金股组合 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 中原证券研究所月度金股组合（2025 年 12 月） —2025 年 12 月 1 日-12 月 31 日 证券研究报告-金股组合 发布日期：2025 年 11 月 30 日 一、11 月市场回顾：2025 年 11 月，A 股市场经历了一段明显的 调整期。11 月 A 股经历阶段性回调、风格再平衡，高估值成长显 著调整，价值与红利相对抗跌。宏观层面，11 月公布的经济数据 显示，投资与消费修复势头仍显乏力，出口在高基数和假期效应 下有所回落。积极方面在于，CPI 同比增速转正，PPI 同比降幅连 续收窄，显示价格端呈现温和复苏迹象；同时，出口结构优化高 技术产品出口韧性较强。政策层面，央行发布的《第三季度货币 政策执行报告》明确要"保持社会融资条件相对宽松"，做好逆 周期和跨周期调节，为"稳增长"提供支持。同时，工信部等六 部门联合发布《关于增强消费品供需适配性进一步促进消费的实 施方案》、国务院办公厅等部门相继出台了《关于加快场景培育 和开放推动新场景大规模应用的实施意见》和《关于 ...

证券代码：688313 证券简称：仕佳光子 公告编号：2025-053 河南仕佳光子科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易事项的进展公告 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、准确性和完整性依法承担法律责任。 四、风险提示 三、本次交易的后续工作安排 截至本公告日，公司正与交易各方积极沟通交易方案，有序推进本次交易 相关工作。本次交易相关的尽调、审计、评估等工作正在持续有序推进中。 公司后续将根据本次交易的进展情况，严格按照《上市公司重大资产重组 管理办法》《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》 等法律法规和规范性文件的有关规定，及时履行信息披露义务。 2025 年 8 月 9 日、2025 年 9 月 6 日、2025 年 10 月 1 日、2025 年 11 月 1 日， 公司分别披露了《关于发行股份及支付现金购买资产并募集配套资金暨关联交 易事项的进展公告》（公告编号：2025-039、2025-040、2025-041、2025-049）， 本次交易相关工作正在持续有序推进中， ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The high-end optical chip market is experiencing a supply shortage, accelerating domestic substitution [1] - The demand for optical chips is driven by the rapid development of AI and the need for high-speed communication networks [4][45] - The Chinese government is actively supporting the optical chip industry through various policies and initiatives [42] Summary by Sections 1. Scaling Law and AI Impact - The Scaling Law demonstrates a positive correlation between model performance and the scale of models, data, and computational resources [10] - North American cloud providers are increasing capital expenditures significantly, with a 76.9% year-on-year growth in Q3 2025 [13] - Chinese cloud providers are also ramping up investments in AI infrastructure, with a 32.2% increase in capital expenditures [14] 2. Optical Chips as Core Components - Optical chips are critical for modern high-speed communication networks, directly influencing transmission efficiency [27][30] - The optical chip market is expected to grow at a CAGR of 17% from 2025 to 2030, with total sales projected to rise from approximately $3.5 billion in 2024 to over $11 billion by 2030 [46] - The demand for high-speed optical chips is increasing due to the transition from 800G to 1.6T modules, necessitating advanced chip technologies [4][41] 3. Domestic Market Dynamics - The domestic optical chip industry is transitioning from low-end to high-end production, supported by government policies [42] - The AI data center market is becoming a core growth driver for the optical chip industry, with significant investments in high-speed optical modules [45] - The telecommunications market is also evolving, with increasing demand for high-speed, integrated, and intelligent communication networks [51] 4. Investment Recommendations - The report suggests focusing on companies like Yuanjie Technology and Shijia Photon, which are well-positioned to benefit from the growing optical chip market [5]

证券日报网讯仕佳光子11月26日在互动平台回答投资者提问时表示，截至2025年9月30日，公司普通股 股东总数为44，323户。 ...

