Market Overview - The communication equipment sector experienced a decline of 1.24% on November 4, with Dongtu Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers included: - Meixin Technology (code: 301577) with a closing price of 67.90, up 9.13% [1] - Nanjing Panda (code: 600775) with a closing price of 12.55, up 3.89% [1] - Lian Te Technology (code: 301205) with a closing price of 118.23, up 3.17% [1] - Significant decliners included: - Dongtu Technology (code: 300353) with a closing price of 23.53, down 6.03% [2] - Sinan Navigation (code: 688592) with a closing price of 39.07, down 4.38% [2] - Canqin Technology (code: 688182) with a closing price of 25.16, down 4.19% [2] Capital Flow - The communication equipment sector saw a net outflow of 2.988 billion yuan from institutional investors, while retail investors had a net inflow of 1.729 billion yuan [2] - The capital flow for individual stocks showed: - Xinyi Technology (code: 300502) had a net inflow of 3.27 billion yuan from institutional investors [3] - Shijia Photon (code: 688313) had a net inflow of 2.18 million yuan from institutional investors [3] - Nanjing Panda (code: 600775) had a net inflow of 84.57 million yuan from institutional investors [3]

11月4日，亨通光电跌5.04%，截至发稿，报20.90元/股，成交15.44亿元，换手率2.96%，总市值515.55 亿元。 天弘中证全指通信设备指数发起A（020899）成立日期2024年4月15日，最新规模1.65亿。今年以来收益 93.55%，同类排名8/4216；近一年收益93.87%，同类排名10/3896；成立以来收益131.85%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，天弘基金旗下1只基金重仓亨通光电。天弘中证全指通信设备指数发起A（020899）三季度 增持70.83万股，持有股数80.75万股，占基金净值比例为2.28%，位居第七大重仓股。根据测算，今日 浮亏损失约89.63万元。 责任编辑：小浪快报 天弘中证全指通信设备指数发起A（020899）基金经理为张戈。 截至发稿，张戈累计任职时间2年334天，现任基金资产总规模82.23亿元，任职期间最佳基金回报 129.5%， 任职期间最差基金回报-18.12 ...

Core Viewpoint - Hengtong Optic-Electric experienced a decline of 5.04% on November 4, with a stock price of 20.90 yuan per share and a total market capitalization of 51.555 billion yuan [1] Company Overview - Hengtong Optic-Electric Co., Ltd. was established on June 5, 1993, and listed on August 22, 2003. The company is located at 2288 Zhongshan North Road, Wujiang District, Suzhou, Jiangsu Province [1] - The company's main business involves high-end technology, product research and development, and system integration services in the fields of communication networks and energy interconnection, as well as global submarine cable communication network construction [1] Revenue Composition - The revenue composition of Hengtong Optic-Electric is as follows: - Smart Grid: 36.98% - Copper Conductor: 25.02% - Industrial and New Energy Intelligence: 11.28% - Optical Communication: 10.94% - Marine Energy and Communication: 9.57% - Others: 5.33% - Other (Supplement): 0.88% [1] Fund Holdings - According to data, one fund under Bank of China Securities holds Hengtong Optic-Electric as a significant position. The fund is the Bank of China Securities CSI 500 ETF Linked A (008258), which held 700 shares as of the third quarter, ranking as the ninth largest holding [2] - The fund has a current scale of 250 million yuan and has achieved a year-to-date return of 26.52%, ranking 2156 out of 4216 in its category [2] Fund Manager Performance - The fund managers for Bank of China Securities CSI 500 ETF Linked A are Liu Xianzheng and Zhang Yimin. Liu has a tenure of 7 years and 281 days, with a best return of 118.04% and a worst return of -34.66% during his tenure [3] - Zhang has a tenure of 5 years and 52 days, with a best return of 23.44% and a worst return of -40.75% during his tenure [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that major overseas AI companies are continuously increasing capital expenditures, focusing on AI infrastructure development, with significant growth in cloud business performance [5][6][19] - The report emphasizes a strong outlook for the "optical, liquid cooling, and domestic computing power" sectors, recommending specific stocks within these areas [7][25] Summary by Sections 1. Overseas AI Financial Summary - Google raised its capital expenditure guidance for 2025 to $91-93 billion, with Q3 capital expenditure reaching $23.953 billion, a year-on-year increase of 83% [5][15] - Meta's Q3 revenue was $51.24 billion, exceeding expectations, with a projected annual expenditure of $70-72 billion for 2025 [16] - Microsoft's Q1 FY2026 revenue reached $77.67 billion, a year-on-year increase of 18%, with significant growth in its cloud segment [17][18] - Amazon's Q3 revenue was $180.2 billion, with AWS net sales of $33.006 billion, a 20% year-on-year increase [19][20] - Celestica's Q3 revenue was $3.19 billion, a 28% increase year-on-year, leading to an upward revision of its annual guidance [21] 2. Communication Data Tracking - As of August 2025, the total number of 5G base stations in China reached 4.646 million, with 5G mobile phone users totaling 1.154 billion, a year-on-year increase of 19.46% [34][12] - The report notes that 5G mobile phone shipments reached 19.992 million units in August 2025, accounting for 88.4% of total shipments, with a slight year-on-year increase of 1.2% [41] - The three major telecom operators showed strong growth in innovative business development, with significant revenue increases in their cloud services [45][50]

