Investment Rating - The report recommends a "Buy" rating for key companies in the optical communication sector, specifically highlighting the "Four Little Dragons 3.0" [10]. Core Insights - The investment logic in optical communication is shifting from leading companies to high-resilience, high-barrier, or core-positioned quality targets as the global AI computing competition intensifies [1][19]. - The report emphasizes the importance of companies with clear technological positioning and performance delivery capabilities in the emerging "Four Little Dragons 3.0" [1][19]. Summary by Sections Historical Perspective: Growth Logic of "Four Little Dragons" - In 2019, the report recommended the first generation of "Four Little Dragons" including Taicheng Light, New Yisheng, Tianfu Communication, and Quartz Co. [2][20]. - By the end of 2024, the second generation included Taicheng Light, Dekeli, Yuanjie Technology, and Tengjing Technology, benefiting from AIDC construction and optical module iteration [2][20]. Future Outlook: Rise of "Four Little Dragons 3.0" - The report suggests focusing on the new generation of "Four Little Dragons 3.0": Dongtianwei, Kecuan Technology, Huilv Ecology, and Zhishang Technology, as silicon photonics technology penetration increases [3][21]. - Dongtianwei is positioned in the upstream core components of optical communication, with a complete product matrix and proactive capacity expansion [21]. - Kecuan Technology benefits from the continuous penetration of silicon photonics, having launched its first 400G/800G high-speed optical module production line [21]. - Zhishang Technology is expected to benefit from the implementation of CPO, producing high-density optical connection solutions [22]. - Huilv Ecology is expanding into the high-speed optical module sector through acquisitions, establishing a comprehensive product matrix from 10G to 1.6T [24]. Investment Strategy - The report recommends focusing on companies in the optical communication sector such as Zhongji Xuchuang, New Yisheng, Tianfu Communication, Taicheng Light, and Tengjing Technology, among others [8][13]. - It also highlights the importance of companies involved in copper links, computing equipment, liquid cooling, edge computing platforms, and satellite communication [8][13]. Market Performance - The communication sector has shown strong performance, with the optical communication index rising by 2.6% and the IoT sector outperforming with a 4.8% increase [16][18].

Group 1 - The lithography machine concept sector rose by 3.28%, ranking fifth among concept sectors, with 41 stocks increasing in value, including Meike Technology which hit the daily limit up of 20% [1] - Notable gainers in the sector included Huachen Equipment, Fuchuang Precision, and Zhongrun Optical, with increases of 9.63%, 9.39%, and 8.61% respectively [1] - The sector experienced a net inflow of 949 million yuan from main funds, with 30 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflow [1] Group 2 - The top stocks by net inflow included Dazhu Laser with a net inflow of 190 million yuan, followed by Jingfang Technology, Tengjing Technology, and Xinlai Materials with net inflows of 187 million yuan, 170 million yuan, and 158 million yuan respectively [1] - The highest net inflow ratio was seen in *ST and Ke, Meike Technology, and Hongtian Co., with net inflow ratios of 95.45%, 15.68%, and 11.16% respectively [2] - The trading volume and turnover rates for key stocks in the lithography machine sector showed significant activity, with Dazhu Laser at a turnover rate of 5.66% and Jingfang Technology at 11.26% [2][3]

Core Viewpoint - The optical and optoelectronic sector experienced a rise of 1.39% on January 14, with Hanbo High-tech leading the gains, while the Shanghai Composite Index fell by 0.31% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4126.09, down 0.31% [1] - The Shenzhen Component Index closed at 14248.6, up 0.56% [1] - The optical and optoelectronic sector saw significant individual stock movements, with notable gainers including: - Dongche High-tech (20.01% increase) [1] - Tengjing Technology (8.78% increase) [1] - Guanshi Technology (7.80% increase) [1] Group 2: Stock Performance - Key stocks in the optical and optoelectronic sector with their closing prices and percentage changes include: - Dongche High-tech: 23.03, +20.01% [1] - Tengjing Technology: 187.32, +8.78% [1] - Guanshi Technology: 58.19, +7.80% [1] - Infit: 18.20, +7.31% [1] - Xiangteng New Materials: 39.59, +6.80% [1] - Qiutian Micro: 37.41, +6.40% [1] - Aolaide: 33.19, +5.60% [1] - Weida Optoelectronics: 21.59, +5.16% [1] - Tianshan Electronics: 27.95, +4.84% [1] - TCL Technology: 4.96, +4.20% [1] Group 3: Fund Flow - The optical and optoelectronic sector experienced a net outflow of 746 million yuan from institutional funds, while retail investors saw a net inflow of 1.099 billion yuan [2] - Notable stock fund flows include: - 京东方 A: -4.12 million yuan from retail [3] - 腾景科技: -5899.32 million yuan from retail [3] - 翰博高新: +6880.73 million yuan from institutional [3]