Market Overview - The total trading volume in the market reached 1.14 trillion yuan, slightly lower than the same period the previous day, with over 2800 stocks rising [2] - The communication sector saw significant gains, particularly in optical modules, optical communication, and optical chips, while sectors like defense, banking, and media experienced pullbacks [2] Sector Performance - The top performing indices included: - Optical Modules (CPO) up 6.52% - Optical Chips up 4.80% - Optical Communication up 4.33% - Consumer Electronics Manufacturing up 2.86% [3] - In the Hong Kong market, major indices remained positive, with Meituan leading the Hang Seng Index with a rise of 5.85% [3] Notable Stocks - Long光华芯 (SH:688048) reached a price of 107.15 yuan, up 20.00%, with a trading volume of 27.52 billion yuan [6] - 中际旭创 (300308) hit a new high of 549.88 yuan per share, with a market capitalization exceeding 600 billion yuan [7] - Other notable gainers included 新易盛 (300502) and 剑桥科技 (603083), with increases of 10.44% and 7.54% respectively [7] Company News - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue growing for nine consecutive quarters [9] - In the consumer electronics sector, new product launches from Huawei and Alibaba are expected to drive market momentum [12]

Core Insights - The A-share market has seen strong performance in the communication equipment sector, with several stocks hitting their daily limit up [1] Group 1: Stock Performance - Dekoli (得料) reached a 20% increase, hitting the daily limit up, with a total market capitalization of 22.6 billion [2] - Guangku Technology (光库科技) also approached a 20% increase, with a market cap of 36.6 billion [2] - Changxin Bochuang (长芯博创) rose over 14%, with a market cap of 36 billion [2] - Kexin Technology (科信技术) and Shijia Photon (仕佳光子) both increased by over 10%, with market caps of 3.204 billion and 34.9 billion respectively [2] - Other notable performers include Ruisi Kanda (瑞斯康达) and Yongding Co. (永鼎股份), both achieving around 10% increase [2] Group 2: Year-to-Date Performance - Dekoli has shown a year-to-date increase of 104.7% [2] - Guangku Technology has a remarkable year-to-date increase of 202.57% [2] - Changxin Bochuang has increased by 166.85% year-to-date [2] - Kexin Technology has a modest year-to-date increase of 7.01% [2] - Shijia Photon has an impressive year-to-date increase of 364.64% [2]

Core Viewpoint - The CPO concept stocks have shown strong performance, with the sector index rising over 10% as of November 25 [1]. Group 1: Stock Performance - Dekoli, Changguang Huaxin, and Guangku Technology all reached a 20% limit up [3]. - Other stocks such as Changxin Bochuang, Liante Technology, and Taicheng Light have increased by over 10% [3]. - The current prices and performance of key stocks are as follows: - Dekoli: 142.56, +20.00% - Changguang Huaxin: 89.29, +20.00% - Guangku Technology: 147.00, +20.00% - Changxin Bochuang: 126.87, +17.45% - Shijia Photon: 78.16, +13.37% - Taicheng Light: 99.38, +11.81% - Liante Technology: 125.40, +11.59% - Yuanjie Technology: 573.07, +9.99% - Dongshan Precision: 70.07, +8.89% [4]. Group 2: Market Indices - The Shanghai Composite Index is at 3878.60, up 1.09% [5]. - The Shenzhen Component Index is at 12831.01, up 1.95% [5]. - The ChiNext Index is at 3006.27, up 2.64% [5].

Core Viewpoint - The optical communication sector is experiencing significant growth, with multiple companies reaching historical highs in stock prices, driven by strong market momentum and investor interest [2]. Group 1: Market Performance - The optical communication concept has seen an expanded upward trend, with Google Chain leading the gains [2]. - Guokong Technology has reached a 20% limit up, while Tengjing Technology has increased by over 15%, both achieving historical highs [2]. - Other companies such as Dekoli, Changguang Huaxin, Changfei Optical Fiber, and Fuzhijing Technology have also hit the limit up, indicating a broad rally in the sector [2]. Group 2: Notable Companies - Companies like Changxin Bochuang, Shijia Guangzi, Juguang Technology, and Taicheng Light have all seen stock increases of over 10%, reflecting strong investor sentiment in the optical communication industry [2].

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].

Group 1 - The optical fiber sector is experiencing a strong upward trend, with multiple companies reaching new highs and significant price increases [1] - Tengjing Technology hit a new high during the trading session, while TeFa Information achieved three consecutive trading limit increases [1] - Changfei Optical Fiber and Fuzhijing Technology reached the daily limit, and Changxin Bochuang saw an increase of over 15% [1] Group 2 - Companies such as Kexin Technology, Yunzuka Technology, Guangku Technology, and Juguang Technology all experienced price increases of over 10% [1] - Other companies including Changguang Huaxin, Shijia Photon, Taicheng Light, Yongding Co., Changjiang Communication also showed positive price movements [1]