Investment Rating - The report provides a "First Recommendation" for the deep-sea technology industry [7] Core Insights - The deep-sea technology sector is increasingly recognized as a key area for national development, with significant policy support and strategic importance under the "Marine Power" initiative [2][25] - The industry is experiencing a surge in market activity, with leading companies enhancing their technological capabilities and market presence, evidenced by a substantial IPO financing scale of 11.4 billion yuan in 2024 [3][35] - Key technological breakthroughs are being achieved, moving the industry towards a more autonomous and self-sufficient development model [4] Summary by Sections 1. Development Window for Deep-Sea Technology - Deep-sea technology is crucial for the development of the marine economy, focusing on resource exploration and sustainable development in deep-sea areas [13] - The central government has shifted its focus to deep-sea technology as a strategic pillar of the "Marine Power" initiative, with various supportive policies being implemented [20][25] - Local governments are actively creating plans and measures to foster deep-sea technology, enhancing regional competitiveness [27][28] 2. Insights into China's Marine Economy - The marine economy's total output surpassed 10 trillion yuan in 2024, with a growth rate of 5.9%, outpacing the national GDP growth [35][39] - The marine economy is characterized by a diversified structure, with the tertiary sector contributing the most to the marine GDP [39] 3. Deep-Sea Technology Industry Chain and Key Enterprises - The deep-sea technology industry comprises a complete chain from upstream raw materials and components to midstream equipment manufacturing and downstream applications [45] - Key upstream companies include Baotai Co., West Materials, and Guangwei Composite, which are pivotal in providing essential materials for deep-sea equipment [47][49][50] - Midstream equipment manufacturers are focusing on deep-sea detection and sensing equipment, with significant advancements in manned submersibles and unmanned underwater vehicles [56][61] 4. Investment Recommendations - The report suggests focusing on upstream material and component companies such as Baotai Co., West Materials, and Guangwei Composite; midstream equipment manufacturers like China CNR, Zhenhua Heavy Industries, and China Shipbuilding; and downstream application companies like China National Offshore Oil Corporation [5]

