国金证券：长期看模型迭代放缓后算力将ASIC化 26年800G端口将成绝对主流

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智通财经APP获悉，国金证券发布研报称，长期来看，模型迭代放缓推动算力向ASIC化演进，推理需求驱动算力从GPU转向专用芯片，以更低TCO部署更多节点，带动光模块与PCB长期增长。市场担忧CPO替代可插拔模块及“光进铜退”逆转，但实际以互补为主。预计2026年800G端口将成为绝对主流，而CPO技术更倾向于作为中长期的增量贡献而非短期替代。国金证券主要观点如下：长期来看，模型迭代放缓后算力将...

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