突发！Lumentum数亿美金订单引爆CPO，英伟达2026年时间表全曝光

光模块大佬02-21

2月19日，正好借着Lumentum最新财报的势头，结合英伟达刚刚确认的部署时间表，帮大家梳理这份CPO产业的“即时地图”，一文看懂千亿市场的布局与未来。光电共封装技术正从实验室走向规模化部署，三大巨头联手撬动千亿市场格局重塑，当下正是读懂CPO产业的最佳时机。近日，CPO（光电共封装）概念再度成为资本市场焦点。2月11日，CPO板块集体走强，天孚通信（300394）、炬光科技（688167）等...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260221000640a4b6e437&s=b><strong>光模块大佬</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2月19日，正好借着Lumentum最新财报的势头，结合英伟达刚刚确认的部署时间表，帮大家梳理这份CPO产业的“即时地图”，一文看懂千亿市场的布局与未来。光电共封装技术正从实验室走向规模化部署，三大巨头联手撬动千亿市场格局重塑，当下正是读懂CPO产业的最佳时机。近日，CPO（光电共封装）概念再度成为资本市场焦点。2月11日，CPO板块集体走强，天孚通信（300394）、炬光科技（688167）等多...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260221000640a4b6e437&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0511384066.AUD","symbol_name":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) 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Lumentum's hundreds of millions of dollars in orders detonate CPO, Nvidia's 2026 timetable is fully exposed","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDS.UK":0.6,"NVD":0.6,"NVII":0.6,"2NVD.UK":0.6,"NVDG":0.6,"NVD3.UK":0.6,"SNVD.UK":0.6,"NVDW":0.6,"NVDX":0.6,"NVIW.SI":0.6,"3NVD.UK":0.6,"LITX":0.6,"NVDA":1.95,"NVDB":0.6,"NVDL":0.6,"NVDU":0.6,"NVDQ":0.6,"NVDY":0.6,"NVDS":0.6,"DIPS":0.6,"ANV":0.6,"NVDD":0.6,"NVD2.UK":0.6,"LITE":1.96},"content_text":"2月19日，正好借着Lumentum最新财报的势头，结合英伟达刚刚确认的部署时间表，帮大家梳理这份CPO产业的“即时地图”，一文看懂千亿市场的布局与未来。光电共封装技术正从实验室走向规模化部署，三大巨头联手撬动千亿市场格局重塑，当下正是读懂CPO产业的最佳时机。近日，CPO（光电共封装）概念再度成为资本市场焦点。2月11日，CPO板块集体走强，天孚通信（300394）、炬光科技（688167）等多股涨超10%，续创历史新高。市场热情被点燃的背后，是两大关键信号的共振——Lumentum（LITE.O）最新披露的数亿美元CPO相关订单，以及英伟达（NVDA.O）明确的2026年规模部署时间表。当产业链巨头从系统牵引、制造平台与底层技术三端形成合力，CPO正由技术验证期迈向工程化部署阶段，大规模应用窗口有望提前开启。【01 技术革命：光电共封装，何以破解算力瓶颈？】随着AI模型参数呈指数级增长，一个核心问题日益凸显：数据中心内部互连已成为新的性能瓶颈，传统可插拔光模块在高速传输场景下正面临严峻挑战。而CPO技术的出现，正是为了打破这一困局——通过将光引擎与交换芯片集成在同一封装内，大幅缩短电通道长度、减少信号转换环节。据国投证券研报分析，CPO可将端口带宽密度提升一个数量级，为224G+ SerDes与太比特级交换架构提供底层支撑，同时系统级功耗下降可达50%以上。英伟达网络高级副总裁Gilad Shiner在近期网络研讨会上也明确指出，光互连功耗已占计算资源总功耗约10%，成为关键瓶颈。而CPO方案在Scale-out场景下可实现最高5倍功耗节省——要知道，可插拔光模块功耗为20-25瓦，CPO方案能将这一数值大幅压低。除了节能，CPO还有一大优势：减少组件与激光器数量，延长系统“首次中断时间”，提升整体可靠性。它规避了可插拔光模块易受人为操作及灰尘污染影响的问题，整机经100%系统级制造测试验证，稳定性更具保障。【02 巨头布局：英伟达定调2026，CPO商用元年确立】CPO的规模化落地，离不开巨头的牵引。目前，全球三大科技巨头已纷纷发力，形成差异化布局，其中英伟达的路线图最受市场关注。英伟达：双代递进，明确2026年部署节奏英伟达已明确2025-2026年“双代递进”商用节奏，从强调可维护性的准共封装快速演进至深度共封装形态，直接服务超大规模AI集群互连需求。具体时间表已明确曝光：• CoreWeave、Lambda与德克萨斯高级计算中心（TACC），将于2026年上半年率先部署基于Quantum-2 InfiniBand的CPO系统；• Spectrum-X以太网平台CPO产品，计划于2026年下半年出货。