智通财经获悉，剑桥科技(06166)涨超4%，截至发稿，涨3.94%，报79.15港元，成交额2.88亿港元。 消息面上，近期，谷歌TPU与英伟达GPU引发市场争议，从国内供应链机会来看，其实无论是谷歌TPU 基于3D Torus和OCS的架构，还是英伟达GPU基于NVLink和CLOS网络的架构，在构建超大规模AI算力 集群时，都不可避免地要使用光模块来突破通信瓶颈。光模块作为数据中心内部的"信息高速公路"，确 保了计算潜力能被完全释放。国盛证券表示，海外云厂商资本开支再度上修，需求持续旺盛。光模块行 业正迎来"量价齐增"的发展局面。 华鑫证券此前指出，剑桥科技多个新产品在多个客户顺利完成认证，预计将在2025年实现大批量发货。 公司继续完善多款800G LPO 产品开发，800G DR8 LPO 产品在客户交换机的测试结果良好，将继续推 进800G 和1.6T LPO 和LRO 产品的开发和迭代更新。完成多个产品在上海工厂和马来西亚工厂的量产和 扩产，以满足2025 年客户的需求。 本文源自：智通财经网 ...

Core Viewpoint - Cambridge Technology (603083) shares have risen over 4%, currently trading at 79.15 HKD with a transaction volume of 288 million HKD, driven by market discussions surrounding Google TPU and NVIDIA GPU, highlighting the importance of optical modules in AI computing clusters [1] Industry Summary - The optical module industry is experiencing a "volume and price increase" development phase, as overseas cloud vendors have revised their capital expenditures upward, indicating sustained strong demand [1] - Optical modules are essential for overcoming communication bottlenecks in large-scale AI computing clusters, acting as the "information highway" within data centers [1] Company Summary - Cambridge Technology has successfully completed certification for multiple new products with various clients, expecting to achieve mass shipments by 2025 [1] - The company is advancing the development of several 800G LPO products, with positive testing results for the 800G DR8LPO product in client switches, and will continue to iterate on 800G and 1.6T LPO and LRO products [1] - Production and expansion of multiple products have been completed at both the Shanghai and Malaysia factories to meet client demands for 2025 [1]

Core Viewpoint - Cambridge Technology (06166) has seen a stock increase of over 4%, currently trading at 79.15 HKD with a transaction volume of 288 million HKD, amid discussions surrounding Google TPU and NVIDIA GPU in the market [1] Industry Summary - The ongoing debate between Google TPU, which utilizes a 3D Torus and OCS architecture, and NVIDIA GPU, based on NVLink and CLOS network architecture, highlights the necessity of optical modules for overcoming communication bottlenecks in constructing large-scale AI computing clusters [1] - Optical modules serve as the "information highway" within data centers, ensuring that computational potential is fully realized [1] - Guosheng Securities indicates that overseas cloud vendors have revised their capital expenditures upward, reflecting sustained strong demand, leading to a "volume and price increase" scenario in the optical module industry [1] Company Summary - Huaxin Securities previously noted that Cambridge Technology has successfully completed certification for multiple new products with various clients, expecting to achieve mass shipments by 2025 [1] - The company continues to enhance the development of several 800G LPO products, with positive testing results for the 800G DR8 LPO product in client switches, and will further advance the development and iteration of 800G and 1.6T LPO and LRO products [1] - Cambridge Technology has completed mass production and expansion of multiple products at its factories in Shanghai and Malaysia to meet client demands for 2025 [1]

Market Overview - The total trading volume in the market reached 1.14 trillion yuan, slightly lower than the same period the previous day, with over 2800 stocks rising [2] - The communication sector saw significant gains, particularly in optical modules, optical communication, and optical chips, while sectors like defense, banking, and media experienced pullbacks [2] Sector Performance - The top performing indices included: - Optical Modules (CPO) up 6.52% - Optical Chips up 4.80% - Optical Communication up 4.33% - Consumer Electronics Manufacturing up 2.86% [3] - In the Hong Kong market, major indices remained positive, with Meituan leading the Hang Seng Index with a rise of 5.85% [3] Notable Stocks - Long光华芯 (SH:688048) reached a price of 107.15 yuan, up 20.00%, with a trading volume of 27.52 billion yuan [6] - 中际旭创 (300308) hit a new high of 549.88 yuan per share, with a market capitalization exceeding 600 billion yuan [7] - Other notable gainers included 新易盛 (300502) and 剑桥科技 (603083), with increases of 10.44% and 7.54% respectively [7] Company News - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue growing for nine consecutive quarters [9] - In the consumer electronics sector, new product launches from Huawei and Alibaba are expected to drive market momentum [12]

Market Overview - The A-share market showed a strong upward trend on November 26, with the ChiNext Index rising by 2.76% and the Shenzhen Component Index increasing by 1.61% [1][2] - The total market turnover reached 1.14 trillion yuan, slightly lower than the previous day, with over 2800 stocks rising [2] Sector Performance - The communication and electronics sectors experienced significant gains, particularly in optical modules, optical communication, and optical chips [3][4] - The defense, banking, and media sectors saw a pullback [2] Notable Stocks - Long光华芯 hit the daily limit with a 20% increase, while several other stocks like 新易盛 and 剑桥科技 also saw substantial gains [4][5] - 中际旭创 reached a new historical high of 549.88 yuan per share, with a market capitalization exceeding 600 billion yuan [5] Consumer Electronics - The consumer electronics sector was buoyed by new product launches, including Huawei's Mate 80 series and Alibaba's upcoming AI glasses [6] - Stocks like 赛微电子 and 长盈精密 saw increases of over 18% and 12%, respectively [6] Bond Market - Vanke bonds continued to decline, with several bonds experiencing a drop of 20% or more, triggering temporary suspensions [7] - Vanke A shares also fell, closing at 6.02 yuan per share, marking a new low since 2015 [7]

