证券日报网讯1月8日，三安光电（600703）在互动平台回答投资者提问时表示，公司光技术产能2750 片/月，可提供用于800G光模块的CW光源、VCSEL、EML、PD、EMPD等激光器、探测器产品，目前 已实现批量出货，客户以国内为主。 ...

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%。 ...

Group 1: Company Overview and Market Position - The company has established partnerships with major domestic clients and is actively expanding into international markets [1][2] - The 200G and below low-speed optical modules have achieved stable mass production, while 400G/800G high-speed modules are in the sample testing phase with expected small batch shipments in Q2 2026 [1][2] Group 2: Strategic Development and Capacity Expansion - The company adopts a customer demand-driven approach for capacity expansion, focusing on small batch production to explore market needs before scaling up [3] - A stepwise development strategy is employed, starting with mature products to build customer resources and industry experience before moving to high-value products [3] Group 3: Importance of 200G and Below Optical Modules - The decision to prioritize 200G and below optical modules is based on their strong demand stability and significant economies of scale, which enhance market competitiveness [5] - Stable mass production of these modules supports the development of high-speed module production lines and improves overall operational efficiency [5] Group 4: Core Competencies and Innovations - The company has strong capabilities in scaling production and converting laboratory technologies into market-ready products, which benefits the optical communication business [6] - Emphasis on innovation and cost structure optimization through continuous process improvements and automation enhances competitive advantages [7] Group 5: Micro LED Technology Strategy - The Micro LED optical interconnect technology addresses key issues in high bandwidth and high-speed scenarios, positioning the company for long-term growth in optical communication [8][10] - Current focus is on achieving breakthroughs in core light source technology and building intellectual property barriers for future industrialization [10] Group 6: Smart Terminal Business Outlook for 2026 - The smart terminal business is expected to recover in 2026 due to global layout strategies, automation improvements, and diversification of product offerings [10]

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 Conclusions - The report emphasizes that companies that are the first to enter mass production of silicon photonic modules are likely to enjoy high margins during the industry's acceleration phase and benefit from market share consolidation [1][8] - Leading silicon photonic module manufacturers are expected to receive priority supply chain support, with key materials such as silicon photonic chips and CW light sources likely to see accelerated domestic substitution and market share breakthroughs [1][8] Industry Overview - Since 2025, the optical module industry has maintained high prosperity due to the continuous growth in AI computing demand. Silicon photonic modules are gaining recognition from end customers due to their high integration, low energy consumption, and low cost. Additionally, silicon photonic solutions are becoming a key supplement to capacity supply amid shortages of EML raw materials [5] - Silicon photonic technology is currently in the phase of integration and application, with future trends pointing towards higher speeds, greater integration, advanced packaging, and broader application fields [5] Physical Structure Analysis - Key components of silicon photonic modules include: 1. Lasers: Responsible for converting electrical signals into optical signals, with external CW light sources being the mainstream solution. Heterogeneous bonding technology is expected to become the mainstream solution for on-chip lasers in the future. 2. Modulators: Currently dominated by silicon-based substrates, with MZM being the mainstream solution. Thin-film lithium niobate modulators are expected to see large-scale application in the 3.2T era. 3. Detectors: Silicon-based germanium detectors are the mainstream solution. 4. Other passive devices: Such as (de)multiplexers, resonators, etc. 5. Electrical chips: Such as DSP, TIA, Driver, etc. [6] Industry Chain Analysis - The silicon photonic module industry chain can be divided into several segments: 1. Upstream: Key materials, including silicon photonic chips, which are primarily designed by North American manufacturers. The wafer foundry segment has high process barriers, with capacity concentrated in Tower Semi, GF, and TSMC. 2. CW Light Sources: Mainly composed of InP, with major suppliers including Sumitomo Electric and AXT. Domestic suppliers include Yuanjie Technology and Shijia Photonics. 3. DSP: Mainly designed by Broadcom and Marvell, with TSMC responsible for foundry. 4. Midstream: Optical module packaging, with representative companies such as Zhongji Xuchuang and Xinyi Technology. 5. Downstream: System integrators or end customers [7] Investment Recommendations - Companies that lead in the mass production of silicon photonic modules are expected to enjoy high margins and benefit from market share consolidation during the industry's acceleration phase. Key areas of focus include: 1. Silicon photonic chip design: Attention should be paid to the layout and further participation of optical module manufacturers in the silicon photonic chip design segment, with recommendations to focus on Zhongji Xuchuang and Xinyi Technology. 2. Substrates and epitaxy: Focus on heterogeneous integration and InP material suppliers, recommending Sumitomo Electric and AXT. 3. Silicon photonic wafer foundry: Monitor capacity scale and expansion, as well as the potential for domestic substitution, recommending Tower Semi, GlobalFoundries, TSMC, and SMIC. 4. CW Light Sources: Look for investment opportunities amid supply-demand mismatches and capacity expansion, recommending Yuanjie Technology and Shijia Photonics. 5. Silicon photonic modules: Focus on companies that achieve early scale and technological leadership, which may significantly enhance profitability, recommending Zhongji Xuchuang, Xinyi Technology, Cambridge Technology, Tianfu Communication, and Guangxun Technology [8]

