#BTC# #ETH# Galaxy Securities research report pointed out that the AI Computing Power industry chain is highly prosperous, with high domestic barriers in optical module technology and leading globally. The reform and innovation of state-owned optical module manufacturers' R&D capabilities are expected to achieve independent and controllable layout throughout the entire industry chain. The technology barriers related to optical communication are high, with products having a wide moat. With the scale dump of 400G and the continuous volume production of high-end 800G optical modules and the sampling production of 1.6T products, the iteration cycle of high-speed rate optical modules is shortened. State-owned optical modules are expected to achieve better performance in technology breakthroughs and market competition, bringing continuous marginal improvement in performance with higher profit margin returns.