According to a research report from Guosheng Securities, the emergence of silicon photonics technology is fundamentally transforming the foundational logic and value chain of the optical module industry. This shift is redirecting the investment focus and value core of the industry from back-end packaging to front-end chip design and wafer fabrication. Concurrently, the investment paradigm, when viewed through a silicon photonics lens, is also undergoing a transformation, with a core emphasis on four key areas: Firstly, silicon photonics chip design firms that employ a Fabless (fabrication-less) asset-light model to boost Return on Equity (ROE), representing the most crucial segment; secondly, silicon modulation chip FAB (fabrication) manufacturers that leverage wafer foundries to expand production capacity, albeit with lower process complexity requirements; thirdly, complementary chips and devices for silicon photonics, encompassing core components such as Continuous Wave (CW) light sources, Fiber Arrays (FA), isolators, and more; fourthly, semiconductor equipment essential for silicon photonics, involving processes like coupling, testing, and others within Fab and module manufacturing facilities.