Core Insights - The establishment of the Jiangsu Undersea Communication and Sensing Key Laboratory aims to develop the "Undersea Information Superhighway" and explore intelligent observation networks in the deep sea, aligning with national strategies for marine power and information security [1][2]. Group 1: Undersea Communication Technology - Global data traffic is increasing exponentially, with over 95% of data transmitted via undersea cables, leading to a capacity crisis in marine communication [2]. - Spatial Division Multiplexing (SDM) technology is recognized as the future direction for undersea communication, enhancing data transmission capacity by creating multiple channels within a single cable [2]. - The laboratory is advancing three generations of SDM technology, aiming to significantly increase transmission rates and system capacity [3]. Group 2: Intelligent Observation Systems - The laboratory is focused on building a comprehensive sensing system for both shallow and deep seas, which is crucial for marine power development [4]. - The undersea sensing technology integrates communication cables with sensors, allowing for real-time monitoring of ocean conditions [5]. - The laboratory aims to create a collaborative observation system that provides critical data for climate change monitoring and disaster early warning [6]. Group 3: Data Processing and Analysis - The undersea sensing system generates vast amounts of data, comparable to the information in a medium-sized library, which requires effective processing to be useful [7]. - The laboratory employs edge computing to enhance data quality through cleaning, formatting, and preliminary analysis, improving efficiency by 40% [7]. - Collaboration with China Ocean University enables the development of intelligent algorithms for rapid processing of marine data, supporting timely decision-making for environmental monitoring and resource development [7]. Group 4: Future Development Goals - The laboratory plans to establish a high-level academic platform and innovative talent teams over the next three years, aiming to achieve breakthroughs in key technologies and set international standards [8].

Core Viewpoint - The article highlights the advancements in underwater communication technology led by Jiangsu Hengtong Marine Technology Co., Ltd., focusing on the development of all-optical sensing technology to enhance the safety and efficiency of submarine cable networks [1][2][3]. Group 1: Technological Advancements - The research team has achieved safe transmission of optical signals over a distance of 300 kilometers, with pilot applications in various provinces including Anhui, Yunnan, Jiangsu, and Gansu [1]. - The team is working on eliminating the cumbersome optical-to-electrical signal conversion process, which reduces latency and power consumption while decreasing reliance on imported semiconductor chips [2]. - A "cloud-edge collaborative" computing model has been proposed to process massive data collected by underwater sensors, allowing for quick local processing of urgent information while complex analyses are handled by land-based cloud computing centers [3]. Group 2: Collaborative Efforts - The collaboration between industry and academia is emphasized, with Hengtong providing real data and universities contributing algorithm development, leading to superior AI models compared to traditional ones based on public datasets [3]. - A complete innovation chain has been established, involving theoretical research, technological development, product creation, and application, with a research team of nearly 100 members focusing on key materials, core devices, and high-end equipment in the underwater communication and sensing field [3]. Group 3: Future Prospects - The ongoing development of the "sensing-computing-integration" network aims to enhance the understanding of oceanic conditions, contributing to the goal of becoming a maritime power [4].

薪酬与考核委员会：杨钧辉（主任委员、独立董事）、乔久华（独立董事）、蔡绍宽（独立董事）、崔 巍 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600487 证券简称：亨通光电 公告编号：2026-003号 江苏亨通光电股份有限公司 关于增补第九届董事会专门委员会委员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 根据《江苏亨通光电股份有限公司（以下简称"公司"或"亨通光电"）章程》等法律法规及规范性文件的 规定，公司董事会各专门委员会均由5名董事组成。公司原董事鲍纪聪先生因工作调整，不再担任公司 第九届董事会董事、薪酬与考核委员会委员及环境、社会及治理（ESG）委员会委员职务；公司原董事 尹纪成先生因工作调整，不再担任公司第九届董事会董事、环境、社会及治理（ESG）委员会委员职 务。 为完善公司法人治理结构，公司于2025年12月30日召开第九届董事会第十三次会议，审议通过了《关于 增补第九届董事会专门委员会委员的议案》，同意选举董事钱建林先生为公司第九届董事会薪酬与考核 委员会委员；董事陆春良先生 ...

Summary of Key Points Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 576 stocks experiencing net outflows for five consecutive days or more, indicating potential investor concerns and market volatility [1]. Group 1: Stocks with Longest Net Outflow - Dahan Technology has the longest streak of net outflows, with 23 consecutive days [1]. - Dameng Data follows with 19 consecutive days of net outflows [1]. Group 2: Stocks with Highest Total Net Outflow - Yingweike has the largest total net outflow amounting to 3.26 billion yuan over 7 days [1]. - Hengtong Optics ranks second with a total net outflow of 1.472 billion yuan over 8 days [1]. Group 3: Stocks with Highest Net Outflow Percentage - ST Aowei has the highest percentage of net outflow relative to trading volume, with a 19.88% decline over the past 5 days [1]. - Other notable stocks with significant net outflow percentages include Haima Automobile at 9.06% and Antong Holdings at 10.61% [1]. Group 4: Performance of Stocks with Net Outflows - The report indicates that many stocks with significant net outflows have also experienced notable declines in their prices, such as Haima Automobile with a drop of 17.41% and Jiumuwang with a decline of 22.67% [1]. - Conversely, some stocks like Dameng Data have shown a slight increase of 4.79% despite the outflow [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

