格隆汇11月25日｜A股市场通信设备股表现强势，其中，德科立20CM涨停，光库科技逼近20CM涨停， 长芯博创涨超14%，科信技术、仕佳光子涨超10%，瑞斯康达、永鼎股份、特发信息（维权）、长飞光 纤10CM涨停，太辰光涨超9%，通宇通讯涨超7%，联特科技、星网锐捷、世嘉科技涨超6%，震有科 技、长江通信、浩瀚深度涨超5%。 MACD金叉信号形成，这些股涨势不错！ | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688205 | 得料 | 1 | 20.00 | 226亿 | 104.70 | | 300620 | 光库科技 | 1 | 19.76 | 366亿 | 202.57 | | 300548 | 长芯博创 | 1 | 14.54 | 360亿 | 166.85 | | 300565 | 科信技术 | 1 | 10.70 | 32.04亿 | 7.01 | | 688313 | 仕佳光子 | -澳 | 10.28 | 349亿 | 364.64 | | 603803 | 瑞斯康达 | 4 | ...

11月25日，CPO概念股持续走强，截至发稿，板块指数涨超10%。 截至发稿，沪指涨超1%，深成指涨近2%，创业板指涨超2%。 | 代码 | 名称 | 现价 | 涨跌 | | --- | --- | --- | --- | | 000001 上证指数 | | | 3878.60 41.83 1.09% | | 399001 深证成指 | | | 12831.01 245.92 1.95% | | 899050 北证50 | | | 1408.11 | | 881001 万得全A | | 6164.81 - | 96.68 1.59% | | 000688 科创50 | | 1312.54 | 15.93 1.23% | | 399006 创业板指 | | 3006.27 | 77.23 2.64% | | 000300 沪深300 | | 4502.66 | 54.61 1.23% | 编辑丨瑜见 德科立、长光华芯、光库科技20%涨停，长芯博创、联特科技、太辰光等多股涨超10%。 | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | --- | --- | --- | --- | --- | | ...

（文章来源：每日经济新闻） 每经AI快讯，11月25日，光通信概念涨势扩大，谷歌链方向领涨，光库科技20%涨停，腾景科技涨超 15%，双双创历史新高。此前，德科立、长光华芯、长飞光纤、福晶科技等涨停，长芯博创、仕佳光 子、炬光科技、太辰光均涨超10%。 ...

Core Viewpoint - The report from Zhongyuan Securities indicates that a series of AI industry catalytic events will occur in 2026, strengthening the leading position of top optical module manufacturers due to their technological, customer, and scale advantages. The current valuation of the communication industry index is below the ten-year average, and the industry maintains a "stronger than the market" investment rating based on performance growth expectations and valuation levels [1][2]. Summary by Sections Review of 2025 - In early 2025, the DeepSeek large model boosted market sentiment, and the three major operators completed the deployment of DeepSeek computing power private networks, enhancing their cloud service capabilities. Domestic cloud manufacturers provided positive capital expenditure guidance, leading to an increase in industry valuations. However, from February to April, the industry index experienced significant fluctuations due to concerns over U.S. tariff policies and future demand for optical modules. By mid-April, the easing of tariff policies and validation of AI computing power demand led to a gradual recovery in the industry index and valuations. In late July, North American cloud manufacturers raised their capital expenditure guidance, further catalyzing the industry. Since September, leading manufacturers faced short-term performance fatigue due to product iterations and customer structure adjustments, raising concerns about unclear downstream business models [2]. Outlook for 2026 - A series of AI industry catalytic events are expected, including the mass production of NVIDIA's next-generation Rubin GPU, the release of Google's new large model Gemini, and clear capital expenditure guidance from cloud manufacturers. AI smartphones equipped with large models are anticipated to become personalized smart assistants, potentially driving the next wave of smartphone upgrades. The development of key 6G technologies by telecom operators is expected to accelerate revenue growth from AI computing power. The report is optimistic about the high industry prosperity and strong growth potential of optical modules, optical devices, optical chips, and the increasing penetration of AI smartphones, as well as the stable operations of quality dividend assets in telecom operators [3][4]. Capital Expenditure Outlook for Leading Cloud Manufacturers - The demand for 800G is increasing, and the industry is transitioning from 800G to 1.6T technology. Leading optical module manufacturers are expected to further highlight their advantages due to technological leadership, stable customer relationships, and scalable delivery capabilities. The development of AI is driving the construction of large data centers, benefiting optical device manufacturers. The long R&D and expansion cycles for optical chips create high barriers in technology, talent, customer validation, and capital, leading to a persistent supply-demand gap for certain optical chips. The increasing demand for domestic controllable solutions is expected to translate into performance for domestic computing power. Recommended companies to watch include: NewEase, Huagong Technology, Guangxun Technology, Yuanjie Technology, Shijia Photon, and Taicheng Light [4]. AI Smartphones and Market Trends - Generative AI smartphones are set to provide users with new interactive experiences, multimodal content generation capabilities, personalized services, and innovative application ecosystems. The continuous improvement of edge AI computing power and large model capabilities is expected to further increase the market penetration of AI smartphones. Innovations and upgrades in AI smartphones are likely to lead to higher average selling prices and improved profit margins. The growth in edge AI shipments will drive sustained growth in core product lines of consumer electronics components [5]. Telecom Operators' Performance - The three major telecom operators are considered quality dividend assets with high dividend yield potential, offering cash dividends twice a year. The quality of traditional business revenue is improving, and a decrease in capital expenditure is expected to lower future depreciation and amortization costs, maintaining stable operations. Additionally, telecom operators are likely to leverage their advantages in data centers, big data, and network infrastructure to reconstruct business models with the help of AI. Investment recommendations include focusing on the optical module, optical device, and optical chip sectors, as well as AI smartphone and telecom operator sectors [6].

