中信证券：维持通信行业“强于大市”评级关注Scale up网络发展机遇

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智通财经APP获悉，中信证券发布研报称，维持通信行业“强于大市”评级。在AI大模型向MoE架构演进的背景下，算力集群对Scaleup网络的极致要求使得NPO技术成为全光互联的破局关键。当前，阿里与腾讯等科技巨头正加速押注该路线，这一技术演进正深刻重构产业链，赋予了早期布局者极高的技术溢价。在AI产业持续高景气及巨头积极推进NPO落地的双重催化下，国内光通信龙头有望凭借在高速互联领域的深厚积累占据...

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up网络变革，NPO技术折中优势凸显。在当前生成式AI的浪潮下，大模型架构逐渐从Dense向MoE演进，系统对Scaleup互连网络在带宽密度与通信时延等方面提出了前所未有的极端挑战。随着底层SerDes技术向224G甚至448G演进，传统的铜线或长距离PCB走线所带来的信号衰减已经逼近物理极限。相较于高功耗的传统可插拔光模块与面临极高维护难度及制造壁垒的CPO（共封装光学）方案，NPO（近封装光学）展现出了极强的“最大公约数”特征。NPO通过将光引擎移至靠近交换芯片的同一基板上，在大幅缩短电信号传输距离、降低功耗的同时，保留了光引擎的独立可更换性，兼顾了信号完整性与可维护性。科技巨头加速入局，阿里UPN512架构引领全光互联落地。目前，头部CSP厂商正加速推进NPO相关方案的落地应用。阿里巴巴正式发布了《UPN512技术架构白皮书》，旨在通过单层以太网光互连构建512颗xPU的全互联系统，预计可将光互连成本降低30%以上。作为架构核心，阿里已成功点亮3.2TNPO模块，该模块支持硅光与VCSEL技术，典型TDECQ仅为1.9dB，功耗仅20W，并已率先应用于新一代国产四芯片交换机中。此外，腾讯也正积极探索基于硅光技术的NPO演进，并联合阿里在ODCC发起标准化项目，其预计相关样机将于2026年Q3实现系统级点亮，标志着全光互联迈入工程落地新阶段。向“光互联解决方案提供商”身份转换，国内光模块厂商迎来历史性机遇。阿里、腾讯等互联网巨头的加速布局，标志着NPO技术正式进入规模化商用阶段，这也将深刻重构光通信行业的商业模式与供应链格局。NPO要求光模块厂商具备极强的硅光集成能力、高精度封装工艺以及与芯片厂商的深度协同能力，推动厂商从“提供模块”向更高技术壁垒的“光互联解决方案”跨越。国内头部企业正紧抓此历史性机遇：中际旭创已展示OpenSocket NPO方案并预计2027年规模化部署；新易盛推出了基于VCSEL的NPO光引擎以提升空间利用率；华工科技的3.2T 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中信证券：维持通信行业“强于大市”评级 关注Scale up网络发展机遇

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中信证券：维持通信行业“强于大市”评级关注Scale up网络发展机遇