Group 1: Global Technology Competition - The report outlines three potential scenarios for global technology competition over the next decade: baseline scenario (strategic equilibrium between China and the US), optimistic scenario (China becomes an innovation leader), and pessimistic scenario (China's industrial upgrade falls short) [6][7] - Key technologies are defined as frontier technologies (AI, semiconductors, quantum computing, biopharmaceuticals), advanced manufacturing, and critical infrastructure technologies (energy and advanced networks) [6][7] - The US focuses on invention and innovation, while China aims for large-scale innovation in key industries, with both countries undergoing reforms in their innovation systems [6][7] Group 2: Softcom Power (301236.SZ) - For the first three quarters of 2025, Softcom Power reported revenue of 25.38 billion yuan, a year-on-year increase of 14.30%, and a net profit of 0.99 billion yuan, up 30.21% [15][17] - The company is guided by four strategic directions: intelligence, autonomy, greening, and internationalization, with a focus on enhancing software and digital technology services [16][17] - Future revenue projections for Softcom Power are 35.9 billion yuan, 41.3 billion yuan, and 47.7 billion yuan for 2025-2027, with net profits expected to be 0.384 billion yuan, 0.526 billion yuan, and 0.855 billion yuan respectively [17] Group 3: Dingjie Smart (300378.SZ) - Dingjie Smart's revenue for the first three quarters of 2025 reached 1.614 billion yuan, a 2.6% increase year-on-year, with a net profit of 0.051 billion yuan, up 2.4% [19][21] - The company is experiencing short-term pressure in mainland China but is seeing stable performance in non-mainland markets, driven by deepening applications and market expansion [19][20] - Revenue projections for Dingjie Smart are 2.502 billion yuan, 2.726 billion yuan, and 2.989 billion yuan for 2025-2027, with net profits expected to be 0.191 billion yuan, 0.233 billion yuan, and 0.301 billion yuan respectively [21] Group 4: Hai Tian Wei Ye (603288.SH) - Hai Tian Wei Ye reported a revenue increase of 6.02% to 21.628 billion yuan for the first three quarters of 2025, with a net profit of 5.322 billion yuan, up 10.54% [22][24] - The company experienced a slowdown in revenue growth in Q3, with a 2.48% increase to 6.398 billion yuan, while net profit rose by 3.40% to 1.408 billion yuan [23][24] - The company is focusing on creating new growth points and enhancing efficiency through digital production [24] Group 5: Guizhou Moutai (600519.SH) - Guizhou Moutai's revenue for the first three quarters of 2025 was 130.904 billion yuan, a 6.32% increase, with a net profit of 64.627 billion yuan, up 6.25% [26][28] - The company reported stable sales performance for its flagship Moutai liquor, while other series faced pressure [27][28] - Future earnings per share (EPS) projections for Guizhou Moutai are 72.87 yuan, 77.31 yuan, and 82.70 yuan for 2025-2027, maintaining a "buy" rating [28] Group 6: Xian Cai Co., Ltd. (600095.SH) - Xian Cai Co., Ltd. reported a significant increase in net profit of 203.39% for the first three quarters of 2025, reaching 0.442 billion yuan [46][47] - The company's revenue for Q3 was 0.655 billion yuan, a 43.77% increase year-on-year, driven by a surge in commission income [47][48] - The company is expected to achieve a net profit of 0.608 billion yuan for 2025, reflecting a 456.6% increase [48]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expected return compared to the market benchmark over the next 6-12 months [5][11]. Core Insights - The company reported Q3 revenue of 17.57 billion yuan, a year-on-year increase of 11.3%, but a quarter-on-quarter decrease of 6.4%. The net profit attributable to shareholders was 760 million yuan, up 8.1% year-on-year but down 27.8% quarter-on-quarter. For the first three quarters, total revenue reached 49.62 billion yuan, a 17% increase year-on-year, with a net profit of 2.38 billion yuan, up 2.6% year-on-year [1][5]. - The company has a robust order backlog, with over 20 billion yuan in orders in the energy interconnection sector and over 7 billion yuan in marine communication business. The PEACE transoceanic cable communication project has orders exceeding 300 million USD [1][2]. - The company has made significant breakthroughs in high-end specialty optical fibers, achieving international advanced levels with core technologies. A new R&D center for advanced optical fiber materials is under construction, expected to be completed in early 2026 [2]. Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 47.62 billion yuan, with a growth rate of 2.5%. The net profit is expected to be 2.15 billion yuan, reflecting a growth rate of 36% [3][10]. - The earnings per share (EPS) is forecasted to be 0.87 yuan in 2023, increasing to 1.92 yuan by 2027. The price-to-earnings (P/E) ratio is expected to decrease from 25.7 in 2023 to 11.7 in 2027 [3][10]. - The company’s gross margin is projected to be 15.3% in 2023, declining to 13.7% by 2027, while the return on equity (ROE) is expected to rise from 8.7% in 2023 to 12.7% in 2027 [10].

Core Insights - The optical fiber sector experienced a decline of 2.56%, ranking among the top losers in the concept sector, with significant drops in stocks such as Hangzhou Dianzi and Tengjing Technology [1][2] - A total of 56 stocks in the optical fiber sector saw net outflows of 7.899 billion yuan, with Tianfu Communication leading the outflow at 2.459 billion yuan [2][4] Sector Performance - The optical fiber concept sector was one of the worst performers, with a decline of 2.56%, while other sectors like the China-Korea Free Trade Zone and Quantum Technology saw gains of 1.45% and 1.27% respectively [2] - The top gainers in the optical fiber sector included stocks like Jieput and Xinyin Electronics, which rose by 5.63% and 3.14% respectively [1][4] Fund Flow Analysis - The optical fiber sector faced a significant net outflow of 7.899 billion yuan, with 14 stocks experiencing outflows exceeding 100 million yuan [2][3] - The stocks with the highest net outflows included Tianfu Communication (-11.56%), ZTE Corporation (-2.97%), and Yongding Co. (-4.99%) [3][4] Stock Performance - Among the optical fiber stocks, Jieput saw the highest net inflow of 1.244 billion yuan, while other notable gainers included Hengtong Optic and Yuanjie Technology [4] - The stock performance varied widely, with some stocks like Tianfu Communication and Tengjing Technology experiencing significant declines of over 11% [3][4]

