PDF 原檔：報告_MS_OCP峰會2026半導體總結_20261018_original.pdf
圖片清單（已驗證 2026-10-19）
| 檔名 | 分類 | 親眼所見內容 |
|---|---|---|
| 報告_MS_OCP峰會2026半導體總結_20261018_001.png | 真資料圖 | 簡報照（來源 OCP、Alibaba）：「Form Factor: (n)PO」，示意 XPO、NPO、IPO、CPO 四種封裝形態（ASIC die、光引擎 PIC/EIC 與光纖位置），右側為 3.2T／6.4T-12.8T NPO、IPO 與 ICA 整合、Broadcom 與 NVIDIA CPO 實物（Exhibit 1） |
| 報告_MS_OCP峰會2026半導體總結_20261018_002.png | 真資料圖 | 實拍：TE Connectivity「224G/448G Small Socket」展板，含 NPO/CPO socket（NanoLGA、MicroLGA）與 ICA（Interposer Copper Attach）：0.4mm pitch、最高 10,000 pins、低串擾，可用於 CPO、NPO、BtB 與 CPC（Exhibit 2） |
| 報告_MS_OCP峰會2026半導體總結_20261018_003.png | 真資料圖 | 資料圖：CPO 測試 insertion 流程表（Insertion 1-5：晶圓級 EIC/PIC、EIC 對 PIC 晶圓、光引擎 die-to-die、CPO 封裝光學／電學測試、潛在 SLT），列測試服務商（TSMC、SPIL）與設備商（Advantest、TEL、Formfactor、Teradyne、Ficontec、MPI、Chroma、穎崴 Winway、鴻勁 Hon Precision）（Exhibit 3） |
原始內容
M Global Idea October 18, 2026 08:46 PM GMT
Greater China Semiconductors
OCP Wrap-up: Rising Optics and Al Infrastructure Alternatives
Our US trip highlighted ICA/IPO traction, co ple entary rackanage ent silicon, hardware security and CXL-based e ory pooling, with potential storage server upside.
Key Takeaways
- ICA/IPO traction: China CSP and TE demonstrations suggest growing adoption, although cost could be higher
- IMC versus BMC: Marvell IMC complements AST2700; we see no production disruption.
- Hardware security: Caliptra strengthens the case or eMemory PUF-based security IP.
- CXL and thermal: CXL supports memory pooling: Cooling and ASIC/CPU ramps remain in ocus. Muse is likely driving storage server demand.
ICA/IPO: Gaining traction, but cost still a hurdle A China CSP outlined optical orm actors rom XPO/NPO to interposer optics (IPO) and CPO, including integration o IPO with interposer copper attach (ICA). TE Connectivity showcased 224G/448G NPO/CPO sockets and ICA sockets with 0.4mm pitch and up to 10,000 pins, o ering high-density connectivity, low crosstalk and improved reworkability. We see rising traction or ICA/IPO, with potential mass production in 2027 (For more, see our recent CPO report).
Marvell IMC: Complementary to AST2700, not a replacement. Marvell demonstrated the OCTEON-based in rastructure management controller (IMC) addresses higher-level Al rack/cluster telemetry and control; ASPEED's AST2700 BMC continues to handle node-level security and remote management. Given distinct unctions and so tware ecosystems, we do not view IMC as a direct AST2700 competitor. We also don't see an AST2700 production issue, supporting an on-track ramp. The key debate is actually market share in TPU/Axion.
Caliptra: Expanding hardware Root of Trust opportunities The open Caliptra ramework de ines silicon-level Root o trust (RoT) or data-center processors and accelerators, supporting secure boot, device identity and attestation eMemory (3529.TW) subsidiary PUFsecurity o ers PUFrt, providing NeoPUF-derived device, NeoFuse OTP secure storage and hardware entropy as physical security building blocks or Caliptra implementations. Broader adoption could support incremental PUF/security-IP licensing, although monetization depends on quali ications and customer design wins. (For more, see our quantum security report).
