格隆汇12月8日丨长光华芯(688048.SH)发布股票交易异常波动公告称，公司的光通信业务受多重因素的 影响，未来发展具有很大的不确定性。第一，由于地缘政治因素复杂多变，局部的缓和可能会短期带来 部分国际市场的开拓机会，但公司光芯片的海外业务布局尚处于起步阶段，可能出现发展不及预期、业 务受阻等不可预测的风险；第二，业务发展过程中可能出现供应链与原材料风险，由于高端光通信产品 依赖特定原材料（如磷化铟），若供应链出现波动或国际贸易环境变化，可能影响生产交付与成本控 制。第三，光通信市场需求与数据中心建设进程、全球算力需求发展等因素紧密相关，若下游投资节奏 放缓或需求不及预期，可能会对公司的业绩产生影响。 ...

Core Viewpoint - The company announced significant stock price fluctuations and reported strong revenue growth for the first three quarters of 2025, but also highlighted uncertainties in its business due to geopolitical and supply chain factors [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 339 million yuan, representing a year-on-year increase of 67.42% [1] - The net profit for the same period was 20.94 million yuan [1] Business Drivers - Revenue growth is attributed to market expansion, high-power single-tube products, and optical communication product shipments [1] Risks and Uncertainties - The company cautioned that sales and profit contributions from products like 100G EML are uncertain [1] - The optical communication business faces development uncertainties due to geopolitical issues and supply chain factors [1]

Group 1 - The semiconductor sector experienced a significant increase of 2.82% on December 8, with Saiwei Microelectronics leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] - Notable gainers in the semiconductor sector included Saiwei Microelectronics, which rose by 18.82% to a closing price of 101.20, and Changguang Huaxin, which increased by 15.26% to 148.48 [1] Group 2 - The semiconductor sector saw a net inflow of 4.429 billion yuan from institutional funds, while retail investors experienced a net outflow of 2.247 billion yuan [2] - Major stocks that declined included Hangyu Micro, which fell by 2.63% to 17.00, and Hongwei Technology, which decreased by 1.97% to 27.41 [2] - The trading volume for the semiconductor sector was substantial, with Saiwei Microelectronics recording a trading volume of 475,000 shares and a transaction value of 460 million yuan [1][2]

今早，开盘第1个小时，CPO板块成交达到了约1100亿元，而整个板块几乎是全线上扬，板块指数涨幅 超过5%。其中，天孚通信更是一度20%封板，东田微20%封死涨停，源杰科技涨超10%，长光华芯、仕 佳光子、中际旭创、永鼎股份涨超7%，股价均创出历史新高。"易中天"再加胜宏科技早盘成交超过400 亿元。分析人士认为，一方面，当下，年报进入预热期，算力板块业绩相对确定，可能有资金提前抢 路；另一方面，近期算力利好不断，除谷歌外，亚马逊又发布Trainium3，基于3纳米制程打造，性能较 Trainium2提升4倍，能效提升40%。泡沫论也被打破。（券商中国） ...

Industry Overview - The commercial aerospace sector has seen renewed activity, with companies like Feiwo Technology rising over 18% and others such as Guanglian Aviation and Changguang Huaxin increasing by more than 10% [1] - The establishment of the Commercial Aerospace Department by the National Space Administration marks the first dedicated regulatory body for China's commercial aerospace industry [1] Regulatory Developments - The National Space Administration has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace (2025-2027)," aiming for a significantly expanded industry scale and enhanced innovation by 2027 [1] - The core mission of the new department is to ensure safety while unlocking the vast potential of the commercial aerospace sector [1] Market Potential - The number of commercial aerospace companies in China has exceeded 600, indicating a rapidly growing industry [1] - The commercial aerospace sector is expected to become a key development direction in the national "14th Five-Year Plan," with systemic development opportunities arising from improved regulatory frameworks and supportive policies [1]

