The CPO concept has been repeatedly active, with Cambridge Technology hitting the limit up and creating a historical high. On the news front, the leading optical module company Zhongji Innolight released its Q1 report on April 16, showing revenue of 19.496 billion yuan, a year-on-year increase of 192.12%, and a net profit attributable to the parent company of 5.735 billion yuan, a year-on-year surge of 262.28%, with performance exceeding expectations. In addition, CPO switches have officially entered the mass production stage, with NVIDIA's Quantum-X and Spectrum-X dual platforms promoting the upgrade of AI computing infrastructure, and the world's first CPO Ethernet switch has been fully launched.
Huatai Securities pointed out that NVIDIA's GTC has set the rhythm for CPO, with Scale-out landing first and a clear trend for Scale-up. Against the backdrop of continuous upgrades in AI computing networks, CPO, as the next generation of high-density, low-power interconnection solutions, presents a long-term parallel and complementary scenario with traditional pluggable optical modules, jointly supporting the interconnection needs of the next generation of AI clusters. At the previous NVIDIA GTC conference in 2026, Jensen Huang clearly outlined the landing rhythm of CPO switches: in the Scale-out scenario, SpectrumX's CPO chip has partnered with TSMC for full-scale mass production, making it the world's first large-scale commercial 200G/lane CPO switch solution. In the Scale-up scenario, the current Rubin platform still prefers NVLink copper cables, while the next-generation Feynman platform will officially introduce Scale-up CPO switches, upgrading the protocol to NVLink eighth generation, expected to be applied on the Up side by 2028. Overall, the industrialization path of CPO is clear, with Scale-Out CPO expected to land first, while the trend of optical entry into Scale-Up is evident, but mass production is expected to land in 2028, with copper cables still being the mainstay. As CPO technology accelerates from research and development to commercialization, the upstream core component segment of the industrial chain is expected to see incremental opportunities first. It is recommended to pay attention to upstream leaders.
As of April 17, 2026, 10:57, the CSI Telecom Thematic Index (931235) rose strongly by 1.59%, with constituent stock Cambridge Technology up 10.00%, Guangxun Technology up 9.16%, Shijia Photon up 9.02%, and stocks like Guangku Technology and Xinyi Sheng also rising. The Telecom ETF Penghua (560690) rose by 1.60%, with the latest price reported at 2.16 yuan.
The Telecom ETF Penghua closely tracks the CSI Telecom Thematic Index, which selects 50 listed company securities involved in telecommunications operation services, telecommunications value-added services, communication equipment, communication technology services, and data centers as index samples, reflecting the overall performance of telecommunications-themed listed company securities.
Data shows that as of March 31, 2026, the top ten weighted stocks in the CSI Telecom Thematic Index (931235) are China Mobile, China Unicom, China Telecom, China Satcom, Zhongji Innolight, Xinyi Sheng, Yinzhijie, Tianfu Communication, ZTE Corporation, and Hengtong Optic-Electric, with the top ten weighted stocks accounting for a total of 79.15%
Telecom ETF Penghua (560690), off-exchange connection (A: 024939; C: 024940)

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563010

The telecom ETF Penghua rose by 1.6%, with optical module performance exceeding expectations. Zhongji Innolight's first-quarter report showed revenue of 19.496 billion yuan, a year-on-year increase of 192.12%, and a net profit attributable to the parent company of 5.735 billion yuan, a year-on-year increase of 262.28%. The CPO switch has entered the mass production stage, and NVIDIA's Quantum-X and Spectrum-X are driving upgrades in AI computing infrastructure. Huatai Securities pointed out that CPO, as the next-generation high-density, low-power interconnection solution, complements traditional optical modules. The telecom thematic index rose by 1.59%, with Cambridge Technology hitting the daily limit, and stocks such as Guangxun Technology and Shijia Photon also rising

腾讯新闻 - 财经

Zhongji Innolight

E Fund CSI Telecom Thematic ETF

Penghua CSI Telecom Thematic ETF

NVIDIA

HTSC

Taiwan Semiconductor

Accelink

Shijia Photons

Eoptolink

China Mobile

CHINA MOBILE

China Unicom

CHINA UNICOM

CHINA TELECOM

CHINA SATCOM

INFOGEM

HTGD

NVIDIA Corporation

Huatai Securities Co., Ltd. GDR Class A RegS

CN Mobile HK SDR 5to1

CHINA MOBILE-R

ZTE Corporation

The telecom ETF Penghua rose by 1.6%, and the performance of optical modules exceeded expectations