Group 1 - Cambridge Technology's stock price increased by 2.24% to 115.03 CNY per share, with a trading volume of 1.187 billion CNY and a market capitalization of 40.565 billion CNY as of December 19 [1] - The company has seen a year-to-date stock price increase of 185.19%, with a recent decline of 3.66% over the last five trading days and a 17.38% increase over the last 20 days [1] - Cambridge Technology has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on October 9, where it recorded a net purchase of 53.381 million CNY [1] Group 2 - Cambridge Technology, established on March 14, 2006, and listed on November 10, 2017, specializes in the R&D, production, and sales of ICT terminal products for home, enterprise, and industrial applications [2] - The company's revenue composition includes: 55.66% from telecom broadband, 28.82% from wireless networks and small base stations, 13.46% from high-speed optical modules, 2.01% from edge computing and industrial interconnection products, and 0.06% from other sources [2] - As of September 30, 2025, Cambridge Technology reported a revenue of 3.36 billion CNY, a year-on-year increase of 21.57%, and a net profit attributable to shareholders of 259 million CNY, a year-on-year increase of 70.88% [2] Group 3 - Since its A-share listing, Cambridge Technology has distributed a total of 163 million CNY in dividends, with 115 million CNY distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 15.853 million shares, an increase of 4.9918 million shares from the previous period [3] - New shareholders include Rongtong Industry Trend Selected Stock A, holding 2.1994 million shares, while several funds have exited the top ten circulating shareholders list [3]

Group 1 - The CPO sector in A-shares has seen significant stock price increases, with companies like Yidong Electronics and Lian Te Technology hitting their price limits or experiencing substantial gains [1][2] - The CPO technology integrates optical modules and switching chips, reducing signal transmission distance and power consumption while matching the growing demand for AI computing power [3][5] - Goldman Sachs predicts a "super cycle" for the high-end optical module market, with a compound annual growth rate of 87% expected by 2027, and a market size reaching $37 billion [4][9] Group 2 - The CPO industry can be divided into upstream, midstream, and downstream segments, with upstream focusing on core materials and components, midstream on product design and manufacturing, and downstream on system applications and devices [5][7] - Key players in the upstream include Yunnan Zhenye and Youyan New Materials, while midstream leaders include Zhongji Xuchuang and Xinyi Sheng [5][6] - Downstream companies like Ruijie Networks and Huanxu Electronics are already applying CPO technology in their products, with Huanxu's revenue from this segment exceeding 30% [7][8] Group 3 - International investment banks like Goldman Sachs are actively investing in A-share CPO companies, indicating strong confidence in the sector's long-term potential [9][10] - The competition in the CPO industry is driven by technological advancements, with 1.6T products expected to see significant commercial growth starting in 2026 [9][10] - Companies that can keep pace with technology iterations from 1.6T to 3.2T, such as Huagong Technology and Lian Te Technology, are positioned for success [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.53% today. Among the sector indices, only the Nanhua Black Index rose by 0.26%, while the rest of the sectors declined. The Nanhua Precious Metals Index had the largest decline at -1.06%, and the Nanhua Metal Index had the smallest decline at -0.42% [1][3]. - Among the theme indices, the Coal - Chemical Index had the largest increase of 0.62%, and the Black Raw Materials Index had the smallest increase of 0.48%. The Energy Index had the largest decline of -1.13%, and the Petrochemical Index had the smallest decline of -0.2% [1][3]. - Among the single - variety indices of commodity futures, the PVC index had the largest increase of 1.88%, and the Low - Sulfur Fuel Oil index had the largest decline of -2.86% [3]. 3. Summary by Relevant Catalog 3.1 Nanhua Commodity Index Market Data | Index Name | Today Close | Pre. Close | Points | Daily Change % | Annualized Return Rate | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2529.16 | 2542.74 | -13.58 | -0.53% | 1.05% | 11.51% | 0.09 | | Precious Metals Index NHPMI | 1722.66 | 1741.12 | -18.46 | -1.06% | 66.84% | 18.76% | 3.56 | | Industrial Products Index NHII | 3420.43 | 3436.31 | -15.88 | -0.46% | -8.91% | 13.78% | -0.65 | | Metal Index NHMI | 6523.73 | 6551.05 | -27.32 | -0.42% | 2.91% | 11.93% | 0.24 | | Energy - Chemical Index NHECI | 1491.58 | 1498.05 | -6.47 | -0.43% | -17.09% | 16.57% | -1.03 | | Non - ferrous Metals Index NHNF | 1787.44 | 1805.10 | -17.66 | -0.98% | 8.65% | 12.51% | 0.69 | | Black Index NHFI | 2461.22 | 2454.86 | 6.36 | 0.26% | -8.20% | 16.39% | -0.50 | | Agricultural Products Index NHAI | 1036.30 | 1040.72 | -4.41 | -0.42% | -2.91% | 8.17% | -0.36 | | Another Comprehensive Index NHCIMi | 1144.79 | 1150.96 | -6.17 | -0.54% | -2.26% | 9.36% | -0.24 | | Energy Index NHEI | 950.80 | 961.70 | -10.91 | -1.13% | -2.98% | 17.43% | -0.17 | | Petrochemical Index NHPCI | 858.91 | 860.61 | -1.70 | -0.20% | -2.08% | 9.79% | -0.21 | | Coal - Chemical Index NHCCI | 891.34 | 885.81 | 5.52 | 0.62% | -3.44% | 10.79% | -0.32 | | Black Raw Materials Index NHFM | 1031.06 | 1026.11 | 4.95 | 0.48% | -1.27% | 15.12% | -0.08 | | Building Materials Index NHBMI | 676.61 | 673.38 | 3.23 | 0.48% | -2.92% | 11.81% | -0.25 | | Oilseeds Index NHOOl | 1208.54 | 1214.24 | -5.70 | -0.47% | -1.42% | 7.18% | -0.20 | | Economic Crops Index NHAECI | 901.38 | 909.49 | -8.12 | -0.89% | -0.01% | 7.52% | 0.00 | [3] 3.2 Notes on Data Calculation - The daily change is calculated as the ratio of the closing price of the current day to that of the previous trading day. The contribution degree is the product of the daily change and the weight [9]. - The Nanhua Commodity Index eliminates the price difference when the commodity contract is rolled over, reflecting the real return of investing in commodity futures [9]. - The calculation method of the contribution degree used in the text is: the daily change of a certain variety / ∑|the daily change of each variety|. Red data bars represent the varieties that rose on the day, and blue data bars represent the varieties that fell on the day [9]. 3.3 Single - variety Index Information - In the agricultural products sector, some varieties' price changes are as follows: soybean oil - 1.45%, rapeseed 0.15%, rapeseed meal 0.77%, live pigs 0.40%, etc. [8] - In the energy - chemical sector, some varieties' price changes are as follows: synthetic ammonia 1.88%, coal 0.24%, LPG 0.37%, hydrocarbons - 0.60%, crude oil - 1.53%, etc. [13] - In the black sector, some varieties' price changes are shown in the black - sector part of the document, but specific data for some varieties are not fully presented [14]

