Core Viewpoint - The communication equipment sector experienced a decline of 0.42% on November 13, with Dekoli leading the drop, while the Shanghai Composite Index rose by 0.73% and the Shenzhen Component Index increased by 1.78% [1][2]. Group 1: Market Performance - The communication equipment sector's individual stock performance showed significant variations, with Yongding Co. rising by 9.99% to a closing price of 15.30, while Dekoli fell by 4.35% to 97.13 [1][2]. - The total trading volume for the communication equipment sector was substantial, with Yongding Co. recording a volume of 240.17 million shares [1]. Group 2: Capital Flow - The communication equipment sector saw a net inflow of 1.579 billion yuan from institutional investors, while retail investors experienced a net outflow of 736 million yuan [2][3]. - Major stocks like Yongding Co. attracted significant institutional investment, with a net inflow of 1.171 billion yuan, while other stocks like Zhongji Xuchuang faced substantial outflows from retail investors [3].

Summary of Key Points Core Viewpoint - On November 12, a total of 7 stocks from the STAR Market experienced block trading, with a cumulative transaction amount of 67.41 million yuan, indicating active trading in the sector [1]. Group 1: Trading Overview - The total number of block trades on November 12 was 10, with a cumulative trading volume of 2.5026 million shares [1]. - The stock with the highest transaction amount was Huasheng Lithium, with a block trading volume of 200,000 shares and a transaction amount of 19.50 million yuan [1]. - Other notable stocks included Kangpeng Technology and Lanke Technology, with transaction amounts of 18.82 million yuan and 13.79 million yuan, respectively [1]. Group 2: Detailed Trading Data - The detailed trading data for the stocks involved in block trading is as follows: - Huasheng Lithium: 1 transaction, 200,000 shares, average price 97.50 yuan, relative closing price premium -2.50%, transaction amount 19.50 million yuan [1]. - Kangpeng Technology: 1 transaction, 200,000 shares, average price 9.41 yuan, relative closing price premium -1.36%, transaction amount 18.82 million yuan [1]. - Lanke Technology: 4 transactions, 110,600 shares, average price 124.68 yuan, relative closing price premium 0.00%, transaction amount 13.79 million yuan [1]. - Hengshuo Co.: 1 transaction, 100,000 shares, average price 62.56 yuan, relative closing price premium -2.01%, transaction amount 6.26 million yuan [1]. - Huahai Chengke: 1 transaction, 54,000 shares, average price 93.23 yuan, relative closing price premium -13.00%, transaction amount 5.03 million yuan [1]. - Dekeli: 1 transaction, 22,000 shares, average price 91.40 yuan, relative closing price premium -10.00%, transaction amount 2.01 million yuan [1]. - Lexin Technology: 1 transaction, 16,000 shares, average price 125.00 yuan, relative closing price premium -20.22%, transaction amount 2.00 million yuan [1].

Core Viewpoint - The company, Wuxi Dekeli Optoelectronics Technology Co., Ltd. (Dekeli), is advancing its global strategy through significant overseas investments and plans for an overseas listing in Singapore, aiming to enhance its international presence in the optoelectronics sector [1][2]. Group 1: Investment and Expansion - Dekeli plans to invest an additional 300 million yuan in its wholly-owned subsidiary, ACT TECHNOLOGY SG PTE.LTD. (Dekeli Singapore), to strengthen its overseas R&D, market system, and production capacity [1]. - The company aims to initiate an overseas share issuance (S shares) and list on the Singapore Exchange (SGX) as part of its systematic approach to global expansion [1]. Group 2: Financial Performance - For the first three quarters of 2025, Dekeli reported a revenue of 652 million yuan and a net profit of 40.107 million yuan, reflecting robust performance in its core business due to favorable industry conditions [1]. Group 3: Strategic Rationale - The management highlighted Singapore's status as an international financial center with an open capital environment and a mature regulatory system, which will aid in building a global capital and operational platform [2]. - The recent policies from SGX supporting secondary listings for A-share companies provide a clear framework for Dekeli's cross-border capital arrangements, enhancing its international competitiveness in the optical communication field [2]. Group 4: Market Opportunities - Experts noted that Singapore's strategic location can help Dekeli establish quality sales channels in Southeast Asia, facilitating direct access to the ASEAN market and leveraging its advantages for entry into European and American markets [2]. - The concentration of computing server production bases in the ASEAN region allows Dekeli to achieve localized operations close to its customers by establishing a presence in Singapore [2].

