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

Summary of the Conference Call on Silicon Photonic Module Industry Industry Overview - The silicon photonic module industry is expected to experience rapid growth driven by AI, with the penetration rate of 1.6T optical modules and silicon photonic technology projected to rise from 20% to over 50% by 2026, benefiting from cost advantages and production capacity improvements [1][2][7] Key Points and Arguments - Cost Efficiency: Silicon photonic solutions utilize silicon substrates to integrate modulators, detectors, and waveguides, achieving high integration and low costs. For 800G optical modules, only four continuous wave (CW) laser sources are needed, significantly reducing costs compared to traditional EML solutions [1][5][8] - Supply Constraints: The 200G EML chip is in short supply due to high process barriers and low yield, making silicon photonic solutions more attractive for 1.6T demand. Downstream customers are increasingly accepting silicon photonic technology in data centers, with expectations for significant adoption by 2026 [2][23] - Market Dynamics: The current market focus is on the supply side, particularly the availability of core materials such as 200G EML chips and CW laser sources. While indium phosphide material supply is sufficient, the 200G EML chip remains critically tight due to its complex manufacturing process [2][20][31] Important but Overlooked Content - Integration and Production: The design of silicon photonic integrated circuits (PIC) is primarily led by North American companies, with wafer foundry services concentrated among a few firms like Tower Semiconductor. Investors should monitor Tower's capacity expansion and distribution [2][25] - Future Trends: The industry is expected to shift towards single-sided integration to enhance integration density and reduce losses between discrete components. This transition will be crucial as the market approaches the next generation of products [11] - Investment Opportunities: Investors should focus on companies leading the transition from traditional solutions to silicon photonic solutions, as these firms are likely to enjoy high margins and solidify market share. Additionally, attention should be given to upstream material supply situations to assess overall industry supply-demand balance and price trends [29][30][37] Conclusion - The silicon photonic module industry is poised for significant growth, driven by technological advancements and supply-demand dynamics. Key players such as Zhongyi Xuchuang and NewEase are recommended for investment, particularly in light of potential supply gaps in critical components like CW laser sources and Faraday rotators [36][37]