1161 lines
50 KiB
HTML
1161 lines
50 KiB
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<div id="particles-js" class="particle-container"></div>
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<div class="container mx-auto px-4 py-8 max-w-7xl">
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<!-- 标题部分 -->
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<div class="text-center mb-12">
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<h1 class="text-4xl md:text-5xl font-bold mb-4 text-gradient">光通信CPO技术发展分析</h1>
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<p class="text-lg text-slate-300 max-w-3xl mx-auto">CPO（共封装光学）技术正处于商业化前夜，将重塑高速光通信市场格局</p>
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</div>
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<!-- 概念事件部分 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 text-blue-400">概念事件</h2>
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<div class="highlight-box rounded-lg p-4 mb-4">
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<p class="mb-2"><strong>背景：</strong>CPO（Co-Packaged Optics，共封装光学）技术通过将光引擎与交换芯片封装在同一基板上，解决传统可插拔光模块在高速率（1.6T+）场景下的功耗、延迟和集成度瓶颈。</p>
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</div>
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<h3 class="text-xl font-semibold mb-3 text-purple-400">催化事件</h3>
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<div class="space-y-3">
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<div class="flex items-start">
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<div class="flex-shrink-0 w-8 h-8 rounded-full bg-blue-500 flex items-center justify-center text-white font-bold mr-3">1</div>
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<div>
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<p class="font-medium text-amber-400">2025年3月</p>
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<p>英伟达计划在GTC大会发布CPO交换机新品（支持115.2Tbps），预计8月量产（台积电3nm工艺）。</p>
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</div>
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</div>
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<div class="flex items-start">
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<div class="flex-shrink-0 w-8 h-8 rounded-full bg-blue-500 flex items-center justify-center text-white font-bold mr-3">2</div>
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<div>
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<p class="font-medium text-amber-400">2025年1月</p>
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<p>博通51.2T CPO交换机Bailly量产，功耗降低70%；Marvell推出3D硅光引擎（200G/通道）。</p>
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</div>
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</div>
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<div class="flex items-start">
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<div class="flex-shrink-0 w-8 h-8 rounded-full bg-blue-500 flex items-center justify-center text-white font-bold mr-3">3</div>
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<div>
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<p class="font-medium text-amber-400">2024年</p>
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<p>台积电COUPE平台验证1.6Tbps光引擎，2025年Q4量产；国内新华三、锐捷网络发布CPO交换机。</p>
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</div>
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</div>
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<div class="flex items-start">
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<div class="flex-shrink-0 w-8 h-8 rounded-full bg-blue-500 flex items-center justify-center text-white font-bold mr-3">4</div>
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<div>
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<p class="font-medium text-amber-400">长期里程碑</p>
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<p>LightCounting预测2029年CPO端口超1800万个（2024年仅5万），2033年市场规模达26亿美元（CAGR 46%）。</p>
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</div>
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</div>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 text-blue-400">核心观点摘要</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="highlight-box rounded-lg p-4">
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<h3 class="text-lg font-semibold mb-2 text-purple-400">阶段判断</h3>
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<p>CPO处于<strong class="text-green-400">商业化前夜</strong>，2025-2026年为量产元年，技术路径（硅光+3D封装）已验证，但生态和标准仍需完善。</p>