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [11]. Core Insights - The report highlights that the silicon photonics module industry is experiencing high growth driven by increasing AI computing power demands and the advantages of silicon photonics technology, such as high integration, low energy consumption, and cost-effectiveness [7][10]. - The report identifies a shift in the industry towards silicon photonics as a key supply supplement due to shortages in EML raw materials, indicating a growing acceptance of silicon photonics solutions among end customers [27][28]. Summary by Sections Silicon Photonics Technology Overview, Industry Rhythm, and Development Trends - Silicon photonics technology utilizes silicon as the optical medium and is compatible with CMOS processes to manufacture photonic and optoelectronic devices, enabling applications in optical communication and computing [7][16]. - The current stage of silicon photonics technology is focused on integration and application, with future trends pointing towards higher speeds, greater integration, advanced packaging, and broader application fields [29]. Breakdown of Silicon Photonics Principles and Structural Components - Key components include: 1. Lasers: External CW lasers are the mainstream solution, with heterogeneous bonding technology expected to become prevalent for on-chip lasers [8]. 2. Modulators: Silicon-based substrates are predominant, with MZM being the mainstream solution [8]. 3. Detectors: Silicon-germanium detectors are the mainstream solution [8]. 4. Other passive devices include multiplexers and resonators [8]. Analysis of the Silicon Photonics Module Industry Chain - The industry chain is divided into three segments: 1. Upstream: Core materials, including silicon photonic chips, with design led by North American firms and manufacturing concentrated among a few foundries [9]. 2. Midstream: Module packaging, with leading companies closely collaborating with clients and maintaining high market shares [9]. 3. Downstream: System integrators or end customers [9]. Investment Recommendations - Companies that lead in the mass production of silicon photonics modules are expected to enjoy high margins and benefit from market share consolidation [10]. - Key areas of focus include: 1. Silicon photonic chip design: Companies like Zhongji Xuchuang and Xinyi Sheng are recommended for their strategic positioning [10]. 2. Substrate and epitaxy: Companies like Sumitomo Electric and AXT are highlighted for their roles in material supply [10]. 3. Silicon photonic wafer foundries: Tower Semiconductor, GlobalFoundries, TSMC, and SMIC are noted for their capacity and expansion potential [10]. 4. CW light sources: Companies like Yuanjie Technology and Shijia Photonics are recommended due to supply-demand mismatches [10]. 5. Silicon photonic modules: Companies like Zhongji Xuchuang, Xinyi Sheng, Cambridge Technology, Tianfu Communication, and Guangxun Technology are highlighted for their technological leadership [10].

