Group 1 - The A-share market saw a strong performance in CPO concept stocks, with Dekoli hitting the daily limit up of 20% [1] - Guangku Technology increased by over 18%, while Fenghuo Communication, Zhongtian Technology, and Hengtong Optic-Electric all reached the daily limit up of 10% [1] - Other notable performers included Zhongbei Communication and Changxin Bochuang, which rose by over 8%, and Guangxun Technology, Huamao Technology, Unisplendour, and Tongfu Microelectronics, which increased by over 6% [1]

Core Viewpoint - The company, Hengtong Optic-Electric, has made significant advancements in the field of hollow optical fibers, achieving international standards in loss performance and demonstrating the capability for large-scale delivery by 2025 [2] Group 1: Research Achievements - Hengtong Optic-Electric's hollow core anti-resonant optical fiber has achieved a loss of ≤0.2 dB/km in specific wavelength bands, reaching internationally advanced levels [2] - The company has independently innovated and established a comprehensive core preparation technology system for hollow optical fibers [2] Group 2: Future Plans - The company plans to invest in an AI advanced optical fiber materials R&D and manufacturing center, with construction set to begin in September 2025 and completion expected by February 2026 [2] - The first phase of investment will add multiple production lines and advanced equipment for the manufacturing of ultra-low loss hollow fibers, ultra-low loss multi-core fibers, and high-performance multi-band multimode fibers [2] - These developments aim to continuously enhance the company's capacity for large-scale delivery [2]

Group 1 - The company has confirmed that its 800G optical module products have passed testing with leading switch equipment manufacturers [2] - The company plans to introduce mass production of the 800G optical modules based on market conditions [2]

Market Overview - The Shanghai Composite Index is at 3894.62 points, above the five-day moving average, with an increase of 0.47% [1] - The total trading volume of A-shares is 12,225.01 billion yuan [1] Stocks Performance - A total of 591 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Dezhong Automobile: 22.13% deviation, with a price increase of 30.00% [1] - Xingye Technology: 8.27% deviation, with a price increase of 10.01% [1] - Hanzhong Precision: 8.11% deviation, with a price increase of 9.99% [1] - Other stocks with smaller deviation rates include Tongrentang, China Satellite, and Hengyu Environmental Protection, which have just crossed the five-day moving average [1] Detailed Stock Data - The report includes a detailed table of stocks that broke the five-day moving average on September 18, with their respective trading performance, turnover rates, and deviation rates [1][2]

Core Insights - The A-share AI computing stocks experienced a rapid surge, leading the market, with the 5G Communication ETF (515050) rising nearly 3% as of 10:55 AM on September 18 [1] - Huawei's rotating chairman emphasized the importance of computing power for artificial intelligence, sharing future plans for Ascend chips, including the launch of Ascend 950PR in Q1 2026 and Ascend 970 in Q4 2028 [1] - The 5G Communication ETF has attracted over 260 million yuan in investments over the past two days, with a total scale exceeding 8 billion yuan, focusing on the supply chains of Nvidia, Apple, and Huawei [1] Company and Industry Summary - The 5G Communication ETF (515050) is heavily weighted towards optical communication stocks (42%) and PCB circuit board stocks (14%) [1] - Key stocks such as Guangku Technology surged over 17%, Hengtong Optic-Electric hit the daily limit, and Industrial Fulian rose nearly 8%, with the total market capitalization surpassing 1.3 trillion yuan [1]

Group 1 - The liquid cooling server sector has seen a rise in stock prices, indicating growing interest and potential in this market [1] - Companies such as Bojie Co., Ltd. (002975), Far East Holdings Group Co., Ltd. (600869), Dayuan Pump Industry Co., Ltd. (603757), and Hengtong Optic-Electric Co., Ltd. (600487) have reached their daily price limit [1] - Zhongke Shuguang (603019) has achieved a new intraday high in its stock price, reflecting strong market performance [1]

