Investment Rating - The report maintains a positive outlook on AI growth and highlights key companies to focus on: ZhongJi InnoLight, Eoptolink Technology, Yuanjie Technology, ZTE, Hui Lyu Ecological Technology Groups Co., Ltd., Shenzhen JPT Opto-Electronics, Ruijie Networks, Aojie Technology, and Unisplendour [1][31]. Core Insights - The demand for optical modules is expected to increase significantly, with a forecast of 20 million units for 1.6T optical modules by 2026 [15][39]. - The communication industry is seen as the foundation of the digital economy, encompassing various sectors such as AI ecosystems, satellite internet, data elements, AIoT, internet of vehicles, and industrial internet [31][39]. - OpenAI's release of the AI browser ChatGPT Atlas is viewed as a significant development in redefining internet usage [6][38]. - Anthropic's agreement with Google Cloud for up to one million TPUs, valued at several billion dollars, indicates strong growth potential in AI infrastructure [10][39]. - The acquisition of a 94% stake in Wuhan Ruijing by Dugen Core is expected to enhance technical synergy in the optoelectronics field [12][39]. Summary by Sections Optical Module Demand - The report revises the demand forecast for 1.6T optical modules upwards, predicting a demand of over 20 million units by 2026, with a significant supply gap anticipated for high-speed optical modules [15][39]. AI and Communication - The report emphasizes the acceleration of AI-related investments and innovations, particularly in GPU capabilities and communication networks, which are crucial for enhancing AI efficiency [31][32]. Company Performance - The report includes a simulated investment portfolio for the communication sector, showing a strong performance with an average increase of 14.95% for selected stocks during the specified period [22][23].

Group 1 - The core focus of several fund managers in Q3 has been on PCB leading stocks, particularly East Mountain Precision, with notable increases in holdings by prominent funds [2][3] - The fund "Yongying Technology Smart Select" has shown significant performance, with a year-to-date return exceeding 200%, and has heavily invested in the PCB sector and optical module leaders [3][5] - Fund managers have expressed confidence in the A-share market, highlighting the potential for further asset allocation towards equity due to favorable domestic fiscal and monetary policies [10][11] Group 2 - Fund managers have adjusted their portfolios, with some reducing holdings in optical module leaders while increasing investments in the robotics industry [6][7] - The "Yongying Technology Smart Select" fund has seen its net asset value growth rate approach 100%, leading to a substantial increase in fund size from 11.66 billion to 115.21 billion [12] - There is a growing interest in Hong Kong stocks, with funds increasing their positions in companies like Alibaba and various biotech firms, reflecting a dual focus on technology and recovery sectors [9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][36] Core Viewpoints - The report highlights that artificial intelligence (AI) is driving a semiconductor supercycle, with significant investments and collaborations in the sector, such as Anthropic's partnership with Google, which includes a deal for up to one million custom TPU chips [3] - Major memory manufacturers like Samsung and SK Hynix are expected to raise prices of DRAM and NAND storage products by up to 30% in response to the surge in AI-driven demand [3] - Amphenol reported a 53.35% year-on-year increase in revenue for Q3 2025, driven by the growing demand for data center solutions [3] - The report anticipates a substantial increase in overall computing power by 2035, predicting a growth of up to 100,000 times, emphasizing the transformative potential of general artificial intelligence [3] Summary by Sections 1. Market Review - The electronic industry saw a weekly increase of 8.49% from October 20 to October 24, with the communication sector leading at 11.55% [6] - The Philadelphia Semiconductor Index rose from 6,885.03 points to 6,976.94 points during the same period, indicating a positive trend since April 2025 [11] 2. Industry High-Frequency Data Tracking 2.1 Panel Prices - TV panel prices are expected to stabilize due to healthy inventory levels, with no significant changes anticipated for various sizes [17] 2.2 Memory Prices - Prices for DDR5 and DDR4 memory chips have shown an upward trend, with DDR5 increasing from $10.457 to $12.615 and DDR4 from $24.333 to $24.721 between October 20 and October 24 [21]

Core Points - The company will hold a Q3 2025 earnings presentation on November 5, 2025, from 13:00 to 14:00 [2][5] - The presentation will be conducted online via the Shanghai Stock Exchange Roadshow Center [2][3] - Investors can submit questions from October 29 to November 4, 2025, before 16:00 [2][4] Summary by Sections Meeting Details - The earnings presentation is scheduled for November 5, 2025, from 13:00 to 14:00 [2][5] - The location for the meeting is the Shanghai Stock Exchange Roadshow Center [2][5] - The format of the meeting will be an online interactive session [3][5] Participation Information - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [4][5] - Questions can be pre-submitted through the Roadshow Center's website or via the company's email [4][6] Contact Information - The company’s securities department can be contacted at 021-60336588*1188 or via email at ir@asrmicro.com [6]

