CITIC Securities: Continuously recommend sectors such as optical modules, liquid cooling, and optical fiber cables.

CICC research report stated that Qianwen has access to Alibaba's ecological business, TSMC exceeded expectations, and continues to be optimistic about the computing power sector. TSMC disclosed its latest financial report, with revenue, net profit, gross profit margin, and capital expenditure guidance all exceeding market expectations. The company mentioned that the large capital expenditure guidance was determined based on repeated communication with customers. In this regard, TSMC's guidance can serve as an important forward-looking indicator for the computing power industry. It is expected that the demand for computing power will continue to maintain strong growth momentum in 2027. From the perspective of the communications industry, it continues to recommend sectors such as optical modules, liquid cooling, and optical fiber cables.