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</div>
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<div class="highlight-box rounded-lg p-4">
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<h3 class="text-lg font-semibold mb-2 text-purple-400">核心驱动力</h3>
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<p>AI算力集群（万卡级）对低功耗（<strong class="text-green-400">功耗降50-70%</strong>）、高带宽（1.6T+）的刚性需求，叠加头部厂商（英伟达、博通）强推。</p>
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</div>
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<div class="highlight-box rounded-lg p-4">
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<h3 class="text-lg font-semibold mb-2 text-purple-400">未来潜力</h3>
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<p>2030年CPO将主导3.2T以上互联，光引擎市场空间超<strong class="text-green-400">100亿美元</strong>（中性假设）。</p>
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</div>
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</div>
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</div>
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<!-- 概念的核心逻辑与市场认知分析 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 text-blue-400">概念的核心逻辑与市场认知分析</h2>
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<div class="mb-6">
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<h3 class="text-xl font-semibold mb-3 text-purple-400">核心驱动力</h3>
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<div class="space-y-3">
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<div class="flex items-start">
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<i class="fas fa-microchip text-blue-400 mt-1 mr-3"></i>
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<div>
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<p class="font-medium">技术突破</p>
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<p>硅光工艺成熟（台积电3nm MRM调制器）、3D封装（COUPE平台）解决集成度问题。</p>
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</div>
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</div>
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<div class="flex items-start">
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<i class="fas fa-chart-line text-blue-400 mt-1 mr-3"></i>
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<div>
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<p class="font-medium">需求爆发</p>
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<p>AI集群光模块/GPU比例从1:3升至1:10（百万卡集群），传统方案功耗瓶颈凸显（800G模块单端口16-18W）。</p>
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||
</div>
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</div>
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<div class="flex items-start">
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<i class="fas fa-dollar-sign text-blue-400 mt-1 mr-3"></i>
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<div>
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<p class="font-medium">成本拐点</p>
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<p>博通Bailly方案显示CPO交换机<strong class="text-green-400">总成本降低30%</strong>，规模化后优势扩大。</p>
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||
</div>
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</div>
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</div>
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</div>
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<div class="mb-6">
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<h3 class="text-xl font-semibold mb-3 text-purple-400">市场热度与情绪</h3>
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<div class="space-y-3">
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<div class="flex items-start">
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<i class="fas fa-newspaper text-blue-400 mt-1 mr-3"></i>
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<div>
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<p class="font-medium">研报密集度</p>
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<p>2025年Q1以来，国盛、开源、中金等机构发布超10篇CPO专题，情绪从"概念炒作"转向"订单验证"。</p>
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</div>
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</div>
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<div class="flex items-start">
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<i class="fas fa-balance-scale text-blue-400 mt-1 mr-3"></i>
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<div>
