Core Viewpoint - CPO (Chip-Package-Optical) technology is emerging as a key direction for high-speed optical modules, leveraging the advantages of "chip and optical engine co-packaging" to become a core area for next-generation optical communication devices [1] Company Highlights - **特发信息 (Tefa Information, 000070.SZ)**: Latest stock price at 14.85 CNY, with a daily increase of +10.00%. The subsidiary has CPO platform design capabilities and high-precision packaging technology applicable for CPO packaging [1] - **联特科技 (Liante Technology, 301205.SZ)**: Latest stock price at 143.60 CNY, with a daily increase of +7.24%. Focused on optical communication transceiver modules, mastering design and manufacturing capabilities from optical chips to optical modules [1] - **长芯博创 (Changxin Bochuang, 300548.SZ)**: Latest stock price at 143.82 CNY, with a daily increase of +7.09%. An integrated circuit electronic device company that has released external light source modules for CPO and is developing photonic technology-related products [1] - **德科立 (Dekeli, 688205.SH)**: Latest stock price at 172.90 CNY, with a daily increase of +4.78%. A light transmission company with R&D plans covering 800G and CPO high-speed miniaturized optical transceiver module technology solutions [1] - **华工科技 (Huagong Technology, 000988.SZ)**: Latest stock price at 83.20 CNY, with a daily increase of +3.53%. A photonics company with vertical integration capabilities, establishing a research institute to focus on CPO and LPO technologies [1] - **光迅科技 (Guangxun Technology, 002281.SZ)**: Latest stock price at 68.55 CNY, with a daily increase of +3.24%. A global supplier of photonic devices that has already laid out CPO technology and completed silicon photonic integration packaging technology development [1] - **新易盛 (Xinyi Sheng, 300502.SZ)**: Latest stock price at 432.26 CNY, with a daily increase of +3.13% [1] - **中天科技 (Zhongtian Technology, 600522.SH)**: Latest stock price at 17.22 CNY, with a daily increase of +2.99%. Advancing CPO co-packaging optical technology and has mastered high-speed optical module packaging capabilities [2] - **炬光科技 (Juguang Technology, 688167.SS)**: Latest stock price at 170.89 CNY, with a daily increase of +2.45%. Acquired SMO technology applicable for efficient collimation and coupling of laser light sources in CPO [2] - **源杰科技 (Yuanjie Technology, 688498.SH)**: Latest stock price at 691.66 CNY, with a daily increase of +2.39%. Has laser product reserves for CPO, with CW high-power laser technology applicable in the CPO field [2] - **光库科技 (Guangku Technology, 300620.SZ)**: Latest stock price at 172.58 CNY, with a daily increase of +2.20%. Launched high-density, high polarization-maintaining fiber array collimators for CPO applications [2] - **仕佳光子 (Shijia Photonics, 688313.SH)**: Latest stock price at 96.10 CNY, with a daily increase of +2.13%. Products like high-power laser chips can be used for CPO packaging [2] - **亨通光电 (Hengtong Optic-Electric, 600487.SH)**: Latest stock price at 20.75 CNY, with a daily increase of +1.72%. One of the earliest companies to layout CPO optoelectronic co-packaging, previously launched a 3.2T CPO working prototype [2] - **聚飞光电 (Jufei Optoelectronics, 300303.SZ)**: Latest stock price at 7.12 CNY, with a daily increase of +1.71%. The company's invested subsidiary has silicon optical chips applicable for CPO [2] - **中际旭创 (Zhongji Xuchuang, 300308.SZ)**: Latest stock price at 616.00 CNY, with a daily increase of +1.65%. A leading optical module company, with CPO as one of its key evolution directions, already has R&D and layout in place [3]

