【招银国际】Semiconductors：A quick read on recently reported CPO and 800VDC deployment delay-260611（2页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 11 Jun 2026 CMB International Global Markets|Equity Research|Sector Update Semiconductors Semiconductors-A quick read on recently reported CPO and 800VDC deployment dela

2、y A quick read on recently reported CPO and 800VDC deployment delay We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1)co-packaged optics(CPO)and 2)Nvidias native single-ended 800VDC architecture,which has triggered market debate and put pressure on AI

3、infrastructure-related names,particularly optical,power semiconductor and datacom interconnect suppliers.We think the note is better interpreted as a timing reset rather than a demand reset.On optics,its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before l

4、ate-2027 at the earliest(see our prev.note),while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future,supporting leading domestic optical module suppliers including Innolight(300308 CH,BUY)and Eoptolink(300502 CH,NR).On power,we have yet to see concrete ev

5、idence that broader HVDC adoption is being delayed;the potential pushout appears more specific to Nvidias single-ended 800VDC architecture,while 400VDC for hyperscaler ASIC platforms remains on schedule.This distinction is important for our covered name InnoScience(2577 HK,BUY),whose near-term oppor

6、tunity is more closely linked to 400VDC and ASIC-side power architecture,such as collaboration with Google,rather than Nvidia single-ended 800VDC alone.Reiterate BUY on Innolight and InnoScience as we see the near-term fundamentals intact.Potential CPO delay extends the NPO and pluggable optics wind