半导体：近期报道的CPO和800VDC部署延迟快速阅读

A quick readon recently reported CPO and We noticed SemiAnalysis published an articleon Jun 9discussing potentialdeploymentdelays in 1) co-packaged optics (CPO) and 2) Nvidia’s nativesingle-ended 800VDC architecture, which has triggered market debate andputpressureon AI infrastructure-related names,particularly optical,powersemiconductor and datacom interconnect suppliers. We think the note isbetterinterpreted asa timing reset rather than a demand reset. On optics, itsconclusion is broadly consistent with our prior view that mass CPO adoption isunlikely before late-2027at the earliest(see our prev. note), while pluggable China Semiconductors Sector Kevin ZHANG(852) 3761 8727kevinzhang@cmbi.com.hk Aaron GUO(852) 3916 3715aaronguo@cmbi.com.hk Relevant reports:1.Innolight(300308 CH)-1Q26 earnings:Brighter than a shooting star(link)2.Innolight (300308 CH)-Stronger into 2026on 1.6T ramp and SiPh mix(link)3.Innolight (300308 CH)-Pluggables first,new architecture later(link)4.InnoScience(2577HK)-GaN-ning On power, we have yet to see concrete evidence that broader HVDC adoptionis being delayed; the potential pushout appears more specific to Nvidia’s single-ended 800VDC architecture, while ±400VDC for hyperscaler ASIC platformsremains on schedule. This distinction is important forour covered nameInnoScience (2577 HK, BUY), whose near-term opportunity is more closelylinked to ±400VDC and ASIC-side power architecture,such as collaboration Potential CPO delay extends the NPO and pluggable optics window,without changing CPO’s long-term direction.CPO remains an importantarchitecture as AI interconnects move toward higher bandwidth density andbetter power efficiency, but near-term challenges in integration, yield andserviceability could make large-scale adoption more gradual than earlierexpectations. Thiscreates a longer transition window for NPO and high-end pluggables. We believe NPO may remain relevant for longer and Potential 800VDCdeployment should be separated from broaderHVDC adoption, in our view.The market concern is mainly aroundNvidia’snative single-ended 800VDC architecture,where near-termadoption may be slower if base Rubin platforms do not require it. However,we do not think this should be read as a broad delay inHVDC powerarchitectures. HVDC adoption is driven by rising rack power density andsystem-level efficiency, not by one GPU platform alone.As racks exceed200kW, higher-voltage DC can already reduce bus current, copper usage,distribution loss and thermal burden, even before even higher power Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwithrespect to the securities or issuerthat the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be,directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after thedate of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. : Stockwith potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852)3900 0800CMB InternationalGlobal MarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluateparticular investments or i