人民财讯12月23日电，企查查APP显示，近日，湖北省新型互联网交换中心有限责任公司成立，注册资 本1亿元，经营范围包含：互联网数据服务；数据处理服务；计算机软硬件及辅助设备批发；计算机软 硬件及辅助设备零售等。企查查股权穿透显示，该公司由中国电信全资子公司天翼资本控股有限公司、 湖北大数据集团有限公司、烽火通信、湖北广电共同持股。 转自：证券时报 ...

Core Viewpoint - The continuous iteration of AI large model training and the acceleration of AI application implementation are expected to drive global demand for optical fibers and cables, particularly in data centers [1][2]. Demand Side - The construction of AI data centers and DCI interconnections is likely to sustain the demand for optical fibers and cables, with high-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, facilitating efficient short-distance data transmission and flexible interconnections [2]. - G.654.E optical fibers significantly enhance transmission distance and system capacity, contributing to the development of more efficient and economical long-distance high-bandwidth networks [2]. - The demand for hollow-core fibers is anticipated to gradually increase due to their advantages such as low latency, wide spectrum, low loss, and low nonlinearity, with active promotion of new technologies in both domestic and international markets [2]. Supply Side - The production cycle for traditional optical preforms is long, and the manufacturing process has high technical requirements, leading to potential short-term supply tightness [2]. - The expansion of optical fiber production capacity is constrained by the lengthy production cycle of optical preforms and the need for high precision in the manufacturing process, which may result in a tight supply situation in the short term [2]. - According to predictions from the Asia-Pacific Optical Fiber and Cable Industry Association and the China Academy of Information and Communications Technology, global demand for optical fibers and cables is expected to reach hundreds of millions of core kilometers by 2025, maintaining a growth trend [2]. Investment Opportunities - The global development of AI is likely to continue driving demand for optical fibers and cables in data centers and DCI interconnections, creating a potential supply-demand imbalance in the short term [3]. - Recommended investment targets include Hengtong Optic-Electric and Zhongtian Technology, with beneficiaries including Yangtze Optical Fibre and Cable, Yongding Holdings, FiberHome Technologies, and TeFa Information [3].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The demand for optical fibers and cables is expected to be driven by the construction of AI data centers and DCI interconnections, with a significant increase in global demand anticipated due to the ongoing evolution of AI large model training and application deployment [4] - The supply side faces challenges as the production cycle for optical preforms is long and the manufacturing process is complex, leading to potential short-term supply tightness [5] - The report highlights a potential supply-demand imbalance in the short term, with a recommendation to focus on investment opportunities in the optical fiber and cable sector [6] Demand Side Summary - The demand for optical fibers and cables is expected to grow due to the increasing need for high-density and low-power data transmission in data centers, driven by AI applications [4] - The G.654.E optical fiber is noted for its ability to enhance transmission distance and system capacity, contributing to the development of more efficient long-distance high-bandwidth networks [4] - New technologies such as hollow-core fibers are being actively developed, which may lead to increased demand in the long term due to their advantages in low latency and low loss [4] Supply Side Summary - The production of optical preforms is characterized by a long expansion cycle and high technical requirements, which may lead to a tight supply situation in the short term [5] - The report cites predictions from the Asia-Pacific Optical Fiber and Cable Industry Association and the China Academy of Information and Communications Technology, estimating that global demand for optical fibers and cables could reach hundreds of millions of core kilometers by 2025 [5] - Prices for optical fibers have shown a significant rebound since May, indicating a positive outlook for demand and pricing driven by AI data center construction [5] Investment Opportunities - The report recommends focusing on investment opportunities in the optical fiber and cable sector, specifically highlighting companies such as Hengtong Optic-Electric and Zhongtian Technology as primary targets, with additional beneficiaries including Yangtze Optical Fibre and Cable, Yongding Co., FiberHome Technologies, and TeFa Information [6]

Core Viewpoint - The establishment of Hubei New Internet Exchange Center Co., Ltd. marks a significant development in the internet data service sector in Hubei Province, with a registered capital of 100 million RMB and a focus on various internet-related services [1]. Group 1: Company Overview - Hubei New Internet Exchange Center Co., Ltd. was founded on December 18, 2025, with a registered capital of 100 million RMB [2]. - The legal representative of the company is Yin Binglin, and it is registered under the Wuhan East Lake New Technology Development Zone Market Supervision Administration [2]. - The company operates in the internet and related services industry, with a business scope that includes internet data services, data processing services, and wholesale and retail of computer hardware and software [2]. Group 2: Shareholding Structure - The company is jointly held by four major shareholders: Tianyi Capital Holdings Co., Ltd. (63.75%), Hubei Big Data Group Co., Ltd. (18.75%), FiberHome Technologies Group Co., Ltd. (12.5%), and Hubei Broadcasting and Television Information Network Co., Ltd. (5%) [2]. - Tianyi Capital Holdings Co., Ltd. is a state-owned holding company, indicating strong governmental support for the new venture [2].