Core Viewpoint - The optical communication sector continues to decline, with significant drops in stock prices for several companies, while Oracle's disappointing financial results and increased capital expenditures raise concerns about its future performance [1] Group 1: Stock Performance - Cambridge Technology (603083) shares fell by 4.73%, trading at HKD 80.65 [1] - Changfei Optical Fiber (601869) shares decreased by 4.49%, trading at HKD 40.38 [1] - Huiju Technology (01729) shares dropped by 4.3%, trading at HKD 16.26 [1] - Hongte Precision (06088) shares declined by 2.61%, trading at HKD 5.22 [1] Group 2: Oracle's Financial Results - Oracle reported a free cash flow of -$10 billion for the second fiscal quarter of 2026, significantly below market expectations [1] - Capital expenditures surged by 41% quarter-over-quarter to $12 billion [1] - The company has raised its capital expenditure forecast for fiscal year 2026 to $50 billion, an increase of $15 billion from previous estimates [1] Group 3: Credit Default Swaps and Project Delays - Oracle's five-year credit default swaps have reached their highest level since 2009, indicating increased credit risk [1] - Reports suggest that Oracle has postponed the completion date for some data centers prepared for OpenAI from 2027 to 2028 [1] - An Oracle spokesperson clarified that there are no delays in meeting contractual commitments, and all milestones are on track [1]

Core Viewpoint - The announcement details the implementation of the company's stock option incentive plan for 2024, which will result in an increase in total share capital and total shares outstanding by specific amounts and dates [1] Group 1: Stock Option Incentive Plan - The first phase of the stock option incentive plan for 2024 will complete the registration of newly issued shares on November 19, 2025, increasing the total shares from 268,019,841 to 275,588,373 [1] - The company will list 67,010,500 H-shares on the Hong Kong Stock Exchange on October 28, 2025, with an additional issuance of 10,051,500 H-shares through the exercise of the over-allotment option [1] Group 2: Capital Changes - Following these actions, the registered capital will rise from 268,019,841 yuan to 352,650,373 yuan, and the total shares will increase to 352,650,373 [1] - The company has completed the business change registration and articles of association filing, receiving a new license on December 12 [1]

证券代码：603083 证券简称：剑桥科技 公告编号：临 2025-078 公司于 2025 年 4 月 28 日召开的 2024 年年度股东大会分别审议通过《关于 发行 H 股股票并在香港联合交易所有限公司上市的议案》和《关于修订发行境 外上市股份后适用的<公司章程>的议案》。经香港联交所批准，公司本次发行的 67,010,500 股 H 股股票（行使超额配股权之前）于 2025 年 10 月 28 日在香港联 交所主板挂牌并上市交易。并于 2025 年 11 月 10 日悉数行使超额配股权，发行 10,051,500 股 H 股股份。前述超额配股权悉数行使后，本次发行的 H 股股份由 67,010,500 股增加至 77,062,000 股。详情请见公司分别于 2025 年 4 月 29 日、2025 年 10 月 28 日和 2025 年 11 月 12 日在上海证券交易所网站（www.sse.com.cn） 和指定信息披露报刊上披露的《2024 年年度股东大会决议公告》（公告编号：临 2025-024）、《关于境外上市外资股（H 股）挂牌并上市交易的公告》（公告编号： 临 2025-065）和《关于悉 ...