东北证券指出，光模块行业景气度持续攀升，明年需求可见度较高，订单指引持续上修，供不应求 将成为行业常态。上游物料是影响光模块厂商交付能力的核心因素，需重视EML光芯片、CW光源、硅 光芯片、无源光器件等上游核心环节的投资机遇。硅光技术优势显著，正持续夺取EML市场份额，尤 其在1.6T速率下表现突出。行业头部企业正积极扩充产能，Tower半导体计划加码硅光子和硅锗业务， 目标2025年硅光子收入超过2.2亿美元。光模块与光芯片业务正从技术突破迈向规模放量阶段，未来将 通过深度协同与创新适应市场变化。 通信ETF（515880）跟踪的是通信设备指数（931160），该指数聚焦于通信设备制造及相关服务领 域，从市场中选取涉及通信网络基础设施、终端设备生产等业务的上市公司证券作为指数样本。指数成 分股通常具备较高的技术含量和研发投入，能够综合反映通信设备行业的整体表现和发展趋势。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需 ...

Group 1 - The company positions itself as a provider of overall optical device solutions and advanced optoelectronic packaging manufacturing services [1] - Its products are widely used in telecommunications, data centers, fiber connections, and automotive auxiliary driving laser radar applications [1] - The company does not currently produce continuous wave (CW) light sources [1]

Summary of the Conference Call for Shijia Photonics Company Overview - **Company**: Shijia Photonics - **Industry**: Data Communication and Optical Components Key Points and Arguments 1. **Financial Performance**: Shijia Photonics successfully transformed into the data communication market, achieving profitability with a quarterly profit of 20 million yuan. The total profit for the first three quarters of 2025 reached 306 million yuan, although the growth rate in Q3 showed a decline compared to Q2. A recovery is expected in Q4 [2][4][10] 2. **AWG Business**: The Arrayed Waveguide Grating (AWG) business benefits from the demand for wavelength division multiplexing in data center optical modules, particularly excelling in the FR solution. The penetration rate is continuously increasing, with Shijia Photonics having achieved mass production of 1.6T AWG products, capturing approximately 50% of the domestic market [2][6][11] 3. **NPO Business**: The NPO (High-Density Wiring) business focuses on interconnections between data center switches. Following the acquisition of Foxmar, Shijia Photonics aims to enhance gross margins and accelerate overseas growth. The company is expected to improve its competitive position in the NPO market [2][7][11] 4. **CW Light Source Business**: The Continuous Wave (CW) light source business is projected to achieve significant breakthroughs by 2026. The global supply-demand gap for CW light sources is widening, providing opportunities for Shijia Photonics to increase its market share. The company has accumulated technology and sufficient MOCVD equipment to handle a large volume of orders [2][8][9][11] 5. **Growth Potential**: All three core business lines (AWG, NPO, CW light source) exhibit high growth potential, with a conservative estimate of net profit exceeding 1 billion yuan next year. These segments not only support current performance but also prepare for new demands in CPU scenarios [3][10] Additional Important Insights 1. **Market Dynamics**: The AWG business is expected to grow faster than the overall 800G market due to increasing downstream demand and higher silicon photonics penetration [11] 2. **Strategic Acquisitions**: The acquisition of Foxmar is anticipated to enhance Shijia Photonics' gross margins and facilitate overseas expansion, addressing the competitive landscape in the NPO sector [7][11] 3. **Technological Advancements**: Shijia Photonics has made significant technological advancements in CW light sources, positioning itself to capitalize on the growing global demand and supply gap [8][9][11]

Core Insights - The company, Zhao Chi Co., has announced that its 25G DFB laser chip has achieved mass production capability [1] - The 2.5G optical chip is progressing towards mass production to achieve self-sufficiency in core raw materials [1] - The company plans to launch 50G and above DFB chips and CW light sources by 2026, focusing on high-end products [1] - The company is investing in research and development for Micro LED technology, aiming to address low latency, high bandwidth, and low power consumption needs in AI deployment [1] Company Developments - Zhao Chi Co. has successfully developed a 25G DFB laser chip that is ready for mass production [1] - The company is advancing the mass production of its 2.5G optical chip to ensure independence in core material supply [1] - Future product plans include the introduction of 50G and higher DFB chips and CW light sources by 2026 [1] Industry Trends - The company is focusing on the next-generation optical communication technology based on Micro LED, which is characterized by a "wide and slow" approach [1] - Increased investment in Micro LED optical interconnect technology is aimed at meeting the demands of AI applications [1]