【中信证券:Scale-up光进铜退成为大势所趋 NPO/CPO驱动无源器件价值重估】中信证券研报称,铜互联逼近物理极限,Scale-up光进铜退成为大势所趋,NPO/CPO驱动无源器件价值重估。用量方面,FAU与光引擎形成1:1刚性配套,用量随Scale-up纯增量放大;价格方面,高通道、工艺、光纤、可插拔四重溢价推动NPO/CPO中FAU价格攀升。国内无源厂商以代工/合作绑定海外头部客户,FAU的核心壁垒在于高精度制造与规模化交付。
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