xc Optical Communications Sell-side (GF Securities) Location - Lujiazui Offline Exchange Core Views

English summary

### xc Optical Communications Sell-side (GF Securities) Location - Lujiazui Offline Exchange Core Views Time: 2026-07-29 21:59:34 Content: Summary of core views from xc Optical Communications sell-side (GF Securities) offline exchange in Lujiazui: Overall, we continue to be bullish on the fundamentals of the optical interconnect track. According to feedback from Innolight management, the industry's overall market space will significantly accelerate in 2028, which is also the most core variable determining the medium- and long-term returns of the sector. 1. The best growth direction in the future is Scale-Up optical interconnect inside the cabinet, but the threshold continues to rise, with the core competition in self-developed silicon photonics chips (PIC) and advanced 3D packaging; we are optimistic that domestic enterprises will achieve technological breakthroughs in this area in the next two years. 2. Shortages of upstream components will gradually ease, and it will no longer be an overall shortage; the supply chain advantages of industry leaders will become more prominent, and the tightness or looseness of supply and demand will in turn affect the pace of downstream demand. 3. Industry products are non-standard categories, and equipment from different manufacturers needs mutual compatibility testing, with high entry barriers. ...