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

Core Insights - Nantong's industrial economy shows a steady and progressive growth, playing a crucial role as a "fixed star" and "ballast" for the city's economic growth, with initial success in building a modern industrial city [1] Group 1: Industrial Growth and Achievements - By the end of September 2025, the number of large-scale industrial enterprises in Nantong is expected to reach 7,465, with an average annual growth rate of 8.7% in industrial added value, surpassing the provincial average [3] - In 2024, industrial added value is projected to account for 38.2% of GDP, contributing 46% to GDP growth [3] - Since 2022, Nantong has initiated 994 industrial projects with investments over 500 million yuan, including 17 projects exceeding 10 billion yuan, totaling approximately 810 billion yuan in investment [3] - Nantong ranked 25th among the top 100 advanced manufacturing cities in China in 2024 [3] Group 2: Industrial Structure and Innovation - Nantong is accelerating the construction of a modern industrial system, having been selected as one of the first national pilot cities for the construction of industrial and supply chain ecological systems, with shipbuilding and high-end textiles recognized as national advanced manufacturing clusters [3] - By the end of 2025, the output value of six key industrial clusters, including shipbuilding and electronic information, is expected to exceed 1.3 trillion yuan, accounting for over 80% of large-scale industrial output [3] - The city has nurtured 15 enterprises with over 1 billion yuan in revenue by the end of 2024, with Zhongtian Technology Group becoming a trillion-level enterprise [4] - A total of 30 national-level manufacturing single champion enterprises and 232 national specialized and innovative "little giant" enterprises have been cultivated, with average profit margins exceeding the city's industrial average [4] Group 3: Digital Transformation and Green Development - Nantong has implemented 16,300 projects for digital transformation and was selected as a national pilot city for small and medium-sized enterprises' digital transformation, ranking first among prefecture-level cities in the number of new intelligent factories [4] - The city has established 27,000 5G base stations and created a national-level gigabit city [4] - Nantong has created 34 national-level green factories and 2 green industrial parks during the "14th Five-Year Plan" period, leading the province with over 80% of chemical production enterprises located in industrial parks [4] Group 4: Future Directions - Looking ahead to the "15th Five-Year Plan," Nantong's industrial and information department aims to strengthen the development of a modern industrial city focused on technological frontiers, integrating marine economy, artificial intelligence, green low-carbon initiatives, and integrated consumption [5]

Core Viewpoint - Zhongtian Technology (600522.SH) has been actively involved in providing high RRR value chrome-plated copper wire for the BEST project nuclear fusion experimental device of the Chinese Academy of Sciences [1] Group 1: Company Developments - The company has successfully developed 200-meter level REBCO-based bundle cables and TSTC stacked cables for CICC conductors [1] - These developments have been applied in multiple high-temperature superconducting energy storage and nuclear fusion magnets [1]

江苏中天科技股份有限公司 2025 年第一次临时股东会会议资料 时间：2025 年 12 月 16 日(星期二)下午 2:30 地点：江苏省南通经济技术开发区齐心路 88 号公司会议室 参会人员：江苏中天科技股份有限公司（以下简称"公司"）股东及股东代 表、董事、高级管理人员及公司聘请的见证律师 二〇二五年十二月十六日 1 江苏中天科技股份有限公司 2025 年第一次临时股东会会议资料 江苏中天科技股份有限公司 2025 年第一次临时股东会议程 会议议程： 一、主持人宣布会议开始 二、介绍股东到会情况 三、介绍本次会议见证律师 四、推选监票人 五、宣读会议审议事项： 议案一：关于修订《江苏中天科技股份有限公司关联交易管理制度》的议案 ................................................................... 3 议案二、关于部分募投项目结项并将节余募集资金用于新增募投项目的议案 ................................................................... 4 议案三、关于预计 2026 年度日 ...

| 序号 | | 股东名称 | 持股比例 ÷ | 认缴出资额 # | 认缴出资日期 # 首次持股日期 # | | | --- | --- | --- | --- | --- | --- | --- | | | | > 郑州天河通信科技有限公司 | 100% | 500万元 | 2030-11-20 | 2025-11-28 | | | 级 | 河南省通信电缆有限公司 | 51.00% | 28050万元 | 2030-12-31 | | | | 計 課 | 江苏中天科技股份有限公司 | 49.00% | 26950万元 | 2030-12-31 | | | 合 缔造有远儿的商业传 | 郑州捷贸通信科技有限公司 | | 8 查一下 | | 企业中心 ー 応用 ▼ | 0 0 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 基本信息 9 | 法律诉讼 | 经营风险 | 经营信息 | 企业发展 | 知识产权 | D | | | 工商信息 ● | | | | | | | | | 工商信息 | 历史工商信息 | | | 目 文字介绍 | 5 工商官网快照▶ ...