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<p class="font-medium">分歧点</p>
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<p>市场对2025年渗透率预期分化（乐观30% vs 谨慎10%），担忧维护成本（光引擎故障需整机更换）。</p>
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</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-3 text-purple-400">预期差</h3>
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<div class="highlight-box rounded-lg p-4">
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<p><strong>被忽略的关键：</strong>CPO并非替代可插拔，而是<strong class="text-green-400">共存互补</strong>（短距CPO+长距可插拔），国内厂商在FAU（光纤阵列）、CW光源等环节已切入海外供应链（如天孚通信供货英伟达）。</p>
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</div>
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</div>
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</div>
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<!-- 关键催化剂与未来发展路径 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 text-blue-400">关键催化剂与未来发展路径</h2>
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<div class="mb-6">
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<h3 class="text-xl font-semibold mb-3 text-purple-400">近期催化剂（3-6个月）</h3>
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<div class="relative pl-6">
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<div class="timeline-line"></div>
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<div class="relative mb-4">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<p class="font-medium text-amber-400">2025年6月</p>
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<p>台积电COUPE 1.6T光引擎量产，验证良率（目标80%）。</p>
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</div>
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</div>
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<div class="relative mb-4">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<p class="font-medium text-amber-400">2025年8月</p>
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<p>英伟达CPO交换机交付，首批订单量（<strong class="text-green-400">超1万台</strong>）将成风向标。</p>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="ml-4">
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<p class="font-medium text-amber-400">2025年Q3</p>
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||
<p>国内新华三、锐捷网络CPO交换机进入阿里/字节验证。</p>
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||
</div>
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||
</div>
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||
</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-3 text-purple-400">长期路径</h3>
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||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="highlight-box rounded-lg p-4">
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<p class="font-medium text-amber-400 mb-2">2025-2027</p>
|
||
<p>CPO在1.6T场景渗透（数据中心Scale-out网络）。</p>
|
||
</div>
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||
|
||
<div class="highlight-box rounded-lg p-4">
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||
<p class="font-medium text-amber-400 mb-2">2028-2030</p>
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||
<p>3D CPO普及（GPU间光互联，OIO技术落地）。</p>
|
||
</div>
|
||
|
||
<div class="highlight-box rounded-lg p-4">
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<p class="font-medium text-amber-400 mb-2">2030+</p>
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||
<p>光计算融合（硅光+AI芯片共封装）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
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||
</div>
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||
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||
<!-- 产业链与核心公司深度剖析 -->
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||
<div class="card rounded-xl p-6 mb-8">
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||
<h2 class="text-2xl font-bold mb-4 text-blue-400">产业链与核心公司深度剖析</h2>
|
||
|
||
<div class="mb-6">
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||
<h3 class="text-xl font-semibold mb-3 text-purple-400">产业链图谱</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="highlight-box rounded-lg p-4">
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<p class="font-medium text-amber-400 mb-2">上游</p>
|
||
<p>CW光源（源杰科技）、硅光芯片（中际旭创）、FAU（天孚通信）。</p>
|
||
</div>
|
||
|
||
<div class="highlight-box rounded-lg p-4">
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<p class="font-medium text-amber-400 mb-2">中游</p>
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<p>CPO交换机（新华三、锐捷网络）、光引擎封装（通富微电）。</p>
