Group 1 - The core viewpoint of the news is that Lingyun Technology Co., Ltd. has seen a significant increase in its stock price, rising by 5.27% to 44.58 CNY per share, with a total market capitalization of 20.55 billion CNY [1] - Lingyun Technology focuses on machine vision and optical communication, with its main business revenue composition being: intelligent visual equipment 34.69%, configurable visual systems 30.97%, optical communication products 27.44%, visual devices 5.31%, and service revenue 1.59% [1] - The company was established on August 13, 2002, and was listed on July 6, 2022, indicating a relatively recent entry into the public market [1] Group 2 - Xinyuan Fund has a significant holding in Lingyun Technology, with its Xinyuan CSI 1000 Index Enhanced Fund A (017190) holding 17,900 shares, accounting for 0.76% of the fund's net value, making it the seventh largest holding [2] - The fund has achieved a year-to-date return of 25.03% and a one-year return of 68.67%, ranking 2031 out of 4222 and 1322 out of 3804 respectively in its category [2] - The fund manager, Liu Yutao, has been in position for nearly three years, with the fund's total asset size at 55.4 million CNY and a best return of 34.82% during his tenure [3]

证券日报网讯 9月16日晚间，凌云光发布公告称，公司于2025年9月16日召开职工代表大会，全体职工 代表一致审议通过了《关于选举职工代表董事的议案》，同意选举赵严先生为公司职工代表董事。 （文章来源：证券日报） ...

证券代码：688400 证券简称：凌云光 公告编号：2025-075 凌云光技术股份有限公司 关于选举职工代表董事的公告 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。 凌云光技术股份有限公司（以下简称"凌云光"或"公司"）根据《中华人民共 和国公司法》（以下简称《公司法》）、修订后的《凌云光技术股份有限公司章 程》（以下简称"《公司章程》"）等有关规定，于 2025 年 9 月 16 日召开职工 代表大会，会议的召开及表决程序符合职工代表大会决策的有关规定，会议经民 主讨论、表决，全体职工代表一致审议通过了《关于选举职工代表董事的议案》， 同意选举赵严先生（简历详见附件）为公司职工代表董事。 根据《公司法》和《公司章程》的有关规定，公司董事会成员中应包含一名 职工代表董事。会议一致同意选举赵严先生为公司职工代表董事，任期自本次职 工代表大会审议通过之日起至公司第二届董事会任期届满之日止。 赵严先生原为第二届董事会非职工代表董事，本次选举完成后，其变更为公 司第二届董事会职工代表董事，董事会构成人员不变。 本次职工代表董事 ...

证券代码：688400 证券简称：凌云光 公告编号：2025-074 凌云光技术股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 16 日 （二） 股东大会召开的地点：北京市海淀区翠湖南环路知识理性大厦 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 150 | | --- | --- | | 普通股股东人数 | 150 | | 2、出席会议的股东所持有的表决权数量 | 251,543,862 | | 普通股股东所持有表决权数量 | 251,543,862 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 55.2947 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 55.2947 | （四） 表决方式是否 ...

北京市中伦律师事务所 关于凌云光技术股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：凌云光技术股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》等相关法律、法 规和规范性文件及《凌云光技术股份有限公司章程》（以下简称"公司章程"） 的规定，北京市中伦律师事务所（以下简称"本所"）接受凌云光技术股份有限 公司（以下简称"公司"）委托，对公司 2025 年第二次临时股东大会（以下简 称"本次股东大会"）的相关事项进行见证并出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 1. 现行有效的公司章程； 2. 公司刊登在上海证券交易所（http://www.sse.com.cn/）的公司董事会关于 召开本次股东大会的通知； 3. 公司本次股东大会股权登记日的股东名册、出席现场会议股东的到会登 记记录及凭证资料； 4. 公司本次股东大会的相关会议文件。 - 1 - 本法律意见书仅供公司为本次股东大会之目的使用，本所律师同意将本法律 意见书随同公司本次股东大会决议及其他信息披露资料一并公告。 本所律师根据相关法律法规的要求，按照律师行业公认的业务 ...

Investment Rating - The report recommends a focus on companies involved in OCS systems, particularly those producing OCS machines and core components, with specific recommendations for 中际旭创, 光库科技, and 腾景科技 [3][34][35]. Core Insights - The OCS (Optical Circuit Switches) technology is highlighted as a key advancement in the optical networking industry, providing high bandwidth, low power consumption, and low latency, which are essential for modern data centers [11][14][34]. - The report emphasizes the increasing participation of major industry players in the OCS market, indicating a clearer development path for OCS technology and a potential acceleration in the performance realization of companies within the OCS supply chain [3][34]. Summary by Sections OCS Solutions at the Expo - The 26th China International Optoelectronic Exposition showcased various OCS solutions, with significant participation from over 3,800 exhibitors from more than 30 countries [10]. - Coherent presented two digital liquid crystal OCS solutions, featuring a 300-port and a 64-port model, both designed for high reliability and low power consumption [19][20]. - 光库科技 demonstrated a MEMS OCS solution capable of supporting 640 or 320 LC ports, already deployed in over 750,000 fiber optic connectors globally [25][26]. - 凌云光 and Polatis are leading the promotion of direct beam steering OCS technology, utilizing piezoelectric ceramics for precise light routing [27][31]. Investment Recommendations - The report suggests focusing on companies involved in OCS machines, such as 中际旭创, 德科立, 光库科技, and 凌云光, as well as core component manufacturers like 腾景科技 and 赛微电子 [3][34][35]. - The ongoing acceleration in global computing infrastructure and interconnect bandwidth is expected to enhance the performance realization of companies in the OCS supply chain [34]. Company Profit Forecasts and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with 中际旭创 projected to have an EPS of 8.58 in 2025 and a PE of 48, while 光库科技 is expected to have an EPS of 0.43 and a PE of 237 [4][35].