Group 1 - The CPO concept stocks in the A-share market continue to perform strongly, with notable gains from several companies [1] - Changxin Bochuang saw an increase of over 13%, while Hengtong Optic-Electric and Changfei Optical Fiber hit the 10% limit up, and Zhongtian Technology rose over 7% [1] - New Yisheng and Fenghuo Communication both increased by over 6%, with several other companies also showing significant gains [1] Group 2 - Changfei Optical Fiber and New Yisheng reached historical highs [1] - The following companies reported their market performance: - Changxin Bochuang: 13.70% increase, market cap of 46.2 billion, YTD increase of 241.58% [2] - Hengtong Optic-Electric: 10.02% increase, market cap of 64.5 billion, YTD increase of 54.12% [2] - Changfei Optical Fiber: 10.00% increase, market cap of 105.2 billion, YTD increase of 326.84% [2] - Zhongtian Technology: 7.13% increase, market cap of 67.2 billion, YTD increase of 40.37% [2] - New Yisheng: 6.23% increase, market cap of 458.6 billion, YTD increase of 461.11% [2] - Fenghuo Communication: 6.16% increase, market cap of 39.8 billion, YTD increase of 51.81% [2] - Yongding Co.: 5.59% increase, market cap of 31.2 billion, YTD increase of 333.63% [2] - Huagong Technology: 5.64% increase, market cap of 79.7 billion, YTD increase of 83.82% [2] - Jingwang Electronics: 5.39% increase, market cap of 69.5 billion, YTD increase of 159.66% [2] - Zhongji Xiangchuang: 5.32% increase, market cap of 669 billion, YTD increase of 389.95% [2] - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1]

Group 1 - The overall market financing balance increased to 2.49 trillion yuan as of December 19, with a rise of 4.577 billion yuan compared to the previous trading day [1] - A total of 15 Shenwan first-level industries experienced net inflows of financing funds, with the electronics industry leading at a net purchase amount of 1.409 billion yuan [3] - Notable individual stocks with significant net financing purchases include China Ping An at 587 million yuan, followed by companies like Zhaoyi Innovation, Yonghui Superstores, and others [3] Group 2 - A total of 1,726 individual stocks received net financing purchases on the same day, with 22 stocks exceeding 100 million yuan in net purchases [3] - The top ten stocks by net financing purchase amounts included China Ping An, Zhaoyi Innovation, and others, indicating strong market interest in these companies [3]

Group 1 - The total margin trading balance in A-shares reached 25,038.28 billion yuan, an increase of 44.62 billion yuan from the previous trading day, accounting for 2.60% of the A-share circulating market value [1][2] - The trading volume of margin financing and securities lending was 1,774.92 billion yuan, up by 56.06 billion yuan from the previous trading day, representing 10.13% of the total A-share trading volume [1][2] Group 2 - Among the 31 primary industries, 15 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 1.409 billion yuan [2] - Other industries with significant net financing inflows included defense and military, non-ferrous metals, communications, electric equipment, and retail [2] Group 3 - A total of 22 individual stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 587 million yuan [3][4] - Other notable stocks with high net financing inflows included Zhaoyi Innovation, Youxun Co., Yonghui Superstores, Aerospace Development, Ganfeng Lithium, Aerospace Electronics, Fenghuo Communication, Feilong Co., and Meinian Health [3][4]

