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Key Points Industry and Company Involved - Industry: Optical module industry - Companies: Zhongxing Xuchuang, NewEasy, Tianfu Communication Core Views and Arguments - Demand Growth: The demand for optical modules in 2025 and 2026 is expected to continue to rise and exceed market expectations. The 800G demand in 2025 is expected to exceed 21 million, and the global demand for 1.6T products may be between 6 million and 7 million [1]. - AI Industry Developments: The AI industry has seen significant developments, including the rejection of the California AI restriction bill SB10,477, OpenAI's $15 billion financing round, the first developer conference of the year, Meta's new product MovieDream, and the underestimation of the importance of OpenAI models [1][6]. - Catalysts: Several important catalysts in October include the 1.6T optical module定型, the Robotaxi launch at Tesla AI Day, and the end-of-month cloud service quarterly report [1][7]. - Stock Outlook: Leading companies such as Zhongxing Xuchuang, NewEasy, and Tianfu Communication are expected to perform well. The current supply of optical modules is in short supply, and large customers are placing orders actively. The probability of order cuts next year is very low [1][5]. - Investment Opportunities: Institutional investors are still very concerned about fundamentals and valuation in the bull market driven by policies and capital. Optical modules have become a high-quality choice. Companies like Zhongxing Xuchuang, NewEasy, and Tianfu Communication are core targets of the GEM index, with high recognition and will not miss the market bull run [1][9]. - Valuation: According to the forecast of the GF Communications team, the current valuations of Zhongxing Xuchuang, NewEasy, and Tianfu Communication are 17-18 times, 20 times, and 20 times respectively, which are very cheap. In a bull market or震荡 market environment, the expected profit of these companies next year is expected to double, and the profit growth in 2026 may reach 40%-50% [10]. Other Important Content - Market Underestimation: The market's understanding of the optical module field is mainly reflected in the certainty of demand in 2025 and 2026. According to recent grass-roots research, many large customers, including cloud vendors and NVIDIA, have basically determined the 800G demand in the fourth quarter of this year and the whole year of next year, and have begun to place orders in a rolling manner [2]. - AI Capital Expenditure: If the 800G and 1.6T demand of several large cloud vendors next year grows as expected, the overall AI capital expenditure of these vendors will increase by more than 40% [3]. - Silicon Photonics: Silicon photonics is expected to significantly increase its penetration rate in 2025, and at least half of NVIDIA's demand is expected to adopt the silicon photonics solution [7]. - Autonomous Driving: The development of autonomous driving as an important application scenario of artificial intelligence will be further promoted by the Robotaxi launch at Tesla AI Day [7]. - Cloud Vendor Capital Expenditure: If cloud vendors continue to increase capital expenditures, it will enhance market confidence and make investors more firmly believe in the long-term development prospects of these companies [7][9].