华创证券研究所 证 券 研 究 报 告 通信行业周报（20250714-20250720） 光模块行业半年报超预期增长，H20 芯片"解禁" 推荐（维持） 重返中国市场，建议关注光模块、IDC 等方向 ❑ 通信行业持续跟踪公司： 行业研究 通信 2025 年 07 月 20 日 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 123 | 0.02 | | 总市值(亿元) | 49,248.97 | 4.66 | | 流通市值(亿元) | 23,006.93 | 2.77 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.7% | 18.6% | 30.5% | | 相对表现 | 4.9% | 11.2% | 13.5% | -13% 3% 18% 33% 24/07 24/09 24/12 25/02 25/04 25/07 2024-07-12~2025-07-10 通信 沪深30 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company plans to acquire 82.4% of Fokexima's equity through a combination of share issuance and cash payment, which will enhance its control in the MT connector field and strengthen vertical integration and cost control advantages in its MPO core components [5][11] - Fokexima, a leading third-party MT connector supplier in China, has shown significant growth, with revenue increasing by 225% year-on-year to 270 million yuan in 2024, and net profit growing by 339% to 79.94 million yuan [11] - The global MPO fiber optic connector market is expected to grow from 741 million USD in 2024 to 1.592 billion USD by 2030, with a compound annual growth rate (CAGR) of 13.6% [11] Summary by Sections Event Description - On July 10, 2025, the company announced its intention to acquire 82.3810% of Fokexima's equity from five parties, which will make Fokexima a subsidiary of the company [5] Financial Performance - Fokexima achieved a monthly production capacity of over 10 million MT connectors in 2023 and has become one of the few manufacturers capable of complete domestic substitution [11] - The company's projected net profits for 2025-2027 are 372 million yuan, 518 million yuan, and 709 million yuan, respectively, with corresponding year-on-year growth rates of 472%, 39%, and 37% [11]

值得注意的是，双创板块（科创板和创业板）公司的半年报业绩预告并非强制披露事项。这意味着，部分一季度业绩已实现高速增长，但尚未发布半年报预 告的优质个股，可能潜藏着更大的"套利"机会。数据宝筛选发现，在双创板块中，有1家及以上机构评级且未发布半年报业绩预告的个股里，有10家公司的 一季度净利润同比增速超过10倍。 【 环球网财经综合报道 】 随着上市公司半年报业绩预告的密集披露，A股市场中的"业绩牛"正加速涌现，为投资者提供了新的掘金线索。据数据宝统计，截 至目前已有超过1500家公司发布了半年报业绩预告，其中业绩预增的公司多达460余只，而预减和续亏的公司则分别有200多只和430多只。预告净利润最高 的三家公司分别是中国神华（预计236亿-256亿元）、紫金矿业（预计232亿-232亿元）和国泰海通（预计152.83-159.57亿元）。 近期，一批业绩表现亮眼的个股股价持续走强，甚至屡创新高。PCB概念股中的生益电子、胜宏科技、东山精密、生益科技等，以及CPO概念股中的新易 盛、仕佳光子等，均因业绩飙升而成为市场焦点。生益电子预计上半年净利润同比大增432.01%至471.45%，新易盛预计净利润同比增长 ...

根据市场公开信息及7月16日披露的机构调研信息，知名私募上海湘楚资产近期对1家上市公司进行了调 研，相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： 上海湘楚资产管理有限公司成立于2016年1月，注册资本1,000万元人民币，公司注册地址在中国（上 海）自由贸易试验区新进桥路27号13号楼2层。湘楚资产是一家由知名投资人士参股的综合性金融服务 平台，公司高管人员均来自基金、券商等金融机构。xa0湘楚资产拥有一支专业的投研理财团队，致力 于帮助高端优质客户实现理财愿景，在严格控制风险的前提下，合理配置金融产品，以证券投资基金为 主，为客户提供长期、稳健的投资回报。 1）仕佳光子 （上海湘楚资产管理有限公司参与公司特定对象调研） 调研纪要：福可喜玛2025年1-3月实现营业收入8,257.80万元，净利润3,068.65万元。其400G、800G、 1.6T等通讯方案的配套连接器产品已受市场知名客户认可，产品重点应用于数据中心等场景。福可喜玛 是国内领先的MT插芯供应商之一，核心产品是仕佳光子部分产品的核心原材料 ...

