[CITIC Securities: The advancement of scale-up optical and the withdrawal of copper has become the general trend, and the value of NPO/CPO driven passive components has been revalued] On October 12, CITIC Securities reported that copper interconnection is approaching the physical limit, the advancement of scale-up optical and the withdrawal of copper has become the general trend, and the value of NPO/CPO driven passive components has been revalued. In terms of usage, FAU and optical engines form a 1:1 rigid match, and the usage increases with the pure increment of Scale-up; in terms of price, the quadruple premiums of high-channel, process, optical fiber, and pluggable drive the price of FAU in NPO/CPO. Domestic passive manufacturers bind overseas leading customers through OEM/cooperation. FAU's core barrier lies in high-precision manufacturing and large-scale delivery.