Core Viewpoint - The company, Shijia Photon (688313.SH), has approved a proposal to utilize idle funds for cash management, ensuring that it does not affect its main business operations and maintains risk control [1] Group 1 - The company will use up to 400 million yuan of temporarily idle self-owned funds for cash management [1] - The cash management will involve purchasing low-risk financial products with high safety and liquidity, including but not limited to structured deposits, agreement deposits, notice deposits, time deposits, large-denomination certificates of deposit, and income certificates [1] - The approval for this cash management strategy is valid for 12 months from the date of the board's resolution [1]

仕佳光子公告，2025年上半年营业收入9.93亿元，同比增长121.12%。净利润2.17亿元，同比增长 1,712.00%。 ...

截至7月29日收盘，F5G概念上涨2.43%，位居概念板块涨幅第5，板块内，27股上涨，新亚电子涨停， 德科立、仕佳光子、长芯博创等涨幅居前，分别上涨15.66%、10.00%、9.80%。跌幅居前的有华脉科 技、梅安森、兆驰股份等，分别下跌1.31%、0.89%、0.43%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 000801 | 四川九 洲 | 4.39 | 6.13 | 14921.02 | 15.09 | | 605277 | 新亚电 子 | 10.02 | 8.86 | 14335.57 | 17.97 | | 688313 | 仕佳光 子 | 10.00 | 8.58 | 13407.91 | 5.45 | | 300548 | 长芯博 创 | 9.80 | 12.03 | 11992.35 | 4.10 | | 603083 | 剑桥科 技 | 3.17 | 12.04 | 11591.12 | ...

沪指7月29日上涨0.33%，申万所属行业中，今日上涨的有16个，涨幅居前的行业为通信、钢铁，涨幅 分别为3.29%、2.59%。通信行业位居今日涨幅榜首位。跌幅居前的行业为农林牧渔、银行，跌幅分别 为1.36%、1.19%。 资金面上看，两市主力资金全天净流出356.37亿元，今日有4个行业主力资金净流入，医药生物行业主 力资金净流入规模居首，该行业今日上涨2.06%，全天净流入资金29.96亿元，其次是钢铁行业，日涨幅 为2.59%，净流入资金为4.19亿元。 通信行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002281 | 光迅科技 | -0.34 | 10.54 | -52521.68 | | 002017 | 东信和平 | -0.59 | 26.51 | -39227.04 | | 600105 | 永鼎股份 | -1.37 | 7.00 | -10982.25 | | 603881 | 数据港 | -2.23 | 3.84 | -10158.46 | | 00304 ...

| 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | --- | --- | --- | --- | | 688041 | 海光信息 | 16561.61 | 4.14 | 2.19 | 3.18 | | 688220 | 翱捷科技 | 16066.92 | 10.50 | 6.40 | 4.97 | | 688222 | 成都先导 | 15713.53 | 16.19 | 4.13 | 10.29 | | 688520 | 神州细胞 | 13440.92 | 19.31 | 2.82 | 2.03 | | 688313 | 仕佳光子 | 13407.91 | 5.45 | 10.00 | 8.58 | | 688775 | 影石创新 | 12203.96 | 10.79 | 6.24 | 21.21 | | 688318 | 财富趋势 | 12156.31 | 10.49 | 4.50 | 3.61 | | 688777 | 中控技术 | 10207.85 | 12.36 | 1.61 | 2.17 | | 688321 ...

Core Viewpoint - The communication equipment sector experienced a significant increase of 4.44% on July 29, with Dekoli leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3609.71, up 0.33% [1] - The Shenzhen Component Index closed at 11289.41, up 0.64% [1] Group 2: Individual Stock Performance - Dekoli (688205) closed at 64.48, with a rise of 15.66% and a trading volume of 238,500 shares, totaling a transaction value of 1.486 billion [1] - Tianfu Communication (300394) closed at 101.08, increasing by 13.83% with a trading volume of 685,000 shares, totaling 661.2 million [1] - Zhongguang Fanglei (300414) closed at 16.03, up 11.40% with a trading volume of 874,900 shares, totaling 1.408 billion [1] - Daijia Photon (688313) closed at 66.88, increasing by 10.00% with a trading volume of 393,800 shares, totaling 2.460 billion [1] - Changxin Bochuang (300548) closed at 92.34, up 9.80% with a trading volume of 323,500 shares, totaling 2.922 billion [1] - Zhongji Xuchuang (300308) closed at 209.93, increasing by 9.41% with a trading volume of 584,400 shares, totaling 12.1 billion [1] - Changfei Fiber (601869) closed at 44.20, up 9.41% with a trading volume of 200,900 shares, totaling 850 million [1] - Xinyi Sheng (300502) closed at 193.39, increasing by 8.77% with a trading volume of 775,900 shares, totaling 14.504 billion [1] - Dingtong Technology (688668) closed at 88.70, up 8.57% with a trading volume of 108,100 shares, totaling 929 million [1] - Feiling Kone (301191) closed at 92.94, increasing by 8.08% with a trading volume of 74,400 shares, totaling 669 million [1] Group 3: Capital Flow - The communication equipment sector saw a net inflow of 664 million from main funds, while retail funds experienced a net inflow of 475 million [1] - The sector faced a net outflow of 1.139 billion from speculative funds [1]

