观点全追踪（3月第3期）：晨会精选-20260304

Core Insights - The report expresses an optimistic outlook on Google's AI-related business, highlighting that capital expenditures (CapEx) exceeded expectations, indicating a vast market potential for future optical interconnects [2] - Coherent's financial report suggests that the "Scale-Out" strategy requires large-scale use of pluggable optical modules, while the "Scale-Up" strategy represents a growth market for CPO/NPO [2] - The report continues to recommend the optical module sector, which combines favorable market conditions with strong fundamentals [2] Industry Overview - In July 2024, the Central Committee of the Communist Party of China and the State Council issued opinions to accelerate the comprehensive green transformation of economic and social development, setting major targets for 2030 and 2035 [2] - The 14th Five-Year Plan emphasizes the acceleration of green transformation as one of the seven main goals for economic and social development during this period [2] - Recent overseas power shortages, such as the nationwide blackout in Spain and Portugal affecting over 50 million people, highlight the urgent demand for energy security, creating new opportunities for green energy development [2]