1. The allocation of core materials for optical modules in 2026-2027 has been finalized. There is no flexibility in the 2027 allocation. Scarce items like optical chips have already initiated advance locking for 2028-2030. Leading companies have a significant advantage in material procurement.

2. Due to material shortages at second- and third-tier manufacturers, North American clients are shifting orders to XC/XCYS. The leading company has received additional orders for 2026. If this squeezes out incremental upstream materials, performance is highly likely to exceed expectations.

3. Optical chips will remain in tight supply from 2026 to 2028. Domestic suppliers are receiving support, with capacity expanding by 150%-200%. mSAP PCB demand is exploding, supporting high-end optical modules, corresponding to a market worth tens of billions. Leading manufacturers are focusing on supporting PCB companies to expand production.

4. DSP lead times have extended to 50 weeks, with NCNR orders being the main type. Polarization rotators/PDs are seeing tier differentiation: ample supply for tier-1, tight for tier-2 and tier-3.

5. XC/TF's Q1 report confirms: prepayments are positively correlated with revenue, becoming a core indicator for non-linear growth after Q2. Future financial reports should focus on prepayments.

6. The core logic for upstream suppliers: capacity/technology are secondary; downstream prepayments locking in materials are the core guarantee for performance.

🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️🧚🏻‍♀️

I've basically gone all-in on A-shares, Hong Kong stocks, and US stocks these past two days.

Adjusting positions to reduce the number of stocks, preferably to within 2-3.

Now it's just waiting🧏🏻‍♀️

From Thursday to next week, I'll be recuperating my body🧸

Will check less.

Slowly plan/execute/review/improve.

When fortune comes, heaven and earth move together😊 Make progress step by step.

Everyone has their own life cycle🤍🤍

Feeling that the uphill climb might be a happy one.