Group 1 - Several A-share listed companies, including Shijia Photon, Oriental Bio, and Maiwei Bio, have disclosed their latest top ten shareholders due to buyback activities, revealing adjustments by well-known fund managers [1][2] - Notable fund managers such as Jin Zicai, Wan Minyuan, and Jin Xiaofei have made significant adjustments in their holdings, with Jin Zicai's funds entering the top ten shareholders of Shijia Photon after a 130% increase in its stock price in the first half of the year [2] - Foreign institutions like Barclays, UBS, and JPMorgan have increased their stakes in several A-share companies, indicating growing foreign interest in the market [3] Group 2 - The A-share market is experiencing structural opportunities amid internal and external factors, with a potential upward trend in the short term [4] - The overall investment attractiveness of the Chinese capital market is improving, with an increase in stock buybacks and dividend distributions, which are highly valued by foreign investors [4][5] - Economic indicators show signs of recovery in consumption, investment, and exports, with expectations for a more accommodative monetary policy in the coming quarters [5]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector saw a 1.99% increase in the 28th week of 2025, ranking 14th among major industries in the Yangtze River region. Year-to-date, the sector has risen by 10.00%, placing it 13th [2][4]. - OpenAI plans to launch an AI browser and open-source a new model, while xAI has released Grok 4 and is initiating a new round of financing to accelerate AI data center construction. The acquisition of Fokexima by Shijia Photon aims to enhance the MPO supply chain [2][5][6][7]. - The current valuation of the communication sector is at a historical low, indicating a high cost-performance ratio for investment [2]. Summary by Sections Market Performance - In the 28th week of 2025, the communication sector increased by 1.99%, with a year-to-date rise of 10.00%. The top three gainers among companies with a market cap over 8 billion yuan were Hengbao Co. (+21.1%), Changxin Bochuang (+19.8%), and Shijia Photon (+14.8%). The top three decliners were Runze Technology (-4.1%), Canqin Technology (-3.4%), and Guomai Technology (-3.4%) [4]. AI and Computing Developments - OpenAI is set to release a browser integrated with a generative AI assistant, which could challenge Chrome's market dominance. Additionally, OpenAI will soon unveil an open-source language model, marking its first release since 2019 without Microsoft's involvement [5]. - xAI's Grok 4, touted as the "world's strongest AI," has surpassed doctoral-level performance in standardized tests. The company is preparing for a new financing round valued between 170 billion to 200 billion USD, with participation from Saudi Aramco's PIF fund [6]. Strategic Acquisitions - Shijia Photon plans to acquire 82.4% of Fokexima, a leading supplier of MT connectors, to strengthen its MPO product line. Fokexima's production capacity has exceeded 10 million units per month, and its revenue for 2024 is projected at 270 million yuan, reflecting a 225% year-on-year increase [7]. Investment Recommendations - The report recommends focusing on key players in various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Shijia Photon - Domestic computing: Fenghuo Communication, Huafeng Technology, Yingweike, Runze Technology, Guanghuan New Network, Aofei Data, Guangxun Technology, ZTE, Unisplendour - AI applications: Heertai, Tuobang Technology, Yiyuan Communication, Meige Intelligent, Guanghetong, Boshijie, Aojie Technology - Satellite applications: Haige Communication, Huace Navigation [8].

Core Viewpoint - The A-share market showed mixed performance on July 15, with the Shanghai Composite Index declining while the ChiNext Index rose, driven by a significant surge in the communication sector, which saw gains exceeding 4% [1][3][6]. A-share Market Summary - The Shanghai Composite Index fell by 0.93% to 3486.88, with a trading volume of 430.58 billion [4]. - The Shenzhen Component Index decreased by 0.26%, closing at 10657.22, with a trading volume of 650.18 billion [6]. - The ChiNext Index increased by 0.64%, reflecting a peak gain of over 2% earlier in the session [3]. Communication Sector Performance - The communication sector outperformed other sectors, with a peak increase of over 4% during the session [6]. - Notable stocks included: - New Yisheng, which hit a 20% limit up - Zhongji Xuchuang and Shijia Guangzi, both rising over 11% [6][9]. ETF Performance - Several ETFs related to communication and artificial intelligence saw significant gains, with increases exceeding 5% for funds such as: - Fu Guo Zhong Zheng Communication Equipment Theme ETF - Hua Xia ChiNext Artificial Intelligence ETF [11]. Market Sentiment and External Factors - Positive sentiment was bolstered by news from NVIDIA's CEO regarding the approval of H20 chip exports to China and the launch of the RTX Pro GPU, which is designed for AI and digital twin applications [11]. - The overall market sentiment was mixed, with sectors like electronics and home appliances performing well, while real estate and coal sectors faced declines [12]. Hong Kong Market Summary - The Hong Kong market experienced slight gains, with the Hang Seng Index rising over 1% before fluctuating [14]. - Key stocks in the Hang Seng Index included: - Techtronic Industries and Nongfu Spring, which saw notable gains, while Xinyi Glass and Xinyi Solar faced declines [15]. Notable Stock Movements - In the Hong Kong market, stocks like MediWound and Zhongshi Min'an saw significant price increases, with MediWound's stock rising over 40% following a placement agreement announcement [16][17]. - The European shipping futures market also saw a surge, with prices increasing by over 10% amid geopolitical tensions [19].

