Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

证券日报网讯2月13日，腾景科技在互动平台回答投资者提问时表示，在光通信领域，公司主要与国内 外知名的光模块厂商、光通信系统厂商建立合作关系。 ...

证券日报网讯 2月13日，腾景科技在互动平台回答投资者提问时表示，在OCS光交换机精密光学元组件 相关的晶体材料生长、精密光学加工、光学镀膜、超精密模压、器件封装等核心技术领域，公司已申请 了系列专利。通过构建全面的技术平台赋能产品的开发与应用，有力支撑公司在OCS领域的业务拓展。 （文章来源：证券日报） ...

Core Viewpoint - Tengjing Technology (688195.SH) has completed the construction of a high-speed optical engine production trial line at its wholly-owned subsidiary in Wuhan, indicating significant progress in its manufacturing capabilities [1] Group 1 - The company has mastered key processes in optical engine packaging, including high-precision chip mounting, gold wire bonding, optical path coupling, and aging testing [1] - Multiple samples of high-speed EML/silicon photonic COB optical engines suitable for pluggable optical modules have been produced [1]

证券代码：688195 证券简称：腾景科技 腾景科技股份有限公司 2026年第一次临时股东会会议资料 2026年2月27日 腾景科技股份有限公司 2026年第一次临时股东会会议资料 目录 | 股东会会议须知 | 1 | | --- | --- | | 股东会会议议程 | 3 | | 议案一：关于2026年度申请综合授信额度及担保额度预计的议案 | 5 | | 议案二：关于申请注册发行银行间债券市场非金融企业债务融资工具的议案 | 7 | 腾景科技股份有限公司 2026年第一次临时股东会会议资料 股东会会议须知 会议开始后，由会议主持人宣布现场出席会议的股东人数及所持有表决权股份 总数，在此之后进场的股东无权参与现场投票表决。 四、股东（或股东代理人）依法享有发言权、质询权和表决权等各项权益。 如股东（或股东代理人）欲在本次股东会上发言，可在签到时先向大会会务组登 记。会上主持人将统筹安排股东（或股东代理人）发言。要求发言的股东及股东 代理人应当按照会议议程，经会议主持人许可方可发言。有多名股东及股东代理人 同时要求发言时，先举手者发言，不能确定先后时，由主持人指定发言者。 股东（或股东代理人）的发言主题应与本 ...

Group 1 - The core viewpoint of the article is that Tengjing Technology is developing its self-researched CPO (Co-Packaged Optics) optical connector products, which are currently in the validation phase [1] - The company has demonstrated capabilities in high-density connections, low-loss coupling, and high-precision alignment, indicating readiness for the upcoming scale application of CPO technology in 2026-2027 [1]

Core Viewpoint - The company, Tengjing Technology, has reported a strong demand in the industry, leading to sufficient production order scheduling and an acceleration in capacity expansion to enhance delivery capabilities [1] Group 1: Industry Demand - North American manufacturers are rapidly placing orders with domestic optical component manufacturers, indicating a robust demand in the market [1] - The company has acknowledged the current industry demand as being strong, which is driving its operational strategies [1] Group 2: Company Operations - Tengjing Technology has confirmed that it is experiencing a full schedule of production orders, which reflects its ability to meet the heightened demand [1] - The company is actively accelerating its expansion efforts to improve its delivery capabilities in response to the increased orders [1]

Group 1 - The A-share CPO concept continues to weaken, with significant declines observed in various companies [1] - Changxin Bochuang experienced a drop of over 10% [1] - TeFa Information hit the daily limit down [1] Group 2 - Guangku Technology, Jieput, Tengjing Technology, Taicheng Light, and Tianfu Communication all fell by over 5% [1]

内容概况：中国衍射光栅行业下游应用市场的蓬勃发展为国产衍射光栅提供了广阔舞台。2024年，中国 衍射光栅行业市场规模约为1.74亿元，同比增长5.45%。以5G、光纤通信为基础的数据海啸，正推动电 信领域对波长分复用（WDM）核心元件——衍射光栅的需求高速增长。同时，光谱仪（尤其在环境监 测、生物医药领域）作为传统最大应用市场，以及激光雷达（LiDAR）、AR/VR、量子技术等前沿领 域，均对高性能光栅产生了定制化、规模化的新需求。 相关上市企业：福晶科技（002222）、腾景科技（688195） 相关企业：成都光明光电股份有限公司、中国南玻集团股份有限公司、凯盛科技股份有限公司、戈碧迦 光电科技股份有限公司、洛阳玻璃股份有限公司、金晶科技股份有限公司、彤程新材料集团股份有限公 司、华懋（厦门）新材料科技股份有限公司、江苏南大光电材料股份有限公司、北方华创科技集团股份 有限公司、武汉锐科光纤激光技术股份有限公司、深圳太辰光通信股份有限公司 关键词：衍射光栅、衍射光栅市场规模、衍射光栅行业现状、衍射光栅发展趋势 一、行业概述 衍射光栅是一种基于光的衍射与干涉原理的光学元件，通过表面周期性结构（如等间距狭缝或反射 ...

Core Viewpoint - The company is strategically positioning itself to capitalize on the rapid development of AI computing power by advancing its optical communication business through various technologies such as high-speed optical modules, CPO, and OCS [1] Group 1: Business Strategy - The company is focusing on two main application areas: OCS optical switches and high-speed optical modules, while also developing its own CPO optical connector products [1] - In the OCS sector, the company aims to increase production capacity of large-size pure YVO4 yttrium vanadate crystals to ensure timely delivery and mass production of key products like two-dimensional collimator arrays [1] - The company is steadily advancing the research, validation, and market introduction of other supporting precision optical components [1] Group 2: Market Positioning - In the high-speed optical module sector, the company plans to accelerate the expansion of production capacity for precision optical components that are compatible with 800G and 1.6T high-speed optical module products [1] - The company is committed to continuously enhancing product competitiveness and market share to align with industry evolution [1]