Investment Rating - The industry investment rating is "Overweight" as the report anticipates that the interconnection bandwidth demand will experience rapid growth due to the "multiplier effect" [4][90]. Core Insights - The report identifies four major trends in the AI computing interconnection sector: 1. Computing hardware demand is shifting from being anchored to cloud vendors' CapEx to being anchored to the number of tokens processed. 2. The landscape of computing chips is evolving from reliance on GPUs to a coexistence of GPUs and ASICs. 3. Technological iterations are transitioning from product-level upgrades (like optical modules, PCBs, switches, and network cards) to overall upgrades at the network architecture level. 4. The focus of network interconnection upgrades is expanding from Scale Out to Scale Up, enhancing both types of networks and increasing single-chip bandwidth [5][81][85]. Summary by Sections Section 1: Market Trends - The demand for computing power is increasingly linked to the number of tokens processed rather than just cloud vendor capital expenditures [5][81]. - The growth of AI models has led to a significant increase in the demand for high-bandwidth, low-latency interconnections, particularly in the context of large-scale AI training [21][25]. Section 2: Product Innovations - New products like Sora and GB200 are driving demand for multimodal inference, with Sora requiring significantly more inference computing power compared to previous models [27][35]. - The report highlights that the performance of new interconnection technologies, such as GB200, is substantially superior to older models, enhancing overall computational efficiency [75][76]. Section 3: Capital Expenditure Trends - Capital expenditures from major cloud service providers (CSPs) are expected to continue increasing, with a notable shift towards AI computing capabilities [35][37]. - The report estimates that the ratio of NVIDIA's data center revenue from cloud vendors to the capital expenditures of five major cloud vendors has increased from 5% in Q1 2023 to approximately 30% by the second half of 2024 [37][38]. Section 4: Investment Opportunities - The report suggests that various interconnection methods, including optical, copper, and PCB connections, are likely to benefit from the anticipated growth in interconnection demand. Key companies identified include: - Optical interconnection: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yuanjie Technology, Changguang Huaxin, Changxin Bochuang, Shijia Photon, Zhizhi Technology, Taicheng Light. - Copper interconnection: Zhaolong Interconnection, Zhongji Xuchuang, Hongteng Precision. - PCB: Shenghong Technology, Jingwang Electronics, Hudian Co., Shengyi Technology [4][90].

7月17日，记者获悉，省政府办公厅近日印发《河南省支持上市公司并购重组若干政策措施》（以下简 称《措施》），围绕河南省"7+28+N"产业链群，充分发挥并购重组资源配置功能，服务做优传统产 业、培育壮大新兴产业和未来产业。 《措施》从七个方面提出具体举措，鼓励上市公司通过并购重组转型升级、开辟第二增长曲线，促进科 技创新和产业创新融合，引导更多资源向人工智能、低空经济、生物医药、新材料、高端装备等新质生 产力方向集聚。 "从长远来看，并购重组是推动企业转型升级、实现经济可持续发展的重要手段。河南省出台专门支持 政策，能够引导上市公司通过并购重组实现高质量发展，进而带动整个区域经济向更高质量、更具创新 能力的方向迈进，符合河南省经济转型的战略目标。"中国商业经济学会副会长宋向清说。 记者了解到，自2024年新"国九条"和"并购六条"等政策相继出台以来，我省支持引导省内上市公司并购 重组的政策力度不断加大。今年以来，河南A股上市公司并购重组共12起，涉及金额300多亿元，其中 重大资产重组3起。 在产业整合方面，焦作万方拟收购三门峡铝业公司，向上游拓展，形成"氧化铝—电解铝—铝加工"的完 整铝基材料产业链；平煤股 ...

Investment Rating - The report maintains a "Recommend" rating for the communication industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [36]. Core Insights - The optical module industry has shown unexpected growth in the first half of 2025, with major companies reporting over 50% year-on-year profit increases, driven by the demand for 800G products [22][26]. - NVIDIA's H20 chip is set to re-enter the Chinese market, which is expected to enhance the domestic computing power supply chain and benefit related sectors such as IDC [19][17]. - The communication sector has outperformed the broader market indices, with a 7.56% increase in the past week, and a 17.82% increase year-to-date, significantly surpassing the performance of the CSI 300 index [9][10]. Summary by Sections Industry Overview - The communication industry consists of 123 listed companies with a total market capitalization of approximately 492.49 billion yuan [3]. - The sector's performance has been strong, with a year-to-date increase of 17.82%, outperforming the CSI 300 index by 14.67 percentage points [9]. Market Performance - The communication sector's absolute performance over the last month, six months, and twelve months stands at 8.7%, 18.6%, and 30.5%, respectively [4]. - The sector's PE-TTM is reported at 35.94, compared to 13.39 for the CSI 300 index [9]. Key Companies and Recommendations - Key recommendations include China Mobile, China Telecom, and China Unicom for operators; for optical modules, NewEase, Tianfu Communication, and Zhongji Xuchuang are highlighted [30]. - The report suggests monitoring companies like Aofei Data, Guanghuan New Network, and Runze Technology in the IDC sector due to the anticipated benefits from the H20 chip's market re-entry [19][30]. Optical Module Market - Major optical module suppliers in China have reported significant profit growth, with NewEase's net profit expected to increase by 327.68%-385.47% year-on-year [22]. - The demand for 800G and 1.6T products is driving the market, with expectations of continued growth in the coming quarters [26][24].

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]