Market Overview - The Shanghai Composite Index closed at 3912.21 points, with a gain of 1.22% and a total trading volume of 2.09 trillion yuan [1] - A total of 144 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Notable Stocks with Death Cross - Yuanjie Technology (688498) saw a 4.39% increase today, with a 5-day moving average of 375.13 yuan, which is 2.42% lower than its 10-day moving average of 384.44 yuan [1] - Shanshan Co., Ltd. (600884) had a slight increase of 0.22%, with a 5-day moving average of 14.17 yuan, down 2.32% from its 10-day moving average of 14.51 yuan [1] - WuXi AppTec (603259) rose by 3.69%, with a 5-day moving average of 102.54 yuan, which is 1.84% lower than its 10-day moving average of 104.46 yuan [1] Additional Stocks of Interest - Fabien Information (300925) increased by 2.61%, with a 5-day moving average of 25.74 yuan, down 1.76% from its 10-day moving average of 26.20 yuan [1] - Luokai Co., Ltd. (603829) rose by 1.65%, with a 5-day moving average of 21.34 yuan, which is 1.60% lower than its 10-day moving average of 21.69 yuan [1] - Zhongke Chuangda (300496) increased by 2.24%, with a 5-day moving average of 73.10 yuan, down 1.50% from its 10-day moving average of 74.21 yuan [1]

西部利得新享混合A（008541）基金经理为糜怀清、袁朔。 10月15日，源杰科技涨5.12%，截至发稿，报364.24元/股，成交8.23亿元，换手率3.84%，总市值313.06 亿元。 资料显示，陕西源杰半导体科技股份有限公司位于陕西省西咸新区沣西新城开元路1265号，成立日期 2013年1月28日，上市日期2022年12月21日，公司主营业务涉及光芯片的研发、设计、生产与销售。主 营业务收入构成为：数据中心类及其他51.04%，电信市场类48.73%，技术服务及其他0.23%。 从基金十大重仓股角度 数据显示，西部利得基金旗下1只基金重仓源杰科技。西部利得新享混合A（008541）二季度持有股数 699股，占基金净值比例为1.07%，位居第一大重仓股。根据测算，今日浮盈赚取约1.24万元。 西部利得新享混合A（008541）成立日期2020年5月7日，最新规模312.83万。今年以来收益11.27%，同 类排名5509/8161；近一年收益1.85%，同类排名7468/8015；成立以来收益2.46%。 截至发稿，糜怀清累计任职时间3年26天，现任基金资产总规模1.93亿元，任职期间最佳基金回报 25 ...

Group 1 - The core point of the news is that Yuanjie Technology's stock price increased by 5.12% to 364.24 CNY per share, with a trading volume of 823 million CNY and a turnover rate of 3.84%, resulting in a total market capitalization of 31.306 billion CNY [1] - Yuanjie Technology, established on January 28, 2013, and listed on December 21, 2022, specializes in the research, design, production, and sales of optical chips. The main business revenue composition is 51.04% from data center and other sectors, 48.73% from the telecommunications market, and 0.23% from technical services and others [1] Group 2 - Chang'an Fund has one fund heavily invested in Yuanjie Technology, specifically the Chang'an Industry Select Mixed A (000496), which held 7,621 shares in the second quarter, accounting for 3.06% of the fund's net value, making it the fifth-largest holding. The estimated floating profit today is approximately 135,200 CNY [2] - The Chang'an Industry Select Mixed A (000496) was established on May 7, 2014, with a latest scale of 18.8692 million CNY. Year-to-date returns are 26.77%, ranking 3,046 out of 8,161 in its category; the one-year return is 15.22%, ranking 4,563 out of 8,015; and since inception, the return is 63.32% [2]

