B[CPO concept rebounded in shock, Liante Technology rose more than 10%] On October 9th, the CPO concept rebounded in early trading, Liante Technology rose more than 10%, Fuxin Technology, Shijia Photonics, Sinopec Technology, Tengjing Technology, Dekeli, etc. followed suit. On the news, a source from Changguang Huaxin Securities told a reporter from the Science and Technology Innovation Board Daily that the "FCC 65%" relevant provisions mentioned in the Morgan Stanley report are informal regulations, and domestic 800G/1.6T optical chips are still in extremely short supply in the short term. B[CPO concept fell in early trading, Dongshan Precision fell by the limit] On October 8th, the CPO concept fluctuated and weakened in early trading, Dongshan Precision fell by the limit, Yuanjie Technology, Changguang Huaxin fell by more than 17%, Shijia Photonics fell by more than 10%, Liant Technology, Juguang Technology, Tianfu Communications, and Changxin Bochuang followed suit. B[CITIC Securities: Optical module temperature control is being upgraded from a "supporting link" to a "performance-determining link"] On September 30, CITIC Securities pointed out that with the large-scale ramp-up of 800G optical modules and 1.6T entering the first year of mass production, single module power consumption and requirements for temperature control accuracy are significantly increasing, and optical module temperature control is being upgraded from a "supporting link" to a "performance-determining link." Optical module temperature control forms a three-layer system of chip-level precise temperature control (Micro-TEC + ceramic substrate heat sink), interface thermal conductivity (TIM gel/graphene gasket), and module-level heat distribution (VC soaking plate/cold plate). The value of single-module temperature control increases systematically with speed iterations; with the superposition of CPO/NPO architecture, optical engines and switching chips dissipate heat in the same area, and the industry is experiencing both volume and price increases. In terms of competition, core links such as TEC and ceramic substrates have been dominated by Japanese manufacturers for a long time. Domestic manufacturers are accelerating breakthroughs, and there is broad room for domestic substitution. CITIC Securities recommends focusing on three main lines of segmented investment: TEC and ceramic substrates, TIM and graphene thermal conductive materials, VC vapor chambers and liquid cooling structural parts. B[CPO concept rebounded in shock, Fuxin Technology hit the 20cm daily limit] On September 23, the CPO concept rebounded in shock, Fuxin Technology hit the 20cm daily limit, Sinopec Technology, Jinge New Materials rose by more than 10%, Oats Technology, Jucan Optoelectronics, Zhicube, Dongtian Micro, etc. followed suit. In response to the news, Xinyi Sheng responded to questions on the Interactive Easy platform and stated that the company's 1.6T optical module products have entered a stage of continued volume growth, and the shipment pace is expected to continue to accelerate. At present, the entire supply chain is still in a relatively tense state, and the company has prepared goods in advance by signing lock-in agreements, prepayments, etc. to ensure the supply of materials. B[CPO concept fluctuated higher, Mingpu Opto-Magnetic hit the daily limit] On September 18th, the CPO concept fluctuated higher in early trading, Mingpu Opto-Magnetic hit the daily limit, Taichenguang rose by more than 10%, Changxin Bochuang, Liant Technology, Sinopec Technology, Changguang Huaxin, etc. were among the top gainers. According to the news, on September 17, 2026, NVIDIA CEO Huang Renxun said when attending an AI event in Scotland that NVIDIA expects chip sales in 2027 to be approximately twice the current annual level. B[TrendForce: It is estimated that the total output value of Micro LED display application modules and Micro LED CPO modules will reach US$5.308 billion in 2030] September 16th, according to TrendForce, in 2026, the Micro LED industry will face the sluggish consumer market demand and the crowding out effect of AI capital expenditures, and corporate resources will shift to applications with clear commercialization potential. In terms of display applications, in addition to lowering the entry threshold through modularization and supply chain integration as much as possible, it is also developing towards highly interactive and high-added value fields; in non-display applications, Micro LED has further stepped into the field of CPO optical interconnection, trying to occupy a place in the infrastructure of AI. Overall, Micro LED is gradually getting rid of the single framework of traditional display technology and moving towards the development of cross-field technologies that connect smart wearables, smart cockpits, AR and AI computing power infrastructure. Through gradual penetration, it continues to expand market momentum. It is estimated that the total output value of Micro LED display application modules and Micro LED CPO modules will reach US$5.308 billion in 2030. B[CPO concept fluctuated, Dongtian rose slightly by more than 10% to hit a record high] On September 16th, the CPO concept fluctuated and rose during the session, with Dongtian rising slightly by more than 10%, hitting a record high. Previously, Yongding Shares, China Ceramics Electronics, and Qingshan Paper rose by the limit, and JPT, Shijia Photonics, Guangxun Technology, Changguang Huaxin, etc. were among the top gainers. On the news, a CICC research report stated that "locking orders" and "locking materials" have become the key words for the 27th Optical Expo, and the certainty of demand in 2027 will further increase. Based on exhibition research, the order schedule of some high-speed optical chip companies has been extended to 2028 and beyond, and the visibility of optical module orders covers 2027 and beyond. B[CICC: Optical communications industry will be highly prosperous in 2027 with certainty to increase] On September 16, CICC Research reported that the popularity of the 27th Optical Expo has increased compared with previous years, with more than 4,000 companies participating in the exhibition, and the overall number of visitors was nearly 190,000, a year-on-year increase of 32%. "Locking orders" and "locking materials" have become keywords for exhibition research, and the certainty of demand in 2027 will further increase. Based on exhibition research, the order schedule of some high-speed optical chip companies has been extended to 2028 and beyond, and the visibility of optical module orders covers 2027 and beyond; leading optical module manufacturers are actively targeting