizing that while CPO is seen as a next-generation technology, its widespread adoption is not imminent due to existing technological limitations and market dynamics [1][24]. Group 1: Current Industry Sentiment on CPO - Broadcom's CEO Hock Tan stated that silicon photonics will not play a significant role in data centers in the short term, indicating that CPO is not a leapfrog technology but rather a last resort when existing technologies reach their limits [1][24]. - Major industry players, including Arista, Credo, Marvell, and Lumentum, echoed similar sentiments at the Barclays Global Technology Conference, suggesting a cautious approach towards CPO adoption [1][24]. Group 2: Shift in Industry Focus - The AI industry has shifted its focus from merely increasing computing power to addressing interconnectivity and system-level architecture, as the bottleneck has moved from computational capacity to interconnect capabilities [3][4]. - Companies are now prioritizing terms like Scale-Out, Scale-Up, and Scale-Across, indicating a deeper understanding of the infrastructure bottlenecks in AI [4]. Group 3: Horizontal and Vertical Scaling - Horizontal scaling (Scale-Out) is currently dominated by pluggable optics, with CPO technology not yet widely adopted due to the existing 800G and 1.6T technologies still being the main focus [7][8]. - Vertical scaling (Scale-Up) was initially seen as a promising application for CPO, but its timeline has been pushed back, with large-scale deployment expected around 2027-2028 [9][10]. Group 4: Challenges Facing CPO - CPO faces significant challenges, including higher costs, reliability issues, and power consumption concerns, which have delayed its mass production [18][24]. - The complexity of system design and the need for a mature supply chain are also major obstacles to the widespread adoption of CPO technology [19][24]. Group 5: Alternative Solutions - Transition solutions like LPO, AEC, and ALC are increasingly being recognized as viable alternatives to CPO, with many companies focusing on these technologies to meet current demands [15][25]. - LPO technology has already seen large-scale deployment, providing cost and power advantages, while AEC and ALC are being developed to offer reliability similar to copper cables with the bandwidth of optical solutions [15][25]. Group 6: Future Outlook - Industry predictions suggest that CPO will begin to see deployment in specific high-density systems around 2028, but the current focus remains on optimizing existing technologies [26][27]. - The industry consensus is that CPO will not be the immediate solution until existing technologies reach their limits in terms of power, density, and reliability [27].

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 ...

12月22日，A股量价齐升，创业板指在科技股带动下涨逾2%，成交额仍低于1.9万亿元，近3000只个股收红。CPO （共封装光学）龙头股"易中天"（新易盛、中际旭创、天孚通信）集体大涨，海南自贸概念爆发。 受访人士表示，今日大涨显示市场底气仍在。预计短期内沪指在3800至3900点区间震荡。配置上建议均衡布局、严控 回撤，重点关注现金流稳定、基本面扎实的标的。 海南自贸概念掀涨停潮 沪指收涨0.69%报3917.36点，创业板指收涨2.23%报3191.98点，深证成指收涨1.47%。沪深300、上证50、北证50微 涨，科创50涨幅超过2%。 今日，市场交投回暖，成交额较上一交易日放大1335亿元，达1.88万亿元。截至12月19日，沪深京两融余额增至2.5万 亿元。 盘面上，科技、零售、贵金属齐飞，CPO概念、海南自贸、F5G概念大涨，半导体、电子元件、零售涨势也不错。 | 东财概念指数 | | | | 东财行业指数 | | | | | A股市场核心指数 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

Market Overview - A-shares experienced a significant rise with the ChiNext Index increasing by over 2%, driven by technology stocks, while the total trading volume remained below 1.9 trillion yuan [1] - The Shanghai Composite Index closed up 0.69% at 3917.36 points, and the ChiNext Index rose 2.23% to 3191.98 points, indicating a warming trading environment with a trading volume increase of 133.5 billion yuan compared to the previous day [2] Sector Performance - The technology, retail, and precious metals sectors saw substantial gains, with the CPO (Co-packaged Optical) concept, Hainan Free Trade Zone, and F5G concepts experiencing significant increases [4] - Among the 31 primary industries, 22 sectors closed in the green, with telecommunications leading the gains, followed by comprehensive, electronics, non-ferrous metals, and retail sectors, all exceeding 1% growth [4] Notable Stocks - Leading CPO stocks such as "Yizhongtian" (including Xinyi Sheng (300502), Zhongji Xuchuang (300308), and Tianfu Communication (300394)) saw collective significant increases [1] - Specific stocks like Ding Tong Technology, Te Fa Information, and Hengtong Optic-Electric reached their daily limit up [5][6] Trading Data - The trading volume for the telecommunications sector reached 156.1 billion yuan, with a year-to-date increase of 87.77% [5] - The electronics sector also performed well, with a trading volume of 318.2 billion yuan and a year-to-date increase of 44.80% [7] Hainan Free Trade Zone - The Hainan Free Trade Zone concept triggered a surge in stock prices, with 29 related stocks hitting the daily limit up, including Tianye Co., which rose by 29.89% [10] - Other notable stocks in this sector included Shennong Agriculture and Kangzhi Pharmaceutical, both achieving significant daily gains [10] Investment Strategy - Analysts suggest a balanced investment approach with a focus on stocks with stable cash flow and solid fundamentals, especially in the context of market fluctuations [1][12] - The market is expected to remain in a range between 3800 and 3900 points in the short term, with a recommendation to control drawdowns [1][12]