Market Overview - The Shanghai Composite Index closed at 3869.25 points, with a change of 0.10% [1] - The total trading volume of A-shares reached 1,280.495 billion yuan [1] Technical Analysis - A total of 175 A-shares experienced a death cross between the 5-day and 10-day moving averages [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Yuanjie Technology: 5-day MA down by 2.50% from the 10-day MA [1] - Shanshan Shares: 5-day MA down by 2.32% from the 10-day MA [1] - Zijian Electronics: 5-day MA down by 2.09% from the 10-day MA [1] Individual Stock Performance - Yuanjie Technology (688498): Increased by 3.59% with a trading turnover of 2.90% [1] - Shanshan Shares (600884): Increased by 0.22% with a trading turnover of 3.13% [1] - Zijian Electronics (301121): Decreased by 0.60% with a trading turnover of 3.19% [1] - Other notable stocks include: - WuXi AppTec (603259): Increased by 2.21% [1] - Fabon (300925): Increased by 1.67% [1] Summary of Stocks with Death Cross - Stocks with a death cross and their respective metrics include: - Yuanjie Technology: 5-day MA at 374.57 yuan, 10-day MA at 384.17 yuan [1] - Shanshan Shares: 5-day MA at 14.17 yuan, 10-day MA at 14.51 yuan [1] - Zijian Electronics: 5-day MA at 48.72 yuan, 10-day MA at 49.76 yuan [1] - The latest prices of these stocks are below their 10-day moving averages, indicating potential bearish trends [1]

Core Points - The Shanghai Composite Index is at 3876.54 points with a change of 0.29%, and the total trading volume of A-shares is 961.216 billion yuan [1] - A total of 158 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Group 1: Stocks with Significant Moving Average Crosses - Yuanjie Technology (688498) has a 5-day moving average of 374.30 yuan, which is 2.53% lower than its 10-day moving average of 384.03 yuan, with a current price of 357.58 yuan, down 6.89% from the 10-day average [1] - Shanshan Co., Ltd. (600884) shows a 5-day moving average of 14.14 yuan, down 2.43% from its 10-day moving average of 14.49 yuan, with a current price of 13.29 yuan, down 8.28% from the 10-day average [1] - ZhiJian Electronics (301121) has a 5-day moving average of 48.75 yuan, which is 2.05% lower than its 10-day moving average of 49.78 yuan, with a current price of 46.54 yuan, down 6.50% from the 10-day average [1] Group 2: Other Notable Stocks - WuXi AppTec (603259) has a 5-day moving average of 102.27 yuan, which is 1.97% lower than its 10-day moving average of 104.33 yuan, with a current price of 98.12 yuan, down 5.95% from the 10-day average [1] - Fabon Information (300925) shows a 5-day moving average of 25.73 yuan, down 1.78% from its 10-day moving average of 26.20 yuan, with a current price of 25.13 yuan, down 4.07% from the 10-day average [1] - Loka (603829) has a 5-day moving average of 21.29 yuan, which is 1.73% lower than its 10-day moving average of 21.67 yuan, with a current price of 20.07 yuan, down 7.37% from the 10-day average [1]

源杰科技所属申万行业为：电子-半导体-分立器件。所属概念板块包括：CPO概念、激光雷达、光通 信、百元股、5G等。 截至6月30日，源杰科技股东户数7617.00，较上期减少20.16%；人均流通股7896股，较上期增加 25.25%。2025年1月-6月，源杰科技实现营业收入2.05亿元，同比增长70.57%；归母净利润4626.39万 元，同比增长330.31%。 分红方面，源杰科技A股上市后累计派现9059.45万元。 机构持仓方面，截止2025年6月30日，源杰科技十大流通股东中，长城久嘉创新成长混合A（004666） 位居第三大流通股东，持股150.00万股，持股数量较上期不变。嘉实上证科创板芯片ETF（588200）位 居第四大流通股东，持股142.37万股，相比上期增加12.74万股。香港中央结算有限公司位居第六大流通 股东，持股100.15万股，相比上期减少8.22万股。广发电子信息传媒股票A（005310）位居第八大流通 股东，持股90.52万股，为新进股东。华安媒体互联网混合A（001071）位居第九大流通股东，持股 83.31万股，为新进股东。长信金利趋势混合A（519994）退出十大流 ...

Core Viewpoint - Yuanjie Technology's stock price has shown significant growth this year, with a year-to-date increase of 182.06%, indicating strong market interest and performance in the semiconductor sector [2]. Financial Performance - For the first half of 2025, Yuanjie Technology reported a revenue of 205 million yuan, representing a year-on-year growth of 70.57%, and a net profit attributable to shareholders of 46.26 million yuan, which is a substantial increase of 330.31% [2]. - The company has distributed a total of 90.59 million yuan in dividends since its A-share listing [3]. Stock Market Activity - As of October 13, Yuanjie Technology's stock price was 377.12 yuan per share, with a market capitalization of 32.41 billion yuan [1]. - The stock has experienced a recent decline of 2.05% in intraday trading, with a trading volume of 638 million yuan and a turnover rate of 2.77% [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 3 [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 20.16% to 7,617, while the average number of circulating shares per person increased by 25.25% to 7,896 shares [2]. - Notable institutional shareholders include Changcheng Jiujia Innovation Growth Mixed Fund and the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, with changes in their holdings noted [3].

