The Galaxy Securities Research Report points out that the AI computing power industry chain is booming, domestic optical modules have high technical barriers, and are leading the world. State-owned optical module manufacturers reform, innovate, and improve their R&D capabilities, and the layout of the entire upstream and downstream industry chains is expected to be autonomous and controllable. Technical barriers related to optical communication are high, and the product has a wide moat. With 400G scale shipments, continuous release of high-end 800G optical modules and mass production of 1.6T products, the iteration cycle of high-speed optical modules is shortened, state-owned optical modules are expected to achieve better results in technological breakthroughs and market competition, and obtain higher profit margin returns leading to continuous marginal improvements in performance. Recommended attention: China Mobile, Huagong Technology, Guangxun Technology, etc.