L5上游
光通信
Optical transceivers and fiber connectivity for datacenter-scale networking.
需求为什么传导到这里
超过一定距离，铜缆就不再可行，每一条链路都要转成光。端口速率已经从 800G 走向 1.6T，而当可插拔模块的功耗成为约束时，下一步是 CPO（光电共封装）。
瓶颈在哪
光模块供给和每端口功耗预算都随集群规模放大，这正是光通信通常要和它插入的交换芯片分开计算的原因。
这是关于供应商集中度与交期的结构性观察，不是对任何标的的看法。
本层级的公司
- GLW受益
Optical fiber and connectivity products for datacenter buildout.
- COHR受益
Optical transceivers, lasers, and photonics for datacenter interconnect.
- LITE受益
Optical components and transceivers for datacenter and telecom networks.
- FN受益
Contract manufacturing of optical modules and photonics assemblies.
同一赛道
Descriptive positioning only. `stance` says whether a company's business is exposed to a layer, never whether to buy it. Layers with no exposure are not recommendations to add any.