文章转自2025年08月27日有色新材料团队报告，分析师：张文臣 投资要点 全2024 公司与包钢股份采取季度定价的模式，稀土矿的成本在稀土提纯中占比最高。 球年最，大公的司稀获土得供国应家商稀。土北配方额稀为土188650 隶属于吨包，钢占集比团69.9% （持股，比冶例炼38.03% 分离17万）吨，，经占过比科66.9% 研攻关，、实工现业稀化土、氧产化业物链产整量合1.55和高万速吨发，展稀等土阶盐段类，12.5是万国吨家，两稀大土稀金土属集3.7团之万一吨。 稀消费类电子、机器人和白色家电等领域，带动了稀土资源的需求。 土材料协同发展。 公司凭借资源优势，开发多种稀土材料，包括2024 稀土年，公司磁材板块通过推进设备改造升级，实现产量 永磁、储氢材料、抛光材料等。稀土永磁也是稀土最5.88大万吨，同比增长 的下游市场，广17.72% 泛应用。于汽车、 投资建议 2025-2027：年的净利润分别为 公司作为国家最43大亿，稀土61集亿和团，72在亿，对应 稀土资源PE、为开40发倍，技术28和倍和综合24利倍，持续看好稀土产业及公司的发展，首次覆盖，给予 用方面均处于领先地位。当前，主要稀土价格快 ...

01 主题：蜂助手推荐 时间： 11月4日（周二）15 : 00 主讲： 郭梦婕 食饮首席分析师 林叙希 食饮分析师 参会密码： 798873 03 主 题：锦江航运报告解读 时间：11月3日（周一）20:00 主讲：曹佩 计算机首席分析师 参会密码： 158210 02 主 题：茶饮板块调研和近期更新反馈 时间： 11月5日（周三）21 : 00 主讲：程志峰 交运分析师 参会密码： 013530 04 主题： 有色新材料三季报总结及投资展望 时间： 11月6日（周四）20 : 00 主讲：张文臣 有色及新材料首席分析师 参会密码： 528893 05 主题：医药行业观点更新及推荐 时间： 11月7日（周五）15 : 00 主讲： 周豫 医药首席分析师 参会密码：496618 Um 业首席分析 识别二维码立即参; 会议号码: +86-4001888938 (中国大陆) +86-01053827720 (全球) +886-277083288 (中国台湾) +852-51089680 (中国香港) 参会密码: 158210 EII+z 板块 调 和近期更新反馈 11.04 ª / 15:00 =37 料行业分 ...

行情速递 ① 主板领涨， 金安国纪(+10.03%)/粤传媒(+10.02%)/三六零(+10.02%)/欢瑞世纪(+10.02%)/ 山东出版(+10.00%)/ ②创业板领涨，福石控股(+20.09%)/海峡创新(+20.02%)/荣信文化(+20.00%)/ ③科创板领涨，福昕软件(+20.00%)/合合信息(+14.14%)/星环科技-U (+11.18%)/ ④活跃子行业，SW横向通用软件 (+4.85%)/ SW营销代理(+4.66%)/ 国内新闻 ① 半导纵横，有研硅近期调研纪要显示/公司在存储领域已形成多维布局/刻 蚀设备用零部件产品已进入存储类客户供应链/其中长江存储处于认证阶段/ 同时公司通过控股股东的子公司向台积电供应零部件产品/从而间接进入存储 领域/此外/参股公司山东有研艾斯的12英寸硅片已实现向长江存储供货/ ②核芯产业观察，恒玄科技在互动平台表示/阿里夸克AI眼镜采用了公司 BES2800 芯 片 /BES2800 采 用 6nmFinFET 工 艺 / 单 芯 片 集 成 多 核 CPU/GPU、NPU、大容量存储、低功耗Wi-Fi和双模蓝牙/在性能、功耗和 技术创新等方面都大 ...

