申万宏源：光互连成为提升AI算力上限重要演进方向高性能产品单价有望持续提升

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智通财经APP获悉，申万宏源发布研报称，网络设备正从传统的800G向1.6T速率跃升，光互连成为提升AI算力上限的重要演进方向。未来技术路径演进将带来光通信在AI产业的价值量提升，高性能产品单价有望持续提升，提高光通信环节在AI算力链中的价值量。Lumentum(LITE.US)在OFC 2026上预测，光通信市场空间将保持高速扩张，到2030年，涵盖可插拔光模块、共封装光学(CPO)和光路交换机...

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The unit price of high-performance products is expected to continue to increase","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AIPO":1.5,"CHAT":1.5,"000166":1.5,"ARTY":1.5,"06806":1.5,"AGIX":1.5},"content_text":"智通财经APP获悉，申万宏源发布研报称，网络设备正从传统的800G向1.6T速率跃升，光互连成为提升AI算力上限的重要演进方向。未来技术路径演进将带来光通信在AI产业的价值量提升，高性能产品单价有望持续提升，提高光通信环节在AI算力链中的价值量。Lumentum(LITE.US)在OFC 2026上预测，光通信市场空间将保持高速扩张，到2030年，涵盖可插拔光模块、共封装光学(CPO)和光路交换机(OCS)的AI光通信总潜在市场(TAM)将从2025年的180亿美元飙升至900亿美元。申万宏源主要观点如下：光通信技术路径正在走向革命性升级网络设备正从传统的800G向1.6T速率跃升，而传统铜线互连在数据传输速率向100G/200G每通道演进时，其带宽、功耗和有效传输距离已触及物理极限，光互连成为提升AI算力上限的重要演进方向。为了解决AI集群极高的散热与能耗压力，行业探索采用光路交换机(OCS)进行纯光域动态路由、将光引擎直接与计算芯片封装的CPO技术，并逐渐推动相关技术走向成熟。未来技术路径演进将带来光通信在AI产业的价值量提升1)AI芯片单卡性能持续提升带来互联通信性能极高的要求，未来的光方案中单算力芯片对应的光芯片、光器件的数量将翻倍增加；2)对光芯片、光器件等环节的产品性能提出更高要求：高性能产品单价有望持续提升，提高光通信环节在AI算力链中的价值量。Lumentum在OFC 2026上预测，光通信市场空间将保持高速扩张，到2030年，涵盖可插拔光模块、共封装光学(CPO)和光路交换机(OCS)的AI光通信总潜在市场(TAM)将从2025年的180亿美元飙升至900亿美元，年复合增长率(CAGR)高达40%。Lumentum：EML等光通信领域的领先厂商，有望乘CPO东风保持高增长Lumentum已成为AI数据中心前沿光通信产品的核心供应商。1)在EML等激光器领域，公司具备优势，在1.6T光模块性能的核心部件——200GEML(电吸收调制激光器)领域，Lumentum是目前稀缺的能够实现可靠、大批量商业交付的厂商。2)Lumentum在OCS积压订单已超4亿美元，主要集中在三家超大规模厂商。3)其针对CPO开发的超高功率(UHP)激光器等技术，有望为其带来CPO时代的领先优势。公司指引2028年新工厂产能投产爬坡后，季度收入将从目前的6.65亿美元冲击20亿美元(年化80亿美元)，且营业利润率有望跃升至40%。英伟达20亿美元入股，体现Lumentum在产业链中的卡位优势2026年3月，英伟达(NVIDIA)向Lumentum注入20亿美元战略投资，并附加了数十亿美元的产能采购承诺。支撑Lumentum将新收购的北卡罗来纳州晶圆厂升级为先进的6英寸磷化铟(InP)产线(预计2028年量产，支撑50亿美元年化产能)。重点标的博通(AVGO.US)，Lumentum(LITE.US)，Coherent(COHR.US)风险提示1)下游需求不确定性；2)光通信技术路径仍处于快速迭代期存在不确定性；3)未来竞争格局不确定性。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626902246","isCrawlerRequest":true}

申万宏源：光互连成为提升AI算力上限重要演进方向 高性能产品单价有望持续提升

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申万宏源：光互连成为提升AI算力上限重要演进方向高性能产品单价有望持续提升