core materials such as DSP, mSAP PCB, and high-speed optical chips. It is expected that the difference in subsequent delivery will depend more on key material security, yield and customer certification, among which advanced process DSP may become the most scarce link. It is expected that by 2028, after standards and engineering solutions gradually converge and yields increase, NPO is expected to accelerate volume expansion, and CPO may gradually enter Scale-up; OCS will move from a few cloud vendors for self-use to more AI clusters, driving the sinking of 2.4T light coherent applications; 400G per lane promotes device upgrades, and thin film lithium niobate is expected to accelerate its entry into customer verification and application windows. B[CPO concept rebounded with shock and Tiantong shares hit the daily limit] On September 14th, the CPO concept rebounded with shock during the day, and Tiantong shares hit the daily limit, with Dongtian Micro, Hengdongguang, China Ceramics Electronics, Optoelectronics Co., Ltd., and Oats Technology among the top gainers. On the news, it is reported that "this year's order volume has expanded rapidly than expected" and "orders have been scheduled to next year." Such voices are heard endlessly in front of the 1.6T booth at the 27th China International Optoelectronics Expo in 2026. At this Optical Expo, "1.6T" has completely reached the "C position" and has become a "must-exhibit highlight" in almost every link of the industrial chain, from modules to engines, chips, demodulators, optical fibers, materials, and test equipment. B[Sripu: A full range of optical communication analog chip solutions are unveiled, and relevant solutions have completed customer verification] September 10th, according to the official WeChat account of Sirip, from September 9th to 11th, Sirip participated in the 27th China International Optoelectronics Expo (CIOE China Optical Expo) to showcase innovative solutions for analog and digital-analog hybrid chips for the field of optical communications. The exhibits cover 800G/1.6T pluggable high-speed optical module solutions (adapted to silicon photonics and EML dual technology routes), CPO/NPO co-packaged optics and ELSFP external light source mass production supporting solutions, OCS all-optical switching complete set of control solutions, and coherent optical modules and EDFA optical amplification full-link solutions. Among them, in view of the development direction of next-generation high-density optoelectronic integration technology, two complete solutions of Sirip CPO/NPO co-packaged optics and ELSFP external light source have completed customer verification, effectively helping customers shorten the product development cycle and accelerate product introduction to the market. B[CPO concept fluctuates and strengthens, USI Electronics reaches its daily limit] On September 10th, the CPO concept fluctuated and strengthened in early trading, USI Electronics hit its daily limit, and Tianfu Communications, Hengdongguang, Shijia Photonics, Taichenguang, Guangku Technology, etc. were among the top gainers. According to the news, the 27th Optical Expo will be held in Shenzhen from September 9th to September 11th. This exhibition focuses on the upgrade of optical interconnection architecture driven by the expansion of computing cluster scale. The engineering progress of disruptive architectures such as NPO, CPO and OCS has become the core focus. B[CPO concept fluctuated and rose, Cambridge Technology hit the daily limit] On September 8th, the CPO concept fluctuated and rose, Cambridge Technology hit the daily limit, Huacan Optoelectronics, Zhongji InnoLight, Tianfu Communications, and Changguang Huaxin followed suit. In terms of news, Goldman Sachs significantly increased its industry forecast in the latest global optical module report. It is expected that the global optical module market will reach approximately US$67.7 billion, US$131.4 billion, and US$148.5 billion respectively from 2026 to 2028, which is an increase of 33%, 81%, and 115% from the previous forecast. B[CPO equipment is experiencing a shortage, and customers are placing additional orders one after another] According to the Science and Technology Innovation Board Daily on the 7th, CPO equipment is experiencing a shortage. Shanghai Silver Group, the world's second largest ball screw manufacturer, revealed that as the commercialization of silicon photonics accelerates, the demand for related packaging and testing equipment explodes, and some key equipment and precision components are in short supply. International customers are placing additional orders one after another, and the rush of goods is spreading from the equipment side to precision transmission and positioning platforms. In addition to Shangyin, related equipment factories such as Dayin, Zhide, Luosheng, Gaoming Iron, and Dongyouda are also currently reporting that their production capacity is full, and they must work quickly to meet customer demand. (Taiwan Economic Daily) B[CPO concept fluctuated and rebounded, Cambridge Technology hit the daily limit] September 7th, the CPO concept fluctuated and rebounded in early trading, Cambridge Technology hit the daily limit, Tiantong shares hit the daily limit, Taichengguang, Liant Technology, Huashengchang, Guangxun Technology, Zhongji Innolux, etc. were among the top gainers. On the news, the U.S. optical communications sector rose last Friday, with Marvell Technology rising more than 7%, Coherent rising more than 6%, and Corning rising more than 5%. B[CPO concept fluctuated and rebounded, Tsingshan Paper rose by the daily limit] On September 1st, the CPO concept rebounded in the afternoon, Tsingshan Paper rose by the daily limit, Zhongji Innolight, Xinyisheng, Tianyang New Materials, Juguang Technology, Guangxun Technology, etc. soared higher. On the news, Zhongji InnoLight announced that it plans to repurchase the company's A-shares with its own funds or self-raised funds, with a total capital amount of 4-8 billion yuan and a repurchase price limit of up to 1,200 yuan per share. A[CPO concept rebounded in shock, Tengjing Technology and Dekeli both rose by more than 10%] On August 31, the CPO concept rebounded in early trading, with OCS leading the rise. Tengjing Technology and Dekeli both rose by more than 10%, followed by Robotco, Lianxun Instruments, Optical Library Technology, and Chinachem Technology. On the news, the Guolian Minsheng Research Report stated that in addition to Google TPU deploying OCS switches, Nvidia is expected to use OCS in the scale-across layer, which is expected to bring new growth to the market.
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