Core Insights - Hengtong Optic-Electric has successfully won the bid for the Dandong Donggang Phase I 1 million kW offshore wind power project, with a bid amount exceeding 1.7 billion yuan, covering the production, transportation, and installation of ±500kV DC submarine cable systems and 66kV aluminum core submarine cables [1][2] - The project represents a technological benchmark in China's offshore wind power sector, being the first to adopt a ±500kV DC output system and a 66kV aluminum core branching system for a million-kilowatt deep-sea wind power project [1][2] - The successful bid highlights the company's comprehensive strength in the marine energy sector and showcases its core capabilities in the research and application of ±500kV flexible DC submarine cable technology [1][2] Technical Challenges and Solutions - The ±500kV DC submarine cable system involves high technical barriers, including stringent requirements for high voltage resistance, seawater corrosion resistance, and wind and wave impact resistance due to the deep-sea environment [2] - The company has overcome these technical challenges through years of technological accumulation, forming a full-chain service capability from research and development to production, transportation, and installation [2] Environmental and Economic Impact - The Dandong million-kilowatt wind power project is expected to provide 3 billion kWh of clean electricity annually, reducing carbon emissions by 2.4 million tons, thus contributing to the achievement of carbon neutrality goals [3] - The project will also drive local industrial upgrades in equipment manufacturing and port logistics, aligning with the company's mission to serve national strategies and promote green development [3] Future Outlook - Hengtong Optic-Electric plans to continue increasing its R&D investment in deep-sea energy transmission and core materials, enhancing its capability in marine energy system solutions [3] - The company aims to deepen its domestic market presence while also participating in international competition, leveraging independent technological innovation to support the development of national deep-sea technology and contribute to the global energy system's green transition [3]

Macro Insights - The Federal Reserve's October meeting resulted in a 25 basis point rate cut, with Chairman Powell indicating that December's rate cut remains uncertain, leading to a decrease in market expectations for future cuts [2][3] - The Chinese Yuan has appreciated by 2.8% against the US dollar this year, with a notable 12% increase against the Japanese Yen since July, indicating a shift towards an "independent trend" in the Yuan's valuation [2][3] Fixed Income - In October, the People's Bank of China announced a resumption of bond purchases, leading to a significant rise in government bond futures [5][6] - The US financial sector is seeing a new model of support for national strategy, with JPMorgan's $1.5 trillion initiative focusing on key industries and supply chain resilience [6] Energy and New Energy - The "15th Five-Year Plan" emphasizes the development of new energy storage and smart grid infrastructure, benefiting companies in the storage and wind power sectors [10][11] - A significant $80 billion investment in nuclear power by Cameco and Brookfield Asset Management aims to enhance energy infrastructure in the US [11] Real Estate - The "15th Five-Year Plan" outlines a shift towards high-quality development in real estate, focusing on improving housing quality and supply systems, which may enhance long-term value in the sector [13] Financial Services - The brokerage sector is experiencing a slight decrease in positions, with a focus on high-quality financial strategies amid a recovering market sentiment [9] - The banking sector shows signs of improvement, with a notable increase in credit issuance and a stable asset quality outlook [23] Key Companies - Huafeng Measurement Control reported a 67.21% year-on-year revenue increase in Q3, driven by cost reduction and improved testing performance [17] - Shaanxi Coal and Chemical Industry's Q3 revenue showed a 6.03% quarter-on-quarter increase, benefiting from a recovery in coal prices [18] - Kweichow Moutai's Q3 revenue growth was lower than expected, but the company is implementing strategies to boost market confidence [19] - Guangdong Investment's Q3 performance reflects a stable business model with strong cash flow, supporting high dividend returns [20] - Yutong Bus reported a 32.27% year-on-year revenue increase in Q3, driven by strong export performance [21]