Investment Rating - The investment rating for the industry is "Positive" and is maintained [6]. Core Insights - Corning's optical communication business has shown strong growth, driven by both enterprise and carrier networks, with enterprise network revenue increasing by 81% year-on-year due to AI data center construction [2][9]. - The commercialization of data center interconnect (DCI) solutions has begun, with expectations to grow into a $1 billion business in the coming years [2][9]. - The "scale-up" trend is advancing, with the OIO optical interconnect solution expected to unlock 2-3 times the growth potential in the enterprise network market [2][9]. - The demand for multimode fiber is robust, with profitability exceeding that of single-mode fiber [2][9]. Summary by Sections Financial Performance - In Q2 2025, Corning reported GAAP sales revenue of $3.86 billion, a year-on-year increase of 19%, and a net profit of $470 million, up 351% year-on-year. On a core (non-GAAP) basis, sales revenue was $4.05 billion, a 12% increase year-on-year, with a net profit of $520 million, up 29% year-on-year [4][9]. Business Segments - The optical communication business generated $1.57 billion in revenue, a 41% year-on-year increase, with a net profit of $250 million, reflecting a 73% year-on-year increase [9]. - The enterprise network segment achieved $769 million in revenue, marking an 81% year-on-year growth, while the carrier network segment generated $797 million, a 16% year-on-year increase [9]. Market Trends - The current growth in enterprise networks is primarily driven by "scale-out" deployments, while future growth opportunities are expected to arise from "scale-up" scenarios, which involve deploying more GPUs within a single node [9]. - The transition to OIO solutions is anticipated to significantly enhance data center interconnect architectures, potentially expanding the current $2 billion enterprise network market [9]. Investment Recommendations - The report suggests focusing on companies with a high proportion of data communication business, such as Longi Fiber, FiberHome, and others involved in fiber optic cables, connectors, and OIO optical engines [2][9].