Tiger Brokers

光通信板块盘初走强 剑桥科技（06166）涨逾15% 机构指超高速光模块快速放量

金吾财讯
Sep 07

金吾财讯 | 港股光通信板块盘初走强，截至发稿，剑桥科技（06166）涨15.05%，海光芯正（01191）涨12.38%，中际旭创（03308）涨7.46%，汇聚科技（01729）涨3.66%，长飞光纤光缆（06869）涨3.32%，鸿腾精密（06088）涨2.73%，华虹宏力（01347）涨2.64%，曦智科技-P（01879）涨2.11%，蓝思科技（06613）涨1.93%。爱建证券研报指，AI主导全球光模块市场发展，超高速光模块快速放量。据LightCounting数据，预计2025-2030年全球光模块市场CAGR约22%，800G光模块需求将于2028年迎来需求峰值，CPO产品有望在2026至2027年开始放量；从分立器件走向集成，COB是高速光引擎主流封装方式。光模块的封装方式主要有TO-CAN封装、BOX封装以及COB封装等。COB封装取消了芯片独立封装、中间连接器、柔性电路板等冗余结构，可以做到小/轻型化、低成本，是高速光引擎主流封装方式。可插拔光模块趋向多通道低功耗易散热，CPO或重塑光互联格局。光模块整体演变核心趋势围绕带宽提升持续推进封装扩容、架构集成和接口高密度化，解决高速场景下功耗、散热、布线、传输距离等问题。头部厂商已在关键场景导入LPO技术，CPO处于验证和规划阶段。利润集中于头部光模块厂商，关键在于技术优势和海外客户导入。技术演进推动利润重分配，增量利润优先向上游光芯片等接近性能瓶颈的环节迁移。

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