未知机构：建投通信CPOOIO带来广阔市场机遇算力连接板块股价被错杀-20241231

Key Points Industry and Company Involved - Industry: CPO/OIO (Coherent Optical Interconnect/Optical I/O) technology in the data center and high-speed connectivity sector. - Company: Broadcom, NVIDIA, and other CSP (Communication Service Provider) firms. Core Views and Arguments - Rationale for CPO/OIO Deployment: - Signal modulation rates are increasing, leading to shorter transmission distances for electrical signals in metal media [1][2]. - CPO/OIO is necessary to overcome the limitations of current copper and optical module solutions [3][7][9]. - CPO/OIO Development: - Broadcom has already shipped 6.4T OIO and 51.2T CPO switches for internal testing by CSPs [3]. - NVIDIA has CPO switch samples that may be showcased at GTC/ComputeX [3]. - The next generation 448G SerDes will likely see a rapid increase in CPO/OIO penetration rates, but its development timeline is uncertain [3]. - Challenges and Opportunities: - High manufacturing and testing complexities for high-speed optical modules [4][5]. - CPO/OIO presents a significant market opportunity for optical module, device, and chip companies [7]. - Reliability issues, such as link flaps and temporary faults, are being addressed through various solutions [6][11]. - The current copper cable solutions remain dominant and are expected to see substantial revenue growth during the initial production phase [13]. Other Important Content - CPO/OIO Supply Chain Analysis: - Key players in the CPO/OIO supply chain include PIC chips (dominated by domestic and overseas players), EIC chips (mainly overseas and domestic analog chip companies), and passive components (dominated by domestic manufacturers and TSMC ecosystem companies) [9]. - Interposer and photonic hybrid interposer are produced by TSMC ecosystem companies and domestic PCB and substrate companies [9]. - Manufacturing and Testing Challenges: - High complexity and potential value in the manufacturing and testing processes [10][14]. - The removal of DSP can significantly improve performance [16].