格隆汇12月17日｜A股市场CPO概念股走强，其中，联特科技涨超12%，炬光科技涨超10%，长飞光纤 10CM涨停，天孚通信、新易盛涨超7%，中富电路涨超6%，永鼎股份、光库科技、太辰光、景旺电 子、天通股份涨超5%，长芯博创、德科立、中际旭创、光迅科技、剑桥科技涨超4%。 ...

Summary of Conference Call Notes Industry and Company Overview - The discussion primarily revolves around the Chinese financial market, particularly focusing on monetary and fiscal policies, the bond market, the A-share market, and specific sectors such as AI, renewable energy, non-bank financials, innovative pharmaceuticals, machinery, and commercial aerospace. Key Points and Arguments Monetary and Fiscal Policy - Monetary policy remains accommodative, but the likelihood of further easing in 2026 is low; fiscal policy is actively supportive, focusing on livelihood, consumption, technological innovation, and local government debt resolution, with a projected fiscal deficit exceeding 6 trillion yuan in 2026 [1][2] Bond Market Dynamics - Long-term bond yields have significantly increased, with 1-year, 10-year, and 30-year government bond yields rising by 6.1 BP, 20.1 BP, and 39.6 BP respectively since the second half of the year, driven by reduced expectations for monetary easing, inflation recovery, and increased supply pressure [3] A-Share Market Outlook - The A-share market is expected to continue a slow upward trend, supported by a strong RMB exchange rate and resilient domestic economic fundamentals; the market is anticipated to remain in a consolidation phase without rapid increases or significant declines [4][5] Cross-Year Market Sentiment - The core of the cross-year market sentiment is the expectation of a spring rally in 2026, with recommendations to position for potential market movements in December [6] Sector Focus for 2026 - Key sectors to watch include AI (especially CPO), renewable energy (storage), non-bank financials, innovative pharmaceuticals, machinery, and non-ferrous chemicals; opportunities also exist in Hong Kong's internet sector and commercial aerospace [7][13] Specific Company Insights - **Sungrow Power Supply**: The fundamentals remain solid despite recent price drops; price increases in the storage supply chain are demand-driven and do not pose a significant risk [8][9] - **HiSilicon**: Facing significant unlocking pressure on January 27, which may create short-term challenges; however, opportunities in the renewable energy sector post-unlocking in February are noted [9] AI Industry Prospects - The AI sector, particularly in CPO, shows a clear and high certainty outlook; recent market fluctuations due to asset restructuring in specific companies do not significantly impact the overall AI industry [10] Opportunities in Non-Ferrous Metals - Focus on copper and tin, with additional attention to silver, nickel, and rare metals, which present substantial investment opportunities in the near term [11] Non-Bank Financial Sector - The non-bank financial sector is expected to perform well in 2026, supported by regulatory measures that enhance capital space and leverage limits for quality institutions, potentially increasing ROE [12] Commercial Aerospace Investment - The commercial aerospace sector is highlighted as a significant investment theme for 2026, with ongoing attention and optimism regarding its growth potential [13] Additional Important Insights - The RMB's appreciation historically supports an upward shift in A-share valuations, indicating a positive correlation between currency strength and market performance [4] - The overall sentiment suggests a strategic focus on sectors with high growth potential and favorable market conditions as the year-end approaches [13]