目前，英伟达已为两大平台开发支持CPO的交换机，并协同生态伙伴，推进封装工艺、光纤连接方式及液冷设计的协同优化。博通：开放生态，推动带宽与封装升级博通（AVGO.O）则持续推动CPO平台向更高交换带宽（102.4T）与先进封装体系（FOWLP、COUPE）演进，并以开放生态模式带动产业链成熟。中国台湾众达-KY（4977.TW）作为博通核心合作伙伴，其新一代51.2T全光交换机平台已具备支持CPO架构能力。光引擎与外置光源（ELSFP）已完成多项关键测试，将于2026-2027年迎来第一波大量导入潮。英特尔：夯实基础，从封装与耦合切入英特尔（INTC.O）则选择从先进封装与光电耦合基础能力切入，分阶段夯实规模制造条件。近期，英特尔代工部门展示了一款专为未来超大型AI加速器设计的AI芯片测试载具，采用最先进的18A制程，并通过升级版EMIB-T与Foveros封装技术，实现了跨越单一光罩限制的超大尺寸，为CPO的规模化落地筑牢技术根基。【03 订单验证：Lumentum斩获数亿订单，产业链实质性放量】巨头的路线图之外，产业链上游已传来实质性利好——订单落地，印证CPO产业正从概念走向现实。Lumentum最新财报显示，公司已获得一份价值数亿美元的超高功率激光器追加订单，专门用于支持光学扩展应用（Scale-out场景），这也是CPO产业链迎来的重要订单突破。财报数据同样亮眼：Lumentum第二季度营收达6.655亿美元，同比增长超65%，创下历史纪录；毛利率同比提升1020个基点至42.5%。对于CPO业务的未来，Lumentum也给出明确预期：预计Q4 CPO营收约5000万美元，2027年上半年将迎来爆发式增长。值得关注的是，Lumentum的光路开关（OCS）业务在Q2实现营收1000万美元，比预期提前三个季度达成目标。目前，公司正扩展外部光源（ELS）模块，通过涉足比独立激光芯片更完整的解决方案，进一步提升潜在收入空间。而Lumentum的市场地位，离不开AI革命的红利——几乎所有AI网络，都直接或作为组件供应商使用其技术，这也让其成为CPO产业爆发的核心受益者之一。【04 投资逻辑：Scale-up需求，驱动产业链价值重构】读懂CPO的投资价值，首先要理清其增长逻辑——CPO的真正增长引擎，来自Scale-up高带宽互连的刚性需求，而非传统Scale-out网络的成本替代逻辑。以英伟达Blackwell架构为例，其NVLink单GPU互连带宽已达7.2Tbps，约为800G以太网方案的9倍。此时，传统可插拔光模块在功耗与带宽密度上已逼近物理极限，难以满足需求。而CPO凭借极短电通道与高集成光引擎，成为当前能够同时满足超高速率、低功耗与高端口密度的系统级方案，也因此确立了其在Scale-up领域的战略卡位。这一架构升级，正推动CPO产业链价值重构：• 上游：硅光芯片与高性能激光器价值量显著提升；• 中游：先进封装与光电协同制造成为核心壁垒；• 下游：AI系统与液冷散热需求同步扩张。需要注意的是，国盛证券分析指出，市场对“CPO技术将快速取代可插拔光模块”的担忧存在预期差。CPO与可插拔光模块是并行发展、长期共存的关系，可插拔模块在未来数年内仍是柜外互联（Scale-out）的主流需求。对于领先的光模块厂商而言，它们并未被排除在CPO生态之外，其在硅光等核心领域的技术积累，反而使其在新技术浪潮中巩固了竞争壁垒。【05 产业展望：2026年，开启CPO规模商用新纪元】从产业进程来看，三大巨头分别从系统牵引、制造平台与底层技术三端形成合力，这一信号标志着——CPO正由技术验证期迈向工程化部署阶段，规模商用已箭在弦上。目前，英伟达已与台积电（TSM.N）联合开发CPO封装工艺，重点关注可靠性和可测试性，采用微环调制小型化光引擎替代传统大尺寸MZM方案，适配高密度AI网络；同时同步研发光纤自动对准技术与高功率激光器，进一步压缩激光器用量，降低成本。台积电的COUPE路线图也已明确，分为三个阶段逐步推进：• 第一代：为OSFP连接器提供的光引擎，提供1.6 Tb/s数据传输速度；• 第二代：进入CoWoS封装，在主板级别实现6.4 Tb/s；• 第三代：旨在处理器封装内实现12.8 Tb/s，进一步降低功耗和延迟。反映在A股市场，CPO概念股表现持续活跃。目前，45只CPO概念股合计总市值超3.2万亿元，上周共计16只CPO概念股获得融资净买入。其中，中际旭创（300308）获融资客逆市抢筹4.37亿元，亨通光电（600487）、炬光科技（688167）分别被“扫货”4.14亿和3.17亿元，市场资金对CPO产业的关注度可见一斑。当英伟达的部署时间表与Lumentum的数亿订单，在2026年初完美交汇，CPO产业的商用图景已然清晰可见。从芯片巨头到光通信厂商，从先进封装到外置光源，产业链各环节正在协同推进这场互连革命。随着AI模型对算力需求的永无止境，光电共封装不再仅是学术界的研究课题，而是成为支撑千亿参数级AI应用的底层技术支柱。在这场算力革命中，CPO正从概念走向现实，从实验室走向数据中心，正式开启属于自己的黄金时代。如果这篇文章对您理解CPO产业有帮助，欢迎点赞、收藏，并在评论区分享您对CPO产业未来发展的看法！#CPO #英伟达 #光模块 #人工智能 #算力革命 #Lumentum #CPO商用元年","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"corporation,productRelease","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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