CITIC Securities Research Report pointed out that in 2025Q2, the performance expectations of communications companies are differentiated, but overall they are better than Q1. Thanks to the explosion of AI demand in North America, the performance of leading optical modules is expected to grow rapidly, and the performance of optical devices and second-line optical modules is also expected to accelerate. Domestic computing power demand continues to improve, and domestic optical module and switch leaders are expected to perform well; due to its heavy asset characteristics, the performance of the AIDC sector is expected to improve in 25H2; domestic traditional communication equipment is generally under pressure. The performance of operators is generally stable, and the growth rate is expected to increase compared with Q1. Driven by deep-sea construction, the optical cable and submarine cable industry is expected to enter an upward channel. The prosperity of IoT modules continues, and performance is expected to grow month-on-month. Key recommendations include optical modules, AIDC, operators, IoT and other segment leaders.