Group 1 - AI computing power and hardware stocks are mostly rising, with significant gains in GPU, liquid cooling servers, and copper-clad board indices [1] - The AI-focused ETF, Huaxia (589010), increased by 0.96%, with a peak intraday gain of 1.60%, indicating a volatile trading pattern [1] - Among the 30 constituent stocks, 25 saw an increase, with leading gains from Xinghuan Technology at 5.44%, Obsidian Technology at 4.67%, and Foxit Software at 4.42% [1] Group 2 - The rapid development of generative AI and the iteration of AI large models have created substantial demand for computing power in data centers [2] - The outlook for annual demand in the data center market is optimistic, driven by ongoing construction of data centers both domestically and internationally [2] - The Huaxia AI ETF closely tracks the Shanghai Stock Exchange's AI index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

Core Viewpoint - The report outlines the ongoing supervision of Lingyun Optical Technology Co., Ltd. by China International Capital Corporation, highlighting the company's performance, risks, and financial indicators for the first half of 2025 [1][15]. Group 1: Ongoing Supervision and Performance - The ongoing supervision period for Lingyun Optical is from January 1, 2025, to June 30, 2025, with no major violations reported during this timeframe [1][15]. - In the first half of 2025, the company achieved a revenue of 1.368 billion yuan, representing a year-on-year increase of 25.73% [16]. - The total profit for the same period was 94 million yuan, reflecting a 30.59% increase compared to the previous year [16]. Group 2: Risk Factors - The company faces several core risks, including the inability to meet downstream application demands due to rapid technological changes in the industry [3]. - There is a risk of core talent loss, as the industry is talent-intensive and competition for skilled professionals is increasing [4]. - The risk of technology leakage exists, despite the company's efforts to implement strict confidentiality measures [5]. - Market competition is intensifying as more players enter the machine vision sector, necessitating continuous innovation and market adaptation [6]. - Operational management risks are heightened due to the company's expanding business scope and increasing complexity [7]. - Acquisition and integration risks are present as the company invests in key components of the machine vision supply chain [8]. - Financial risks include accounts receivable, inventory, exchange rate fluctuations, and goodwill impairment [9][10][11][12]. Group 3: Competitive Advantages - The company has established a mature and innovative team, with 674 R&D personnel, accounting for 37.34% of the total workforce [17]. - It has developed a robust upstream capability in the machine vision supply chain, including investments in camera, lens, and chip companies [19][20]. - The company has four major technology platforms that enable rapid product development and adaptation to market needs [21]. - Strong relationships with leading industry clients, such as Apple and Huawei, enhance the company's project management and solution delivery capabilities [22]. Group 4: R&D and Financial Management - R&D expenditure for the first half of 2025 accounted for 15.96% of revenue, a decrease of 3.94 percentage points year-on-year due to significant revenue growth [24]. - The company holds 827 patents and has participated in the formulation of 26 national and industry standards [26]. - The company has established a comprehensive fundraising management system to ensure compliance and efficient use of raised funds [30][33].

Core Insights - Lingyun Optoelectronics (688400) reported a closing price of 40.87 yuan on September 11, 2025, with a market capitalization of 18.84 billion yuan, reflecting a 5.42% increase from the previous trading day [1] - The company achieved a revenue of 1.368 billion yuan in the first half of 2025, representing a year-on-year growth of 25.73%, while net profit reached 96.08 million yuan, up 10.10% year-on-year [1] - Research and development expenses accounted for 15.96% of total revenue, with a total of 827 patents held by the company [1] Company Governance and Risks - The company's governance, internal control, and information disclosure systems are effectively implemented, with no violations or issues requiring statements from the sponsor [1] - Risks identified include goodwill impairment from the acquisition of JAI, technological development lag, talent loss, and technology leakage [1] - Operational risks involve intensified market competition, increased management difficulties, and merger integration risks [1] - Financial risks primarily consist of accounts receivable, inventory, exchange rate fluctuations, and goodwill impairment risks [1] - The use of raised funds is compliant, and there are no pledges or freezes on shares held by the controlling shareholder and related parties, although some executives have reduced their holdings due to personal financial needs [1]

Group 1 - The company, Lingyun Guang, reported that as of August 20, 2025, it has 25,569 shareholders [1]