Market Performance - The main board led the gains with notable increases in stocks such as Geer Software (+10.02%), Shenzhou Information (+9.98%), and Tongfang Co. (+9.95%) [1] - The ChiNext board saw significant rises with Keda Guochuang (+9.64%) and BlueFocus Communication (+8.68%) leading the charge [1] - The Sci-Tech Innovation board was led by Guodun Quantum (+17.22%) and Foxit Software (+15.69%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+1.02%) and SW General Software (+0.77%) [1] Domestic News - Aibao ARAI announced the pre-sale of its first AR glasses, featuring a Micro-LED micro-display engine [1] - Weijie Chuangxin's Phase7LE+ series products achieved comprehensive verification on the MediaTek Dimensity 9500 platform, marking a significant milestone for domestic L-PAMiD solutions [1] - Jing Sheng Machinery is actively expanding its silicon carbide production capacity with projects in Xiangyu and Malaysia, enhancing its global supply capabilities [1] - Smart Technology released the "Star Light" ultra-high-definition intelligent security image sensor, integrating multiple patented technologies to improve performance [1] Company Announcements - Changfei Optical Fiber announced a framework agreement with related parties, with a total sales and procurement cap exceeding 8 billion yuan [2] - Zhuhai Guanyu reported a revenue of 10.321 billion yuan for the first three quarters of 2025, a year-on-year increase of 21.18% [2] - Kema Technology achieved a revenue of 794 million yuan for the same period, reflecting a year-on-year growth of 28.86% [2] - OmniVision Technologies reported a revenue of 21.783 billion yuan for the first three quarters of 2025, with a year-on-year increase of 15.20% [2] International News - U.S. semiconductor company Skyworks Solutions announced plans to acquire smaller rival Cavendish, with the deal expected to face regulatory scrutiny [2] - Startup Substrate secured $100 million in funding for its X-ray lithography technology, which significantly reduces costs compared to existing methods [2] - CINNO Research reported that global AMOLED smartphone panel shipments reached approximately 250 million units in Q3 2025, marking a year-on-year increase of 11.7% [2] - NXP Semiconductors completed acquisitions of Aviva Links and Kinara, enhancing its automotive and industrial IoT solutions [2]

Market Performance - The main board led the gains with notable stocks such as KeliKe (+10.02%), Tianrongxin (+10.02%), and Chunzhong Technology (+10.00%) [1] - The ChiNext board saw significant increases with Benchuan Intelligent (+20.00%) and Weston (+19.99%) [1] - The Sci-Tech Innovation board was led by Tonglian Precision (+12.55%) and Guodun Quantum (+11.09%) [1] - Active sub-industries included SW Passive Components (+3.97%) and SW Consumer Electronics Components and Assembly (+3.54%) [1] Domestic News - Changxin Storage launched LPDDR5X, achieving significant improvements in capacity, speed, and power consumption, with maximum speeds reaching 10667 Mbps [1] - Jimo Semiconductor Technology and Nanjing University published important research in the journal "Science," achieving mass production of the world's first 6-inch two-dimensional semiconductor single crystal series [1] - Anhui Jingmei Light Mask project commenced, with plans to produce 3200 high-end light masks monthly, which are crucial for automotive and industrial control applications [1] - Shanghai Shengxi, a subsidiary of Aolaide, won a bid for the core equipment procurement project for Xiamen Tianma's 6th generation flexible AMOLED production line, with a contract amount of 93.79 million yuan [1] Company Announcements - Zhaolong Interconnect reported Q3 2025 revenue of 1.518 billion yuan, a year-on-year increase of 13.28%, with net profit of 138 million yuan, up 53.82% [2] - Suzhou Goodway reported Q3 2025 revenue of 3.020 billion yuan, a year-on-year decline of 31.22%, with net profit of 62.52 million yuan, up 58.69% [2] - Qizhong Technology reported Q3 2025 revenue of 609 million yuan, a year-on-year increase of 21.42%, with net profit of 85.35 million yuan, up 28.58% [2] - Mingyang Circuit reported Q3 2025 revenue of 1.382 billion yuan, a year-on-year increase of 16.24%, with net profit of 74.48 million yuan, up 119.06% [2] Overseas News - NVIDIA's CEO announced new partnerships, with AI processor orders reaching $500 billion, and plans to build seven new supercomputers for the U.S. Department of Energy [2] - SK Hynix reported a surge in overall storage demand due to increased AI infrastructure investments, achieving record sales of high-value products [2] - Cadence reported Q3 2025 revenue of $1.339 billion, a year-on-year increase of 14%, with core business segments achieving record quarterly revenues [2] - Rohm launched two significant power semiconductor products, including a TOLL package SiC MOSFET and a three-phase brushless motor driver IC [2]

国内新闻 ① 艾邦ARAI眼镜资讯，10月27日广和通宣布与 AR 眼镜科技公司 XREAL 正式达成战略合作/双方将依托各自在技术研发与制造领域的核心优势/共同 推动消费级 AI 眼镜产业升级/加速 AR+AI 消费生态的创新突破与规模化落 地/ ②半导体材料与工艺设备，10月下旬浙江旺荣半导体有限公司年产24万片8 英寸功率器件半导体项目在丽水经开区举行竣工投产仪式/本次投产的一期项 目投资24亿元/聚焦0.18μm～0.35μm功率分立器件研发制造/达产后实现年 产24万片8英寸晶圆的生产能力/二期投产后将形成年产72万片的总产能/预 计年产值达60亿元/产品覆盖中高压功率芯片及模块领域/ 行情速递 ① 主板领涨， 合力泰(+10.16%)/天下秀(+10.09%)/榕基软件(+10.03%)/方正科技(+10.01%)/ 大为股份 (+10.01%)/ ②创业板领涨，海峡创新(+19.97%)/联特科技(+15.12%)/世纪瑞尔(+8.89%)/ ③科创板领涨，中船特气 (+15.71%/艾森股份(+11.32%)/生益电子(+8.54%/ ④活跃子行业，SW横向通用软件 (+2.05%)/ SW营 ...

