Core Selection Criteria
Prioritizing High-Value Chain Segments:Focus on the segments within the TPU ecosystem that capture the highest value-such as optical modules and optical engines. For instance, a single TPU cluster requires over 100,000 units of 1.6T optical modules, making this the core segment with the highest value share in the supply chain.
Screening for Strategic Positioning and Technical Barriers: Prioritize companies that hold high market shares in niche sectors and have broken overseas monopolies-such as optical engine manufacturers with over 70% market share in CPO or substrate suppliers capable of mass-producing high-end 44-layer PCBs-while excluding targets that merely capitalize on the concept without possessing core technology.
Strict Supply Qualification Thresholds:Include only companies that have passed certification by Google or domestic TPU manufacturers and have entered the actual supply chain. Candidates must demonstrate concrete orders and capacity expansion data to avoid "bandwagon" stocks lacking substantive business operations.
Verifiable Earnings Elasticity: Prioritize core suppliers that dedicate over 60% of their new capacity specifically to the TPU supply chain. This ensures that revenue growth can be clearly calculated and the path to earnings realization is transparent, rather than relying on market sentiment or hype.
Consideration of Supply Chain Synergy: Prioritize clusters of targets that form stable, complementary supply combinations-such as a synergistic supply system integrating optical modules, PCBs, and power modules-to enhance resilience against industry cyclical fluctuations.