每经AI快讯，11月18日，光模块(CPO)指数盘中上涨2%，成分股中剑桥科技涨8.22%，源杰科技涨 5.83%，东山精密涨4.85%，德科立涨4.32%，长芯博创涨3.51%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The CPO concept continues to rebound during trading, with several companies experiencing significant stock price increases [1] Company Performance - Yuanjie Technology saw its stock price rise by over 10% [1] - Cambridge Technology reached its daily limit increase [1] - Yongding Co., Dongshan Precision, Dekoli, and New Yi Sheng also reported notable gains [1]

Core Viewpoint - The stock of Dekoli has increased by 5.13% to 102.60 CNY per share, with a trading volume of 414 million CNY and a market capitalization of 16.24 billion CNY as of November 18 [1] Company Overview - Dekoli, established on January 31, 2000, is located in Wuxi, Jiangsu Province, and was listed on August 9, 2022. The company specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems [1] - The main applications of its products include communication trunk transmission, 5G front-haul, 5G mid-haul, data link acquisition, data center interconnection, and ultra-high voltage communication protection [1] - The revenue composition of Dekoli is as follows: transmission-related products account for 75.33%, access and data-related products for 23.54%, and others for 1.13% [1] Shareholder Information - Dekong Fund's Dekong Xinxing Value A (001412) has entered the top ten circulating shareholders of Dekoli, holding 2.2114 million shares, which is 1.4% of the circulating shares. The estimated floating profit today is approximately 11.0793 million CNY [2] - Dekong Xinxing Value A has a current scale of 1.835 billion CNY and has achieved a return of 91.54% this year, ranking 66 out of 8140 in its category [2] Fund Manager Performance - The fund manager of Dekong Xinxing Value A is Lei Tao, who has been in the position for 3 years and 327 days, with a total asset scale of 13.49 billion CNY. The best return during his tenure is 224.57%, while the worst is -37.26% [3] - Another fund manager, Lu Yang, has been in the position for 2 years and 26 days, managing assets of 10.935 billion CNY, with the same best return of 224.57% and a worst return of -0.37% during his tenure [3] Fund Holdings - Dekong Technology Innovation One-Year Open Mixed A (009432) holds 41,100 shares of Dekoli, representing 4.56% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is about 206,100 CNY [4] - This fund was established on November 24, 2020, with a current scale of 94.4234 million CNY, achieving a return of 53.75% this year, ranking 682 out of 8140 in its category [4]

Core Insights - The communication equipment sector experienced a rise of 1.22% on November 17, with Fujitsu leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Fujitsu (920640) closed at 37.19, up 10.45% with a trading volume of 156,600 shares and a transaction value of 566 million [1] - Other notable gainers include: - Guangku Technology (300620) at 103.80, up 7.90% [1] - Changxin Bochuang (300548) at 97.48, up 6.54% [1] - Dekeli (688205) at 97.59, up 5.93% [1] - Meilixin (301307) at 40.11, up 5.83% [1] Fund Flow Analysis - The communication equipment sector saw a net outflow of 1.418 billion from institutional investors and 156 million from speculative funds, while retail investors had a net inflow of 1.574 billion [2] - Key stocks with significant fund flow include: - Zhongji Xuchuang (300308) with a net inflow of 705 million from institutional investors [3] - Guodun Quantum (688027) with a net inflow of 144 million [3] - Changfei Fiber (601869) with a net inflow of 100 million [3]