Core Viewpoint - The recent block trading activity of Aojie Technology-U indicates significant institutional interest, with a total transaction volume of 632,300 shares and a transaction value of approximately 53.81 million yuan, reflecting a discount of 12% compared to the closing price on the same day [2][3]. Group 1: Trading Activity - On October 24, Aojie Technology-U experienced 5 block trades, totaling 632,300 shares and a transaction value of 53.81 million yuan, with a consistent transaction price of 85.10 yuan [2]. - The total transaction amount for the last three months reached 171 million yuan, indicating ongoing trading activity [3]. - The stock's closing price on the same day was 96.70 yuan, showing a daily increase of 3.33% and a turnover rate of 1.82% [3]. Group 2: Institutional Participation - Institutional specialized seats participated in 3 of the block trades, contributing a total transaction value of 49.38 million yuan, indicating a net buying position [2]. - The stock has seen a net inflow of 40.36 million yuan in main funds throughout the day, with a cumulative increase of 5.78% over the past five days [3]. Group 3: Margin Trading Data - The latest margin financing balance for Aojie Technology-U is 702 million yuan, which has decreased by 36.11 million yuan over the past five days, representing a decline of 4.90% [4].

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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 本次权益变动基本情况 证券代码：688220 证券简称：翱捷科技 公告编号：2025-036 翱捷科技股份有限公司 关于股东权益变动的提示性公告 2025年10月9日至2025年10月24日，阿里网络通过上海证券交易系统大 宗交易累计减持公司股份1,812,307股，减持比例为0.4333%。 本次权益变动完成后，公司股东阿里网络持有上市公司62,745,133股， 占上市公司总股本的15.0000%。 （8）主要经营范围：一般项目：软件开发；软件销售；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；网络设备销售；计算机软硬件及 本次权益变动属于股份减持，不触及要约收购。 本次权益变动后，翱捷科技股份有限公司（以下简称"公司"）股东阿里巴 巴（中国）网络技术有限公司（以下简称"阿里网络"）持有公司股份从 64,557,440股减少至62,745,133股，持股比例从15.4333%减少至15.0000%， 持股比例触及5%的整数倍。 本次权 ...

三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露信息披露义务人在翱捷科技中拥有权益的股份变动情况。 翱捷科技股份有限公司 简式权益变动报告书 股份权益变动性质： 股份减少 签署日期：2025 年 10 月 24 日 上市公司名称： 翱捷科技股份有限公司 上市地点： 上海证券交易所 股票简称： 翱捷科技 股票代码： 688220 信息披露义务人： 阿里巴巴（中国）网络技术有限公司 注册地址： 浙江省杭州市滨江区网商路 699 号 通讯地址： 浙江省杭州市余杭区文一西路 969 号 3 号楼 2 楼 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反其章程或内部规则中的任何条款，或与之相冲突。 截至本报告书出具之日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在翱捷科技中拥有权益的股份。 四、本次权益变动是根据本 ...

Group 1 - The core transaction of Aojie Technology involved a block trade of 632,300 shares, with a total transaction value of 53.8093 million yuan, accounting for 7.9% of the total trading volume on that day [1] - The transaction price was 85.1 yuan, which represents a 12% discount compared to the market closing price of 96.7 yuan [1] Group 2 - On October 24, 2025, multiple institutional trades were executed for Aojie Technology (stock code: 688220) at the same price of 85.1 yuan [2] - The largest transaction was conducted by Langjie Technology, amounting to 42.8314 million yuan with a volume of 50,330 shares [2] - Other notable transactions included amounts of 3.997 million yuan and 2.557 million yuan, also executed at the same price [2]

Core Viewpoint - The company has successfully completed the tape-out of its 5G octa-core SoC in the third quarter and expects to receive the chips back by the end of December this year [1] Group 1 - The 5G octa-core SoC has entered the tape-out phase [1] - The expected timeline for receiving the chips back is by the end of December 2023 [1]

证券代码：688220 证券简称：翱捷科技 公告编号：2025-035 翱捷科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 05 日（星期三） 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 29 日（星期三）至 11 月 04 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@asrmicro.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 翱捷科技股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 05 日（星期 ...