West China Securities highlights that in the past two years, the demand for computing power has surged significantly, fueled by advancements in computational chips. However, in the near term, supply constraints and fierce competition among major players for large AI models have intensified the imbalance between supply and demand. Despite this, AI applications remain in their nascent stages, presenting vast untapped potential across various AI+ scenarios, including embodied intelligence. As a crucial component in the expansion of computing clusters, the optical module industry stands out with its robust high-growth potential. Additionally, short-term uncertainties such as global geopolitical tensions and tariff disputes have accelerated domestic computing power infrastructure development, anticipated to stimulate domestic market demand. Currently, the industry maintains stable performance, boasts clear mid-to-long-term growth prospects, and has reached the bottom of short-term market overvaluation, possibly heralding a rebound. It is advisable to monitor relevant beneficiary entities closely.