Core Viewpoint - The current market is expected to remain volatile due to global geopolitical conflicts, the US-China technology rivalry, and uncertainties regarding overseas AI investments, leading to a cautious and neutral allocation strategy. However, there is a long-term optimistic outlook on domestic AI computing power, optical modules, 6G industry trends, domestic substitution, self-control, and military industry growth, which could catalyze market opportunities in various sectors [1]. Group 1: Space Infrastructure and Satellite Communication - The space infrastructure competition is accelerating industry development, with the US government emphasizing the importance of maintaining "space superiority" through increased R&D and private sector investment. This sector is seen as a critical area in the US-China rivalry, with the domestic satellite constellation launches and commercial space development expected to expand market size [2]. - The issuance of satellite internet licenses in China marks a significant step towards commercial operation, which is anticipated to drive the entire industry chain towards large-scale acceleration. The development of satellite internet is progressing rapidly, with regular satellite launches expected to enhance communication capacity and reduce latency [2]. Group 2: Hollow Core Fiber and AI Applications - The demand for hollow core fibers is expected to benefit from AI catalysis, as these fibers offer low latency, wide spectrum, low loss, and low nonlinearity, addressing the physical limitations of traditional fibers. The current phase is critical for the rapid iteration and evolution of hollow core fibers, which are still in the early stages of commercialization [3]. - The unique characteristics of hollow core fibers are projected to meet the growing demands of AI large model applications, highlighting their potential value in internal interconnections, metropolitan data center interconnections, and wide-area interconnections. Beneficiary companies include Yangtze Optical Fibre (601869), Hengtong Optic-Electric (600487), FiberHome Technologies (600498), and Zhongtian Technology (600522) [3]. Group 3: Investment Recommendations - Beneficiary stocks in satellite communication and satellite IoT include companies involved in chip and T/R component industries such as Chengchang Technology, Guobo Electronics, Zhenlei Technology, Shanghai Huanxun, and Xinke Mobile. The terminal antenna supply chain includes Chengchang Technology, Tongyu Communication, Guobo Electronics, and Zhaoshengwei (300782) [4]. - Key players in terminal chips and core networks include China Mobile (600941), China Unicom (600050), China Telecom (601728), Haige Communication (002465), Huali Chuantong (300045), and Zhenyou Technology. Testing instrument companies include Kunheng Shunwei and Chuangyuan Xinke [4].

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法律责任。 重要内容提示： ■ 一、回购审批情况和回购方案内容 烽火通信科技股份有限公司（以下简称"公司"）于2025年9月23日、2025年10月15日，分别召开第九届 董事会第八次临时会议、2025年第一次临时股东大会，审议通过了《关于以集中竞价交易方式回购股份 的议案》，同意公司自股东大会审议通过本次回购股份预案之日起6个月内（即2025年10月15日至2026 年4月14日），使用自有资金或自筹资金以集中竞价交易方式回购公司股份，回购的资金总额不低于人 民币7,500万元（含）且不超过15,000万元（含），回购价格不超过人民币40.53元/股（含），依照回购 价格上限测算，回购的数量不低于1,850,482股（含）且不超过3,700,962股（含），最终回购使用资金总 额、回购数量以回购期间的具体实施结果为准。本次回购股份将全部用于注销并减少公司注册资本。具 体内容详见公司于2025年10月21日在上海证券交易所网站（www.sse.com.cn）、《中国证券报》《上海 证券报》《 ...

Group 1 - The overall performance of the Co-Packaged Optics (CPO) sector declined by 0.39%, ranking among the top losers in the concept sector as of the market close on December 19 [1] - Notable declines within the CPO sector included companies such as Tengjing Technology, Demingli, and Dekeli, while the top gainers were Kaige Precision Machinery, Anfu Technology, and Shaanxi Huada, with increases of 11.29%, 10.00%, and 9.33% respectively [1][6] Group 2 - The CPO sector experienced a net outflow of 3.23 billion yuan in principal funds today, with 85 stocks seeing net outflows, and 22 stocks exceeding 100 million yuan in outflows [2] - The stock with the highest net outflow was Saiwei Electronics, with a net outflow of 692.86 million yuan, followed by Shenghong Technology, Changguang Huaxin, and Tianfu Communication with net outflows of 483.44 million yuan, 293.23 million yuan, and 274.98 million yuan respectively [2][3] Group 3 - The top gainers in terms of net inflow of principal funds included companies like Fenghuo Communication, Xinyi Sheng, and Lingyi Zhizao, with net inflows of 500 million yuan, 369 million yuan, and 250 million yuan respectively [2][6] - The CPO sector's performance was contrasted with other sectors such as Hainan Free Trade Zone, which gained 5.33%, and Dairy Industry, which increased by 3.73% [2]