Other: CXL fabric, cooling and compute ramps: The microchannel lid demonstration underscored the importance o chip-level thermal design as rack Morgan Stanley Taiwan Limited+
| Daniel Yen, CFA Equity Analyst Dani l.Y n@morganstanl y.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charli .Chan@morganstanl y.com Morgan Stanley Asia Limited+ | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanl y.com | +852 2848-7310 |
| Morgan Stanley Taiwan Limited+ Lucas Wang Equity Analyst Lucas.Wang@morganstanl y.com | +886 2 2730-2875 |
| Morgan Stanley Asia Limited+ Henry Zhao Equity Analyst H nry.Zhao@morganstanl y.com | +852 2239-7731 |
| Ethan Jia R s arch Associat Ethan.Jia@morganstanl y.com | +852 3963-2287 |
Greater China Technology Semiconductors
Asia Pacific
Industry View Attractive
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.
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M Global Idea
density increases. The MARS demonstration with Partners underpins the importance o CXL abric switches to connect multiple hosts with shared memory at rack scale, despite still taking time or maturity. Custom ASIC and server CPU ramps remain on track. Storage server demand could rise on Muse.
M Global Idea
OCP - New optics solution?
xhibit 1: Alt rnativ optics solution: IPO
Sourc : OCP, Alibaba
M Global Idea
xhibit 2: ICA/IPO from TE
Scalable across CPO, NPO, BIB and CPC
Sourc : TE
M Global Idea
xhibit 3: CPO Ins rtion T st Flow
| Test Insertion | Insertion 1 (wafer-level) | Insertion 2 (wafer-level) | Insertion 3 (die-level)/3.5 (package-level) | Insertion 4 (module-level) - Insertion 4O | Insertion 4 (module-level) - Insertion 4E | Insertion 5 (potential) |
|---|---|---|---|---|---|---|
| Test content | Electronic IC (EIC) & Photonic IC (PIC) | EIC die to PIC wafer (after SoIC) | Optical engine (die-to-die) | CPO package (ASIC+OE) Optical Testing | CPO package (ASIC+OE) Electrical Testing (2025-2026) Optical+Electrical Testing (starting 2027e) | CPO package (ASIC+OE) SLT? |
| Testing surface Key Product timeline | 2025-2026 Scale-out CPO switch (Spectrum+Quantum) products 2027e onward: Scale-out CPO switch (Spectrum+Quantum) + Scale-up CPO switch products | 2025-2026 Scale-out CPO switch (Spectrum+Quantum) products 2027e onward: Scale-out CPO switch (Spectrum+Quantum) + Scale-up CPO switch products | 2025-2026 Scale-out CPO switch (Spectrum+Quantum) products 2027e onward: Scale-out CPO switch (Spectrum+Quantum) + Scale-up CPO switch products | 2025-2026 Scale-out CPO switch (Spectrum+Quantum) products 2027e onward: Scale-out CPO switch (Spectrum+Quantum) + Scale-up CPO switch products | 2025-2026 Scale-out CPO switch (Spectrum+Quantum) products 2027e onward: Scale-out CPO switch (Spectrum+Quantum) + Scale-up CPO switch products | 2025-2026 Scale-out CPO switch (Spectrum+Quantum) products 2027e onward: Scale-out CPO switch (Spectrum+Quantum) + Scale-up CPO switch products |
| Testing details | El. & opt. DC, (power, loss, dark current etc.) | E/O, O/E, O/O, high speed, S-parameters | Full calibration/DC, high-speed functional, optical loopback, alternatively: S-parameters | Optical Light Transmission Testing, optical loopback | BER testing, signal testing | Full system functional validation |