Core Viewpoint - The Chinese optical cable industry is experiencing a decline in production, with a notable decrease in output in 2025 compared to previous years [1] Industry Summary - According to the National Bureau of Statistics, the optical cable production in China for November 2025 was 22.71 million core kilometers, representing a year-on-year decrease of 2% [1] - From January to November 2025, the cumulative optical cable production in China reached 226.469 million core kilometers, showing a cumulative decline of 6.7% [1] - The report titled "2026-2032 China Power Optical Cable Industry Market Panorama Assessment and Development Trend Research Report" by Zhiyan Consulting provides insights into the market trends and forecasts for the optical cable industry [1] Company Summary - Listed companies in the optical cable sector include Changfei Optical Fiber (601869), TeFa Information (000070), Zhongtian Technology (600522), and Hengtong Optic-Electric (600487) [1]

Core Insights - The communication cable industry in China is experiencing steady growth driven by the increasing demand for 5G networks, gigabit optical networks, and the development of the "dual-gigabit" network [1][12] - The market size of China's communication cable industry is projected to grow from 794.8 billion yuan in 2018 to 1200 billion yuan by 2025, with a compound annual growth rate (CAGR) of 5% [1][13] Industry Overview - Communication cables are essential for transmitting telecommunication signals and are categorized into various types based on their structure and application [4] - The industry is supported by government policies aimed at promoting the development of communication cables, including initiatives for advanced technology applications [4][5] Market Demand - As of October 2025, the total number of fixed internet broadband users in China is expected to reach 697 million, with a net increase of 27.01 million users from 2024 [1] - The number of mobile IoT terminal users is projected to reach 2.89 billion, reflecting a net increase of 23.4 million users from 2024 [1] Industry Growth Factors - The exponential growth in data traffic due to the increasing number of internet users and the proliferation of mobile internet is driving the demand for communication infrastructure and cables [1] - The large-scale commercialization of 5G technology requires a vast amount of communication cables to support dense base station construction and extensive network deployment [1] Application Areas - The traditional communication sector remains dominant, accounting for 58.5% of total revenue, while high-speed communication devices are expected to capture 14.8% of the market by 2024 [10] - Emerging applications in smart manufacturing, smart cities, and the Internet of Things (IoT) are expanding the use of communication cables in diverse scenarios [1][10] Industry Structure - The communication cable industry features a competitive landscape with a mix of leading national enterprises and numerous small to medium-sized companies focusing on niche markets [13] - Key players in the industry include companies like Walden Materials, Wanma Co., Hengtong Optic-electric, and Tongding Interconnection Information [2][13] Future Trends - The industry is expected to evolve towards higher speeds, integration of functionalities, and sustainability, with a focus on developing multi-functional cables that can handle data transmission, power supply, and sensing [15][16][18] - The shift towards green practices will involve the use of eco-friendly materials and the establishment of efficient recycling systems throughout the cable lifecycle [18]

Meeting Overview - The shareholders' meeting was held on December 30, 2025, at 2288 Zhongshan North Road, Wujiang District, Suzhou, Jiangsu Province [1] - The meeting was chaired by the company's chairman, Mr. Cui Wei, and combined on-site and online voting methods [1] Attendance - Out of 10 current directors, 8 attended the meeting, while directors Tan Huiliang and Lu Chunliang were absent due to business reasons [2] - The company secretary, Wang Liaojun, was present at the meeting [3] Resolutions Passed - The following proposals were approved during the meeting: 1. Proposal for expected daily related transactions for the year 2026 [3] 2. Proposal to provide guarantees for subsidiaries and joint ventures in 2026 [3] 3. Proposal to apply for comprehensive credit limits from financial institutions in 2026 [4] 4. Proposal to conduct foreign exchange hedging business in 2026 [4] 5. Proposal for commodity futures hedging related to daily operations in 2026 [4] 6. Proposal to conduct note pool business in 2026 [4] 7. Proposal to sign a financial service framework agreement with Hengtong Financial Co., Ltd. [4] 8. Proposal to adjust the repurchase price of the 2024 restricted stock incentive plan and to repurchase and cancel part of the restricted stock [4] 9. Proposal to change the company's registered capital, amend the Articles of Association, and handle business changes [4] Voting and Legal Compliance - All resolutions were passed with the required majority, including special resolutions that needed more than two-thirds of the voting rights [5] - The meeting was witnessed by Anhui Chengyi Law Firm, confirming that the meeting's procedures and resolutions complied with legal and regulatory requirements [5]

证券代码：600487 证券简称：亨通光电 公告编号：2026-001 号 江苏亨通光电股份有限公司 第九届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江苏亨通光电股份有限公司（以下简称"公司"或"亨通光电"）第九届董事会 第十三次会议于 2025 年 12 月 30 日以现场结合通讯表决方式召开，会议通知已 于 2025 年 12 月 24 日以电子邮件、专人送达或电话通知等方式发出，会议的通 知及召开符合《公司法》及《公司章程》的要求。本次会议应出席董事 12 名， 实际出席会议的董事 12 名。会议由董事长崔巍先生主持，会议审议了关于《聘 任公司高级管理人员》等四项议案，决议如下： 一、审议通过《关于聘任公司高级管理人员的议案》； 本议案已经公司第九届董事会提名委员会 2025 年第三次会议审议通过。 根据公司发展需要，经公司董事会提名委员会审核，聘任屠建宾先生、钱志 康先生、王新国先生、刘振华先生、姚福荣先生为公司副总裁；聘任田国才先生 为公司通信首席技术官；聘任潘文林先生为公司能 ...