CPO迈入规模化商用元年，192只核心概念股谁能抢先一步？

中金财经06-03

6月3日，A股CPO板块全线上涨。截至收盘，一博科技(301366.SZ)、迅捷兴(688655.SH)涨停，涨幅20.01%；晶赛科技(920981.BJM)涨幅19.82%；广立微(301095.SZ)上涨13.59%；源杰科技(688498.SH)上涨12.93%；天洋新材(603330.SH)、环旭电子(601231.SH)、海特高新(002023.SZ)、青山纸业(600103.SH)、...

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Who of the 192 core concept stocks can take the lead?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/77c32ef4e5a106301a312b522277e509","symbols_score_info":{"301095":1,"301366":1,"600103":1,"600487":1,"601231":1,"603330":1,"688498":1,"688655":1,"CHPS":0.7,"002023":1,"AI":0.7,"PSI":0.7,"SMHX":0.7,"SOXL":0.7,"USD":0.7,"FTXL":0.7,"NVDA":0.6,"SOXS":0.7,"SOXY":0.7,"SMH":0.7,"CHAT":0.9,"SSG":0.7,"TEKX":0.7,"AIYY":0.6,"SOXQ":0.7,"AGIX":0.7,"CHPY":0.7,"XSD":0.7,"AIPO":0.7,"ARTY":0.7,"SOXX":0.7},"content_text":"6月3日，A股CPO板块全线上涨。截至收盘，一博科技(301366.SZ)、迅捷兴(688655.SH)涨停，涨幅20.01%；晶赛科技(920981.BJM)涨幅19.82%；广立微(301095.SZ)上涨13.59%；源杰科技(688498.SH)上涨12.93%；天洋新材(603330.SH)、环旭电子(601231.SH)、海特高新(002023.SZ)、青山纸业(600103.SH)、亨通光电(600487.SH)涨幅均触及涨停。    行情驱动源于Computex展会信息：英伟达官宣Spectrum-X硅光CPO交换机实现全面量产，配套Vera Rubin AI工厂落地，产品能效相较传统光模块提升5倍。这意味着，2026年正式成为CPO规模化商用元年，光芯片、光模块、先进封装、光纤整条产业链同步走强。    CPO商业化进程加速AI算力持续扩张带来带宽与功耗双重瓶颈，传统可插拔光模块、铜缆互联难以适配海量算力集群建设，CPO光电共封装技术产业化进程加速。5月28日上海举办xPO赋能AI数据中心光互连行业论坛，业内专家集中研判行业发展趋势。上海交通大学杜江兵提出，当前光互联速率由112G向224G、448G快速迭代，CPO、NPO、XPO等多条封装技术路线并行发展，CPO整体技术方案尚未定型，但在高性能计算、存算一体领域应用空间广阔；产业研发聚焦高密度集成，光纤耦合封装价值持续提升。联合微电子中心冯俊波梳理硅光产业三阶段发展历程：2010-2018年为技术研发期，2018年进入产品小规模验证期，2024年末起进入AI需求驱动产业化周期。从传统光模块向CPO升级过程中，行业在耦合方案、光源设计、芯片尺寸、调制工艺七大维度完成技术迭代；目前CPO规模化落地仍存在制约，散热管控、封装良率、统一行业标准尚未完善，XPO、NPO等过渡方案延缓全行业全面替换进度。据行业测算，2030年全球AI光模块市场规模有望达200亿美元，较2021年增长7倍。产业形成明确落地节奏，XPO、NPO作为中短期过渡产品率先批量商用，CPO受成本、维护性约束长期逐步渗透。全球产业端落地节奏明确，英伟达Spectrum-X量产、博通百T级别CPO交换芯片投产、台积电硅光产线量产落地。上游海外厂商Lumentum、Coherent订单饱满，产能长期紧缺；国内产业链自上而下逐步实现技术突破，全行业景气度上行。机构数据显示，2026年全球以太网光模块市场规模预计260亿美元，同比增幅65%，全球头部云厂商年度资本开支同比大幅上涨，持续拉动高速光互连需求。高盛研报指出，CPO与传统可插拔光模块长期共存，预计2028年CPO在AI横向组网场景渗透率仅29%。A股产业链共振截至6月3日收盘，A股CPO板块一共有192只概念股。整体市场表现强劲，超 78% 的公司年初至今实现正收益，近 90% 的公司近 1 年股价上涨。业绩层面，超 76% 的公司 2026 年一季报营收实现同比正增长，平均营收增速 27.98%；平均净利润增速达 54.15%，盈利端表现优于营收端。年初至今涨幅TOP10    从今日走势看，多只龙头股盘中创下新高。从产业链角度分析，各企业布局与上涨逻辑各有不同。在上游光芯片环节，源杰科技主营激光芯片，为CPO配套光源核心供应商，一季度净利润同比大增1153%，产品毛利率近78%，受益于高端光芯片供需缺口，公司股价创新高。广立微聚焦半导体芯片测试业务，适配硅光芯片量产检测需求，受益上游晶圆扩产行情，单日涨幅13.59%。国内仕佳光子、长光华芯等企业持续攻关高端波分芯片、大功率激光器，推进国产替代。在中游光模块、光纤制造环节，中际旭创、新易盛为全球头部光模块厂商，1.6T高速光模块批量交付，产品订单已锁定至2028年，深度绑定英伟达供应链，股价同步走强；华工科技依托华工正源完成NPO产品商业化，同步研发液冷CPO光引擎。亨通光电建成全球首条S+C+L三波段超低损多芯光缆线路，单纤传输容量为传统光纤5倍，公司2026年一季度营收同比增34.09%，归母净利润同比增98.53%，当日涨停。剑桥科技布局NPO、CPO光引擎研发，1.6T光模块实现小批量供货，一季报净利润同比增长276.44%。在下游先进封装与配套元器件环节，环旭电子联动日月光、光创联落地CPO全链条配套方案，ELSFP光源完成样品认证，AI眼镜SiP模组业务持续放量，服务器相关订单高速增长，当日封板。一博科技、迅捷兴主营PCB及电子元器件，承接CPO整机配套订单，双双20%涨停。值得关注的是，目前，产业端仍存多项落地难题，光电封装成本偏高、器件散热难以管控、行业统一标准缺失，是限制CPO全面普及的核心因素；同时XPO、NPO等替代技术分流市场需求，上下游厂商商业模式博弈延缓行业替换速度。长期维度，算力增长确定性较强，带动光互连行业持续扩容。技术端将沿着速率升级、封装迭代、散热优化三条路径推进，产品从1.6T逐步向3.2T、6.4T迭代；应用端短期优先落地交换机互联场景，中期向GPU直连拓展，远期覆盖超算、边缘算力全场景。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","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/2640977297","isCrawlerRequest":true}