Market Performance - The main board saw significant gains with stocks like Dahua Intelligent (+10.09%), Dawi Shares (+10.02%), and Zhongdian Port (+10.02%) leading the charge [1] - The ChiNext board was led by Haixia Innovation (+20.06%) and Jiangbolong (+19.82%) [1] - The Sci-Tech Innovation board was boosted by Xinghuan Technology-U (+16.47%) and Weicai Technology (+15.22%) [1] - Active sub-industries included SW Printed Circuit Boards (+6.76%) and SW Communication Network Equipment and Devices (+4.74%) [1] Domestic News - JBD, a MicroLED manufacturer, completed over 1 billion RMB in Series B financing to accelerate innovation in MicroLED micro-display technology and promote consumer AR ecosystem development [1] - Huagong Technology reported that its 800G LPO optical modules began delivery in overseas factories in October, with expectations for increased production in Q4 [1] - Changxin Storage launched its LPDDR5X series products and is developing a 0.58mm thick LPDDR5X, which would be the thinnest in the industry if mass-produced successfully [1] - United Optoelectronics announced plans to sell its millimeter-wave radar business assets for 30 million RMB and invest 15 million RMB to acquire a 30% stake in Millimeter Automotive, aiming to focus on its optical main business [1] Company Announcements - Shengyang Technology reported a revenue of 644 million RMB for the first three quarters of 2025, a year-on-year increase of 13.39%, with a net profit of 7.13 million RMB, up 6.16% [2] - Hengtong Optic-Electric achieved a revenue of 49.62 billion RMB in Q3 2025, a 17.03% year-on-year increase, with a net profit of 2.38 billion RMB, up 2.64% [2] - Tuobang Co. reported a revenue of 8.19 billion RMB for the first three quarters of 2025, a 6.34% year-on-year increase, but a net profit decline of 23.86% to 420 million RMB [2] - Tongfu Microelectronics reported a revenue of 20.12 billion RMB for the first three quarters of 2025, a 17.77% year-on-year increase, with a net profit of 860 million RMB, up 55.74% [2] International News - Lam Research predicts a growing demand for low-temperature etching technology "Cryo" as advancements in high-capacity NAND technology accelerate, driven by the increasing need for reliability in various sectors [2] - Counterpoint Research reported a 2% year-on-year increase in global smartphone shipments in the first half of 2025, with a 7% increase in outsourced design orders, indicating OEMs are increasing ODM outsourcing to cope with market competition [2] - The U.S. signed trade and critical mineral agreements with Malaysia, Cambodia, and Thailand during the ASEAN summit, aiming to address trade imbalances and diversify supply chains amid China's restrictions on rare earth exports [2] - Counterpoint Research noted an 8.1% year-on-year increase in global PC shipments in Q3 2025, attributed to the impending end of support for Windows 10 and strategic inventory adjustments related to U.S. import tariffs [2]

Core Viewpoint - The company is positioned to benefit from the rapid growth in the data center market, the penetration of silicon photonics, and the trend of domestic high-end optical chip localization, which is expected to lead to sustained performance growth in the coming years [1][47]. Group 1: Company Overview - The company is a leading domestic optical chip manufacturer established in 2013 and listed on the Sci-Tech Innovation Board in 2022, focusing on the research, design, and production of high-speed semiconductor chips [3]. - The company operates under an IDM model, allowing for comprehensive control over the entire production process, from semiconductor crystal growth to chip testing and packaging [3][37]. Group 2: Business Segments - The company has a traditional advantage in the telecom market, with significant sales in 2.5G and 10G laser chips, while also rapidly expanding in the data center market [5][11]. - The product offerings include a range of laser chips from 2.5G to 100G, with a focus on high-performance products for both telecom and data center applications [5][14]. Group 3: Financial Performance - The company's revenue grew from 0.7 billion in 2018 to 2.52 billion in 2024, with a compound annual growth rate (CAGR) of 24% [11]. - In the first half of 2025, the company achieved a revenue of 2.05 billion, a year-on-year increase of 70.57%, and a net profit of 0.46 billion, reflecting a significant growth of 330.31% [11][12]. Group 4: Market Trends - The global data center market is expected to grow significantly, with a projected market size of 1600 billion by 2027, driven by increased capital expenditures from major cloud service providers [22]. - The demand for high-speed optical modules is surging, with a shift from 400G/800G to 1.6T, indicating a robust growth trajectory for optical chip requirements [28][30]. Group 5: Product Development and Innovation - The company has successfully developed and mass-produced high-power continuous wave (CW) laser chips, which are essential for silicon photonics applications, marking a new growth phase [45]. - The company is also advancing in the development of 100G PAM4 EML laser chips, breaking the overseas technology monopoly and enhancing its competitive position [43][45]. Group 6: Future Outlook - Revenue forecasts for 2025-2027 are projected at 5.28 billion, 9.37 billion, and 14.34 billion respectively, with corresponding growth rates of 109.56%, 77.30%, and 53.03% [47]. - The company is expected to maintain a strong market position as the demand for high-end optical chips continues to rise, particularly in the context of AI and data center expansions [47].