Core Viewpoint - The submarine cable industry in China is experiencing rapid growth driven by the expansion of offshore wind power and marine energy development, supported by comprehensive government policies and technological advancements [1][6][12]. Industry Overview - Submarine cables are essential infrastructure for connecting power and communication networks across oceans, categorized into submarine communication cables and submarine power cables [2][3]. - The industry is positioned as a strategic resource for supporting the digital transformation of the marine economy and the construction of a global energy internet [6]. Policy Analysis - China's policies, including the "14th Five-Year Plan" for renewable energy, aim to promote the large-scale development of offshore wind power and marine energy, providing a robust support system for the submarine cable industry [6][10]. Industry Chain - The submarine cable industry chain in China includes upstream raw material supply, midstream cable manufacturing, and downstream installation and operation, with leading companies like Zhongtian Technology, Hengtong Optic-Electric, and Dongfang Cable dominating the market [8][12]. Market Demand - The offshore wind power market is the primary driver of submarine cable demand, with installed capacity expected to grow significantly from 9 million kW in 2020 to 41.27 million kW by 2024, reflecting a compound annual growth rate of 46.33% [10][12]. - Marine energy is also a key market, with a target of 400,000 kW installed capacity by 2030, further expanding the demand for high-end submarine cables [11][12]. Current Industry Status - The submarine cable industry in China is in a phase of technological leadership and market expansion, with a projected market size of approximately 230 billion yuan by 2024 [12]. - The industry has achieved significant technological advancements, including a complete technical system covering voltage levels from 220kV to 500kV [12]. Competitive Landscape - The industry exhibits a concentrated oligopoly structure, with the top three companies—Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric—holding a combined market share of 87% [13][14]. - International competitors like Prysmian and Nexans dominate the high-end market, while Chinese companies are expanding into emerging markets in Southeast Asia and Africa [13][14]. Future Development Trends - The submarine cable industry is expected to undergo a transformation towards high-end, intelligent, and green technologies, with a focus on dynamic cables and AI operation systems [16]. - The market is anticipated to expand globally, with emerging scenarios such as submarine data center interconnections and marine observation networks contributing to significant growth [17]. - The industry will evolve towards a collaborative ecosystem, enhancing supply chain resilience and establishing international standards [18][19].

Group 1: Macro Strategy and Market Overview - The report highlights a gradual convergence of overseas central bank policies, impacting asset allocation strategies [3][28] - In the A-share market, major indices saw significant gains in early September, with the CSI 100 and CSI 500 indices rising by 4.45% and 6.33% respectively [3][28] - The central bank's net cash injection was 196.1 billion yuan, maintaining a loose liquidity environment with DR007 staying below 1.48% [3][28] Group 2: Agricultural Bank of China - The Agricultural Bank of China is expected to benefit from the release of potential in county economies, with greater credit growth opportunities compared to peers [4] - The bank has the lowest non-performing loan ratio among its peers, with a strong ability to manage risks related to real estate exposure [4] - Future profit growth is projected at 1.98%, 3.94%, and 4.63% for 2025-2027, with corresponding BPS values of 7.69, 8.12, and 8.53 yuan [4] Group 3: Unmanned Forklifts Industry - The unmanned forklift market is experiencing rapid growth, with shipments increasing from 2,700 units in 2019 to an estimated 19,500 units in 2023, representing a penetration rate of 1.66% [6] - The market size for unmanned forklifts in China is projected to reach 2.385 billion USD in 2023, accounting for 45% of the global market [6] - Major players in the industry include Linde, Hangcha, and Geek+, with significant advancements in technology and market share [6][10] Group 4: Communication Sector - Runxin Technology - Runxin Technology reported a revenue of 1.358 billion yuan in H1 2025, marking a 16.42% year-on-year increase, with net profit rising by 18.23% [13][34] - The company is focusing on AIoT and automotive electronics, diversifying its revenue sources and enhancing long-term growth potential [34] - The firm has established strong partnerships with leading semiconductor suppliers, which bolsters its competitive edge in the market [34] Group 5: Semiconductor Testing Industry - Weicet Technology - Weicet Technology achieved a revenue of 634 million yuan in H1 2025, reflecting a 47.53% increase, with net profit soaring by 831.03% [36][39] - The company is expanding its testing capacity for high-end and reliable chips, with significant investments in new facilities [37] - The semiconductor market is expected to maintain optimistic growth, driven by advancements in AI and automotive electronics [39] Group 6: Pharmaceutical Sector - China Resources Pharmaceutical - China Resources Pharmaceutical reported a revenue of 131.867 billion yuan in H1 2025, a 2.5% increase, while net profit decreased by 20.3% due to impairment losses [21] - The company is focusing on external growth through acquisitions and innovation in its pharmaceutical business [21] - The firm has successfully launched 21 new products in H1 2025, with a robust pipeline of 476 projects under development [21]