Key Points - The main focus of the article is on the significant outflow of capital from the top 20 stocks as of December 15, with notable amounts being withdrawn from various companies [1] Group 1: Capital Outflow - The largest capital outflow was observed in Changying Precision, with a total of 1.266 billion yuan [1] - Luxshare Precision followed closely with an outflow of 1.114 billion yuan [1] - Aerospace Development experienced a capital outflow of 916 million yuan [1] Group 2: Other Notable Companies - Sunshine Power saw an outflow of 870 million yuan [1] - Industrial Fulian had a capital outflow of 751 million yuan [1] - Zhongke Shuguang experienced an outflow of 658 million yuan [1] Group 3: Additional Companies - Sanhua Intelligent Control had an outflow of 570 million yuan [1] - Shenghong Technology saw a capital outflow of 546 million yuan [1] - Huagong Technology experienced an outflow of 510 million yuan [1] Group 4: Further Capital Movements - ZTE Corporation had a capital outflow of 497 million yuan [1] - TBEA saw an outflow of 475 million yuan [1] - Heertai experienced a capital outflow of 472 million yuan [1] Group 5: Remaining Companies - Aerospace Power had an outflow of 460 million yuan [1] - Moer Thread-U saw a capital outflow of 451 million yuan [1] - Yongding Co. experienced an outflow of 442 million yuan [1] Group 6: Final Companies - Bona Film Group had a capital outflow of 437 million yuan [1] - Huayou Cobalt experienced an outflow of 415 million yuan [1] - Changxin Bochuang saw an outflow of 415 million yuan [1] - Cambridge Technology had a capital outflow of 413 million yuan [1] - Zijin Mining experienced an outflow of 390 million yuan [1]

Group 1 - The retail sector experienced a significant surge, with Baida Group hitting the daily limit, and other companies like Maoye Commercial, Dongbai Group, and Yonghui Supermarket also seeing notable increases [2] - The A-share market opened lower, with the Shanghai Composite Index down 0.62%, the Shenzhen Component Index down 0.81%, and the ChiNext Index down 1.16% [5][6] - The coal futures contract saw a daily increase of 4.00%, currently priced at 1070.50 CNY per ton [4] Group 2 - The storage chip sector opened lower, with companies like Shannon Chip and Jiangbolong dropping over 8% and 6% respectively [3] - The Hong Kong stock market opened lower, with the Hang Seng Index down 1% and the Hang Seng Tech Index down 1.34%, affected by declines in major companies like JD Health and Baidu [10][11] - The controlled nuclear fusion sector saw multiple stocks open high, with companies like Xue Ren Group and Hualing Cable reaching their daily limit [4]

Core Viewpoint - The retail sector has shown significant upward movement, with several companies experiencing notable stock price increases, indicating a positive trend in the market [3]. Retail Sector - The retail sector saw a sharp rise, with companies like Baida Group hitting the daily limit, and others such as Maoye Commercial, Dongbai Group, and Yonghui Supermarket also experiencing gains [3]. - The retail index recorded a 1.20% increase, reflecting overall positive sentiment in the sector [4]. Storage Chip Sector - The storage chip sector opened lower, with companies like Shannon Chip and Jiangbolong seeing declines of over 8% and 6% respectively, indicating potential challenges in this segment [5]. Coal and Nuclear Fusion Sectors - The main contract for coking coal surged by 4.00%, reaching 1070.50 CNY per ton, suggesting strong demand or supply constraints in the coal market [6]. - The nuclear fusion sector saw multiple stocks open high, with companies like Snowman Group and Huazhong Cable approaching their daily limits, indicating investor interest and optimism in this emerging technology [6]. Hong Kong Market - The Hong Kong stock market opened lower, with the Hang Seng Index down by 1% and the Hang Seng Tech Index down by 1.34%, reflecting broader market challenges [12]. - Notable declines were observed in major companies such as JD Health and Baidu, which fell by over 5% and 3% respectively, indicating a bearish sentiment in the tech sector [12].

Group 1 - The optical communication sector has experienced a significant decline, with Changfei Optical Fiber (601869) down 6.05% to HKD 44.44, Hongte Precision (06088) down 4.64% to HKD 5.34, and Cambridge Technology (603083) down 3.48% to HKD 86 [1] - Oracle has reportedly delayed the completion of some OpenAI data center construction projects from 2027 to 2028 due to labor and material shortages, although Oracle later stated that the projects will proceed as planned without disclosing a specific timeline [1] - Changfei Optical Fiber announced plans to issue 70 million new H-shares, expecting net proceeds of approximately HKD 22.29 billion, with about 80% allocated for the development of overseas business [1] - Cambridge Technology announced plans to raise USD 100 million through the issuance of H-shares to increase capital for its wholly-owned subsidiary CIG in the United States [1]