OCS，AI新型网络架构下的创新光学底座

Summary of Conference Call Records Industry Overview - The conference call discusses the optical communication industry, specifically focusing on Optical Circuit Switch (OCS) technology and its market potential. The industry is expected to maintain high growth, particularly for leading optical module manufacturers in 2027-2028, making them a recommended investment direction [1][2]. Key Points and Arguments - Investment Opportunities: - Leading optical module manufacturers are highlighted for their high earnings certainty and reasonable valuations, with no signs of bubble formation for 2026 [2]. - Secondary overseas computing chain optical module manufacturers are also noted for having upward performance revision potential for 2026, presenting investment opportunities [3]. - Emerging Technologies: - New technologies are creating investment opportunities in three networking directions: Skill out (CPO/CPC), Skill up (OCS/OIO), and Skill across (hollow fiber). OCS is particularly noted for its low latency, low power consumption, and cross-generational hardware reuse advantages [1][5]. - OCS Technology: - OCS technology allows for direct switching of optical signals, achieving low latency (tens of nanoseconds) and low power consumption, while being transparent to data formats. However, it has longer switching delays (tens of milliseconds) and higher insertion losses [6][12]. - Major OCS technology solutions include MEMS (Google, Lumentum, Huawei) and liquid crystal (Coherent). MEMS is economically favorable but has longer switching times, while liquid crystal offers high reliability and scalability but requires optimization for switching times [7][8]. - Market Growth Predictions: - The OCS market is projected to exceed $1.6 billion by 2029, with potential market space estimated at $2 billion by Coherent [4][12]. Additional Important Content - Challenges with Traditional Circuits: - Traditional circuits face issues like packet loss during data transmission. OCS networking aims to reduce data loss and enhance performance in large-scale training clusters by providing more reliable data transmission paths [13]. - Impact of Supernode Networking: - The increasing demand for supernode networking highlights OCS's advantages in high predictability and high certainty traffic transmission scenarios, particularly in interconnections between racks or pods [14]. - OCS Industry Chain: - The OCS industry chain includes core components such as MEMS chips, optical circulators, lenses, and wavelength division multiplexers. It also involves the entire OCS system manufacturing process [15]. - Domestic Participation: - Domestic companies are primarily involved in various optical components or crystal materials and system manufacturing, playing a significant role in advancing OCS technology [16].