In response to the “FCC 65%” related clause mentioned in the Morgan Stanley report and the impact on the company's stock price today, a person from Changguang Huaxin Securities told reporters that the report was a policy scenario deduction report; it was not an officially implemented regulation or clause; it was just a “family statement.” Second, the optical modules and materials covered in the report are 3.2T, but the domestic 3.2T industry is currently in its infancy and is expected to be released on a large scale until 2028-2029. The main products shipped this year and next two years will still be 800G/1.6T. Currently, products at these two major rates are still extremely scarce, and domestic optical chips will continue to grow rapidly in the short term. It believes that the global AI industry chain is deeply interactive. Even if global geopolitical games have an impact, industries are not “decoupled if they want to decouple.” Finally, it said that domestic manufacturers will also lay out relevant situations in advance, such as building overseas factories, etc.

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