$ZJ INNOLIGHT(03308.HK) /$Eoptolink(300502.SZ)

Leading overseas AI datacom player

The short-term demand logic remains intact, and it has been highlighted by the NVIDIA pluggable ecosystem; the new additions are US policy tail risks and valuation discounts.

Whether it is included in the list; certification of new platforms by US customers; revenue share and gross margin of 1.6T; source of overseas production capacity.

The core position logic still holds, but it is not advisable to bet on a single position when policy information is unclear; new positions should wait for rules and customer feedback.

$TFC(300394.SZ)

Optical devices/external laser and coupling links

CPO is not purely negative news; rather, it may shift value from complete modules to optical engines, connections, coupling, and lasers.

CPO/LPO-related revenue rather than "technology reserves"; customer mass production rhythm; unit value and yield rate.

More suitable for diversifying technology routes, but do not directly equate the CPO concept with revenue realization.

$Accelink(002281.SZ) /$HGTECH(000988.SZ)

Domestic substitution and domestic computing power chain

If the US supply chain is cut off, the overseas ceiling will be limited; but the strategic value of domestic substitution and independent chains will rise.

Quality of overseas customers, product generations, orders from domestic cloud factories, net profit margin, and realization of expansion.

A 偏向 policy hedging position, elasticity depends on the real share of high-end products, not just the "domestic" label.

Indium Phosphide/Indium concept

Upstream materials

The counter-narrative has policy basis, but supply scarcity and listed company profit elasticity are two different things.

Whether the company truly produces indium phosphide; capacity, purity, customers, profit contribution; actual changes in export licenses.

Only suitable for event observation, not for chasing rises based on keywords.

Broadcom / Coherent / Lumentum / Fabrinet

If Chinese suppliers are restricted, they may gain alternative shares; but they will also face upstream material, capacity, and cost shocks.

CPO mass production, customer concentration, 1.6T shipments, supply bottlenecks, and pricing.

Can be used as a geopolitical diversification expression, but it is not a risk-free alternative.