中信证券：OCS技术路线长期来看有望成为AI基建的主流

Core Insights - The report from CITIC Securities emphasizes that demand drives supply, which is a crucial principle in the business world, and the unique demand generated by AI large models presents transformative opportunities for the industry chain [1] Industry Transformation - The use of OCS to build large computing clusters outperforms traditional IB and RoCE technologies in terms of high bandwidth, low latency, and low cost, indicating that this technology route is likely to become mainstream for AI infrastructure in the long term [1] Investment Recommendations - In the complete machine segment, it is recommended to focus on OCS machine manufacturers, foundries, and OTN machine manufacturers [1] - In the core components segment, attention should be given to optical MEMS foundries and LCoS manufacturers [1] - In the optical components sector, it is advisable to monitor markets for optical circulators and micro-ring modulators [1]