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# 中信证券研报指出，Scale-up光进铜退大势所趋，NPO/CPO驱动无源器件价值重估，FAU与光引擎1:1刚性配套、用量随Scale-up纯增量放大。光通信/CPO为AI算力硬件的关键细分，值得持续跟踪
- URL: https://hyboox.com/zhong-xin-zheng-quan-yan-bao-zhi-chu-scale-upguang-jin-tong-tui-da-shi-suo-qu-npo-cpoqu-dong-wu-yuan-qi-jian-jie-zhi-zhong-gu-fauyu-guang-yin-qing-1-1gang-xing-pei-tao-yong-liang-sui-sc/
- Published: 2026-10-12T02:46:55.000Z
- Updated: 2026-10-14T13:19:29.000Z
- Author: 财妹机会
- Tags: 千里眼

中信证券研报指出，Scale-up光进铜退大势所趋，NPO/CPO驱动无源器件价值重估，FAU与光引擎1:1刚性配套、用量随Scale-up纯增量放大。光通信/CPO为AI算力硬件的关键细分，值得持续跟踪