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||
</div>
|
||
|
||
<div class="highlight-box rounded-lg p-4">
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<p class="font-medium text-amber-400 mb-2">下游</p>
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||
<p>云厂商（AWS、微软）、AI集群（英伟达NVL576）。</p>
|
||
</div>
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||
</div>
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||
</div>
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||
<div>
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<h3 class="text-xl font-semibold mb-3 text-purple-400">核心玩家对比</h3>
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||
<div class="overflow-x-auto">
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||
<table class="w-full">
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<thead>
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<tr>
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<th>公司</th>
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<th>角色</th>
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<th>进展</th>
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<th>风险</th>
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</tr>
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</thead>
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<tbody>
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<tr>
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<td class="font-medium">中际旭创</td>
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<td>硅光模块龙头</td>
|
||
<td>1.6T硅光模块已送样英伟达，2025年Q2量产</td>
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<td>依赖台积电代工产能</td>
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</tr>
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<tr>
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<td class="font-medium">天孚通信</td>
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<td>FAU/光引擎供应商</td>
|
||
<td>英伟达CPO交换机FAU独家供应商，2025年订单<strong class="text-green-400">超2亿元</strong></td>
|
||
<td>技术路线被替代风险</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">新易盛</td>
|
||
<td>光模块二线</td>
|
||
<td>收购Alpine布局硅光，CPO光引擎研发中</td>
|
||
<td>客户验证进度慢于预期</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">新华三</td>
|
||
<td>CPO交换机</td>
|
||
<td>800G CPO交换机已获阿里POC订单</td>
|
||
<td>国内云厂商资本开支波动</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-6">
|
||
<h3 class="text-xl font-semibold mb-3 text-purple-400">验证与证伪</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="highlight-box rounded-lg p-4">
|
||
<p class="font-medium text-green-400 mb-2">印证</p>
|
||
<p>天孚通信2025年Q1财报显示CPO相关收入占比<strong class="text-green-400">15%</strong>（2024年为0），验证供应链切入。</p>
|
||
</div>
|
||
|
||
<div class="risk-card rounded-lg p-4">
|
||
<p class="font-medium text-red-400 mb-2">矛盾</p>
|
||
<p>某路演称"CPO 2025年渗透率30%"，但台积电指引显示<strong class="text-red-400">2025年仅小批量</strong>（<5万台），需跟踪订单落地。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险与挑战 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-4 text-blue-400">潜在风险与挑战</h2>
|
||
<div class="space-y-4">
|
||
<div class="risk-card rounded-lg p-4">
|
||
<div class="flex items-start">
|
||
<i class="fas fa-exclamation-triangle text-red-400 mt-1 mr-3"></i>
|
||
<div>
|
||
<p class="font-medium text-red-400 mb-1">技术风险</p>
|
||
<p>微环调制器温漂问题未完全解决，可能影响长期可靠性。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="risk-card rounded-lg p-4">
|
||
<div class="flex items-start">
|
||
<i class="fas fa-exclamation-triangle text-red-400 mt-1 mr-3"></i>
|
||
<div>
|
||
<p class="font-medium text-red-400 mb-1">商业化风险</p>
|
||
<p>CPO交换机维护成本<strong class="text-red-400">比可插拔高3倍</strong>（整机更换），云厂商接受度待验证。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="risk-card rounded-lg p-4">
|
||
<div class="flex items-start">
|
||
<i class="fas fa-exclamation-triangle text-red-400 mt-1 mr-3"></i>
|
||
<div>
|
||
<p class="font-medium text-red-400 mb-1">竞争风险</p>
|
||
<p>LPO（线性驱动可插拔）方案短期分流800G市场（Meta已测试）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="risk-card rounded-lg p-4">
|
||
<div class="flex items-start">
|
||
<i class="fas fa-exclamation-triangle text-red-400 mt-1 mr-3"></i>
|
||
<div>
|
||
<p class="font-medium text-red-400 mb-1">信息矛盾</p>
|
||
<p>LightCounting预测2027年CPO占比30%，但博通内部指引仅<strong class="text-red-400">15%</strong>，差异源于应用场景假设（AI集群 vs 通用数据中心）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-4 text-blue-400">综合结论与投资启示</h2>
|
||
|
||
<div class="mb-6">
|
||
