PDF 原檔：報告_MS_CIOE光博會重點_20260913_original.pdf
已驗證圖片清單（Step 2.5）
| 檔名 | 內容 | 類別 |
|---|---|---|
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ASMPT 可插拔光收發模組四道貼合站與對位精度（DSP/被動件 ±25µm、TX/RX ±2–3µm、submount ±3µm、電／光配件 ±5–15µm） | 真資料圖，可嵌入技術頁 |
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CPO 結構剖面與三道貼合站精度（EIC on PIC ±200nm–±2µm 混合鍵合／TCB、光引擎上基板 ±5µm、FAU 與微透鏡 ±500nm–±1µm） | 真資料圖，可嵌入技術頁 |
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騰訊 3.2T NPO 部署 roadmap：2025H2 規格制定 → 2026H1 DVT → 2026H2 PVT → 2027Q1 512 卡超節點部署 → 2027Q2 可行性分析 | 真資料圖，可嵌入 |
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阿里雲 6.4T–12.8T NPO 演進路線（2026–2028，含 QFabric switch／UPO 各代時點） | 真資料圖，可嵌入 |
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EugenLight 8 通道 ELSFP 展場實測（電源供應器顯示 3.60V／3.41A ≈ 12W） | 展場實物照，可佐證 <12W 功耗 |
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Source Photonics 6.4T ELSFP 2xDR4 Live Demo 規格卡（8 通道、每通道 ≤20.5dBm、模組功耗 <10W、符合 OIF-ELSFP-02.0） | 文字卡，內容已入內文 |
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HiSilicon 400mW CW DFB 等高功率雷射晶片展示 | 展場實物照，摩爾紋嚴重、可讀性低 |
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Exhibit 1 CPO 外部光源模組（ELSFP） | 真資料圖 |
原始內容
M September 13, 2026 09:41 PM GMT
Greater China Technology Semiconductors | Asia Pacific
CIOE Key Takeaways: Expanding the Growth Runway
We attended CIOE and see growing photonics opportunities for semi and semi equipment companies
Key Takeaways
- ELSFP reinforces our confidence in USI's optical roadmap, which provides another route to participate in optical architectures
- ASMPT's Fluxless TCB could address two key challenges in OE packaging, namely warpage and optical-port contamination
- We see progress in domestic laser chips' capacity expansion and move to higher power CW; NPO bandwidth improves; VCSEL remains active
- Tencent 512-card supernode using 3.2T NPO to be deployed 1Q27; Alibaba targets 4Q26 MP of 3.2T NPO followed by mid-2027 MP of 6.4T UPO
USI (601231.SS): ELSFP reinforces our confidence in USI's optical roadmap .
EugenLight, USI's photonics subsidiary, showcase its external laser source modules (ELSFP) during CIOE. We believe EugenLight's solution stands out on power efficiency, 8 channel ELSFP around 12W, which should become increasingly important as optical I/O scales and system-level power constraints tighten. More importantly, we see ELSFP as a strategically important building block for the migration toward NPO and ultimately CPO, where moving the laser source outside the compute/package environment can improve overall system reliability. While USI's optical-module business has so far ramped below our earlier expectations (link), our CIOE discussions suggest that the company has not fallen behind in ELSFP, giving it another route to participate as architectures evolve beyond conventional pluggables. Customer design in and production ramp are key things to watch going forward.
ASMPT (0522.HK): Fluxless TCB addresses two key challenges in optical engine packaging. Our key takeaway from CIOE is that optical engine packaging faces two critical manufacturing challenges - warpage and optical-port contamination - both of which could become more pronounced as OEs scale in size and complexity. Compared with conventional mass reflow, thermo-compression bonding (TCB) offers better control over the bonding process and can help mitigate warpage, potentially improving assembly yield and reliability. Meanwhile, ASMPT's fluxless TCB solution, enabled by AOR (Atmospheric Oxide Removal), eliminates the need for flux during bonding, thereby avoiding flux residue and reducing the risk of contamination at sensitive optical ports. We believe these process advantages make TCB particularly well suited for next-generation optical engine packaging and strengthen ASMPT's positioning as NPO/CPO architectures scale. (Continued)
Update
| Morgan Stanley Asia Limited+ Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
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