每经AI快讯，11月25日，光纤概念持续走强，腾景科技盘中创新高，特发信息3连板，长飞光纤、福晶 科技涨停，长芯博创涨超15%，科信技术、昀冢科技、光库科技、炬光科技涨超10%，长光华芯、仕佳 光子、太辰光、永鼎股份、长江通信跟涨。 （文章来源：每日经济新闻） ...

分析师：李璐毅 登记编码：S0730524120001 通信 lily2@ccnew.com 021-50586278 智启新质，算力互联破浪前行 ——通信行业年度策略 证券研究报告-行业年度策略 强于大市(维持) 发布日期：2025 年 11 月 24 日 -11% 3% 16% 30% 44% 58% 72% 85% 2024.11 2025.03 2025.07 2025.11 通信 沪深300 资料来源：中原证券研究所，聚源 相关报告 《通信行业月报：北美云厂商继续上调资本开 支，硅光助力 AI 网络规模化扩展》 2025-11-13 《通信行业月报：三大电信运营商 eSIM 手机 商用试验获批，全球电信设备收入恢复增长》 2025-10-15 《通信行业月报：甲骨文云业务高速增长，光 博会展出 3.2T demo 产品》 2025-09-18 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共62页 通信相对沪深 300 指数表现 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上 ...

Group 1 - The CPO concept stocks in the A-share market experienced a significant decline, with major companies like Cambridge Technology and Kechuan Technology dropping over 8% and 7% respectively [1][2] - Other companies such as Tianfu Communication, Laimu Co., and Xinyi Sheng also saw declines exceeding 6%, indicating a widespread downturn in the sector [1][2] Group 2 - Cambridge Technology (stock code 603083) fell by 8.23%, with a total market capitalization of 35.2 billion and a year-to-date increase of 147.39% [2] - Kechuan Technology (stock code 603052) decreased by 7.42%, with a market cap of 5.5 billion and a year-to-date increase of 15.46% [2] - Tianfu Communication (stock code 300394) saw a decline of 6.88%, with a market cap of 115.9 billion and a year-to-date increase of 130.34% [2] - Laimu Co. (stock code 603633) dropped by 6.76%, with a market cap of 4.18 billion and a year-to-date increase of 20.28% [2] - Xinyi Sheng (stock code 300502) fell by 6.09%, with a market cap of 305.9 billion and a year-to-date increase of 274.32% [2] - Other notable declines include Shijia Photon (-5.86%), Jingwang Electronics (-5.58%), and Changfei Fiber (-5.51%) [2]

Core Viewpoint - The CPO concept sector experienced a significant decline, dropping by 3.4% overall, indicating a bearish trend in this industry [2] Company Performance - Changxin Bochuang saw a notable decrease of 6.61% in its stock price [2] - Fangzheng Technology's stock fell by 6.1%, reflecting negative market sentiment [2] - Changfei Optical Fiber experienced a decline of 5.88%, contributing to the overall downturn in the sector [2] - Cambridge Technology, Tianfu Communication, and Shijia Photonics all reported declines exceeding 4%, further highlighting the struggles within the CPO concept sector [2]

Core Viewpoint - The company emphasizes its commitment to market demand and is focused on global market development opportunities and business expansion [1] Group 1 - The company has established a certain customer base and cooperation experience in international markets [1] - The company plans to actively assess different market business models while steadily advancing customer connections and channel expansion in relevant regions under the existing international business framework [1] - The company will conduct careful research on channel construction and business cooperation in specific regions, aligning with its product strategy and market feasibility [1]

Core Viewpoint - The stock of Shijia Photon has shown significant volatility, with a year-to-date increase of 401.87%, but a recent decline of 3.13% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1] Company Overview - Shijia Photon, established on October 26, 2010, and listed on August 12, 2020, is located in Hebi City, Henan Province. The company specializes in optical chips and devices, indoor optical cables, and cable materials [2] - The main revenue sources are optical chips and devices (70.52%), indoor optical cables (15.11%), and polymer materials for cables (12.66%) [2] - The company operates within the communication equipment sector, focusing on communication network devices and components, and is involved in various concepts such as financing, data centers, and LiDAR [2] Financial Performance - For the period from January to September 2025, Shijia Photon reported a revenue of 1.56 billion yuan, representing a year-on-year growth of 113.96%. The net profit attributable to shareholders reached 300 million yuan, a staggering increase of 727.74% [2] - The company has distributed a total of 77.34 million yuan in dividends since its A-share listing, with 49.81 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 44,300, a rise of 78.43%. The average number of circulating shares per person decreased by 43.96% to 10,351 shares [2] - New institutional shareholders include Yongying Technology and China Aviation Opportunity, while Hong Kong Central Clearing Limited reduced its holdings by 8.26 million shares [3]