<div class="highlight-box rounded-lg p-4">
|
||
<p class="font-medium text-green-400 mb-2">阶段判断</p>
|
||
<p>CPO从<strong class="text-green-400">主题炒作</strong>进入<strong class="text-green-400">订单验证期</strong>，2025年Q3为关键分水岭。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-3 text-purple-400">投资方向</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="highlight-box rounded-lg p-4">
|
||
<p class="font-medium text-green-400 mb-2">最确定</p>
|
||
<p><strong class="text-green-400">天孚通信</strong>（英伟达FAU供应链，2025年业绩弹性<strong class="text-green-400">+50%</strong>）。</p>
|
||
</div>
|
||
|
||
<div class="highlight-box rounded-lg p-4">
|
||
<p class="font-medium text-green-400 mb-2">高弹性</p>
|
||
<p><strong class="text-green-400">源杰科技</strong>（CW光源国产替代，单价<strong class="text-green-400">$200/只</strong>，毛利率<strong class="text-green-400">60%+</strong>）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold mb-3 text-purple-400">跟踪指标</h3>
|
||
<div class="space-y-3">
|
||
<div class="flex items-start">
|
||
<i class="fas fa-chart-line text-blue-400 mt-1 mr-3"></i>
|
||
<div>
|
||
<p class="font-medium">英伟达CPO交换机出货量</p>
|
||
<p>2025年Q2指引</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<i class="fas fa-chart-line text-blue-400 mt-1 mr-3"></i>
|
||
<div>
|
||
<p class="font-medium">台积电COUPE良率</p>
|
||
<p>2025年Q3法说会</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<i class="fas fa-chart-line text-blue-400 mt-1 mr-3"></i>
|
||
<div>
|
||
<p class="font-medium">国内云厂商CPO招标进度</p>
|
||
<p>阿里/字节2025年H2</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-6 risk-card rounded-lg p-4">
|
||
<p class="font-medium text-red-400 mb-1">风险提示</p>
|
||
<p>若2025年CPO良率低于60%，可能延迟商业化至2026年。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票数据 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-4 text-blue-400">关联股票数据</h2>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-3 text-purple-400">光通信(240123)</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>行业</th>
|
||
<th>分类/项目</th>
|
||
<th>产业链</th>
|
||
<th>原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td class="font-medium">天孚通信</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-blue">光器件</span></td>
|
||
<td>-</td>
|
||
<td>属于光器件类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">光迅科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-blue">光器件</span> <span class="tag tag-purple">光模块厂商</span></td>
|
||
<td>-</td>
|
||
<td>属于光器件/光模块厂商类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">光库科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-blue">光器件</span> <span class="tag tag-amber">铌酸锂</span></td>
|
||
<td>-</td>
|
||
<td>属于光器件类别/参与铌酸锂项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">太辰光</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-blue">光器件</span></td>
|
||
<td><span class="tag tag-green">Fiber Shuffle供应</span></td>
|
||
<td>属于光器件类别/Fiber Shuffle预计由太辰光供应</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">博创科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-blue">光器件</span> <span class="tag tag-purple">光芯片</span></td>
|
||
<td>-</td>
|
||
<td>属于光器件/光芯片类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">中际旭创</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-blue">光器件</span> <span class="tag tag-purple">光模块厂商</span> <span class="tag tag-green">LPO</span> <span class="tag tag-amber">1.6T光模块</span></td>
|
||
<td>-</td>
|
||
<td>属于光器件/光模块厂商类别/参与LPO项目/参与1.6T光模块项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">通鼎互联</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-blue">光器件</span></td>
|
||
<td>-</td>
|
||
<td>属于光器件类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">源杰科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光芯片</span> <span class="tag tag-amber">CW光源</span></td>
|
||
<td><span class="tag tag-green">CPO方案</span></td>
|
||
<td>属于光芯片类别/提供CPO方案所需的CW光源器件</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">仕佳光子</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光芯片</span> <span class="tag tag-amber">CW光源</span> <span class="tag tag-green">MPO/FAU/保偏/Fiber shuffle</span> <span class="tag tag-green">插芯</span></td>
|
||
<td><span class="tag tag-green">CPO方案</span></td>
|
||
<td>属于光芯片类别/提供CPO方案所需的CW光源器件/涉及CPO方案中的光纤连接技术/泓淇光电（公司占比39.8%）已完成对福可喜玛53%股权的收购，后者为国内光模块插芯龙头</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">永鼎股份</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光芯片</span> <span class="tag tag-green">光纤光缆</span></td>
|
||
<td>-</td>
|
||
