Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 3.38%, closing at 1408.64 points, with a total trading volume of 4.626 billion shares and a turnover of 270.488 billion yuan, resulting in an average turnover rate of 2.46% [1] - Among the tradable stocks on the STAR Market, 363 stocks closed higher, with 16 stocks rising over 10%, including Honglida and Zhongke Lanyun, which hit the daily limit [1] - The turnover rate distribution shows that 2 stocks had a turnover rate exceeding 20%, 21 stocks between 10% and 20%, and 83 stocks between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Lianyun Technology, which closed up 9.43% with a turnover rate of 25.52% and a transaction amount of 980 million yuan [1] - Zhongke Lanyun also hit the daily limit with a closing price increase of 20.00% and a turnover rate of 24.47%, with a transaction amount of 1.448 billion yuan [1] - Other notable stocks with high turnover rates include Canxin Technology, Zhenlei Technology, and Huahai Chengke, with turnover rates of 18.59%, 15.09%, and 15.07% respectively [1] Sector Analysis - In terms of sector performance, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 50 stocks, followed by machinery and equipment, and computer sectors, each with 15 stocks [2] - Among the high turnover stocks, 56 experienced net inflows of main funds, with the highest net inflows seen in SMIC, Chipone, and Dongxin, amounting to 508 million yuan, 483 million yuan, and 241 million yuan respectively [2] Leverage Fund Movements - A total of 78 stocks received net purchases from leveraged funds, with significant increases in financing balances observed in SMIC, Dekeli, and Juguang Technology, which increased by 2.056 billion yuan, 479 million yuan, and 216 million yuan respectively [2] - Conversely, stocks like Kaipu Cloud, Huahong Company, and Aerospace Hongtu saw significant decreases in financing balances, with reductions of 94.232 million yuan, 86.227 million yuan, and 64.006 million yuan respectively [2]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 18.892 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 731 million yuan [1] - A total of 217 stocks on the Sci-Tech Innovation Board had net inflows, while 370 stocks had net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 363 stocks rose, with two stocks, Honglida and Zhongke Lanyun, hitting the daily limit, while 215 stocks declined [1] - The top three stocks with the highest net inflow of funds were Haiguang Information (1.264 billion yuan), SMIC (508 million yuan), and Chipone (483 million yuan) [1][2] Continuous Fund Flow - There are 44 stocks with continuous net inflows for more than three trading days, with Cambrian leading at 24 consecutive days of inflow [2] - Conversely, 179 stocks experienced continuous net outflows, with Naike Equipment showing the longest streak at 17 consecutive days [2] Top Fund Inflows - The top stocks by net inflow include: - Haiguang Information: 1263.65 million yuan, with a flow rate of 6.95% and a price increase of 10.70% [2] - SMIC: 507.74 million yuan, with a flow rate of 2.56% and a price increase of 6.25% [2] - Chipone: 483.24 million yuan, with a flow rate of 5.98% and a price increase of 17.34% [2] Notable Outflows - The stock with the highest net outflow was Borui Pharmaceutical, which saw a decline of 13.15% and a net outflow of 367 million yuan [1] - Other notable outflows included Dekeli and Juguang Technology, with net outflows of 235 million yuan and 184 million yuan, respectively [1]

New Stock Issuance - New stock issuance for Aomeisen (证券代码: 920080) is priced at 8.25 RMB per share[1] - The last trading day for Zitian (证券代码: 300280) is in 9 trading days[1] - Zhonghuan Hailu (证券代码: 301040) and Jishi Media (证券代码: 601929) have recent announcements regarding their stock status[1] Market Alerts - Significant abnormal fluctuations reported for Xian Dao Intelligent (证券代码: 300450) and Hangke Technology (证券代码: 688006)[2] - ST Green Kang (证券代码: 002868) and ST Gao Hong (证券代码: 000851) are under scrutiny due to recent trading activities[1] - ST Xin Tong (证券代码: 600289) and ST Ya Zhen (证券代码: 603389) have also been flagged for unusual market behavior[1] Trading Insights - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring and regulatory compliance[1] - The document highlights the importance of tracking stock performance and regulatory updates for informed investment decisions[1]

