CPO concept stocks rally again; Changxin Bochuang, JPT, Hengdongguang up over 10%

The breadth of the move — gainers spanning module makers, optical component suppliers and upstream photonics names rather than a single leader — suggests the CPO theme is being traded as a supply-chain story rather than an isolated earnings event. That matters because CPO adoption is a design decision made by switch and system vendors, so listed optics names are levered to customer roadmaps they do not control. Whether the rally broadens further or narrows back to a few large-cap module names is the open question worth watching.