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Structural memory profit lands first with the constraint owners, NAND amplifies the cycle, and the Chinese module makers amplify inventory timing. In optics the reported numbers are still strong and the margin for error has thinned. The tidy version — memory takes the baton, optics hands it over — is not what the global reporting season produced.","zh-CN":"现货二阶导向上，合约价二阶导向下。存储的结构性利润先进入约束所有者，NAND 放大周期，中国模组放大库存时点；光模块的报表仍强，容错率已经变低。“存储接棒、光模块交棒”过于整齐，全球财报没有给出这样的画面。"}},"usageNotice":"Public metadata supports discovery, search retrieval and attributed citation. It excludes the licensed Research API and alternative-dataset fields."}