Core Viewpoint - Changguang Huaxin (688048) announced a significant stock price fluctuation, with a cumulative increase of 30% over three consecutive trading days due to rising demand for computing power in the optical communication sector [1] Company Summary - The company has achieved mass production of its 100G EML products and has begun sample deliveries for its 200G EML [1] - The 100G VCSEL, 100mW CW DFB, and 70mW CWDM4DFB chips have reached mass production and shipping levels [1] - There is uncertainty regarding the contribution of these products to the company's sales and profits for the current year [1] Industry Summary - The optical communication industry is experiencing increased demand for computing power, which is driving the company's recent stock performance [1] - The company faces uncertainties and risks related to product development progress, sample testing, product introduction, and market expansion [1]

证券代码：688048 证券简称：长光华芯 公告编号： 2025-053 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、股票交易异常波动的具体情况 公司股票交易连续三个交易日内（2025 年 11 月 24 日、11 月 25 日、11 月 26 日）收盘价格涨幅偏离值累计达到 30%以上，根据《上海证券交易所交易规 则》《上海证券交易所科创板股票异常交易实时监控细则》的有关规定，属于股 苏州长光华芯光电技术股份有限公司（以下简称"公司"）股票于 2025 年 11 月 24 日、11 月 25 日、11 月 26 日连续 3 个交易日内日收盘价格涨幅偏离 值累计达到 30%。根据《上海证券交易所交易规则》《上海证券交易所科 创板股票交易特别规定》《上海证券交易所科创板股票异常交易实时监控 细则》的有关规定，属于股票交易异常波动。公司股价短期涨幅较大，敬 请投资者注意二级市场股票交易风险。 近期算力需求增长，在光通信领域中，公司的 100G EML 已实现量产，200G EML ...

Summary of Key Points Core Viewpoint - On November 26, a total of 37 stocks were identified with institutional activity, with 16 stocks showing net buying and 21 stocks showing net selling by institutions [1]. Institutional Buying - The top three stocks with the highest net buying by institutions were: - Changguang Huaxin with a net buying amount of 234 million yuan - China International Marine Containers (CIMC) with a net buying amount of 187 million yuan - Southern Power Digital with a net buying amount of 85.89 million yuan [1]. Institutional Selling - The top three stocks with the highest net selling by institutions were: - Aerospace Development with a net outflow of 295 million yuan - Shanghai Port Group with a net outflow of 203 million yuan - Rongji Software with a net outflow of 101 million yuan [1].

Core Viewpoint - The company, Changguang Huaxin (688048.SH), has reported a recent increase in computing power demand, particularly in the optical communication sector, with several products reaching mass production and testing stages [1] Product Development - The company has achieved mass production of its 100G EML and has begun sample delivery for its 200G EML [1] - The 100G VCSEL, 100mW CW DFB, and 70mW CWDM4 DFB chips have also reached mass production and shipping levels [1] Financial Impact - There is uncertainty regarding the contribution of these products to the company's sales and profits for the current year [1] Market and Risk Factors - The company acknowledges that there are uncertainties and risks associated with product development, sample testing, product introduction, and market expansion [1]

格隆汇11月26日｜长光华芯公告，公司股票于2025年11月24日、11月25日、11月26日连续3个交易日内 日收盘价格涨幅偏离值累计达到30%。公司股票交易连续三个交易日内收盘价格涨幅偏离值累计达到 30%以上，属于股票交易异常波动。 ...

长光华芯公告，公司股票于2025年11月24日、11月25日、11月26日连续3个交易日内日收盘价格涨幅偏 离值累计达到30%。公司股票交易连续三个交易日内收盘价格涨幅偏离值累计达到30%以上，属于股票 交易异常波动。 ...