Core Insights - The report highlights significant revenue growth for the companies analyzed, with New Yisong achieving a revenue of 10.44 billion yuan in the first half of 2025, a year-on-year increase of 282.6% [6] - The report indicates a strong performance in the optical module market, driven by high demand for advanced products such as 1.6T modules and silicon photonics [6][12] - The North American ASIC custom chip market is expected to continue growing, benefiting major suppliers like New Yisong, with projected shipments reaching 5 million units in 2025 [6] Company Summaries New Yisong (300502.SZ) - In the first half of 2025, New Yisong reported a revenue of 10.44 billion yuan, up 282.6% year-on-year, and a net profit of 3.94 billion yuan, an increase of 355.7% [6] - The company’s optical module production capacity reached 15.2 million units, with a production volume of 7.1 million units, reflecting growth of 66.7% and 86.4% respectively [6] - The gross margin improved to 47.4%, up 2.7 percentage points from the previous year, indicating effective cost control and strong demand from key customers [6] Tianfu Communication (300394.SZ) - Tianfu Communication achieved a revenue of 2.46 billion yuan in the first half of 2025, a year-on-year increase of 57.8%, with a net profit of 900 million yuan, up 37.5% [10] - The company’s active business segment saw substantial growth, driven by high-speed active products and ongoing expansion of its Thai factory [10][11] - The demand for 1.6T optical modules is expected to rise significantly, supported by Nvidia's upcoming product launches [10][11] Dekeli (688205.SH) - Dekeli reported a revenue of 430 million yuan in the first half of 2025, a 5.9% increase, but net profit fell by 48.2% to 30 million yuan [14] - The decline in performance is attributed to reduced demand in the telecommunications transmission market and insufficient capacity release in the DCI segment [14][15] - The company is focusing on the development of silicon-based OCS technology, with sample orders already received, indicating potential future growth [17]

Group 1 - Honghe Technology plans to increase capital by 300 million yuan to its wholly-owned subsidiary Huangshi Honghe through debt-to-equity conversion, raising its registered capital from 700 million yuan to 1 billion yuan [1] - Huaxia Happiness has completed debt restructuring amounting to approximately 192.67 billion yuan, with a total of 24 billion yuan in overdue debts as of August 31 [1] - Chengyi Pharmaceutical's controlling shareholder plans to reduce its stake by up to 1.18%, amounting to 387,560 shares [1][2] Group 2 - Yuanwang Valley received a warning letter from the Shenzhen Securities Regulatory Bureau for failing to halt trading when its controlling shareholder's stake changed to a multiple of 5% [2] - Gongjin Co. received government subsidies of 8.9 million yuan, accounting for 11.13% of its latest audited net profit [3] - Maiwei Biotech's application for the listing of 9MW0813 injection has been accepted by the National Medical Products Administration [4] Group 3 - Jianfeng Group plans to repurchase shares worth between 20 million and 40 million yuan at a maximum price of 12.42 yuan per share [6] - Ankai Micro plans to invest 20 million yuan to acquire a 4% stake in Shiqi Future [7] - Pinming Technology's stock will continue to be suspended as it is actively pursuing a significant matter that may lead to a change in control [8] Group 4 - China Communications has signed new contracts worth 256.34 billion yuan from January to August, with domestic contracts totaling 206.05 billion yuan [18] - Round Express reported a revenue of 5.39 billion yuan in August, a year-on-year increase of 9.82% [38] - China Pacific Insurance's original insurance premium income reached 217.05 billion yuan from January to August, up 13.2% year-on-year [39] Group 5 - *ST Chuangxing's chairman is under investigation, and the general manager will act as the chairman during this period [40] - Fengshan Group signed a technical development contract with Tsinghua University for a project related to sodium-ion battery electrolytes [40] - Yongxin Optical stated that its optical components related to lithography machines account for less than 1% of its revenue [41] Group 6 - Tianyuan Dike's subsidiary received a government subsidy of 3.77 million yuan, representing 16.27% of its latest audited net profit [42] - Huaxiang Co. plans to issue convertible bonds to raise no more than 1.308 billion yuan for various projects [43] - Wolong Electric Drive reported that its robot-related products accounted for only 2.71% of total revenue in the first half of the year [44]

