CITIC Securities: Optimistic about the future development potential of leading companies in the laser chip industry.

CITIC Securities research report pointed out that the current AI computing cluster has transitioned from "stacking computing power" to "competitive network efficiency", and high-performance, high-bandwidth, low-latency networks have become the key to improving data center performance. The laser chip is the core device of the optical module, determining the electrical-optical conversion efficiency and product generation of the optical module. CITIC Securities believes that the laser chip industry will benefit from the expansion of Scale-out/Scale-up network super nodes and the increase in value brought by technological generation changes, ushering in huge development opportunities. At the same time, due to strong market demand and short-term rigid capacity, the laser chip market is experiencing rapid growth and a supply-demand imbalance structure. The advantages of leading manufacturers are continuously highlighted. Optimistic about the future development potential of the leading companies in the laser chip industry.