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M Update October 14, 2026 08:47 AM GMT
Greater China Technology Hardware | Asia Pacific Takeaways on NPO from 2026 OCP Global Summit
Key Takeaways
- Connectivity has become the bottleneck, and NPO is a potential solution. We observed growing discussion and interest in NPO at the conference.
On Day 2 of the 2026 OCP Global Summit, an IP C optical interconnect workshop focused on discussions around NPO. Industry participants such as Source Photonics, Lightcounting, Alibaba, Meta, Oracle, Microsoft, Ciena, Ligent, Genuine Optics, Lumentum, Lumilens, NVIDIA and Huawei presented their views on NPO.
The industry has formed the view connectivity, rather than compute alone, is becoming the primary bottleneck. Near-packaged optics (NPO) move optical conversion closer to compute, targeting better signal integrity, bandwidth, and energy efficiency. OpenCPX explicitly targets common mechanical, electrical, optical, thermal, and management interfaces across suppliers, providing the ecosystem with a shared implementation framework rather than only a broad architectural vision.
However, we also observed debate over whether pluggable NPO offers materially better flexibility and serviceability than CPO. Key concern on CPO is that optical failure could result in scrapping an entire ASIC assembly.
Overall, we observed growing discussion and interests in NPO, implying a greater likelihood of accelerated commercialization over the next 12-18 months, in our view.
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst Andy.M ng@morganstanl y.com
Betty Chen
R s arch Associat B tty.H.Ch n@morganstanl y.com
Greater China Technology Hardware
Asia Pacific
Industry View In-Line
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Update
INDUSTRY COVERAGE: Greater China Technology Hardware
| Company Ticker) | Rating As Of) | Price* 10/14/2026) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Te hnologies Holdings (2018.HK) | O (01/29/2024) | HK$36.92 |
| A elink Te hnologies Co. Ltd. (002281.SZ) | U (05/12/2022) | Rmb141.09 |
| BYD Ele troni s (0285.HK) | O (04/28/2023) | HK$22.98 |
M Update
| China TransInfo Te hnology Co Ltd (002373.SZ) | E (07/18/2023) | Rmb7.40 |
|---|---|---|
| Dahua Te hnology Co. Ltd. (002236.SZ) | E (12/12/2024) | Rmb14.98 |
| Eoptolink Te hnology In Ltd (300502.SZ) | O (02/27/2026) | Rmb330.80 |
| Genius Ele troni Opti al Co. Ltd. (3406.TW) | E (10/13/2026) | NT$1,065.00 |
| GoerTek In (002241.SZ) | E (08/14/2026) | Rmb20.03 |
| Gosun n Te hnology Group Co Ltd (300098.SZ) | U (11/07/2022) | Rmb4.10 |
| HIKVision Digital Te hnology (002415.SZ) | E (12/12/2024) | Rmb34.06 |
| Largan Pre ision (3008.TW) | O (10/13/2026) | NT$6,880.00 |
| LianChuang Ele troni Te hnology Co Ltd (002036.SZ) | U (06/12/2024) | Rmb5.59 |
| Lingyi Ite h Guangdong Co (002600.SZ) | U (04/23/2025) | Rmb10.58 |
| Lingyi Ite h Guangdong Co (1688.HK) | O (08/14/2026) | HK$4.88 |
| Luxshare Pre ision Industry Co., Ltd. (2475.HK) | O (08/14/2026) | HK$48.14 |
| Luxshare Pre ision Industry Co., Ltd. (002475.SZ) | O (10/24/2016) | Rmb44.94 |
| OFILM Group Co Ltd (002456.SZ) | U (06/12/2024) | Rmb6.25 |
| Q Te hnology (Group) Company Ltd (1478.HK) | U (03/23/2026) | HK$4.87 |
| Que tel Wireless Solutions Co Ltd (603236.SS) | E (10/09/2024) | Rmb70.29 |
| Shanghai Conant Opti al Co Ltd (2276.HK) | O (04/10/2026) | HK$34.42 |
| Shenzhen Transsion Holdings Co Ltd (688036.SS) | E (03/23/2026) | Rmb48.29 |
| Sunny Opti al (2382.HK) | E (03/23/2026) | HK$58.85 |
| Suzhou TFC Opti al Communi ation Co Ltd. (300394.SZ) | E (11/06/2025) | Rmb229.00 |
| Wingte h Te hnology Co Ltd (600745.SS) | U (05/18/2026) | Rmb14.34 |
| Xiaomi Corp (1810.HK) | O (04/14/2021) | HK$26.38 |
| Yangtze Opti al Fibre and Cable JSC Ltd (601869.SS) | U (10/13/2021) | Rmb357.40 |
