华西证券：推理需求爆发 光模块行业仍具备高增长能力

Group 1 - The core viewpoint of the article highlights the rapid growth of overseas AI demand, particularly from new enterprises, which is driving an accelerated increase in Token volume and maintaining high capital expenditure (Capex) in AI [1] - In the medium to long term, AI applications are still in the very early stages, indicating that the optical module industry, as a foundational component for expanding computing clusters, continues to possess high growth potential [1]