推理需求爆发，AI模型迭代正向循环

Group 1 - The report highlights a significant surge in overseas AI inference demand, which is expected to drive a positive feedback loop in model iteration, leading to a potential systematic profit upgrade due to market size and capacity reassessment [1][5][6] - The report indicates that the AI inference demand is in its early growth phase, with a notable increase in token volume, which will sustain high capital expenditure (Capex) in AI applications [1][6] - The report emphasizes that the optical module industry, as a foundational component for computing clusters, still possesses high growth potential in the medium to long term [1][6] Group 2 - The report recommends several beneficiaries within the computing power supply chain, including high-speed optical modules and liquid cooling technologies, with specific companies such as NewEase, Zhongji Xuchuang, and Tianfu Communication identified as key players [2][7] - It also lists additional beneficiaries in the computing equipment and data center sectors, recommending companies like China Telecom, China Mobile, and China Unicom, among others [2][9] - The report suggests that the optical network upgrade and edge computing sectors present further investment opportunities, with companies like Guangxun Technology and Huagong Technology highlighted as beneficiaries [9][10]