Highlights of the brokerage morning meeting | The optoelectronic module is expected to remain robust.

Yesterday, the three major indices collectively rebounded, with the Shenzhen Component Index rising by over 2% and the ChiNext Index rising by over 3%. The trading volume in the Shanghai and Shenzhen stock markets was 2.4 trillion yuan. In terms of sectors, concepts such as computing power hardware, electricity, and commercial aerospace were strong. On the downside, the oil and gas, and coal sectors weakened. As of the close, the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index rose by 2.04%, and the ChiNext Index rose by 3.04%. At today's morning meeting of securities firms, China Securities Co., Ltd. believes that the optical module industry is expected to remain prosperous; Huatai believes that there has been some clearing of chips at the funding level; CICC believes that the growth of computing power is restructuring supply and demand, and structural price increases are gradually approaching. China Securities Co., Ltd.: Optical module industry is expected to remain prosperous Compared to traditional cloud computing networks, AI training group networks are transitioning from leaf-spine architecture to fat-tree architecture, with a significant increase in switches and optical modules. As communication data volume increases, the speed requirements for optical modules are also higher. 800G optical modules are expected to start mass production in 2023, with high-speed growth expected from 2024 to 2026; 1.6T optical modules are expected to start shipping in 2025, with mass production expected in 2026, ushering in a prosperous cycle of rising volume and prices for the entire optical module industry chain. Huatai: Some clearing of chips at the funding level Last week, the A-share market oscillated widely under the disturbance of geopolitical factors. After a brief return of funds post-holiday, funds once again flowed out. Factors contributing to such significant fluctuations from a funding perspective may include: 1) the significant inflow of financing in this round can be traced back to June 2025, when the financing funds entering the market may have accumulated a lot of unrealized profits. However, the current financing balance is still at a high level since 2020, with the average guarantee ratio for financing still above 290%; 2) the rapid increase in the value of securities/cash for financing margin securities. 1) After experiencing a decline in the latter half of last week, there has been some clearing of chips in the market; 2) Under the consensus expectation of general market fluctuations, actively managed equity funds, ETFs, etc., have shown strong capabilities in picking up funds. CICC: Growth of computing power restructuring supply and demand, structural price increases are gradually approaching Passive component manufacturers have issued price increase letters since the fourth quarter of last year. As an inflation category in the first two cycles, MLCC prices have recently attracted attention. This report analyzes the possibility of MLCC price increases and their current positions through historical reviews and calculations of demand related to AI servers. This article is reproduced from "Cailian News". Edited by GMTEight: Liu Jiayin.