Core Viewpoint - The CPO concept stocks in the A-share market experienced a significant decline, indicating a bearish trend in this sector [1] Group 1: Stock Performance - Huamao Technology fell over 6% [1] - Dekeli and Shijia Photon dropped over 5% [1] - Cambridge Technology, Zhongji Xuchuang, Zhongfu Circuit, Kecuan Technology, and Huilv Ecology all decreased by more than 4% [1] - Changxin Bochuang, Guangku Technology, Tianfu Tongxin, Jingwang Electronics, Luobotek, Xinyi Sheng, and Juguang Technology saw declines of over 3% [1]

Core Insights - The overall performance of companies listed on the Sci-Tech Innovation Board (STAR Market) has shown a strong rebound in the first three quarters, with a significant year-on-year net profit growth of 75% in Q3 [2] - The focus on "hard technology" has led to increased R&D investments, particularly in key industries such as integrated circuits, artificial intelligence, and biomedicine, contributing to the foundation for high-level technological self-reliance [2] Performance Overview - In the first three quarters, STAR Market companies achieved a total revenue of 1.11 trillion yuan, a year-on-year increase of 7.9%, and a net profit of 49.268 billion yuan, up 8.9% [2] - Excluding four leading photovoltaic companies, overall revenue and net profit growth rates were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2] - Over 70% of companies reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [2] Industry Highlights - The STAR Market's top enterprises and growth-oriented companies complement each other well, with the Sci-Tech 50 Index companies accounting for 46% of revenue and 50% of net profit [3] - The Sci-Tech 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively, becoming the "vanguard" of performance growth [3] R&D Investment - Total R&D investment by STAR Market companies reached 119.745 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-share sectors [4] - The biomedicine sector saw revenue growth of 11% and net profit growth of 48%, driven by the rapid commercialization of innovative drugs [4] - Nine first-class new drugs were approved for market entry during the reporting period, with significant international business development transactions totaling over 13 billion USD [4] Growth of Emerging Companies - 35 unprofitable companies in the Sci-Tech Growth Layer reported a revenue increase of 39% and a significant reduction in net losses by 65% [5] - These companies are focusing on R&D with a median R&D intensity of 44.3%, indicating a promising development trend [5] Competitive Advantages in Key Industries - The integrated circuit industry, crucial for technological self-reliance, saw 121 related companies achieve a revenue growth of 25% and a net profit growth of 67% [6] - Major players like SMIC and Huahong Semiconductor maintained high capacity utilization rates, with record sales revenue [6] - The AI industry has emerged as a new growth pillar, with significant revenue increases across the supply chain, particularly in computing and data transmission sectors [7] Renewable Energy Sector - In the photovoltaic sector, 17 related companies significantly reduced their net losses by 28% [7] - The lithium battery industry experienced a revenue growth of 7% and a net profit of 1.02 billion yuan, marking a return to profitability [7]

Group 1 - The core point of the news is that Shijia Photon experienced a decline of 5.64% in its stock price, reaching 79.84 CNY per share, with a trading volume of 1.371 billion CNY and a turnover rate of 3.59%, resulting in a total market capitalization of 36.631 billion CNY [1] - 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, with its main products including PLC splitter chips, AWG chips, DFB laser chips, optical fiber connectors, indoor optical cables, and cable materials [1] - The revenue composition of Shijia Photon is as follows: optical chips and devices account for 70.52%, indoor optical cables for 15.11%, cable polymer materials for 12.66%, and other supplementary products for 1.72% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Wanjia Fund has a significant position in Shijia Photon. The Wanjia Shanghai Stock Exchange Sci-Tech Innovation Board Growth ETF (588070) held 36,700 shares in the third quarter, representing 3.56% of the fund's net value, making it the eighth largest holding [2] - The Wanjia Shanghai Stock Exchange Sci-Tech Innovation Board Growth ETF (588070) was established on November 6, 2024, with a latest scale of 735.416 million CNY. Year-to-date, it has achieved a return of 70.22%, ranking 144 out of 4,216 in its category; over the past year, it has returned 61.76%, ranking 83 out of 3,951; and since inception, it has returned 61.13% [2]