Market Overview - The communication equipment sector rose by 0.69% on November 12, with Dekoli leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Top Gainers - Dekoli (688205) closed at 101.55, up 11.93% with a trading volume of 196,100 shares and a transaction value of 1.898 billion [1] - Meilixin (301307) closed at 37.49, up 7.18% with a trading volume of 210,700 shares and a transaction value of 777 million [1] - Zhongji Xuchuang (300308) closed at 491.75, up 5.06% with a trading volume of 423,000 shares and a transaction value of 19.891 billion [1] Top Losers - Yongding Co. (600105) closed at 13.91, down 6.39% with a trading volume of 1,273,700 shares and a transaction value of 1.785 billion [2] - Yifeng Service (002897) closed at 47.94, down 4.69% with a trading volume of 135,700 shares and a transaction value of 653 million [2] - Tongyu Communications (002792) closed at 19.31, down 3.83% with a trading volume of 357,500 shares and a transaction value of 687 million [2] Capital Flow - The communication equipment sector experienced a net outflow of 3.062 billion from institutional investors, while retail investors saw a net inflow of 3.208 billion [2] - The top stocks by net inflow from retail investors included Zhongji Xuchuang (300308) with a net inflow of 4.47 billion and Dekoli (688205) with a net inflow of 1.71 billion [3] Individual Stock Performance - Zhongji Xuchuang (300308) had a net inflow of 4.47 billion from institutional investors, while retail investors had a net outflow of 966,600 [3] - Dekoli (688205) saw a net inflow of 1.71 billion from institutional investors, with retail investors experiencing a net outflow of 114 million [3] - Meilixin (301307) had a net inflow of 1.04 billion from institutional investors, while retail investors had a net outflow of 117 million [3]

Core Viewpoint - The company, Dekoli (SH688205), announced the resignation of Chairman Gui Sang due to the need for leadership in international development and personal health planning, with General Manager Qu Jianping elected as the new chairman. The company plans to initiate overseas share issuance (S shares) and list on the Singapore Exchange to enhance its global strategy and market presence [1][4][8]. Group 1: Leadership Changes - Chairman Gui Sang resigned voluntarily, one year ahead of his term, to promote a younger management team and ensure a smooth transition [4]. - Qu Jianping, the new chairman, is noted for his strong management skills and international operational expertise, having led significant overseas projects [6][7]. Group 2: International Expansion Plans - The company aims to deepen its overseas market presence by launching S shares and listing on the Singapore Exchange, which is expected to enhance its financing capabilities and global brand influence [8]. - The S share listing requires approval from various regulatory bodies, including the China Securities Regulatory Commission and the Singapore Exchange, indicating potential uncertainties in the process [1][8]. Group 3: Market Reaction - Following the announcement, Dekoli's stock price surged nearly 12%, closing at 101.55 yuan, with a total market capitalization of 16.074 billion yuan [1][2].

每经记者｜蔡鼎 每经编辑｜段炼 陈星 11月11日晚间，德科立（SH688205）发布公告称，公司董事长桂桑因公司未来国际化发展的领导力需求及个人年龄与健康规划，辞任董事长职务，但仍 将担任董事和董事会相关专门委员会委员。同时，公司选举董事、总经理渠建平为新任董事长，任期至第二届董事会任期届满之日止。 此外，公司为推进全球化战略，深化海外市场布局，拟启动境外发行股份（S股）并在新加坡交易所上市。目前，公司正在与相关中介机构就具体推进工 作进行商讨，具体细节尚未确定。 公告显示，上述议案已于第二届董事会第十七次会议全票审议通过。不过，此次S股上市需提交公司董事会和股东会审议，并需取得中国证监会、新加坡 交易所、新加坡金融管理局等相关机构备案、批准或核准，尚存在不确定性。 | 今井 | 89.90 | | 最高 | 103.93 | | 成交量 | 19.61万手 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 90.73 | | 最低 | 89.46 | | 成交额 | 18.98亿 | | 换手率 | 12.39% | | 市盈(TTM) ...