证券日报网讯 9月18日晚间，德科立发布公告称，公司股票交易连续三个交易日内（2025年9月16日、 2025年9月17日、2025年9月18日）收盘价格涨幅偏离值累计超过30%，属于股票交易异常波动情形。经 公司自查并书面问询公司控股股东、实际控制人，截至本公告披露日，公司控股股东、实际控制人不存 在关于公司的应披露而未披露的重大事项或重要信息。 （编辑 姚尧） ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company reported a revenue of 430 million yuan in the first half of 2025, representing a year-on-year growth of 5.9%, but the net profit attributable to the parent company decreased by 48.2% to 30 million yuan [4] - The decline in performance is attributed to a decrease in telecom transmission demand and insufficient release of DCI capacity [5] - The company is expected to accelerate the release of DCI capacity in the second half of the year, with projections for net profits of 90 million, 290 million, and 590 million yuan for 2025, 2026, and 2027 respectively [8] Financial Performance - The company achieved a gross margin of 26.3% in the first half of 2025, down 5.2 percentage points year-on-year [4] - The revenue from the transmission product line was 330 million yuan, a year-on-year decrease of 7.9%, while the access and data product lines saw a significant increase of 104.7% to 100 million yuan [5] - The projected revenue for 2025 is 1.177 billion yuan, with a year-on-year growth of 39.9% [10] Market Trends - The global DCI market is expected to reach over 40 billion USD in 2025, growing by 14.3% year-on-year, driven by increased demand for data center connectivity and distributed training [6] - The company has received sample orders for its silicon-based OCS optical switch, indicating potential for future mass production [7] Profitability Forecast - The report forecasts a decline in net profit for 2025, with a projected net profit margin of 7.6% [10] - The company's earnings per share (EPS) for 2025 is estimated at 0.57 yuan, with a price-to-earnings (P/E) ratio of 247.3 [10]

Group 1 - The communication equipment sector showed strong performance at the beginning of trading, with companies like Changfei Optical Fiber and Dekeli reaching new highs during the session [1] - Dingxin Communications hit the daily limit up, indicating significant investor interest and confidence in the stock [1] - Other companies such as Hengtong Optic-Electric, Tianfu Communication, Fenghuo Communication, Sega Technology, and Changxin Bochuang also experienced gains, reflecting a broader positive trend in the industry [1]

Group 1 - The core viewpoint of the news is that Dekoli's stock price has increased significantly, with a 5.1% rise on September 19, reaching 147.56 CNY per share, and a cumulative increase of 47.17% over three days [1] - Dekoli is a company based in Wuxi, Jiangsu Province, established on January 31, 2000, and listed on August 9, 2022. Its main business involves the research, development, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems [1] - The company's revenue composition is primarily from transmission-related products (75.33%), followed by access and data-related products (23.54%), and other sources (1.13%) [1] Group 2 - Among Dekoli's top ten circulating shareholders, Huashang Fund's Huashang Advantage Industry Mixed A fund entered the list in the second quarter, holding 1.19% of the circulating shares [2] - The Huashang Advantage Industry Mixed A fund has achieved a year-to-date return of 89.34% and a one-year return of 123.83%, ranking 131 out of 8172 and 261 out of 7980 in its category, respectively [2] - The fund manager, Zhang Mingxin, has a total fund asset scale of 42.4 billion CNY, with the best fund return during his tenure being 84.42% [2]

Group 1 - The communication equipment sector showed strong performance at the beginning of trading, with several companies reaching new highs [1] - Companies such as Changfei Fiber, Dekor, and Dingxin Communications experienced significant price increases, with Dingxin Communications hitting the daily limit [1] - Other companies including Hengtong Optic, Tianfu Communication, Fenghuo Communication, Shijia Technology, and Changxin Bochuang also saw upward movement in their stock prices [1]