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。 ...

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].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600105 | 永鼎股份 | 13.91 | -6.39% | 127.37万 | 17.85亿 | | 002897 | 意奉服役 | 47.94 | -4.69% | 13.57万 | 6.53亿 | | 002792 | 通宇通讯 | 19.31 | -3.83% | 35.75万 | 6.87亿 | | 300710 | 万隆光电 | 25.20 | -3.56% | 5.01万 | 1.27亿 | | 300620 | 光库科技 | 101.39 | -2.99% | 10.07万 | 10.13亿 | | 688100 | 威胜信息 | 37.77 | -2.95% | 5.79万 | 2.21亿 | | 000063 | 中兴通讯 | 39.73 | -2.86% | 134.24万 | 53.38亿 | | 300548 | 长芯博创 | 96.90 | -2.82% | 21.05万 | 20.11亿 | | 300570 | ...

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].