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M Update October 15, 2026 10:04 PM GMT
Greater China Technology Hardware | Asia Pacific
Takeaways on Photonics from 2026 OCP Global Summit
Key Takeaways
- A full day discussion of Photonics fu the demonst ated the impo tance of optical connectivity.
On Day 3 of the 2026 OCP Global Summit, the e is a full-day special focus on Photonics. Indust y pa ticipants such as NVIDIA, Meta, Mic osoft, O acle, B oadcom, Celestica, A ista, Ciena, Amphenol, Lumentum, and Huawei p esented thei views. We summa ize the key findings below:
- 1) When the mode ato asks key indust y playe s whethe they will apply CPO o NPO, almost all companies answe ed 'Both'.
- 2) AI density depends on optical connectivity. With the day's focus on Photonics, the impo tance of optical connectivity was well highlighted in each session.
- 3) Five key met ics fo new optical technology: 1) pe fo mance, 2) powe , 3) cost, 4) speed to deployment and 5) eliability and se viceability. Huawei believes NPO has advantages on maintainability, open decoupling, availability and indust y implementation.
- 4) Scale-in is anothe new app oach to enhance AI density.
- 5) Root cause of CPO failu es: 83-85% of failu es due to ELS, 11-17% due to fibe / connecto . Dust and di t a e also common failu e issues.
- 6) Optics vs. Coppe : Full Optical Pod is ta geted towa ds scale-up sizes >576 accele ato s, Optics and Coppe to coexist between 72 and 576 accele ato s.
G eate China Technology Ha dwa e: Takeaways on NPO f om 2026 OCP Global Summit (14 Oct 2026)
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* 10/15/2026) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Te hnologies Holdings (2018.HK) | O (01/29/2024) | HK$35.48 |
| A elink Te hnologies Co. Ltd. (002281.SZ) | U (05/12/2022) | Rmb132.96 |
| BYD Ele troni s (0285.HK) | O (04/28/2023) | HK$22.38 |
M Update M Update Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
| China TransInfo Te hnology Co Ltd (002373.SZ) | E (07/18/2023) | Rmb7.17 |
|---|---|---|
| Dahua Te hnology Co. Ltd. (002236.SZ) | E (12/12/2024) | Rmb14.83 |
| Eoptolink Te hnology In Ltd (300502.SZ) | O (02/27/2026) | Rmb306.01 |
| Genius Ele troni Opti al Co. Ltd. (3406.TW) | E (10/13/2026) | NT$1,115.00 |
| GoerTek In (002241.SZ) | E (08/14/2026) | Rmb20.23 |
| Gosun n Te hnology Group Co Ltd (300098.SZ) | U (11/07/2022) | Rmb3.96 |
| HIKVision Digital Te hnology (002415.SZ) | E (12/12/2024) | Rmb33.86 |
| Largan Pre ision (3008.TW) | O (10/13/2026) | NT$6,605.00 |
| LianChuang Ele troni Te hnology Co Ltd (002036.SZ) | U (06/12/2024) | Rmb5.40 |
| Lingyi Ite h Guangdong Co (002600.SZ) | U (04/23/2025) | Rmb9.86 |
| Lingyi Ite h Guangdong Co (1688.HK) | O (08/14/2026) | HK$4.65 |
| Luxshare Pre ision Industry Co., Ltd. (2475.HK) | O (08/14/2026) | HK$45.28 |
| Luxshare Pre ision Industry Co., Ltd. (002475.SZ) | O (10/24/2016) | Rmb44.65 |
| OFILM Group Co Ltd (002456.SZ) | U (06/12/2024) | Rmb6.07 |
| Q Te hnology (Group) Company Ltd (1478.HK) | U (03/23/2026) | HK$4.70 |
| Que tel Wireless Solutions Co Ltd (603236.SS) | E (10/09/2024) | Rmb67.88 |
| Shanghai Conant Opti al Co Ltd (2276.HK) | O (04/10/2026) | HK$34.08 |
| Shenzhen Transsion Holdings Co Ltd (688036.SS) | E (03/23/2026) | Rmb48.20 |
| Sunny Opti al (2382.HK) | E (03/23/2026) | HK$57.15 |
| Suzhou TFC Opti al Communi ation Co Ltd. (300394.SZ) | E (11/06/2025) | Rmb223.33 |
| Wingte h Te hnology Co Ltd (600745.SS) | U (05/18/2026) | Rmb13.89 |
| Xiaomi Corp (1810.HK) | O (04/14/2021) | HK$27.08 |
| Yangtze Opti al Fibre and Cable JSC Ltd (601869.SS) | U (10/13/2021) | Rmb333.10 |