<td>属于光芯片类别/2025年预测产能（光纤芯公里/年）7000万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">长光华芯</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>-</td>
|
||
<td>属于光芯片类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">跃岭股份</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>-</td>
|
||
<td>属于光芯片类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">剑桥科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span> <span class="tag tag-green">LPO</span> <span class="tag tag-amber">1.6T光模块</span> <span class="tag tag-amber">MPO/FAU/保偏/Fiber shuffle</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别/参与LPO项目/参与1.6T光模块项目/涉及CPO方案中的光纤连接技术</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">新易盛</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span> <span class="tag tag-green">LPO</span> <span class="tag tag-amber">1.6T光模块</span> <span class="tag tag-green">光引擎封装</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别/参与LPO项目/参与1.6T光模块项目/光引擎封装或也将由国内光模块厂商新易盛供应</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">联特科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span> <span class="tag tag-amber">1.6T光模块</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别/参与1.6T光模块项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">华西股份</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">华工科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span> <span class="tag tag-green">LPO</span> <span class="tag tag-amber">1.6T光模块</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别/参与LPO项目/参与1.6T光模块项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">亨通光电</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span> <span class="tag tag-green">LPO</span> <span class="tag tag-green">光纤光缆</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别/参与LPO项目/2025年预测产能（光纤芯公里/年）9500万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">特发信息</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span> <span class="tag tag-green">光纤光缆</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别/2025年预测产能（光纤芯公里/年）6500万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">意华股份</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-purple">光模块厂商</span></td>
|
||
<td>-</td>
|
||
<td>属于光模块厂商类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">中兴通讯</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-green">设备集成商</span></td>
|
||
<td>-</td>
|
||
<td>属于设备集成商类别</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">烽火通信</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-green">设备集成商</span> <span class="tag tag-green">光纤光缆</span></td>
|
||
<td>-</td>
|
||
<td>属于设备集成商类别/2025年预测产能（光纤芯公里/年）8500万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">罗博特科</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-green">设备集成商</span> <span class="tag tag-green">硅光设备</span></td>
|
||
<td><span class="tag tag-green">CPO方案</span></td>
|
||
<td>属于设备集成商类别/提供硅光芯片制造设备</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">天通股份</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-amber">铌酸锂</span></td>
|
||
<td>-</td>
|
||
<td>参与铌酸锂项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">昂纳科技</td>
|
||
<td>光通信</td>
|
||
<td><span class="tag tag-amber">CW光源</span></td>
|
||
<td><span class="tag tag-green">CPO方案</span></td>
|
||
<td>提供CPO方案所需的CW光源器件</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">甬矽电子</td>
|
||
<td>半导体</td>
|
||
<td><span class="tag tag-green">先进封装</span></td>
|
||
<td><span class="tag tag-green">CPO方案</span></td>
|
||
<td>提供CPO芯片先进封装服务</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">英伟达</td>
|
||
<td>半导体</td>
|
||
<td><span class="tag tag-amber">CPO技术路线</span> <span class="tag tag-green">数据中心</span></td>
|
||
<td><span class="tag tag-green">CPO IB交换芯片出货</span></td>
|
||
<td>3Q25开始首批CPO IB交换芯片出货</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">康宁</td>
|
||
<td>光纤通信</td>
|
||
<td>-</td>
|
||
<td><span class="tag tag-green">Fiber Shuffle供应</span></td>
|
||
<td>Fiber Shuffle预计由Corning供应</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">Fabrinet</td>
|
||
<td>光模块</td>
|
||
<td>-</td>
|
||
<td><span class="tag tag-green">供应商</span></td>
|
||
<td>其他供应商包括Fabrinet</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">Lumentum</td>
|
||
<td>光模块</td>
|
||
<td>-</td>
|
||
<td><span class="tag tag-green">供应商</span></td>
|
||
<td>其他供应商包括Lumentum</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold mb-3 text-purple-400">光通信CPO(250608)</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>行业</th>
|
||
<th>项目</th>
|
||
<th>来源</th>
|
||
