Taiwan Stocks Surge Over 1,000 Points! Why Are CCL Stocks Plunging Against the Trend? Should You Buy or Sell Now? The Truth Behind Lianmo's Circuit Breaker

Taiwan's stock market (17th) surged in the morning, with the weighted index once rising over 1,000 points, peaking at 46,866.58 points. However, the copper foil substrate (CCL) group faced selling pressure against the trend. The market once again spread rumors that the development of Common Package Optical (CPO) technology may reduce the demand for high-grade CCL in mainboards, leading to capital withdrawal. Lianmo (6213) once fell to 495 yuan, hitting the circuit breaker price in the early morning. Taiguangdian (2383) and Taixiao (6274) also weakened in sync. This statement is not the first time it has appeared; the market has spread similar points last year. Facing the concern of 'CCL downgrade,' the industry believes that the future trend of material upgrades will not disappear because of this, but the direction of upgrades may change with the development of the CPO architecture. Will CPO make CCL 'M9 downgrade to M4'? Market rumors once again trigger selling pressure. The market recently spread that the current stage of mainboards for transmitting 224G SerDes high-frequency signals needs to adopt M8, M9-grade ultra-low-loss CCL. However, with the development of CPO technology, if signals can be directly converted into optical signals for transmission at the main chip end in the future, the mainboard may only have PCIe Gen 5, 32Gbps, and other control signals, leading to the market's emergence of the saying that 'M4-grade CCL can meet the demand.' If the above architecture becomes a reality, the market is concerned that the logic of continuously upgrading CCL specifications driven by high-speed transmission demand, thereby pulling up the average selling price (ASP) of products, may change. In particular, if SerDes is further promoted to 448G in the future, the high-speed transmission distance of copper wires on PCB will face limitations, which has also attracted more attention to CPO, CPC, and other optical transmission architectures. However, the relevant statements are still market rumors of technical and industrial reasoning and do not confirm that high-grade CCL demand has been fully downgraded. Industry refutes 'upgrade termination' CCL will compete for high layers and high voltage resistance in the future. In response to market concerns, copper foil substrate manufacturers emphasize that the development of CPO does not represent the termination of CCL material upgrade trends but may change the direction of future upgrades. The industry believes that with the continuous evolution of server and AI computing architectures, each generation of mainboards still has upgrade needs, but not necessarily simply developing towards lower signal loss. In the future, it will also be developed towards higher layers, higher voltage resistance, and power supply stability. There is also an industry view that with the introduction of CPO, the material upgrade scenario may gradually extend from large servers and switch mainboards to chip packaging carrier boards, optical engine module boards, and accelerator module boards, and material demand may further include low thermal expansion and high thermal conductivity. Therefore, whether CPO really causes the 'downgrade' of high-grade CCL demand still needs to observe the actual product architecture and production progress. Lianmo once fell to the circuit breaker in the morning, and Taiguangdian and Taixiao also suffered heavy losses in sync. The resurgence of 'CCL downgrade' rumors also directly impacted the performance of related individual stocks today. Lianmo once fell to 495 yuan, hitting the circuit breaker; Taiguangdian once fell 310 yuan, a drop of 6.10%, to 4,775 yuan; Taixiao once fell 70 yuan, a drop of 4.95%, to 1,345 yuan. Other CCL concept stocks were also under pressure, with Lusheng (3354), Yadian (4939), Tenghui Electronics-KY (6672), Taihong (8039), and Shangmao (8291) all falling in the morning. However, the group was not entirely down, with Nanya (1303) rising 10.5 yuan in the morning, an increase of 4.69%, to 234.5 yuan; Changxing (1717), Hongtai (1612), and Kaiwei (5498) also once maintained red. While the overall market once surged over 1,000 points in the morning, CCL benchmark stocks plummeted against the trend, showing that market concerns about CPO possibly changing high-speed transmission material demand have once again heated up. However, the relevant 'downgrade' statements are still market rumors, and the actual impact still depends on future CPO architecture, mainboard design, and changes in high-grade material demand.