Core Insights - The quantum communication industry is characterized by a focus on integrating various technologies to enhance competitiveness, with Guodun Quantum as the core player leading in multiple sectors including quantum communication, computing, and precision measurement [1][2]. Company Overview - Guodun Quantum (688027.SH) is the only listed company covering the entire quantum communication, computing, and precision measurement sectors, with 588 patents and involvement in national projects like the "Beijing-Shanghai Backbone" [3]. - Other notable companies include Keda Guokuan (300520.SZ), Shenzhou Information (000555.SZ), and Huagong Technology (000988.SZ), which have high relevance in quantum technology due to their specialized developments and applications [2][3]. Financial Performance - In H1 2025, Hengtong Optics (600487.SH) and Zhongtian Technology (600522.SH) led the revenue with 32.05 billion and 23.6 billion respectively, while Guodun Quantum and Electric Science Cyber Security (002268.SZ) reported lower revenues as they focus on niche markets [4][6]. - The gross profit margins varied significantly, with Dipu Technology (300768.SZ) achieving the highest at 62.4%, followed by Tianfu Communication (300394.SZ) at 50.8% and Guodun Quantum at 48.4% [5][6]. Regional Layout - The quantum communication industry shows a clear clustering in the Yangtze River Delta, with major cities like Shanghai and Hefei being key locations for many companies, while the Beijing-Tianjin-Hebei region focuses on governmental and financial applications [7][9]. Business Planning - Guodun Quantum aims to commercialize low-cost quantum technology and expand into consumer markets, while other companies like Hengtong and Zhongtian are accelerating the industrialization of quantum optical cables and exploring 5G integration [15][17].

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300638 | 广和通 | 32.38 | 20.01% | 145.74万 | 45.28亿 | | 600734 | 实达集团 | 5.59 | 10.04% | 638.56万 | 33.47亿 | | 603803 | 瑞斯康达 | 11.43 | 10.01% | 54.24万 | 6.04亿 | | 002792 | 通宇通讯 | 26.16 | 10.01% | - 3.09万 | 8074.41万 | | 000063 | 中兴通讯 | 46.30 | 10.00% | 327.26万 | 146.66亿 | | 002881 | 美格智能 | 45.87 | 10.00% | 12.59万 | 5.61亿 | | 920374 | 云里物里 | 25.90 | 7.47% | 2.29万 | 5869.62万 | | 300555 | ST路通 | 13.63 | 7.15% | 8.08万 | 1.08亿 | | 920249 ...

Core Viewpoint - The A-share market shows positive momentum with the electric grid equipment ETF (159326) experiencing a notable rebound, driven by increased demand for electricity due to AI advancements and aging power grids in developed countries [1] Group 1: Market Performance - As of 14:00 on December 1, the electric grid equipment ETF (159326) rose by 0.64% with a trading volume of 196 million yuan [1] - The ETF has seen a net inflow of 139 million yuan over the past two days, bringing its total size to over 2 billion yuan, a record high since its inception [1] Group 2: Industry Insights - High demand for electricity is anticipated due to the explosion of AI computing power, with Goldman Sachs projecting a 160% increase in electricity demand from global data centers by 2030 [1] - Aging power grids in Europe and the U.S. require urgent upgrades, leading to a forecasted global investment in power grids exceeding 400 billion dollars [1] - CITIC Securities indicates that the high demand for electricity driven by AI will significantly boost the need for supporting electrical equipment [1] Group 3: ETF Composition - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as power transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [1] - The index has a high weight of 65% in ultra-high voltage components, the highest in the market [1]