<th>原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td class="font-medium">云南锗业</td>
|
||
<td><span class="tag tag-blue">光材料</span></td>
|
||
<td>磷化铟</td>
|
||
<td>磷化铟晶片产能为15万片/年（2-4英寸）</td>
|
||
<td>调研</td>
|
||
<td>磷化铟晶片产能为15万片/年（2-4英寸）</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">天通股份</td>
|
||
<td><span class="tag tag-blue">光材料</span></td>
|
||
<td>铌酸锂</td>
|
||
<td>大尺寸铌酸锂晶片，销量国内第一</td>
|
||
<td>互动/研报</td>
|
||
<td>大尺寸铌酸锂晶片，销量国内第一</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">光库科技</td>
|
||
<td><span class="tag tag-purple">调制器</span></td>
|
||
<td>铌酸锂</td>
|
||
<td>800Gbps及以上速率的薄膜铌酸锂调制器芯片和器件</td>
|
||
<td>互动</td>
|
||
<td>800Gbps及以上速率的薄膜铌酸锂调制器芯片和器件</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">光迅科技</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>2025年预测产能A股第一；200G光芯片在研发中，50G VCSEL光芯片小批量使用</td>
|
||
<td>调研</td>
|
||
<td>2025年预测产能A股第一；200G光芯片在研发中，50G VCSEL光芯片小批量使用</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">华工科技</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>2025年预测产能A股第二；1.6T硅光芯片</td>
|
||
<td>公告</td>
|
||
<td>2025年预测产能A股第二；1.6T硅光芯片</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">源杰科技</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>2025年预测产能A股第三；400G/800G产品批量出货；100G PAM4 EML芯片、1.6T的CW 100mW芯片已完成客户验证；200G PAM4 EML完成产品开发并推出</td>
|
||
<td>互动</td>
|
||
<td>2025年预测产能A股第三；400G/800G产品批量出货；100G PAM4 EML芯片、1.6T的CW 100mW芯片已完成客户验证；200G PAM4 EML完成产品开发并推出</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">新易盛</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>2025年预测产能A股第四；硅光芯片的研发和生产各项工作均在顺利推进中</td>
|
||
<td>调研</td>
|
||
<td>2025年预测产能A股第四；硅光芯片的研发和生产各项工作均在顺利推进中</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">博创科技</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>2025年预测产能A股第五；2.5G、10G和25G及更高速率激光器芯片产品</td>
|
||
<td>招股书</td>
|
||
<td>2025年预测产能A股第五；2.5G、10G和25G及更高速率激光器芯片产品</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">仕佳光子</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>2025年预测产能A股第六；800G光模块用AWG芯片及组件实现批量销售</td>
|
||
<td>互动</td>
|
||
<td>2025年预测产能A股第六；800G光模块用AWG芯片及组件实现批量销售</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">永鼎股份</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>光芯片、光器件、光模块到光网络集成全产业链</td>
|
||
<td>互动</td>
|
||
<td>光芯片、光器件、光模块到光网络集成全产业链</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">长光华芯</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>100G EML、100G VCSEL、100mW DFB客户验证阶段，预计2025年，研发转量产。200G VCSEL和200G EML芯片研发进展良好</td>
|
||
<td>互动</td>
|
||
<td>100G EML、100G VCSEL、100mW DFB客户验证阶段，预计2025年，研发转量产。200G VCSEL和200G EML芯片研发进展良好</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">跃岭股份</td>
|
||
<td><span class="tag tag-purple">光芯片</span></td>
|
||
<td>光芯片</td>
|
||
<td>中科创芯（参股10.89%）主营有源光芯片及光器件</td>
|
||
<td>互动</td>
|
||
<td>中科创芯（参股10.89%）主营有源光芯片及光器件</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">天孚通信</td>
|
||
<td><span class="tag tag-blue">光器件</span></td>
|
||
<td>光器件</td>
|
||
<td>FAU、POSA等产品及相关封装方案。这些产品作为光通信系统的核心部件，支持400G、800G和1.6T及以上的传输速率</td>
|
||
<td>调研</td>
|
||
<td>FAU、POSA等产品及相关封装方案。这些产品作为光通信系统的核心部件，支持400G、800G和1.6T及以上的传输速率</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">太辰光</td>
|
||
<td><span class="tag tag-blue">光器件</span></td>
|
||
<td>光器件</td>
|
||
<td>400G及以下AOC产品已经批量出货，800G产品处于送样及客户认证阶段</td>
|
||
<td>调研</td>
|
||
<td>400G及以下AOC产品已经批量出货，800G产品处于送样及客户认证阶段</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">惠伦晶体</td>
|
||
<td><span class="tag tag-blue">光器件</span></td>
|
||
<td>光器件</td>
|
||
<td>无源晶体、有源钟振及高频差分产品</td>
|
||
<td>互动</td>
|
||
<td>无源晶体、有源钟振及高频差分产品</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">泰晶科技</td>
|
||
<td><span class="tag tag-amber">石英晶振</span></td>
|
||
<td>石英晶振</td>
|
||
<td>振荡器</td>
|
||
<td>互动</td>
|
||
<td>振荡器</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">*ST东晶</td>
|
||
<td><span class="tag tag-amber">石英晶振</span></td>
|
||
<td>石英晶振</td>
|
||
<td>差分振荡器</td>
|
||
<td>互动</td>
|
||
<td>差分振荡器</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">三环集团</td>
|
||
<td><span class="tag tag-green">插芯</span></td>
|
||
<td>插芯</td>
|
||
<td>MT插芯与导针可应用于MPO/MTP多芯光纤连接器和高速光模块组件</td>
|
||
<td>互动</td>
|
||
<td>MT插芯与导针可应用于MPO/MTP多芯光纤连接器和高速光模块组件</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">罗博特科</td>
|
||
<td><span class="tag tag-green">设备</span></td>
|
||
<td>设备</td>
|
||
<td>ficonTEC是唯一从硅光子晶圆测试到后道耦合封装的整体技术及全产品线装备的提供商</td>
|
||
<td>调研</td>
|
||
