Read across to Optical modules: Management's positive tone on the end demand for SiPh (Silicon Photonics) optical modules echoes our positive view on networking under AI infrastructure cycle. SiPh carries a more compact and simple structure that reduces components costs and allows better production efficiency, and we expect to see rising contribution from Silicon Photonics in 800G/ 1.6T optical modules. Buy: Innolight, Eoptolink, Landmark, VPEC, TFC Optical. 30 December 2025 | 8:10PM HKT Equity Research Chi ...