| Testing service provider | Foundry (Wafer-level) TSMC | Foundry (Wafer-level) TSMC | OSAT (Die/chip level) SPIL (ASE Group) | OSAT (Die/package level) SPIL (ASE Group) | OSAT (Die/package level) SPIL (ASE Group) | OSAT (Die/package level) SPIL (ASE Group) |
| Equipment and Consumable Vendor | PIC ATE tester: 1) Advantest + TEL + Formfactor 2) Chroma (underqualification) EIC tester: 1) Teradyne + TEL EIC Probe card: FormFactor | Wafer level testing: 1)Ficontec +Formfactor +Teradyne 2) Advantest+ MPI | Die-to-die prober: 1. TEL 2. MPI Optical engine E/O tester+laser reliability test+ELS source test head: Chroma Optical and Electrical Test Socket: Winway | CPO switch tester: Chroma Hypersocket: Winway | ATE tester: 1) Advantest (under qualification) 2)Teradyne FT Handler+ELS source test head+optical alignmnet stage : Hon Precision Hypersocket: Winway | CPO SLT tester: Chroma (under qualification) Coaxial socket/Hypersocket: Winway |
Sourc : Company data, Morgan Stanl y R s arch ( ) stimat s M Global Idea
INDUSTRY COVERAGE: Greater China Technology Semiconductor
| Company (Ticker) | Rating (As Of) | Price* (10/16/2026) |
|---|---|---|
| Charlie Chan | ||
| Advan ed Wireless Semi ondu tor Co (8086.TWO) | U (07/14/2025) | NT$131.00 |
| Al hip Te hnologies Ltd (3661.TW) | O (05/14/2021) | NT$3,685.00 |
M Global Idea M Global Idea Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
| ASE Te hnology Holding Co. Ltd. (3711.TW) | O (09/15/2024) | NT$671.00 |
|---|---|---|
| Cambri on Te hnology Corporation (688256.SS) | O (04/27/2026) | Rmb915.00 |
| CXMT Corp (688825.SS) | O (08/26/2026) | Rmb45.02 |
| Global Uni hip Corp (3443.TW) | O (06/24/2026) | NT$7,480.00 |
| GlobalWafers Co Ltd (6488.TWO) | E (05/19/2026) | NT$902.00 |
| Gudeng Pre ision (3680.TWO) | O (11/25/2025) | NT$513.00 |
| Hua Hong Semi ondu tor Ltd (1347.HK) | E (03/12/2026) | HK$74.95 |
| Iluvatar CoreX Semi ondu tor Co., Ltd. (9903.HK) | O (04/27/2026) | HK$78.95 |
| MediaTek (2454.TW) | O (11/28/2025) | NT$4,250.00 |
| MetaX Integrated Cir uits (688802.SS) | E (04/27/2026) | Rmb415.73 |
| Nanya Te hnology Corp. (2408.TW) | O (05/28/2026) | NT$447.50 |
| OmniVision Integrated Cir uits Group In (603501.SS) | E (11/17/2025) | Rmb71.53 |
| Phison Ele troni s Corp (8299.TWO) | E (02/25/2026) | NT$1,890.00 |
| SG Mi ro Corp. (300661.SZ) | E (11/03/2025) | Rmb90.36 |
| Silergy Corp. (6415.TW) | U (05/19/2026) | NT$489.00 |
| SMIC (0981.HK) | O (10/21/2025) | HK$52.40 |
| TSMC (2330.TW) | O (02/07/2022) | NT$2,420.00 |
| UMC (2303.TW) | O (05/19/2026) | NT$133.00 |
| Vanguard International Semi ondu tor (5347.TWO) | E (01/14/2026) | NT$167.50 |
| WIN Semi ondu tors Corp (3105.TWO) | E (10/09/2026) | NT$501.00 |
| Daisy Dai, CFA | ||
| ASMPT Ltd (0522.HK) | O (07/24/2025) | HK$138.00 |
| China Resour es Mi roele troni s Limited (688396.SS) | U (03/02/2026) | Rmb49.20 |
| Empyrean Te hnology Co Ltd (301269.SZ) | E (01/17/2025) | Rmb98.35 |
