算力硬件、光模块方向震荡上扬，天孚通信涨超10%，新易盛涨超4%，仕佳光子、剑桥科技、太辰光 跟涨。 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300502 | 新易盛 | 每 | 6.01 | 3846亿 | 370.59 | | 300394 | 天孚通信 | 的 | 4.31 | 1314亿 | 161.08 | | 300548 | 长芯博创 | 彩 | 3.78 | 355亿 | 163.03 | | 688313 | 仕佳光子 | 家 | 3.06 | 364Z | 384.99 | | 603083 | 剑桥科技 | | 2.93 | 388亿 | 172.34 | | 002725 | 跃岭股份 | | 2.39 | 38.43亿 | 39.89 | | 300308 | 中际旭创 | � | 1.69 | 6124亿 | 348.49 | | 600105 | 永鼎股份 | | 1.44 | 236 Z | 228.58 | | 300757 | 罗博特 | 第 | 1.38 | 338亿 | -10.51 | | 301205 | 联特科技 | 策 | 1.33 | 158亿 ...

格隆汇12月3日｜A股市场CPO概念股普涨，其中，新易盛涨6%，天孚通信涨超4%，长芯博创、仕佳光 子涨超3%，剑桥科技、跃岭股份涨超2%。 ...

（原标题：传统产业焕新 新兴产业起势 未来产业谋篇一曲"三重奏"澎湃新中原｜从资本市场看地方高质量发展·河南篇） 黄河汤汤，奔腾万里；中原沃野，生机勃发。 在这片底蕴深厚的土地上，"河南制造"正书写着新的篇章。从填补国内空白的100马力无人驾驶拖拉机，到问鼎世界的全球首台25兆瓦级风电主轴 轴承、全球最高10米液压支架、全球最大直径硬岩隧道掘进机……大国重器持续"上新"，不仅刷新了行业技术纪录，更全方位展现了河南制造业 向高端化、智能化、绿色化迈进的坚实步伐与创新底气。 制造的强音筑就基石，资本的活水汇流成势。资本市场上，从2020年末的87家，到如今的112家，"十四五"时期，河南地区A股上市公司数量实现 快速扩容，仅北交所上市企业就有13家，总数居中部六省首位，总市值约1.8万亿元。 中信重工的转型，延续"重型装备"基因、拓展"智能赛道"。"中信重工前身——洛阳矿山机器厂，是我国第一个五年计划期间兴建的156项重点工 程之一。"中信重工党委副书记、总经理张志勇说，"中信重工已成功从传统的重型装备制造企业，转型为涵盖矿山及重型装备、机器人及智能装 备、新能源装备及特种材料的产业巨擘。" 紧抓数字化转型，中信 ...

面对当下AI算力驱动光模块需求增长的机遇，仕佳光子正主动以市场需求为导向，深化产业布局，助 力河南省实现"建设光子集成芯片产业基地"的战略目标。 2020年登陆科创板的仕佳光子，近年来依托资本市场平台，不断围绕公司核心业务进行战略布局，在强 化自身在半导体与光电信息产业领域地位的同时，协同地方政府及社会资本，进一步助力区域光电子产 业的可持续发展。 资本助力企业强链补链 高强度的研发投入推动技术成果持续落地，截至2025年上半年，公司累计拥有各类知识产权278项，其 中发明专利56项，彰显了资本对技术创新的助推作用。 带动区域发展成效凸显 刚刚披露的2025年三季报中，仕佳光子再创佳绩。2025年第三季度实现营业收入5.68亿元，同比增长 102.50%；净利润0.83亿元，同比增长达242.52%。 近年来，该公司实现了经营业绩的持续增长。 2024年仕佳光子实现营收10.74亿元，同比增长42.40%；净利润0.65亿元，同比增长236.57%。2025年上 半年，该公司实现营收9.93亿元，同比增长121.12%；净利润2.17亿元，同比大幅增长1712.00%。 业绩不断上行的背后，是仕佳光子通过技术 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

12月1日，仕佳光子涨5.05%，截至发稿，报80.05元/股，成交6.97亿元，换手率1.92%，总市值367.27亿 元。 资料显示，河南仕佳光子科技股份有限公司位于河南省鹤壁市淇滨区延河路201号，成立日期2010年10 月26日，上市日期2020年8月12日，公司主营业务涉及光芯片及器件、室内光缆、线缆材料三大板块,主 要产品包括PLC分路器芯片系列产品、AWG芯片系列产品、DFB激光器芯片系列产品、光纤连接器、 室内光缆、线缆材料等。主营业务收入构成为：光芯片与器件70.52%，室内光缆15.11%，线缆高分子 材料12.66%，其他(补充)1.72%。 从基金十大重仓股角度 平安国证2000ETF（159521）成立日期2023年8月25日，最新规模2270.24万。今年以来收益27.54%，同 类排名1612/4206；近一年收益27.34%，同类排名1565/4008；成立以来收益22.31%。 平安国证2000ETF（159521）基金经理为李严。 数据显示，平安基金旗下1只基金重仓仕佳光子。平安国证2000ETF（159521）三季度持有股数1300 股，占基金净值比例为0.41%，位居第 ...

Group 1 - The A-share market experienced a significant adjustment in November 2025, with high valuation growth stocks undergoing notable corrections while value and dividend stocks showed relative resilience [2][17] - Economic data for November indicated a weak recovery in investment and consumption, with exports declining due to high base effects and holiday impacts. However, CPI growth turned positive, and PPI declines narrowed, suggesting a mild recovery in prices [2][17] - The central bank's report emphasized maintaining relatively loose social financing conditions to support "steady growth," alongside various policies aimed at stimulating domestic demand and private investment [2][17] Group 2 - For December 2025, a balanced investment strategy is recommended, focusing on high-dividend defensive assets like banks and power companies due to cautious investor sentiment, while also gradually positioning in high-growth sectors like TMT and industrial machinery as valuations have returned to reasonable levels [3][18] - The recommended stocks for December 2025 include: 002850.SZ Keda Li, 300037.SZ Xinzhou Bang, 601058.SH Sailun Tire, 603755.SH Richen Co., 300442.SZ Runze Technology, 002046.SZ Guoji Precision, 002714.SZ Muyuan Foods, 688041.SH Haiguang Information, 688498.SH Yuanjie Technology, and 688313.SH Shijia Photon [4][22] Group 3 - The monthly gold stock portfolio for November 2025 yielded a return of -2.16%, outperforming the CSI 300 index by 0.21 percentage points and the ChiNext index by 1.82 percentage points [6][9] - The cumulative return of the monthly gold stock portfolio as of November 28, 2025, was 42.86%, surpassing the CSI 300 index by 27.73 percentage points, while slightly underperforming the ChiNext index by 0.01 percentage points [13]

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]