Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

格隆汇12月5日｜A股市场CPO概念股集体上涨，其中，斯瑞新材涨超13%，仕佳光子涨超11%，永鼎股 份10CM涨停，太辰光涨超8%，可川科技涨7%，炬光科技涨近7%，罗博特科涨超5%，光库科技、天通 股份涨超4%，德科立涨3%。 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% | | --- | --- | --- | --- | --- | --- | | 688102 | 斯瑞新材 | 1 | 13.81 | 199亿 | 193.72 | | 688313 | 仕佳光子 | 资 | 11.84 | 413亿 | 450.01 | | 600105 | 永鼎股份 | 资 | 10.03 | 250亿 | 247.88 | | 300570 | 太辰光 | + | 8.27 | 253亿 | 54.53 | | 603052 | 可川科技 | -06- | 7.02 | 59.56 Z | 24.87 | | 688167 | 炬光科技 | 1 | 6.94 | 125亿 | 117.50 | | 300757 | 罗博特科 | 1 | 5. ...

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%。 ...

Group 1: Core Insights - The article highlights the transformation of "Henan Manufacturing" towards high-end, intelligent, and green production, showcasing significant advancements in technology and product offerings [1] - The number of A-share listed companies in Henan has increased from 87 at the end of 2020 to 112, with a total market capitalization of approximately 1.8 trillion yuan, indicating rapid growth in the capital market during the "14th Five-Year Plan" period [1] - A large-scale media investigation revealed how capital markets empower local high-quality development in Henan, emphasizing the region's strategic importance in China's modernization [1] Group 2: Traditional Industry Transformation - Traditional industries in Henan, particularly in Luoyang, are undergoing significant transformation through digitalization and innovation, with companies like Luoyang Bearing Group investing over 2 billion yuan in smart factory upgrades [2][3] - The proportion of high-end products in Luoyang Bearing Group has risen to nearly 70%, with a 40% market share in domestic wind turbine main bearings, reflecting successful adaptation to modern demands [2] - The integration of traditional heavy equipment manufacturing with intelligent technology is exemplified by CITIC Heavy Industries, which has transitioned from traditional manufacturing to a comprehensive industrial giant [3] Group 3: Emerging Industries - Emerging industries in Henan are rapidly developing, with strategic policies focusing on seven key emerging industries and 28 priority industrial chains, leading to a significant increase in the contribution of these sectors to the economy [7][8] - Companies like Hanwei Technology and Shijia Photon are leading the charge in sensor and semiconductor industries, respectively, establishing a robust industrial ecosystem and breaking foreign monopolies [8][9] - The strategic focus on new industries has resulted in a 2.4 percentage point increase in the share of strategic emerging industries in Henan's industrial output, reaching 24.8% [10] Group 4: Future Industry Planning - The "Action Plan" released in August outlines ambitious goals for the development of strategic emerging industries, targeting an annual growth of over 11% and a significant increase in the share of these industries in the overall industrial output by 2027 [11] - Companies like Yutong Bus are playing a pivotal role in the development of the new energy vehicle supply chain, fostering collaboration with over 290 local suppliers to create a self-sustaining ecosystem [12] - The focus on innovation and technology in future industries is supported by government policies aimed at enhancing capital market engagement and facilitating mergers and acquisitions [14][15]

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]