Group 1 - The A-share market saw a surge in CPO concept stocks towards the end of trading, indicating increased investor interest in this sector [1] - Dekoli experienced a rise of over 12%, while Zhongji Xuchuang increased by more than 4%, reflecting strong performance among key players in the CPO sector [1] - Other companies such as Zhongfu Electric, Shijia Photon, and Xinyisheng also showed upward movement, contributing to the overall positive trend in CPO stocks [1]

Core Viewpoint - The CPO concept stocks have shown a partial recovery, with notable increases in share prices for several companies [1] Group 1: Company Performance - Dekoli has seen a rise of over 10% in its stock price [1] - Zhongji Xuchuang's stock has increased by over 4% [1] - Other companies such as Huilv Ecology, Zhongfu Circuit, Shijia Photon, and Shengyi Electronics have also experienced stock price increases [1]

Summary of Conference Call Notes Company: 德科立 (Dekoli) Key Points Industry Overview - The DCI (Data Center Interconnect) industry is experiencing rapid growth, driven by increasing demand for AI applications and the need for effective resource allocation across data centers [2][3][5]. Strategic Partnerships - 德科立 has confirmed collaborations with Nokia and Weiyana, securing orders in Southeast Asia, which alleviates pressure in the telecom market [2][5]. - The company is expanding its ecosystem through partnerships, indicating a focus on user growth and application deployment [2][3]. Financial Performance - The company has seen a significant increase in inventory, with current orders amounting to approximately 500 million [2][5]. - Despite revenue contributions from product deliveries, profitability remains a concern, particularly with a low proportion of optical modules in current deliveries [5]. Product Development - The WSS (Wavelength Selective Switch) module is experiencing a surge in demand, indicating a shift in product focus [5]. - The third and fourth building plans are being finalized and deliveries have commenced, with production capacity in Thailand gradually being released [2][5]. Management Changes - Recent management changes are aligned with an internationalization strategy, with new leadership bringing stronger global experience [2][4][11]. - The board restructuring aims to enhance governance maturity, with specific roles assigned to ensure strategic focus and operational efficiency [4][11]. Internationalization Strategy - 德科立 plans to list in Singapore to enhance its international market competitiveness, citing the market's greater internationality and capital independence compared to Hong Kong [4][6]. - The company is open to introducing strategic investors, aiming to attract local technical investors and industry participants in Singapore [4][9][10]. Investment Plans - The company has allocated approximately 300 million RMB for overseas subsidiaries, focusing on R&D, market development, and capacity expansion [4][12]. - The funding will support the company's internationalization efforts and prepare for future overseas orders [12]. Future Growth Outlook - The company anticipates entering a rapid growth phase by 2026-2027, driven by improved delivery capabilities and a clearer performance realization logic [2][5]. - Investors are advised to closely monitor quarterly marginal changes as the company progresses [5]. Additional Insights - The collaboration with major players like Nvidia and Akamai highlights the strategic importance of edge computing in the evolving DCI landscape [2][3]. - The Singapore listing is seen as a potential model for other Chinese A-share companies, reflecting a broader trend in seeking international capital markets [6][10].

Core Viewpoint - The company is undergoing a leadership transition with the resignation of Chairman Gui Sang and the election of Qu Jianping as the new chairman, aiming to enhance its international development strategy and governance structure [1][2][3]. Group 1: Leadership Changes - Chairman Gui Sang resigned due to the need for leadership in the company's international development and personal health considerations, stepping down a year before his term was set to end in November 2026 [1][2]. - Qu Jianping, the new chairman, is noted for his strong management capabilities and international operational expertise, having successfully led significant overseas projects [2][3]. Group 2: International Strategy - The company plans to initiate the issuance of overseas shares (S shares) and list on the Singapore Exchange to enhance its global financing capabilities and expand its international market presence [1][3]. - The S share listing is part of a broader strategy to improve capital strength and global brand influence, although it faces uncertainties related to regulatory approvals from various authorities [3][4].