Core Points - The company has announced a change in its signing registered accountant for the 2025 audit, with Du Wuming replacing Huang Zhibin due to the latter's work adjustment [1][2] - The company has confirmed that the transition of responsibilities has been orderly and will not negatively impact the 2025 financial report audit and internal control audit [3] Summary by Sections Change of Signing Registered Accountant - The company has appointed Du Wuming as the new signing registered accountant for the 2025 audit, alongside Party Xiaomin, replacing Huang Zhibin [1][2] - Du Wuming has been a registered accountant since 2017 and has been involved in auditing listed companies since 2015, with two audit reports signed in the last three years [2] Impact on the Company - The change in signing registered accountant is expected to have no adverse effects on the company's 2025 financial report audit and internal control audit [3]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 58.897 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 3.887 billion yuan [1] - A total of 232 stocks saw net inflows, while 360 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 188 stocks rose while 396 stocks fell [1] - The stocks with the highest net inflows included Shengyi Electronics with 237 million yuan, followed by Shijia Photon and BeiGene-U with 188 million yuan and 178 million yuan respectively [1] Continuous Fund Flow Analysis - There are 49 stocks with continuous net inflows for more than three trading days, with Hangzhou Kelin leading at 11 consecutive days [2] - 137 stocks have seen continuous net outflows, with Aerospace Hongtu experiencing the longest streak at 13 days [2] Top Net Inflow Stocks - The top stocks by net inflow include: - Shengyi Electronics: 236.96 million yuan, 13.68% inflow rate, 2.06% increase [2] - Shijia Photon: 187.59 million yuan, 5.69% inflow rate, 2.19% increase [2] - BeiGene-U: 177.93 million yuan, 9.92% inflow rate, 5.62% increase [2] Notable Outflow Stocks - The stocks with the highest net outflows include: - Trina Solar: 444.5 million yuan, 6.43% decrease [1] - Western Superconducting: 333 million yuan [1] - Lanke Technology: 291 million yuan [1]

证券代码：688313 证券简称：仕佳光子 公告编号：2025-052 河南仕佳光子科技股份有限公司 关于变更签字注册会计师的公告 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、准确性和完整性依法承担法律责任。 河南仕佳光子科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 18 日、 2025 年 5 月 12 日召开第四届董事会第五次会议、2024 年年度股东大会， 审议通过了《关于续聘会计师事务所的议案》，同意续聘致同会计师事务所（特 殊普通合伙）（以下简称"致同所"）作为公司 2025 年度财务报告及内部控制审 计 机 构 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 19 日 在 上 海 证 券 交 易 所 （www.sse.com.cn）披露的《关于续聘会计师事务所的公告》（公告编号 2025- 015）。 特此公告。 河南仕佳光子科技股份有限公司董事会 2025 年 11 月 13 日 致同所作为公司 2025 年度财务报告及内部控制的审计机构，原委派黄志斌 和党小民作为签字注册会计师。鉴于原签字注册会计师黄志 ...

Group 1 - The A-share market saw a surge in CPO concept stocks towards the end of trading, indicating increased investor interest in this sector [1] - Dekoli experienced a rise of over 12%, while Zhongji Xuchuang increased by more than 4%, reflecting strong performance among key players in the CPO sector [1] - Other companies such as Zhongfu Electric, Shijia Photon, and Xinyisheng also showed upward movement, contributing to the overall positive trend in CPO stocks [1]