Core Viewpoint - The A-share market showed mixed performance with the ChiNext index rising by 0.64% while the Shanghai Composite Index and Shenzhen Component Index fell by 0.93% and 0.26% respectively, indicating a slight weakness in the overall market sentiment [1] Market Performance - As of midday, the Shanghai Composite Index decreased by 0.93%, the Shenzhen Component Index fell by 0.26%, and the ChiNext index increased by 0.64% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.08 trillion yuan, an increase of 108.5 billion yuan compared to the previous trading day [1] Sector Highlights - The main focus of the market was on computing power concepts, with most stocks in the two markets showing negative performance [1] - The CPO concept stocks rose against the trend, with New Yi Sheng hitting the daily limit and reaching a historical high, while Dongtianwei, Zhongji Xuchuang, and Shijia Guangzi all increased by over 10% [1] - The coal mining sector experienced low fluctuations in the morning, with Dayou Energy and Shanxi Black Cat both dropping by over 7% [1] - The electricity sector continued to weaken, with Huayin Power hitting the daily limit down [1] - The real estate sector saw a pullback, with Greenland Holdings also hitting the daily limit down [1]

Core Viewpoint - The CPO sector in the A-share market experienced a significant rally, with several companies achieving substantial gains, particularly New Yisheng, which hit the daily limit up of 20% [1]. Group 1: Market Performance - New Yisheng (300502) surged by 20%, with a total market capitalization of 156.1 billion and a year-to-date increase of 91.04% [2]. - Shijia Photon (688313) rose by 14.67%, with a market cap of 22.6 billion and a year-to-date increase of 200.43% [2]. - Zhongji Xuchuang (300308) increased by 14.40%, with a market cap of 190.4 billion and a year-to-date increase of 39.33% [2]. - Tianfu Communication (300394) saw a rise of 12.75%, with a market cap of 74.5 billion and a year-to-date increase of 47.67% [2]. - Other notable performers included Taicheng Light (300570) up 7.45%, and Lian Te Technology (301205) up 7.43% [1][2]. Group 2: Company Earnings - New Yisheng is expected to report a net profit of 3.7 billion to 4.2 billion for the first half of the year, representing a year-on-year growth of 327.68% to 385.47%, with the second quarter net profit projected at 2.1 billion to 2.6 billion, a year-on-year increase of 289% to 380% [2]. - Cambridge Technology anticipates a net profit of 120 million to 128 million for the first half, reflecting a year-on-year growth of 50.12% to 60.12%, with the second quarter net profit expected to be 90 million to 98 million, a year-on-year increase of 67% to 81%, significantly exceeding market expectations [2].

Market Performance - The Shanghai Composite Index, Shenzhen Component Index, and Hang Seng Index all rose collectively, with the ChiNext Index increasing by over 2% [1] - The ChiNext Artificial Intelligence ETF (Guotai, 159388) led the market with a rise of over 5% [1] Sector Highlights - CPO concept stocks surged, driven by the strong mid-year report forecast from component stock Xinyiseng, which saw a rise of over 10% to reach a historical high [1] - Other stocks in the sector, including Shengyi Technology, Tianfu Communication, Zhongji Xuchuang, Cambridge Technology, Shengyi Electronics, Shijia Photon, Changxin Bochuang, and Liante Technology, also experienced gains [1] Policy and Industry Developments - The Ministry of Industry and Information Technology announced the "International AI Open Source Cooperation Initiative" at the World Artificial Intelligence Conference, aiming to strengthen China's voice in the AI field [2] - The ministry's "2025 Work Points for the Integration of Information Technology and Industrialization" emphasizes enhancing intelligent levels and implementing "AI + Manufacturing" actions [2] Investment Opportunities - Nvidia's market capitalization reached $4.022 trillion, positively impacting A-share sectors related to optical modules and computing chips [3] - Meta's announcement of a 5GW AI data center further intensified global competition in computing power, creating cross-market effects [3] - Guoyuan Securities noted that while CPO technology's current industry scale is small, its performance advantages are significant, indicating a broad long-term penetration space [3] - The ChiNext Artificial Intelligence ETF (Guotai, 159388) tracks an index of 50 listed companies in the AI field, covering hardware, software, and computing power core segments, benefiting from the global demand for AI computing power [3][4]