| Yangtze Opti al Fibre and Cable JSC Ltd (6869.HK) | O (07/15/2026) | HK$122.60 |
| Yongxin Opti s Co Ltd (603297.SS) | E (11/15/2022) | Rmb93.92 |
| Zhejiang Crystal-Opte h Co Ltd (002273.SZ) | O (11/15/2022) | Rmb19.52 |
| Zhongji Innolight Co Ltd (300308.SZ) | O (09/07/2026) | Rmb656.94 |
| Zhongji Innolight Co Ltd (3308.HK) | O (09/07/2026) | HK$784.00 |
| ZTE Corporation (0763.HK) | O (06/04/2026) | HK$19.29 |
| ZTE Corporation (000063.SZ) | E (06/04/2026) | Rmb26.81 |
| Derrick Yang | ||
| A ton Te hnology Corporation (2345.TW) | O (06/06/2024) | NT$1,950.00 |
| Advante h (2395.TW) | O (01/20/2021) | NT$698.00 |
| AirTAC International (1590.TW) | O (04/16/2025) | NT$1,155.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/2024) | NT$3,085.00 |
| AU Optroni s (2409.TW) | E (02/10/2026) | NT$34.90 |
| Auras Te hnology Co Ltd (3324.TWO) | E (05/04/2023) | NT$1,410.00 |
| Bizlink (3665.TW) | O (03/10/2025) | NT$2,015.00 |
| BOE Te hnology (000725.SZ) | O (09/06/2019) | Rmb5.05 |
| Chenbro (8210.TW) | O (07/23/2025) | NT$833.00 |
| Chroma Ate In . (2360.TW) | O (10/05/2021) | NT$2,025.00 |
| Delta Ele troni s In . (2308.TW) | O (07/13/2017) | NT$1,630.00 |
| E Ink Holdings In . (8069.TWO) | E (08/10/2026) | NT$146.50 |
| Ennostar In (3714.TW) | U (09/23/2022) | NT$61.50 |
| Fositek Corp (6805.TW) | O (06/25/2025) | NT$2,115.00 |
| Hiwin Te hnologies Corp. (2049.TW) | O (03/30/2026) | NT$311.00 |
| Innolux (3481.TW) | E (04/07/2025) | NT$48.30 |
| King Slide Works Co. Ltd. (2059.TW) | O (11/08/2023) | NT$9,720.00 |
| Lens Te hnology (300433.SZ) | E (07/22/2020) | Rmb25.65 |
| Lite-On Te hnology (2301.TW) | E (01/15/2025) | NT$268.00 |
| TCL Corp. (000100.SZ) | E (04/07/2025) | Rmb4.45 |
| Tianma Mi roele troni s (000050.SZ) | U (01/24/2018) | Rmb5.81 |
| Howard Kao | ||
| A er In . (2353.TW) | U (04/23/2025) | NT$31.70 |
| Asustek Computer In . (2357.TW) | U (11/16/2025) | NT$975.00 |
| Cat her Te hnology (2474.TW) | U (11/17/2025) | NT$195.00 |
|---|---|---|
| Compal Ele troni s (2324.TW) | U (04/23/2025) | NT$36.00 |
| Elite Material Co. (2383.TW) | O (09/14/2026) | NT$5,120.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/2025) | HK$3.95 |
| Fox onn Industrial Internet Co. Ltd. (601138.SS) | O (07/10/2019) | Rmb46.90 |
| Giga-Byte Te hnology Co. Ltd. (2376.TW) | E (11/16/2025) | NT$347.00 |
| Gold Cir uit Ele troni s Ltd. (2368.TW) | O (10/06/2022) | NT$1,190.00 |
| Hon Hai Pre ision (2317.TW) | O (03/15/2024) | NT$239.50 |
| Inspur Ele troni Information (000977.SZ) | E (08/28/2023) | Rmb57.06 |
| Kingboard Laminates Holdings Ltd. (1888.HK) | O (09/14/2026) | HK$38.28 |
| LandMark Optoele troni s Corporation (3081.TWO) | E (03/26/2026) | NT$2,640.00 |
| Lenovo (0992.HK) | O (07/10/2026) | HK$25.98 |
| Lotes Co. Ltd. (3533.TW) | E (05/12/2025) | NT$1,815.00 |
| Nan Ya PCB (8046.TW) | O (02/23/2026) | NT$1,345.00 |
| Pegatron Corporation (4938.TW) | E (03/25/2026) | NT$98.10 |
| Quanta Computer In . (2382.TW) | O (05/01/2023) | NT$316.50 |
| Shengyi Te hnology Co Ltd. (600183.SS) | E (05/26/2022) | Rmb114.61 |
| Shennan Cir uits Co Ltd (002916.SZ) | E (08/24/2023) | Rmb318.80 |
| Unimi ron (3037.TW) | O (02/23/2026) | NT$1,075.00 |
| Visual Photoni s Epitaxy Co Ltd (2455.TW) | E (09/11/2023) | NT$483.50 |
| Wistron Corporation (3231.TW) | O (07/12/2023) | NT$176.00 |
| Wiwynn Corp (6669.TW) | O (11/10/2025) | NT$1,905.00 |
| Yageo Corp. (2327.TW) | O (10/28/2025) | NT$573.00 |
| Zhen Ding (4958.TW) | ++ | NT$519.00 |
| Irene Yen | ||
| Co-Te h Development Corp. (8358.TWO) | O (09/14/2026) | NT$461.50 |
| Taiwan Union Te hnology Corporation (6274.TWO) | O (09/14/2026) | NT$1,625.00 |
- Historical pric s ar not split adjust d.