Investment Rating - The report suggests to continue focusing on investment opportunities within the communication industry [2] Core Insights - The communication industry showed steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1785.003 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.432 billion yuan, up 11.26% year-on-year [4][7] - The AI computing industry chain is expected to continue accelerating its development in 2025, benefiting the communication industry [17][19] Summary by Sections H1 2025 Performance Overview - The communication industry achieved a total revenue of 1785.003 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and a net profit of 160.432 billion yuan, reflecting an 11.26% increase [4][7] Segment Performance Changes - In H1 2025, the optical module and device segment reported revenue of 47.988 billion yuan, a year-on-year increase of 64.88%, and net profit of 10.876 billion yuan, up 111.99% [25] - The communication PCB segment achieved revenue of 57.249 billion yuan, a year-on-year increase of 37.66%, and net profit of 8.058 billion yuan, up 80.79% [31] - The network equipment segment generated revenue of 507.111 billion yuan, a year-on-year increase of 28.86%, with net profit of 19.184 billion yuan, up 19.57% [37] AI Industry Chain Investment - Major overseas cloud companies are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, reflecting an 82.96% year-on-year increase [17] - Companies like Oracle and Nvidia are showing strong growth prospects in their AI-related businesses, with Oracle's unfulfilled revenue reaching 455 billion USD, a year-on-year increase of 359% [22][19]

Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]

Summary of Yuanjie Technology Conference Call Company Overview - Yuanjie Technology specializes in the optical chip industry, utilizing an IDM model that covers the entire process from chip design, wafer manufacturing, chip processing, to testing, establishing itself as a leading supplier in the domestic telecommunications and data communication markets [2][5][15] Financial Performance - In the first half of 2023, the company reported revenue of 205 million yuan, a year-on-year increase of 70.57%, and a net profit attributable to shareholders of 46 million yuan, up 330.31% year-on-year [2][5] - The gross profit margin reached 18.80%, and the net profit margin was 22.57%, benefiting from high-margin data center business growth driven by AI applications and optimized cost management [2][6] Market Position and Product Offerings - Yuanjie Technology is positioned upstream in the optical communication industry chain, focusing on high-performance laser chips, electrical chips, and detector chips, which are crucial for information transmission speed and network reliability [7][15] - The company has a broad product range in the data center market, including traditional high-speed DFB and EML laser products, covering speeds from 2.5G to over 200G, and is actively developing high-power silicon photonics products [3][4][18] Industry Trends and Market Demand - The demand for high-speed, high-power chips in the data center market is increasing, with the global optical chip market expected to grow to $3.76 billion by 2025, and the Chinese market projected to reach 15.914 billion yuan [4][13] - The telecommunications and data communication markets are expected to see significant growth, driven by the increasing data demand and advancements in AI technologies [14][20] Technological Advancements - The company has established a fully controllable IDM business system, with multiple production lines for various processes, enhancing product yield and stability [6][15] - Yuanjie Technology is accelerating the development of silicon photonics technology to meet the demands for 400G and 800G modules, successfully mass-producing high-power CW lasers [7][18] Future Development Directions - The company aims to continue deepening its presence in the optical chip industry, focusing on next-generation high-speed silicon chips and high-power silicon light sources, while expanding its customer base and providing high-quality solutions for global data centers and communication networks [8][20] Customer Base and Competitive Advantage - Yuanjie Technology has established a high-barrier customer resource and supply chain system, gaining recognition from mainstream customers, which positions it to become a leading international supplier of optoelectronic semiconductor chips and technology services [19][20] Conclusion - With the continuous expansion of global information connectivity and the rise of AI technologies, Yuanjie Technology is well-positioned to benefit from the growth in the telecommunications and data communication markets, indicating a strong long-term development outlook [20]