| Hangzhou Silan Mi roele troni s Co. Ltd. (600460.SS) | U (08/25/2025) | Rmb25.65 |
| Hygon Information Te hnology Co., Ltd. (688041.SS) | O (07/03/2026) | Rmb192.54 |
| Innos ien e (2577.HK) | E (10/13/2025) | HK$32.58 |
| JCET Group Co Ltd (600584.SS) | O (09/16/2026) | Rmb56.96 |
| Shanghai Fudan Mi roele troni s (1385.HK) | O (03/07/2025) | HK$24.84 |
| SICC Co Ltd (688234.SS) | O (03/20/2026) | Rmb86.13 |
| SJ Semi ondu tor Corp (688820.SS) | E (09/16/2026) | Rmb90.44 |
| StarPower Semi ondu tor Ltd (603290.SS) | E (05/14/2026) | Rmb69.68 |
| Unigroup Guoxin Mi roele troni s Co Ltd (002049.SZ) | U (01/10/2023) | Rmb53.23 |
| Universal S ientifi Ind. (Shanghai) (601231.SS) | O (11/05/2025) | Rmb20.49 |
| Yangjie Te hnology (300373.SZ) | O (06/10/2022) | Rmb73.86 |
| Daniel Yen, CFA | ||
| AP Memory Te hnology Corp (6531.TW) | O (07/11/2025) | NT$882.00 |
| ASMedia Te hnology In (5269.TW) | U (10/03/2025) | NT$1,490.00 |
| Aspeed Te hnology (5274.TWO) | O (06/09/2025) | NT$16,480.00 |
| Egis Te hnology In (6462.TWO) | E (01/28/2026) | NT$96.00 |
| Elan Mi roele troni s Corp (2458.TW) | O (10/03/2025) | NT$139.00 |
| eMemory Te hnology In (3529.TWO) | O (08/18/2026) | NT$2,750.00 |
| Espressif Systems (688018.SS) | O (05/15/2023) | Rmb118.43 |
| GigaDevi e Semi ondu tor Beijing In (603986.SS) | O (05/15/2025) | Rmb281.86 |
| Ma ronix International Co Ltd (2337.TW) | O (09/18/2025) | NT$107.00 |
| Montage Te hnology Co Ltd (6809.HK) | O (03/18/2026) | HK$211.20 |
| Montage Te hnology Co Ltd (688008.SS) | O (03/18/2026) | Rmb169.20 |
| Novatek (3034.TW) | U (02/04/2026) | NT$577.00 |
| Nuvoton Te hnology Corporation (4919.TW) | U (11/10/2025) | NT$139.00 |
| Parade Te hnologies Ltd (4966.TWO) | O (05/27/2026) | NT$540.00 |
| Power hip Semi ondu tor Manufa turing Co (6770.TW) | O (10/27/2025) | NT$67.30 NT$778.00 |
| Realtek Semi ondu tor (2379.TW) | E (01/30/2026) | Rmb47.26 |
| Shenzhen Goodix Te hnology Co Ltd (603160.SS) | U (07/14/2025) | NT$161.50 |
| Winbond Ele troni s Corp (2344.TW) | O (05/28/2026) | |
| WPG Holdings (3702.TW) | O (03/16/2026) | NT$116.50 |
| WT Mi roele troni s Co. Ltd. (3036.TW) | O (01/27/2026) | NT$210.00 |
|---|---|---|
| Henry Zhao | ||
| ACM Resear h In (ACMR.O) | O (03/07/2023) | US$53.10 |
| Advan ed Mi ro-Fabri ation Equipment In (688012.SS) | O (11/06/2023) | Rmb295.22 |
| Maxs end Mi roele troni s Co Ltd (300782.SZ) | U (01/11/2021) | Rmb54.76 |
| NAURA Te hnology Group Co Ltd (002371.SZ) | O (11/06/2023) | Rmb593.63 |
| Lucas Wang | ||
| AllRing Te h Co. (6187.TWO) | O (09/23/2025) | NT$1,410.00 |
| FOCI Fiber Opti Communi ations In (3363.TWO) | E (10/09/2026) | NT$531.00 |
| Hon Pre ision (7769.TW) | O (04/17/2026) | NT$5,285.00 |
| King Yuan Ele troni s Co Ltd (2449.TW) | O (03/03/2023) | NT$275.00 |
| MPI Corporation (6223.TWO) | O (04/17/2026) | NT$5,205.00 |
| Tiffany Yeh | ||
| Himax Te hnologies In (HIMX.O) | E (02/04/2026) | US$11.65 |
| Sili on Motion (SIMO.O) | O (05/06/2024) | US$211.30 |
| WinWay Te hnology Co Ltd (6515.TW) | O (04/17/2026) | NT$5,160.00 |
- Historical pric s ar not split adjust d.