截至2025年9月16日 13:14，中证央企创新驱动指数下跌0.68%。成分股方面涨跌互现，长飞光纤领涨 10.01%，盛科通信上涨8.25%，普天科技上涨4.34%；中钨高新领跌4.13%，中国船舶下跌3.64%，中国 铝业下跌3.22%。央企创新驱动ETF(515900)下跌0.64%，最新报价1.55元。拉长时间看，截至2025年9月 15日，央企创新驱动ETF近1周累计上涨0.58%，涨幅排名可比基金1/4。 央企创新驱动ETF紧密跟踪中证央企创新驱动指数，中证央企创新驱动指数从国资委下属央企上市公司 中，综合评估其在企业创新和盈利质量方面的综合情况，选取较具代表性的100只上市公司证券作为指 数样本，以反映较具创新活力的央企上市公司证券的整体表现。 数据显示，截至2025年8月29日，中证央企创新驱动指数前十大权重股分别为海康威视、国电南瑞、长 安汽车、中国船舶、宝钢股份、中国中车、中国联通、中国铝业、中国建筑、招商银行，前十大权重股 合计占比33.39%。 （文中个股仅作示例，不构成实际投资建议。基金有风险，投资需谨慎。） 以上产品风险等级为：中 （此为管理人评级，具体销售以各代销机构评级为准） ...

Group 1 - The core viewpoint of the news is that Changfei Fiber has shown significant stock performance with a year-to-date increase of 199.41% and a recent market capitalization of 67.219 billion yuan [1] - As of September 16, the stock price reached 88.69 yuan per share, with a trading volume of 297 million yuan and a turnover rate of 0.84% [1] - The company has experienced net outflows of main funds amounting to 9.5254 million yuan, with large orders showing a buy-sell imbalance [1] Group 2 - Changfei Fiber, established on May 31, 1988, focuses on the telecommunications industry, particularly in the production of optical fiber preforms, optical fibers, and cables [2] - The company's revenue composition includes 64.50% from optical transmission products, 17.35% from optical interconnection components, and 15.85% from other sources [2] - As of June 30, 2025, the company reported a revenue of 6.384 billion yuan, reflecting a year-on-year growth of 19.38%, while the net profit attributable to shareholders decreased by 21.71% to 296 million yuan [2] Group 3 - Since its A-share listing, Changfei Fiber has distributed a total of 2.129 billion yuan in dividends, with 943 million yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 11.76% to 22,600, with no change in the average circulating shares per person [2][3] - Notable changes in institutional holdings include an increase in shares held by Hong Kong Central Clearing Limited and new entries from two mutual funds [3]

摘要： 在最近几个月股价大幅上涨之后，我们认为大多数基本面的积极因素已经反映出来。我们建议在市场普遍看涨的情况下获利了结。 关键要点 在显著反弹后将Eoptolink评级从增持下调至中性。更偏好在1.6T领域具有领先优势的Innolight。 将TFC评级下调至中性，并重申对Accelink的增持评级。 所有收发器（光模块）股票在过去几个月里都大幅上涨： 由于高端GPU的快速交付增长，市场对收发器出货量的看法变得更加积极。同时，来自关键客 户的新订单使得近期市场情绪更加乐观。从4月1日到现在，所有收发器股票都显著上涨——Eoptolink（中际旭创）上涨460%，Innolight（新易盛）上涨 312%，TFC上涨269%，Accelink上涨62%。 图表3：收发器公司股票表现与指数（以2025年1月1日为基准=100 即使2025年收益下降的公司也大幅跑赢其指数： 对人工智能基础设施的乐观情绪已经扩展到所有相关收入敞口的公司。以中兴为例，尽管其2025年上半 年收益同比下降12%，但其H股今年迄今上涨了49%。YOFC的收益在2025年上半年同比下降22%，但其H股今年迄今上涨了319%，主要得益于其高 ...

天风证券研报指出，长飞光纤上半年实现归母净利润2.96亿元，同比减少22%，2Q单季实现归母净利润 1.44亿元，同比减少55%。净利润下降主要去年同期确认收购RFS非经常性收益1.94亿元。普缆承压， 但多模光纤、MPO、AOC等贡献增量，多元化战略方向不断深入。在第三代半导体领域，长飞先进半 导体位于武汉的生产基地于2025年5月完成了首片晶圆的下线，并建成碳化硅行业第一家全自动化天车 搬运工厂。公司上半年资产减值稍多，调整预测，公司在传统光棒光纤业务基础上，发展多模、空芯光 纤等高附加值产品，同时积极多元化，维持"增持"评级。 ...

