1. GF Securities Han Dong offline exchange today: Very bullish on optical interconnect fundamentals; 28-year TAM accelerating growth learned from Innolight Chairman

English summary

2. Scale-up: In-cabinet will be the fastest-growing market this year and going forward, with higher barriers, driven by self-developed silicon photonics PIC capabilities and advanced 3D packaging (bullish on mainland companies breaking through in the next two years). 3. Materials: Shortage will narrow over time, leading companies have advantages; materials in turn affect demand. 4. Competitive landscape and pricing: Non-standard products (network products require interoperability testing) determine that the competitive landscape remains very safe until the end of 2028. From overseas manufacturers in June, even if procurement is fully liberalized, only leading companies can produce the latest products.