| Yangtze Opti al Fibre and Cable JSC Ltd (6869.HK) | O (07/15/2026) | HK$141.20 |
| Yongxin Opti s Co Ltd (603297.SS) | E (11/15/2022) | Rmb97.76 |
| Zhejiang Crystal-Opte h Co Ltd (002273.SZ) | O (11/15/2022) | Rmb20.46 |
| Zhongji Innolight Co Ltd (300308.SZ) Zhongji Innolight Co Ltd (3308.HK) | O (09/07/2026) O (09/07/2026) | Rmb692.90 HK$847.50 |
| HK$20.06 | ||
| ZTE Corporation (0763.HK) | O (06/04/2026) | |
| ZTE Corporation (000063.SZ) | E (06/04/2026) | Rmb27.69 |
| Derrick Yang | ||
| A ton Te hnology Corporation (2345.TW) | O (06/06/2024) | NT$2,050.00 |
| Advante h (2395.TW) | O (01/20/2021) | NT$714.00 |
| AirTAC International (1590.TW) | O (04/16/2025) | NT$1,185.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/2024) | NT$3,315.00 |
| AU Optroni s (2409.TW) | E (02/10/2026) | NT$36.25 |
| Auras Te hnology Co Ltd (3324.TWO) | E (05/04/2023) | NT$1,490.00 |
| Bizlink (3665.TW) | O (03/10/2025) | NT$2,235.00 |
| BOE Te hnology (000725.SZ) | O (09/06/2019) | Rmb5.19 |
| Chenbro (8210.TW) | O (07/23/2025) | NT$853.00 |
| Chroma Ate In . (2360.TW) | O (10/05/2021) | NT$2,250.00 |
| Delta Ele troni s In . (2308.TW) | O (07/13/2017) | NT$1,785.00 |
| E Ink Holdings In . (8069.TWO) | E (08/10/2026) | NT$151.50 |
| Ennostar In (3714.TW) | U (09/23/2022) | NT$64.20 |
| Fositek Corp (6805.TW) | O (06/25/2025) | NT$2,195.00 |
| Hiwin Te hnologies Corp. (2049.TW) | O (03/30/2026) | NT$333.00 |
| Innolux (3481.TW) | E (04/07/2025) | NT$50.90 |
| King Slide Works Co. Ltd. (2059.TW) | O (11/08/2023) | NT$10,005.00 |
| Lens Te hnology (300433.SZ) | E (07/22/2020) | Rmb25.70 |
| Lite-On Te hnology (2301.TW) | E (01/15/2025) | NT$283.00 |
| TCL Corp. (000100.SZ) | E (04/07/2025) U (01/24/2018) | Rmb4.46 Rmb6.02 |
| Tianma Mi roele troni s (000050.SZ) | E (11/26/2021) | Rmb158.44 |
| Wuhan Jing e Ele troni Group Co Ltd (300567.SZ) |
Howard Kao
A er In . (2353.TW)
M Update
| Asustek Computer In . (2357.TW) | U (11/16/2025) | NT$990.00 |
|---|---|---|
| Cat her Te hnology (2474.TW) | U (11/17/2025) | NT$196.50 |
| Compal Ele troni s (2324.TW) | U (04/23/2025) | NT$37.00 |
| Elite Material Co. (2383.TW) | O (09/14/2026) | NT$5,520.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/2025) | HK$4.34 |
| Fox onn Industrial Internet Co. Ltd. (601138.SS) | O (07/10/2019) | Rmb48.80 |
| Giga-Byte Te hnology Co. Ltd. (2376.TW) | E (11/16/2025) | NT$356.00 |
| Gold Cir uit Ele troni s Ltd. (2368.TW) | O (10/06/2022) | NT$1,260.00 |
| Hon Hai Pre ision (2317.TW) | O (03/15/2024) | NT$243.00 |
| Inspur Ele troni Information (000977.SZ) | E (08/28/2023) | Rmb59.25 |
| Kingboard Laminates Holdings Ltd. (1888.HK) | O (09/14/2026) | HK$42.36 |
| LandMark Optoele troni s Corporation (3081.TWO) | E (03/26/2026) | NT$2,880.00 |
| Lenovo (0992.HK) | O (07/10/2026) | HK$30.40 |
| Lotes Co. Ltd. (3533.TW) | E (05/12/2025) | NT$1,935.00 |
| Nan Ya PCB (8046.TW) | O (02/23/2026) | NT$1,430.00 |
| Pegatron Corporation (4938.TW) | E (03/25/2026) | NT$100.00 |
| Quanta Computer In . (2382.TW) | O (05/01/2023) | NT$323.00 |
| Shengyi Te hnology Co Ltd. (600183.SS) | E (05/26/2022) | Rmb119.63 |
| Shennan Cir uits Co Ltd (002916.SZ) | E (08/24/2023) | Rmb337.00 |
| Unimi ron (3037.TW) | O (02/23/2026) | NT$1,185.00 |
| Visual Photoni s Epitaxy Co Ltd (2455.TW) | E (09/11/2023) | NT$523.00 |
| Wistron Corporation (3231.TW) | O (07/12/2023) | NT$187.00 |
| Wiwynn Corp (6669.TW) | O (11/10/2025) | NT$2,115.00 |
| Yageo Corp. (2327.TW) | O (10/28/2025) | NT$627.00 |
| Zhen Ding (4958.TW) | ++ | NT$567.00 |
| Irene Yen | ||
| Co-Te h Development Corp. (8358.TWO) | O (09/14/2026) | NT$502.00 |
| Taiwan Union Te hnology Corporation (6274.TWO) | O (09/14/2026) | NT$1,735.00 |
Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
- Historical pric s ar not split adjust d.