穿越谷底，中际旭创逆袭飙回1500亿

Core Viewpoint - The optical module industry is experiencing a revival driven by the explosive demand for AI inference and better-than-expected financial results from Nvidia [1][8] Group 1: Market Dynamics - The optical module industry narrative has faced scrutiny due to the "computing power bubble" theory and external risk factors, leading to mixed market sentiment [1] - The stock price of industry leader Zhongji Xuchuang (300308.SZ) has shown volatility, rebounding from a low of 66.93 CNY per share in April to a peak of 146.78 CNY in July, with a market capitalization of 154.9 billion CNY [1][6] - The industry is witnessing unprecedented growth as companies increase R&D investments and expand production capacity both domestically and internationally [2] Group 2: Investment Sentiment - Despite initial optimism, skepticism regarding the "computing power bubble" has emerged, particularly after the launch of China's AI model DeepSeek, which challenges traditional investment logic [3][4] - Institutional investors have been reducing their holdings in Zhongji Xuchuang, with shares dropping from a peak of 185.83 CNY to around 66.93 CNY [4][6] Group 3: Demand and Growth Projections - Nvidia's recent financial report indicated a significant increase in revenue and profit, driven by rising demand for AI, which is expected to boost the optical module market [8] - The global technology sector is anticipated to increase investments in AI, further driving demand for optical modules [9] - The domestic market for Zhongji Xuchuang has shown substantial growth, with revenue reaching 3.15 billion CNY in 2024, a year-on-year increase of 91.3% [10] Group 4: Future Outlook - The Chinese optical module market is projected to reach 6.5 billion USD by 2029, with explosive growth expected in 2025 due to the deployment of AI applications [10] - Institutional sentiment remains optimistic, with 30 firms providing ratings for Zhongji Xuchuang, including 23 buy ratings and 7 hold ratings [10][11] - The company is diversifying its production capacity globally, with a new factory in Mexico expected to be operational by the end of 2025, which will help mitigate geopolitical risks [10]