Core Viewpoint - The A-share market is experiencing a weak trend with a lack of clear leading sectors, characterized by a "pre-event wait-and-see" sentiment ahead of key policy announcements and external events [1][8][9]. Market Performance - The Shanghai Composite Index closed down 0.23% at 3900.5 points, while the ChiNext Index fell 0.02% to 3209 points. The Shenzhen Component Index rose 0.29% [2]. - Trading volume decreased to 1.79 trillion yuan, following a brief increase above 2 trillion yuan earlier in the week [4]. Sector Analysis - The real estate sector showed strength, with a 2.53% increase, while other sectors like banking, power equipment, and electronics saw declines [5][6]. - Defensive sectors and event-driven themes are expected to alternate in activity, but overall profitability remains limited [11][12]. Investment Trends - Investors are shifting from high-valuation growth sectors to lower-valuation sectors with clear policy or recovery expectations, such as real estate and consumer goods [13]. - The market is currently in a dual vacuum period, awaiting policy direction and external events, leading to cautious trading behavior [9][10]. Key Events to Watch - The upcoming Central Economic Work Conference and the Federal Reserve's interest rate decision are critical events that could influence market direction [8][10]. - The market is expected to remain in a consolidation phase until these events provide clearer signals [11][12].

Market Overview - A-shares experienced a significant increase in both volume and price, with daily trading volume surpassing 2 trillion yuan, indicating strong market momentum [1][14] - The ChiNext Index rose by 2.6%, with over 3,400 stocks closing higher, reflecting a broad-based rally in the market [1][14] Sector Performance - Technology stocks, particularly in the CPO (Chip-on-Board) sector, saw substantial gains, with the CPO concept rising nearly 6% [3][16] - Traditional sectors such as liquor, beverages, oil and gas, and white goods experienced slight declines, indicating a shift in investor preference towards technology [3][16] Key Stocks - Notable performers included Tianfu Communication, which surged over 19% to 236.9 yuan per share, and other tech stocks like Xin Yi Sheng and Zhong Ji Xu Chuang, which also saw significant price increases [6][18] - The communication sector led the gains, with a 4.79% increase, while the electronic sector rose by 2.60% [18] Market Sentiment - Investor sentiment was bolstered by favorable macroeconomic data and liquidity conditions, with expectations of continued upward momentum in A-shares [10][12] - The non-bank financial sector's rise reflects improved market confidence and expectations of better performance in the financial industry amid economic recovery [10][11] Future Outlook - Analysts suggest that while the current market momentum is supported by various factors, structural differentiation is increasing, necessitating close monitoring of policy developments and the sustainability of capital inflows [11][12] - The upcoming Central Economic Work Conference is anticipated to influence market sentiment and activity, with expectations of continued policy support for economic recovery [12]

Group 1 - The core focus of the news is the explosive performance of the CPO (Co-Packaged Optics) sector in the Chinese A-share market, with a trading volume reaching approximately 110 billion yuan within the first hour of trading, leading to a 5.36% increase in the sector index [1] - Major companies such as Tianfu Communication and Guangku Technology saw significant stock price increases, with industry giants like Zhongji Xuchuang and Renjia Photon hitting historical price records [1] - The surge in the CPO sector is attributed to a series of unexpected positive developments in the domestic and international AI industry, dispelling previous concerns about an "AI bubble" [2] Group 2 - Internationally, tech giants are engaged in an escalating arms race, with Amazon releasing the Trainium3 chip, which boasts a fourfold performance increase and a 40% improvement in energy efficiency compared to its predecessor [3] - AMD has received U.S. government approval to export its AI chip MI308 to China, injecting new vitality into one of the world's largest AI markets, despite a 15% tax [3] - Domestic AI advancements include DeepSeek's V3.2 release, achieving performance levels comparable to GPT-5, and ByteDance's collaboration with ZTE to develop a mobile AI agent prototype [3] Group 3 - Analysts from CITIC Securities highlight that the developments in AI technology, including Google's TPU and Amazon's Trainium3, illustrate a clear picture of the booming AI industry, likening it to an industrial revolution [4] - The performance of companies in the CPO and computing power sectors is robust, with significant profit growth reported ahead of the upcoming annual report disclosures [5] - Companies like Dongtianwei and Zhongji Xuchuang reported net profit increases of 99.2% and 90% respectively, while Xinyisheng's growth reached an astonishing 284% [5][6] Group 4 - The upcoming annual reports are expected to reveal strong performance, with the market anticipating a wave of exceeding expectations in the computing power sector [6] - Securities firms believe that the CPO and AI computing power sectors are far from over, with AI demand driving key components like high-end PCBs and CPOs into a phase of rising volume and price [6] - The domestic PCB industry, which accounts for over 50% of the global market, is expected to benefit from this global trend, with domestic AI chip market share projected to surpass that of foreign brands by 2026 [6]