01 主题： 社服行业近期观点汇报 时间： 10月27日（周一）15:00 主讲： 王湛 社服分析师 参会密码：679216 02 主 题： 凯普生物2025年三季报业绩交流会 时间： 10月29日（周三）10 : 00 04 主题：特斯拉股东大会前瞻 嘉宾：首席科学家 谢龙旭 董事会秘书 陈毅 财务总监 李庆辉 主持：谭紫媚 医药首席分析师 李啸岩 医药分析师 参会密码：275450 03 主 题： 连连数字Q4投资机会展望 时间： 10月29日（周三）14 : 00 主讲： 夏芈卬 金融首席分析师 参会密码：544333 时间： 10月30日（周四）19 : 30 主讲： 刘虹辰 汽车首席分析师 参会密码：627384 05 主题： 电子行业11月投资观点介绍 时间： 10月31日（周五）16 : 00 参会密码： 337844 06 主题：新能源+AI系列分享之3 时间： 11月1日（周六）20 : 00 主讲：刘强 院长助理&电新首席分析师 参会密码：560745 主讲：张世杰 电子首席分析师 H 湛 用层 行业分析 UP 识别二维码立即参会 会议号码: +86-4001888938 (中国) +86 ...

Market Performance - The main board saw significant gains with notable stocks such as Dahua Intelligent (+10.12%), Fangzheng Technology (+10.05%), and Huanxu Electronics (+10.02%) [1] - The ChiNext board led the gains with Kexiang Co. (+20.00%) and Xiangnong Chip (+20.00%) [1] - The Sci-Tech Innovation board also performed well, with Purang Co. (+20.00%) and Shengyi Electronics (+19.99%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+7.49%) and SW Printed Circuit Boards (+7.06%) [1] Domestic News - Aibang ARAI glasses announced that Lipai Optics completed a new round of financing to enhance the industrialization of AR geometric waveguides [1] - Maxke Electronics signed a strategic cooperation agreement in Zhengzhou for a large silicon wafer project with a total investment of approximately 7 billion yuan [1] - Xiaomi's president responded to pricing issues for the new Redmi K90 series, citing significant increases in memory chip prices affecting manufacturing costs [1] - Lian Micro announced that its 6-inch silicon carbide-based gallium nitride products have passed customer validation and are expected to ship in Q4 2025 [1] Company Announcements - Hand Information reported a revenue of 2.439 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.67%, with a net profit of 145 million yuan, up 6.96% [3] - Hanbo High-tech reported a revenue of 870 million yuan for Q3 2025, a year-on-year increase of 33.34%, with a net profit of 17.66 million yuan, up 153.33% [3] - Kelik reported a revenue of 4.105 billion yuan for the first three quarters of 2025, a year-on-year increase of 24.86%, with a net profit of 232 million yuan, up 52.51% [3] - Jiechuang Intelligent reported a revenue of 599 million yuan for the first three quarters of 2025, a year-on-year increase of 30.73%, with a net profit of 22.77 million yuan, turning from loss to profit [3] International News - Elon Musk announced that Samsung Electronics will participate in the production of Tesla's AI chip "AI5," indicating a shift in production dynamics [2] - TSMC's Japanese subsidiary JASM signed a contract for a new factory in Kumamoto, expected to start operations by the end of 2027, focusing on 6nm process semiconductors [2] - ASML delivered its first lithography machine designed for advanced packaging applications, aimed at addressing the complexities of chip packaging [2] - Google announced a deal with Anthropic to supply up to 1 million AI chips and additional cloud services, valued at several billion dollars [2]