| 688313 仕佳光子 | | +7.67% | 92.81 | | --- | --- | --- | --- | | 688662 | 富信科技 | +7.62% | 43.62 | | 688195 | 腾景科技 | +6.87% | 172.81 | | 300812 | 易天股份 | +6.50% | 28.35 | | 000988 | 华工科技 | +6.49% | 79.74 | | 600105 | 永鼎股份 | +6.37% | 18.21 | | 300684 | 中石科技 | +6.09% | 44.43 | 编辑 ｜ 钉钉 12月8日，CPO概念股涨势扩大，截至发稿， 东田微20%涨停， 天孚通信涨近17%，源杰科技涨超 11%，长光华芯涨超10%，仕佳光子、永鼎股份涨超6%，股价盘中均创出历史新高。 | 代码 | 名称 | 涨幅 % v | 现价 | | --- | --- | --- | --- | | 301183 | 东盟微 | +20.00% | 164.14 | | 300394 | 天孚通信 | +16.73% | 232.01 | | 301486 | 致尚科技 ...

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

公司发布的三季报数据显示，前三季度公司共实现营业收入3.39亿元，同比增长67.42%，实现净利润 2094.26万元，同比增长133.04%，基本每股收益为0.1188元，加权平均净资产收益率0.70%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 长光华芯股价创出历史新高，截至10:19，该股上涨17.06%，股价报125.66元，成交量1720.85万股，成 交金额19.96亿元，换手率9.76%，该股最新A股总市值达221.51亿元，该股A股流通市值221.51亿元。 证券时报·数据宝统计显示，长光华芯所属的电子行业，目前整体跌幅为0.63%，行业内，目前股价上涨 的有197只，涨停的有致尚科技、茂硕电源等3只。股价下跌的有284只，跌幅居前的有中科蓝讯、和而 泰、福蓉科技等，跌幅分别为9.35%、8.72%、6.87%。 两融数据显示，该股最新(12月4日)两融余额为6.54亿元，其中，融资余额为6.52亿元，近10日减少 7587.30万元，环比下降10.42%。 ...

资金流向方面，该股今日全天主力资金净流入3.20亿元。（数据宝） 长光华芯12月5日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 沪股通专用 | 17024.26 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 9258.35 | | 机构专用 | 7814.75 | | 机构专用 | 6811.76 | | 开源证券股份有限公司西安西大街证券营业部 | 6327.28 | | 卖出营业部名称 | 卖出金额(万元) | | 沪股通专用 | 21200.46 | | 国泰海通证券股份有限公司宁波广福街证券营业部 | 8597.65 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 6140.41 | | 国金证券股份有限公司宁波江澄南路证券营业部 | 4811.82 | | 中信证券股份有限公司上海分公司 | 4056.65 | （文章来源：证券时报网） 12月5日长光华芯（688048）收盘价128.82元，收盘涨停，全天换手率11.88%，振幅20.00%，成交额 24.71亿元。科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等 ...

Market Overview - The Shanghai Composite Index rose by 0.7% to 3902.81, while the Shenzhen Component Index increased by 1.08% to 13147.68, and the ChiNext Index gained 1.36% to 3109.30 [1][2] - A total of 4427 stocks closed higher, while 914 stocks closed lower, indicating a positive market sentiment [1][3] - The trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion, an increase of 176.8 billion compared to the previous trading day [1] Performance Metrics - The 20-day performance for the Shanghai Composite Index showed a decline of 2.37%, while the Shenzhen Component Index experienced a decrease of 1.91% [2] - The annual performance for the Shanghai Composite Index is up by 16.44%, and the Shenzhen Component Index has increased by 26.24% [2] - The ChiNext Index has seen a significant annual increase of 45.19% [2] Sector Performance - Sectors such as insurance, precious metals, and commercial aerospace showed strong gains, while traditional sectors like Chinese medicine and film exhibition faced declines [2] - The electric aluminum concept stocks experienced volatility, with companies like Hongchuang Holdings and Yun Aluminum reaching historical highs [2] - The robotics sector saw a rebound, with companies like Boke Technology rising over 10% [2] Notable Stock Movements - The stock of Moer Thread opened high with a 468% increase, leading to significant profits for investors [2] - Companies in the Fujian sector, such as Sanmu Group and Haixin Food, reached their daily limit [2] - The AI glasses concept saw a surge, with Doctor's Glasses rising over 10% [2] Market Sentiment - The overall market sentiment is improving, with a board sealing rate close to 80% [2] - The National Development and Reform Commission has allocated 35.5 billion for investment projects, indicating government support for economic growth [2]