<td>ficonTEC是唯一从硅光子晶圆测试到后道耦合封装的整体技术及全产品线装备的提供商</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">中际旭创</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>CPO</td>
|
||
<td>2024年公司在400G和800G方面均取得出货量新高，1.6T光模块和800G硅光模块的研发、送测、客户认证也都取得重要进展</td>
|
||
<td>调研</td>
|
||
<td>2024年公司在400G和800G方面均取得出货量新高，1.6T光模块和800G硅光模块的研发、送测、客户认证也都取得重要进展</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">新易盛</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>CPO</td>
|
||
<td>基于单波200G光器件的800G/1.6T光模块产品，高速光模块产品组合涵盖VCSEL/ EML、硅光、薄膜磷铟酸锂等技术解决方案</td>
|
||
<td>调研</td>
|
||
<td>基于单波200G光器件的800G/1.6T光模块产品，高速光模块产品组合涵盖VCSEL/ EML、硅光、薄膜磷铟酸锂等技术解决方案</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">华工科技</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>CPO</td>
|
||
<td>数通光模块占收入达60%</td>
|
||
<td>调研</td>
|
||
<td>数通光模块占收入达60%</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">光迅科技</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>CPO</td>
|
||
<td>数据中心光模块支持100Gb/s、200Gb/s、400Gb/s、800Gb/s、1.6T等速率</td>
|
||
<td>公告</td>
|
||
<td>数据中心光模块支持100Gb/s、200Gb/s、400Gb/s、800Gb/s、1.6T等速率</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">剑桥科技</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>CPO</td>
|
||
<td>800G光模块产品已批量发货</td>
|
||
<td>调研</td>
|
||
<td>800G光模块产品已批量发货</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">联特科技</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>CPO</td>
|
||
<td>400G、800G光模块；1.6T光模块处于研发阶段</td>
|
||
<td>互动</td>
|
||
<td>400G、800G光模块；1.6T光模块处于研发阶段</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">天孚通信</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>光引擎</td>
|
||
<td>1.6T光引擎产品已在正常交付</td>
|
||
<td>互动</td>
|
||
<td>1.6T光引擎产品已在正常交付</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">新易盛</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>LPO</td>
|
||
<td>基于LPO方案的400G/800G光模块</td>
|
||
<td>调研</td>
|
||
<td>基于LPO方案的400G/800G光模块</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">中际旭创</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>LPO</td>
|
||
<td>LPO产品已在部分海外和国内客户送测</td>
|
||
<td>调研</td>
|
||
<td>LPO产品已在部分海外和国内客户送测</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">剑桥科技</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>LPO</td>
|
||
<td>LPO 800G光模块</td>
|
||
<td>互动</td>
|
||
<td>LPO 800G光模块</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">华工科技</td>
|
||
<td><span class="tag tag-green">光模块</span></td>
|
||
<td>LPO</td>
|
||
<td>800G LPO产品已获得明确需求，在加紧测试，尽快导入</td>
|
||
<td>互动</td>
|
||
<td>800G LPO产品已获得明确需求，在加紧测试，尽快导入</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">长飞光纤</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤光缆</td>
|
||
<td>2025年预测产能（光纤芯公里/年）1亿+</td>
|
||
<td>产业研究院</td>
|
||
<td>2025年预测产能（光纤芯公里/年）1亿+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">亨通光电</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤光缆</td>
|
||
<td>2025年预测产能（光纤芯公里/年）9500万+</td>
|
||
<td>产业研究院</td>
|
||
<td>2025年预测产能（光纤芯公里/年）9500万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">中天科技</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤光缆</td>
|
||
<td>2025年预测产能（光纤芯公里/年）9000万+</td>
|
||
<td>产业研究院</td>
|
||
<td>2025年预测产能（光纤芯公里/年）9000万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">烽火通信</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤光缆</td>
|
||
<td>2025年预测产能（光纤芯公里/年）8500万+</td>
|
||
<td>产业研究院</td>
|
||
<td>2025年预测产能（光纤芯公里/年）8500万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">通鼎互联</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤光缆</td>
|
||
<td>2025年预测产能（光纤芯公里/年）7500万+</td>
|
||
<td>产业研究院</td>
|
||
<td>2025年预测产能（光纤芯公里/年）7500万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">永鼎股份</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤光缆</td>
|
||
<td>2025年预测产能（光纤芯公里/年）7000万+</td>
|
||
<td>产业研究院</td>
|
||
<td>2025年预测产能（光纤芯公里/年）7000万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">特发信息</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤光缆</td>
|
||
<td>2025年预测产能（光纤芯公里/年）6500万+</td>
|
||
<td>产业研究院</td>
|
||
<td>2025年预测产能（光纤芯公里/年）6500万+</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="font-medium">飞凯材料</td>
|
||
<td><span class="tag tag-green">光纤光缆</span></td>
|
||
<td>光纤涂料</td>
|
||
<td>光纤光缆涂覆材料产品国内占据着主导地位</td>
|
||
<td>公告</td>
|
||
<td>光纤光缆涂覆材料产品国内占据着主导地位</td>
|
||
</tr>
|
||
</tbody>
|
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</table>
|
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</div>
|
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</div>
|
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``` |