Market Overview - The A-share market showed a strong upward trend on November 26, with the Shanghai Composite Index rising by 0.14%, the Shenzhen Component Index increasing by 1.61%, and the ChiNext Index surging by 2.76% [1][2]. Sector Performance - The communication sector experienced significant gains, particularly in optical modules, optical communication, and optical chips, which saw collective activity. Other sectors such as electronics, pharmaceuticals, and building materials also reported increases, while sectors like defense, banking, and media experienced pullbacks [2][6]. Key Stock Movements - Notable stocks included Changguang Huaxin, which hit a 20% limit up, and several others like Xinyisheng and Yuanjie Technology that also saw substantial increases [6][8]. - Zhongji Xuchuang reached a peak price of 549.88 CNY per share, marking a new historical high, with a market capitalization exceeding 600 billion CNY [9]. Consumer Electronics Developments - In the consumer electronics sector, Saiwei Electronics surged over 18%, while Changying Precision rose more than 12%. Industrial Fulian also saw an increase of nearly 6% [11]. - Recent product launches, including Huawei's Mate 80 series and Alibaba's upcoming AI glasses, are expected to drive further growth in the industry [14]. Bond Market Activity - Vanke bonds continued to decline, with several bonds experiencing a drop of 20% or more, triggering temporary suspensions. This decline in bond prices has also affected Vanke's stock price, which reached a low of 6.00 CNY per share, the lowest since 2015 [15][16][18].

Core Insights - On November 26, a total of 15 companies had their restricted shares unlocked, with a total unlock volume of 107 million shares, amounting to a market value of 5.031 billion yuan based on the latest closing prices [1] Summary by Category Unlock Volume - The companies with the highest unlock volumes were Biyimi, Science, and Hong Sifang, with unlock shares of 32.1428 million, 31.48 million, and 11.4035 million shares respectively [1] Unlock Market Value - The companies with the highest unlock market values were Science, Biyimi, and Cambridge Technology, with unlock market values of 1.419 billion yuan, 1.214 billion yuan, and 740 million yuan respectively [1] Unlock Ratio - In terms of the ratio of unlocked shares to total share capital, Biyimi, Science, and Feiling Kesi had the highest ratios, at 46.02%, 33.02%, and 8.02% respectively [1]

Group 1 - Cambridge Technology's stock rose by 5.04% to 99.06 CNY per share, with a trading volume of 1.231 billion CNY and a turnover rate of 4.72%, resulting in a total market capitalization of 34.184 billion CNY [1] - The company, established on March 14, 2006, and listed on November 10, 2017, specializes in the research, production, and sales of ICT terminal products for home, enterprise, and industrial applications based on cooperative models, primarily JDM and ODM [1] - The revenue composition of the company 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 [1] Group 2 - From the perspective of major fund holdings, one fund under Taikang Asset Management holds shares in Cambridge Technology, specifically the Taikang CSI 1000 Index Enhanced Fund A (019185), which held 1,200 shares, accounting for 0.6% of the fund's net value, making it the third-largest holding [2] - The Taikang CSI 1000 Index Enhanced Fund A was established on October 26, 2023, with a latest scale of 17.4315 million CNY, achieving a year-to-date return of 24.65% and a one-year return of 27.4%, ranking 1611 out of 4206 and 1384 out of 3983 respectively [2]

(2) 独家保荐人兼整体协调人(为其本身及代表国际包销商)于2025年11月10日(星期一)悉数行使超额配股 权，涉及按每股H股68.88港元(即全球发售项下每股H股的最终发售价，不包括1%经纪佣金、0.0027%证 监会交易征费、0.00015%会财局交易征费及0.00565%香港联交所交易费)发行合共1005.15万股H股，用 于促成将部分H股交付予已同意延迟交付其根据全球发售认购的相关H股的承配人及╱或补足国际发售 的超额分配(如有)。 在稳定价格期间，稳定价格经办人并无在市场上买卖任何H股以稳定价格。 智通财经APP讯，剑桥科技(06166)发布公告，有关全球发售的稳定价格期间已于2025年11月22日(星期 六)(即递交香港公开发售申请截止日期起计第30日)结束。有关稳定价格经办人国泰君安证券(香港)有限 公司或其任何联属人士或代其行事的任何人士于稳定价格期间所采取的稳定价格行动之进一步详情载于 下文： (1) 国际发售项下超额分配合共1005.15万股H股，占全球发售项下初步可供认购发售股份总数(于超额配 股权获行使前)的约15%;及 ...

Core Viewpoint - Cambridge Technology (06166.HK) announced the end of the stabilization period for its global offering on November 22, 2025, marking the 30th day since the submission deadline for the Hong Kong public offering application [1] Group 1: Stabilization Actions - During the stabilization period, a total of 10,051,500 H-shares were over-allocated under the international offering, representing approximately 15% of the total shares initially available for subscription before the exercise of the over-allotment option [1] - The sole sponsor and overall coordinator exercised the over-allotment option in full on November 10, 2025, involving the issuance of 10,051,500 H-shares at a final price of HKD 68.88 per share, excluding various fees [1] - No H-shares were bought or sold in the market by the stabilization agent during the stabilization period [1]