李欣累计任职时间9年54天，现任基金资产总规模12.8亿元，任职期间最佳基金回报13.54%， 任职期间 最差基金回报-18.93%。 嘉实鑫福一年持有期混合（009819）成立日期2022年8月23日，最新规模8.42亿。今年以来收益1.17%， 同类排名7775/8174；近一年收益3.89%，同类排名7680/7981；成立以来亏损5.95%。 嘉实鑫福一年持有期混合（009819）基金经理为韩昭、李欣。 截至发稿，韩昭累计任职时间3年28天，现任基金资产总规模163.2亿元，任职期间最佳基金回报7.6%， 任职期间最差基金回报0.12%。 9月12日，长飞光纤跌5.34%，截至发稿，报88.27元/股，成交7.30亿元，换手率2.01%，总市值669.00亿 元。 资料显示，长飞光纤光缆股份有限公司位于湖北省武汉市东湖高新技术开发区光谷大道9号,香港铜锣湾 希慎道33号利园1期19楼1918室，成立日期1988年5月31日，上市日期2018年7月20日，公司主营业务涉 及专注于通信行业,聚焦电信运营商和数据通信相关领域,致力于光纤预制棒、光纤和光缆以及数据通信 相关产品的研发创新与生产制造,形成了棒纤 ...

Core Viewpoint - The establishment of Changzhi (Sanya) Embodied Intelligent Technology Co., Ltd. aims to promote the application of embodied intelligent robots in various scenarios in Sanya, integrating production, education, research, and application in the industry [1][2]. Group 1: Company Initiatives - Changzhi (Sanya) Embodied Intelligent Technology Co., Ltd. was formed through partnerships with multiple technology companies in the intelligent robotics field [1]. - The company plans to deploy intelligent service robots in popular tourist attractions in Sanya to enhance visitor experiences [1]. - Strategic cooperation agreements were signed with local tourism enterprises and educational institutions to deepen the integration of embodied intelligent robots in Sanya [1][2]. Group 2: Industry Development - The Sanya Digital Economy Industrial Park will host the innovation center for embodied intelligent robots, covering approximately 2,000 square meters, set to begin operations by the end of this year [2]. - The innovation center will create a comprehensive platform for "research and development - training - application," facilitating large-scale applications of embodied robots in various fields such as smart navigation, interactive experiences, industrial inspection, and scientific education [2]. - Sanya's government plans to introduce supportive policies for the embodied intelligent robot industry, focusing on industry integration, computational power support, infrastructure, and financial assistance [2].

消息面上，摩根士丹利最新研报表示，光模块行业的基本面利好已被广泛知晓并充分反映在股价中，建 议投资者在市场情绪高涨时适度获利了结。大摩认为，尽管AI基础设施需求增长前景依然积极，但当 前市场热情水平难以持续。报告指出，长飞光纤高端光纤业务有亮点，但业绩反转仍需验证。值得注意 的是，长飞光纤H股年初至今涨幅高达3.2倍。该公司今年上半年实现营业收入63.85亿人民币，同比增 加19.4%；纯利2.96亿元，下滑21.7%。 长飞光纤（601869）光缆(06869)回落逾4%，该股昨日大涨近12%。截至发稿，跌4.38%，报51.25港 元，成交额8.87亿港元。 ...

智通财经APP获悉，长飞光纤光缆(06869)回落逾4%，该股昨日大涨近12%。截至发稿，跌4.38%，报 51.25港元，成交额8.87亿港元。 消息面上，摩根士丹利最新研报表示，光模块行业的基本面利好已被广泛知晓并充分反映在股价中，建 议投资者在市场情绪高涨时适度获利了结。大摩认为，尽管AI基础设施需求增长前景依然积极，但当 前市场热情水平难以持续。报告指出，长飞光纤高端光纤业务有亮点，但业绩反转仍需验证。值得注意 的是，长飞光纤H股年初至今涨幅高达3.2倍。该公司今年上半年实现营业收入63.85亿人民币，同比增 加19.4%；纯利2.96亿元，下滑21.7%。 ...

