Industrial: Accelerated downstream capacity expansion combined with technological iteration drives growth inflection point for optical module equipment.

Industrial released a research report stating that scenarios with 800G and above face rate bottlenecks and cost disadvantages of laser chips, prompting the acceleration of penetration of new technologies such as silicon photonics, CPO, and LPO. The complexity of the optical coupling process is the highest, with testing involved throughout the entire process of research and development, mass production, and reliability verification, making the optical coupling equipment the most valuable segment. The optical module industry chain may be at a turning point for a new round of accelerated technological iteration. The report suggests focusing on breakthroughs by domestic equipment manufacturers in customer integration and high-end technology upgrades. The main points from Industrial are as follows: Optical modules are the core components that realize the conversion between optical signals and electronic signals in optical communication. The rapid development of AI computing power has led to an explosion in demand for optical modules. Currently, 800G modules have entered the stage of large-scale delivery, while 1.6T optical module products are undergoing testing and verification by leading cloud providers, and the 3.2T technology path has entered the preliminary research stage. With the large-scale construction of data centers and AI computing power infrastructure, traditional technologies primarily enhance the speed of optical modules above 100G through multi-channel solutions. However, in scenarios of 800G and above, there are rate bottlenecks and cost disadvantages of laser chips, which has accelerated the penetration of new technologies such as silicon photonics, CPO, and LPO. The manufacturing of optical modules mainly includes several key processes such as chip mounting, wire bonding, optical coupling, packaging, and aging testing, with continuous improvement in equipment precision and automation requirements. Among these, the optical coupling process is the most complex, and testing is involved throughout the research and development, mass production, and reliability verification processes. Optical coupling equipment represents the highest value segment. According to the SiHan Industrial Research Institute, the investment for every one million 800G optical module units is about 500 million yuan, while the investment for every one million 1.6T module units is about 600 million yuan. Of this, the value proportion of coupling equipment is approximately 40%, chip mounting is about 20%, testing instruments account for about 15%, reliability and aging testing account for about 12%, packaging accounts for about 12%, and bonding accounts for about 1%. AI is driving an accelerated progression in the technological iteration of optical modules, leading to increased demand for testing instruments. New-generation high-speed optical modules like 800G and 1.6T are gradually entering the commercial stage, directly driving advancements in testing instruments towards high speed and large bandwidth, rapidly boosting the global optical communication testing instrument market. The global leader in electronic measuring instruments, Tektronix, reported a year-on-year increase of +23.3% in revenue, +30.2% in orders, and +66.3% in net profit for Q1 2026. Since Q2 2025, the company has seen a continuous quarter-on-quarter increase in orders, with its core DRIVE being the speed enhancement of optical modules and the increased complexity of testing brought about by AI infrastructure prosperity. Risk warnings: AI computing power investment may fall short of expectations; penetration rates for 800G/1.6T and CPO may be lower than expected; heightened industry competition and risks of price decline.