Core Points - The company has completed the registration change and obtained a new business license following the election of a new chairman, Mr. Qu Jianping, who is also the general manager [1] - The company’s registered capital is 158.285329 million yuan, and it specializes in optoelectronic products and related services [1] Group 1: Corporate Governance - The second board meeting of the company was held on November 11, 2025, where Mr. Qu Jianping was elected as the chairman [1] - The company has updated its legal representative to Mr. Qu Jianping following the board's decision [1] Group 2: Business Operations - The company’s business scope includes the development, manufacturing, and sales of optoelectronic products, fiber amplifiers, optical modules, and related technology services [1] - The company is also involved in system integration and engineering contracting for communication and data center services [1] Group 3: Shareholder Meeting - The second temporary shareholders' meeting was held on November 14, 2025, with all board members present [4] - A resolution to change the accounting firm was passed during the meeting, with the voting process compliant with legal and regulatory requirements [5][6]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The communication industry is experiencing sustained high demand, driven by advancements in AI and the development of intelligent computing centers [2][3] - Major cloud service providers (CSPs) are significantly increasing their capital expenditures (Capex) to enhance AI capabilities, with projections indicating a combined Capex of $361 billion from major overseas players by 2025, and over 360 billion yuan from domestic firms [2] - The emergence of silicon photonic modules is set to revolutionize optical communication, offering lower costs, reduced power consumption, and higher integration [4][67] Summary by Sections AI Data Center Interconnection Development Trends - The AI arms race has entered a new phase, with rapid iterations in intelligent computing center interconnection technologies [2][16] - The demand for AI capabilities is driving CSPs to invest heavily in their infrastructure, leading to increased Capex and a focus on self-developed ASIC chips [32] Development of Optical Modules/Silicon Photonic Modules - Silicon photonic modules are expected to capture a larger market share, growing from 34% in 2023 to 52% by 2029, driven by their advantages in cost and performance [55][67] - The market for silicon photonic modules is projected to reach $10.3 billion by 2029, with a CAGR of 45% over the past five years [4] Cutting-edge Optical Communication Technologies - New technologies such as Co-Packaged Optics (CPO), Optical Circuit Switching (OCS), and Optical Input/Output (OIO) are anticipated to play significant roles in the future of optical communication [5][96] - The global market for OCS is expected to exceed $1.6 billion, while the DCI market could reach $28.4 billion by 2029 [5] Major CSPs and Their Developments - Google, AWS, and Meta are leading the development of self-researched ASIC chips, with significant advancements in their respective architectures [3][32] - CSPs are increasingly focusing on high-density optical connections and innovative interconnection solutions to meet the growing demands of AI applications [21][106]

证券代码：688205 证券简称：德科立 公告编号：2025-061 无锡市德科立光电子技术股份有限公司 关于完成工商变更登记并换发营业执照的公告 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法律责任。 无锡市德科立光电子技术股份有限公司（以下简称"公司"）于2025年11 月11日召开第二届董事会第十七次会议，审议通过了《关于选举公司第二届董事 会董事长的议案》，同意选举公司董事、总经理渠建平先生为公司第二届董事会 董事长，公司的法定代表人相应变更为渠建平先生。具体内容详见公司于2025 年11月12日在上海证券交易所网站（www.sse.com.cn）披露的《无锡市德科立光 电子技术股份有限公司关于董事长离任及选举新任董事长的公告》（公告编号： 2025-058）。 近日，公司已完成变更登记和备案手续，并取得了无锡市数据局换发的《营 业执照》，变更后的相关工商登记信息如下： 名称：无锡市德科立光电子技术股份有限公司 法定代表人：渠建平 注册资本：15828.5329万元整 成立日期：2000年01月31日 住所：无锡市新吴区科园路 ...

2025年第二次临时股东会决议公告 证券代码：688205 证券简称：德科立 公告编号：2025-060 无锡市德科立光电子技术股份有限公司 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 14 日 （二） 股东会召开的地点：无锡市德科立光电子技术股份有限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 96 | | --- | --- | | 普通股股东人数 | 96 | | 2、出席会议的股东所持有的表决权数量 | 66,164,410 | | 普通股股东所持有表决权数量 | 66,164,410 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 41.8007 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 41.8007 | （四） 表决方式是否符合《公 ...

德科立 2025 年第二次临时股东会 法律意见书 江苏世纪同仁律师事务所 关于无锡市德科立光电子技术股份有限公司 2025 年第二次临时股东会的法律意见书 致:无锡市德科立光电子技术股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证券监督 管理委员会《上市公司股东会规则》等法律、法规和规范性文件以及《无锡市德 科立光电子技术股份有限公司章程》(以下简称"《公司章程》")的规定,江 苏世纪同仁律师事务所(以下简称"本所")受贵公司董事会的委托,指派本所 律师出席贵公司 2025年第二次临时股东会,并就本次股东会的召集、召开程序、 出席会议人员资格、召集人资格、表决程序以及表决结果的合法有效性等事项出, 具法律意见。 本所律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东会的召集、召开程序和召集人资格 1、本次股东会由董事会召集。2025年10月29日,贵公司召开了第二届董 事会第十六次会议,决定于 2025年 11 月 14 日召开 2025 年第二次临时股东会。 2025 年 7 月 15 日,贵公司在上 ...

格隆汇11月14日丨德科立(688205.SH)公布,公司于2025年11月11日召开第二届董事会第十七次会议，审 议通过了《关于选举公司第二届董事会董事长的议案》，同意选举公司董事、总经理渠建平先生为公司 第二届董事会董事长，公司的法定代表人相应变更为渠建平先生。 近日，公司已完成变更登记和备案手续，并取得了无锡市数据局换发的《营业执照》，变更后的相关工 商登记信息如下：名称：无锡市德科立光电子技术股份有限公司，统一社会信用代码： 913202137186955428，法定代表人：渠建平。 ...