CITIC Securities has noted that the evolution of AI computing clusters is transitioning from a mere aggregation of computing power to a competitive arena centered on network efficiency. This shift places more stringent demands on AI interconnection solutions. XPO, a new-generation pluggable optical module solution, was introduced by Arista in collaboration with more than 60 partners. It boasts an 8x increase in bandwidth, a 4x improvement in front-panel density, native liquid cooling capabilities, and full hot-swappability. These features allow it to transcend the physical constraints of traditional OSFP modules. By integrating the performance benefits of CPO/NPO with the operational ease of pluggable modules, XPO offers a more pragmatic upgrade path for AI scenarios involving tens of thousands of cards. CITIC Securities anticipates that XPO will significantly broaden the application horizons of pluggable optical modules, spur domestic optical module manufacturers to achieve seamless advancements in core technologies and the development of next-generation optical interconnections, and usher in a new cycle of performance valuation growth.