Group 1: Investment Trends - Significant net purchases were observed in Alibaba-W (37.3 billion), Innovent Biologics (9.56 billion), and SMIC (9.32 billion) among others, while Tencent Holdings saw a net sell-off of 11.51 billion [1][4] - Southbound funds have continuously net bought Alibaba for 15 days, totaling 371.4389 billion HKD, and have net sold Tencent for 3 days, totaling 14.6076 billion HKD [4] Group 2: Company Developments - Alibaba's "Gaode Street Ranking" launched on September 10, attracting over 40 million users, indicating a strategic move to enhance user engagement and monetization through local services [6] - Reports suggest that the Trump administration is drafting an executive order to impose strict restrictions on Chinese pharmaceuticals, which may impact companies like Innovent Biologics and BeiGene [7] - SMIC is benefiting from high demand in the semiconductor industry driven by AI computing needs and accelerated domestic substitution in equipment and materials [7] Group 3: Market Reactions - UBS reports that the recent price correction of Pop Mart is creating buying opportunities ahead of key product launches and the Christmas sales season, maintaining a "Buy" rating with a target price of 432 HKD [7] - Tencent has repurchased 874,000 shares for 5.5 billion HKD and is considering issuing offshore RMB bonds, marking its first bond issuance since April 2021 [8]

Summary of Conference Call on Greater China Technology Hardware - Transceiver Industry Industry Overview - The transceiver industry has experienced a significant rally in stock prices over the past several months, driven by positive sentiment surrounding AI infrastructure and high-end GPU deliveries [2][12] - Despite the bullish outlook, the current level of market enthusiasm is deemed unsustainable, prompting recommendations to take profits [12] Key Company Insights Eoptolink - Eoptolink's stock surged 460% since April 1, 2025, with a notable 338% YoY earnings growth in 2Q25 [2][4] - A double downgrade to Underweight (UW) is recommended due to anticipated deceleration in growth and high current valuations [4][15] - Price target raised to 255.00 CNY, but downside potential is noted [7][10] Innolight - Innolight is recognized as a pioneer in 1.6T products, expected to achieve significant growth in 2026 [5][15] - The stock rating is maintained at Overweight (OW) with a price target raised to 435.00 CNY, indicating further upside potential [5][7] TFC - TFC's stock has increased by 269% YTD, but is downgraded to UW as current valuations exceed historical levels [7][10][15] - Price target raised to 142.00 CNY, but growth potential is already reflected in the share price [7][15] Accelink - Accelink's stock has underperformed with a 62% increase YTD, and is maintained at UW due to weaker fundamentals and expensive valuation compared to peers [7][10][15] - Price target remains at 45.00 CNY, indicating a downside potential [7] ZTE and YOFC - ZTE's H-shares increased by 49% YTD despite a 12% YoY earnings decline in 1H25 [3] - YOFC's earnings fell 22% YoY in 1H25, yet its H-shares surged 319% YTD, driven by high-end fiber products [3] Market Performance and Valuation - Aggregate earnings of four key transceiver companies (Eoptolink, TFC, Innolight, Accelink) reached 5.57 billion RMB in 2Q25, up 132% YoY and 53% QoQ [17] - Valuations have increased significantly, with Innolight's forward P/E rising from 14x to 24x, while Eoptolink's increased from 8x to 20x [22] - Current valuations for Eoptolink and TFC are above +1 standard deviation, indicating that positive fundamentals are already priced in [22] Future Outlook - Anticipated rapid volume growth in 1.6T transceivers is expected to drive revenue and earnings in 2H25 and 2026 [31][32] - Demand for 800G transceivers is expected to remain robust, potentially offsetting price pressures from lower-end products [33] Risks and Considerations - Potential risks include slower-than-expected ramp-up of 1.6T volumes, larger-than-expected price cuts, and downward revisions of cloud capex by key players [70] - The market's current enthusiasm may not be sustainable, and investors are advised to remain disciplined in profit-taking [12] Conclusion - The transceiver industry shows strong growth potential, particularly with the upcoming 1.6T product launches, but current valuations suggest a cautious approach is warranted. Investors are encouraged to take profits on overvalued stocks while maintaining positions in companies with strong growth prospects like Innolight.