Core Viewpoint - The article discusses the upcoming "2025 Heterogeneous Integration Frontier Forum" organized by the Yongjiang Laboratory in collaboration with TrendBank and the Ningbo Electronic Industry Association, focusing on advancements and challenges in heterogeneous integration technology within the semiconductor industry [2][22]. Event Details - The forum will take place from November 17 to 19, 2025, at the Pan Pacific Hotel in Ningbo, Zhejiang, with an expected attendance of 300 to 500 participants [22]. - The event aims to facilitate discussions among industry experts, academic institutions, and investment organizations regarding the current state and future trends of advanced packaging technologies [2][22]. Agenda Highlights - The forum will feature keynote speeches, technical presentations, and parallel sessions covering various topics such as micro-nano manufacturing technologies, advanced packaging trends, and the development of optical chips [4][6][10][12]. - Notable speakers include experts from leading institutions and companies, discussing topics like 2.5D/3D advanced packaging, silicon photonic integration, and Micro LED technology [6][10][12][15]. Registration Information - Registration fees are set at RMB 2500 per person, with early bird discounts available for those who register before October 31, 2025 [22]. - Special rates are offered for students, allowing them to attend for RMB 1500 [22]. Participant List - The article lists several companies and their representatives who have registered for the event, including Huawei, Longxin Storage, and various semiconductor technology firms [23][24].

Summary of the Conference Call for Shijia Photonics Company Overview - **Company**: Shijia Photonics - **Industry**: Data Communication and Optical Components Key Points and Arguments 1. **Financial Performance**: Shijia Photonics successfully transformed into the data communication market, achieving profitability with a quarterly profit of 20 million yuan. The total profit for the first three quarters of 2025 reached 306 million yuan, although the growth rate in Q3 showed a decline compared to Q2. A recovery is expected in Q4 [2][4][10] 2. **AWG Business**: The Arrayed Waveguide Grating (AWG) business benefits from the demand for wavelength division multiplexing in data center optical modules, particularly excelling in the FR solution. The penetration rate is continuously increasing, with Shijia Photonics having achieved mass production of 1.6T AWG products, capturing approximately 50% of the domestic market [2][6][11] 3. **NPO Business**: The NPO (High-Density Wiring) business focuses on interconnections between data center switches. Following the acquisition of Foxmar, Shijia Photonics aims to enhance gross margins and accelerate overseas growth. The company is expected to improve its competitive position in the NPO market [2][7][11] 4. **CW Light Source Business**: The Continuous Wave (CW) light source business is projected to achieve significant breakthroughs by 2026. The global supply-demand gap for CW light sources is widening, providing opportunities for Shijia Photonics to increase its market share. The company has accumulated technology and sufficient MOCVD equipment to handle a large volume of orders [2][8][9][11] 5. **Growth Potential**: All three core business lines (AWG, NPO, CW light source) exhibit high growth potential, with a conservative estimate of net profit exceeding 1 billion yuan next year. These segments not only support current performance but also prepare for new demands in CPU scenarios [3][10] Additional Important Insights 1. **Market Dynamics**: The AWG business is expected to grow faster than the overall 800G market due to increasing downstream demand and higher silicon photonics penetration [11] 2. **Strategic Acquisitions**: The acquisition of Foxmar is anticipated to enhance Shijia Photonics' gross margins and facilitate overseas expansion, addressing the competitive landscape in the NPO sector [7][11] 3. **Technological Advancements**: Shijia Photonics has made significant technological advancements in CW light sources, positioning itself to capitalize on the growing global demand and supply gap [8][9][11]

Company Performance - The stock price of Shijia Photon reached a historical high, increasing by 15.82% to 89.56 yuan, with a trading volume of 13.81 million shares and a transaction amount of 1.19 billion yuan [2] - For the first three quarters, the company achieved a revenue of 1.56 billion yuan, representing a year-on-year growth of 113.96%, and a net profit of 300 million yuan, with a year-on-year increase of 727.74% [2] - The basic earnings per share were 0.6631 yuan, and the weighted average return on equity was 22.34% [2] Industry Overview - The overall communication industry saw a rise of 0.99%, with 78 stocks increasing in price, including Shijia Photon, which had the highest increase [2] - Other notable gainers in the industry included Online and Offline and Weisheng Information, with increases of 12.50% and 6.13% respectively [2] - Conversely, 44 stocks in the industry experienced declines, with the largest drop being 3.83% for Zhongfutong [2] Margin Trading Data - As of November 10, the margin trading balance for Shijia Photon was 1.10 billion yuan, with a financing balance of 1.10 billion yuan [2] - Over the past 10 days, the margin trading balance decreased by 66.60 million yuan, reflecting a decline of 5.72% [2]