本报讯(记者洪叶)9月16日—17日，来自全球30多个国家和地区的约600名代表齐聚南京，出席中国质量 (南京)大会，围绕"质量：赋能新质生产力"主题，深入探讨新形势下的热点质量话题和质量管理前沿内 容，促进质量合作，加快质量变革，推动全球经济高质量发展。 "作为经济大省，我省质量基础设施建设一直走在全国前列，拥有国家和省级质检中心、产业计量测试 中心196个，落户我省的国际和国家级标准化组织达88个，各类检验检测机构达4099家。"省市场监管局 局长沈海斌介绍，质量链与产业链的融合需要在问题导向、目标导向和需求导向牵引下互融互动，深入 破解产业链中"测不了、测不全、测不准"的痛点问题，才能更好支撑产业、服务发展。 对接会上，一批合作项目正式签约。例如，扬州市人民政府和方圆标志认证集团有限公司签署合作，双 方将聚焦推动产业质量升级、促进绿色低碳转型、激发标准认证创新、加速内外贸一体化、打造区域质 量基础设施等多领域开展深入合作。江苏省计量科学研究院和德国莱茵TüV正式签署欧盟计量器具认证 公告机构认可实验室战略合作协议，面向企业提供本土化一站式检测与认证服务。 中国质量领域的最高荣誉——第五届中国质量奖在本届 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company achieved a revenue of 32.05 billion yuan in the first half of 2025, representing a year-on-year growth of 20.42%. The net profit attributable to shareholders was 1.613 billion yuan, with a slight increase of 0.24% [1]. - In Q2 2025, the company reported a revenue of 18.781 billion yuan, a year-on-year increase of 26.64%, while the net profit attributable to shareholders was 1.056 billion yuan, showing a decrease of 3.63% compared to the previous year [2]. - The company has secured multiple marine project contracts, with an order backlog of approximately 20 billion yuan in the energy interconnection sector, which is expected to support future growth [3]. - The company has demonstrated the capability for industrialization of various new types of optical fibers, including hollow-core fibers, which have achieved international advanced performance levels [4]. - The company is actively expanding production to meet future demand, with a new advanced optical fiber materials R&D and manufacturing center set to be completed by February 2026 [5]. - The company is strategically positioning itself in the AI sector, launching new cooling solutions and a full range of optical module products to support domestic supercomputing centers [6]. Financial Summary - The company’s gross margin for H1 2025 was 13.59%, with a net profit margin of 5.4%. In Q2, the gross margin was 13.56%, and the net profit margin improved to 6.05% [2]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 3.3 billion, 4.1 billion, and 5 billion yuan respectively, with corresponding PE ratios of 15, 12, and 10 times [7]. - The company’s total assets are projected to grow from 62.49 billion yuan in 2023 to 85.54 billion yuan by 2027, indicating a strong growth trajectory [13].