Summary of Key Points Core Viewpoint - On November 26, a total of 37 stocks were involved with institutional investors, with 16 stocks showing net buying and 21 stocks showing net selling. Institutional Net Buying - The top three stocks with the highest net buying by institutions were Changguang Huaxin, China International Marine Containers, and Southern Power Digital, with net buying amounts of 234 million, 187 million, and 85.89 million respectively [1]. - Notable stocks with significant net buying included: - Changguang Huaxin: 20.00% increase, net buying of 23.38 million [2] - China International Marine Containers: 10.00% increase, net buying of 18.66 million [2] - Southern Power Digital: 1.87% increase, net buying of 8.59 million [2] Institutional Net Selling - The top three stocks with the highest net selling by institutions were Aerospace Development, Shanghai Port, and Rongji Software, with net selling amounts of 295 million, 203 million, and 101 million respectively [1]. - Notable stocks with significant net selling included: - Aerospace Development: 10.00% decrease, net selling of 295.32 million [3] - Shanghai Port: 4.31% decrease, net selling of 203.48 million [3] - Rongji Software: 9.99% decrease, net selling of 101.47 million [3]

Group 1 - The semiconductor sector experienced a rise of 1.82% on November 26, with Mingwei Electronics leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] - Notable gainers in the semiconductor sector included Mingwei Electronics with a closing price of 49.96, up 20.01%, and Changguang Huaxin, also up 20% to 107.15 [1] Group 2 - The semiconductor sector saw a net inflow of 2.067 billion yuan from institutional investors, while retail investors experienced a net outflow of 34.442 million yuan [2] - Major stocks with significant net inflows included Dongxin Co. with 727 million yuan and Zhaoyi Innovation with 496 million yuan [3] - Conversely, stocks like Dawi Co. and Electric Science Chip faced notable declines of 9.05% and 8.46%, respectively [2]

Group 1 - The Sci-Tech 50 Index opened lower on November 26 but later rose significantly, closing at 1315.04 points with a gain of 0.99% and a trading volume of approximately 57.58 billion yuan [1] - The Sci-Tech Comprehensive Index also increased by 0.83%, closing at 1560.57 points with a total trading volume of about 182.8 billion yuan [2] - Excluding suspended stocks, the remaining 589 stocks on the Sci-Tech board showed an average decline of 0.15% with an average turnover rate of 2.66% [2] Group 2 - Semiconductor and biopharmaceutical stocks were notably active, while aviation and software service stocks experienced the largest declines [2] - Individual stock performance included Mingwei Electronics, Changguang Huaxin, Jindike, and Dongxin Co., which all hit the daily limit up, while Kangwei Century saw the largest drop at 10.78% [2] - In terms of trading volume, Hanwujing led with 11.89 billion yuan, while ST Guandian had the lowest at 1.027 million yuan [2] Group 3 - The turnover rate for Aerospace Huanyu was the highest at 31.51%, while Weigao Orthopedics had the lowest at 0.18% [3]

Core Viewpoint - The semiconductor, optical chip, and optical module sectors in A-shares have experienced a significant surge, driven by favorable developments in the global AI industry and breakthroughs in domestic semiconductor equipment manufacturing [2][3][5]. Group 1: Market Performance - On November 26, A-shares in the semiconductor, optical chip, and optical module sectors saw a collective rise, with companies like Changguang Huaxin, Mingwei Electronics, and Dongxin Co. hitting a 20% limit up [3]. - Other companies such as Zhongji Xuchuang and Yingjixin also recorded gains exceeding 10%, indicating a broad market rally [3]. Group 2: AI Industry Developments - Alibaba reported a 34% year-on-year growth in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [5]. - Meta is negotiating with Google for the use of TPU chips worth billions in its data centers, while Google has launched its new AI model, Gemini3, which outperforms other models like GPT in various metrics [5]. Group 3: Infrastructure and Technology Trends - Tianfeng Securities highlighted that the demand for AI computing power is driving upgrades in optical modules and switches, with the 1.6T optical module expected to accelerate penetration in Q4 [6]. - The market for data center switches is projected to grow significantly, with a 132% year-on-year increase in revenue for AIGC-related 200G/400G equipment in China [6]. Group 4: Breakthroughs in Domestic Technology - Shanghai Chip Micro-Assembly Technology Co., Ltd. announced the successful development of its first 350nm stepper lithography machine (AST6200), marking a key breakthrough in high-end semiconductor lithography equipment [7][8]. - The AST6200 features high-resolution imaging, high-precision alignment, and a fully controllable software system, showcasing significant advancements in domestic semiconductor manufacturing capabilities [8][9].