证券日报网讯 1月12日，腾景科技在互动平台回答投资者提问时表示，目前行业需求旺盛，公司生产订 单排期充足，加速扩产提升交付能力。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article highlights the rapid increase in the penetration rate of silicon photonics technology and the company's progress in developing and mass-producing optical components compatible with silicon photonic modules [2] - The company has launched multiple passive optical components and several silicon photonic COB light engines suitable for pluggable optical modules [2] - The subsidiary GouMax provides optical testing solutions for manufacturers of silicon photonic modules and components [2]

Core Viewpoint - Tengjing Technology (688195.SH) has initiated mass production of large-size pure YVO4 yttrium vanadate crystals and is advancing other product categories to meet the stringent requirements of the commercial aerospace satellite laser communication sector [2] Group 1: Product Development - The company provides various types of precision optical components based on the technical solutions of major OCS manufacturers both domestically and internationally [2] - Small batch products have already been delivered to customers for validation, indicating progress in product readiness [2] Group 2: Research and Development - Ongoing R&D projects include large-size high-precision optical modules and high-standard sapphire filters, showcasing the company's commitment to innovation in optical technology [2]

Group 1 - The CPO concept experienced a volatile decline in early trading, with several companies in the sector facing significant drops in stock prices [1] - New Yi Sheng, Dong Tian Wei, Hui Lv Ecology, and Heng Dong Guang all saw declines exceeding 5% [1] - Other companies such as Zhong Ji Xu Chuang, Teng Jing Ke Ji, Yuan Jie Ke Ji, and Tai Chen Guang also followed the downward trend [1]

进一步统计，近3个月内该股累计发生13笔大宗交易，合计成交金额为6.97亿元。 证券时报·数据宝统计显示，腾景科技今日收盘价为168.99元，下跌3.41%，日换手率为6.58%，成交额 为14.52亿元，全天主力资金净流出1.97亿元，近5日该股累计下跌4.25%，近5日资金合计净流出3.68亿 元。 两融数据显示，该股最新融资余额为10.77亿元，近5日增加2324.43万元，增幅为2.21%。（数据宝） 1月6日腾景科技大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | | | 股） | | （元） | | | | | 81.13 | 11354.95 | 139.96 | -17.18 | 广发证券股份有限公司福州 | 兴业证券股份有限公司 | | | | | | 鳌峰路证券营业部 | 福州五四路证券营业部 | | 58.58 | 8198.86 | 139.96 | -17.18 | 广发证券股份有限公司福州 | ...

证券代码：688195 证券简称：腾景科技 公告编号：2026-001 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 腾景科技股份有限公司 股东减持股份结果公告 1 一、减持主体减持前基本情况 股东名称 福建龙耀投资有限公司 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 □是 √否 其他：5%以下股东 持股数量 2,460,236股 持股比例 1.9020% 当前持股股份来源 IPO 前取得：2,460,236股 上述减持主体无一致行动人。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，股东福建龙耀投资有限公司（以下简称"龙耀投资"） 直接持有腾景科技股份有限公司（以下简称"公司"）股份 2,460,236 股，占公 司总股本的比例为 1.9020%。上述股份来源于公司首次公开发行前持有的股份。 减持计划的实施结果情况 2025 年 12 月 27 日，公司披露了《股东减持股份计划公告》（公告编号： 2025-062），股东龙耀投资 ...

格隆汇1月6日丨腾景科技(688195.SH)公布，近日，公司收到龙耀投资出具的《关于股份减持情况的告 知函》，截至本公告披露日，其已减持公司股份246.02万股，占公司总股本的1.9020%。本次减持计划 已完成。 ...