Core Viewpoint - CPO (Chip-Package-Optical) technology is emerging as a key direction for high-speed optical modules, leveraging the advantages of "chip and optical engine co-packaging" to become a core area for next-generation optical communication devices [1] Company Highlights - **特发信息 (Tefa Information, 000070.SZ)**: Latest stock price at 14.85 CNY, with a daily increase of +10.00%. The subsidiary has CPO platform design capabilities and high-precision packaging technology applicable for CPO packaging [1] - **联特科技 (Liante Technology, 301205.SZ)**: Latest stock price at 143.60 CNY, with a daily increase of +7.24%. Focused on optical communication transceiver modules, mastering design and manufacturing capabilities from optical chips to optical modules [1] - **长芯博创 (Changxin Bochuang, 300548.SZ)**: Latest stock price at 143.82 CNY, with a daily increase of +7.09%. An integrated circuit electronic device company that has released external light source modules for CPO and is developing photonic technology-related products [1] - **德科立 (Dekeli, 688205.SH)**: Latest stock price at 172.90 CNY, with a daily increase of +4.78%. A light transmission company with R&D plans covering 800G and CPO high-speed miniaturized optical transceiver module technology solutions [1] - **华工科技 (Huagong Technology, 000988.SZ)**: Latest stock price at 83.20 CNY, with a daily increase of +3.53%. A photonics company with vertical integration capabilities, establishing a research institute to focus on CPO and LPO technologies [1] - **光迅科技 (Guangxun Technology, 002281.SZ)**: Latest stock price at 68.55 CNY, with a daily increase of +3.24%. A global supplier of photonic devices that has already laid out CPO technology and completed silicon photonic integration packaging technology development [1] - **新易盛 (Xinyi Sheng, 300502.SZ)**: Latest stock price at 432.26 CNY, with a daily increase of +3.13% [1] - **中天科技 (Zhongtian Technology, 600522.SH)**: Latest stock price at 17.22 CNY, with a daily increase of +2.99%. Advancing CPO co-packaging optical technology and has mastered high-speed optical module packaging capabilities [2] - **炬光科技 (Juguang Technology, 688167.SS)**: Latest stock price at 170.89 CNY, with a daily increase of +2.45%. Acquired SMO technology applicable for efficient collimation and coupling of laser light sources in CPO [2] - **源杰科技 (Yuanjie Technology, 688498.SH)**: Latest stock price at 691.66 CNY, with a daily increase of +2.39%. Has laser product reserves for CPO, with CW high-power laser technology applicable in the CPO field [2] - **光库科技 (Guangku Technology, 300620.SZ)**: Latest stock price at 172.58 CNY, with a daily increase of +2.20%. Launched high-density, high polarization-maintaining fiber array collimators for CPO applications [2] - **仕佳光子 (Shijia Photonics, 688313.SH)**: Latest stock price at 96.10 CNY, with a daily increase of +2.13%. Products like high-power laser chips can be used for CPO packaging [2] - **亨通光电 (Hengtong Optic-Electric, 600487.SH)**: Latest stock price at 20.75 CNY, with a daily increase of +1.72%. One of the earliest companies to layout CPO optoelectronic co-packaging, previously launched a 3.2T CPO working prototype [2] - **聚飞光电 (Jufei Optoelectronics, 300303.SZ)**: Latest stock price at 7.12 CNY, with a daily increase of +1.71%. The company's invested subsidiary has silicon optical chips applicable for CPO [2] - **中际旭创 (Zhongji Xuchuang, 300308.SZ)**: Latest stock price at 616.00 CNY, with a daily increase of +1.65%. A leading optical module company, with CPO as one of its key evolution directions, already has R&D and layout in place [3]

以最新收盘价计算，A股平均股价为13.74元，其中股价超过100元的有159只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至12月9日 收盘，沪指报收3909.52点，下跌0.37%，A股平均股价为13.74元，个股股价分布看，股价超过100元的 有159只，股价在50元至100元的有431只，股价在30元至50元的有747只。 股价超百元个股中，收盘价最高的是寒武纪，今日报收1436.00元，上涨1.28%，其次是贵州茅台、源杰 科技等，最新收盘价分别为1401.01元、675.50元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.55%，跑赢沪指0.92个百分点。今日上涨的有68 只，涨停的有线上线下、淳中科技等，下跌的有90只，跌幅居前的有科达利、天普股份等。 追溯发现，最新百元股近一个月平均上涨4.29%，其间沪指下跌2.20%，涨幅居前的有德科立、腾景科 技、长光华芯等，涨幅分别为76.02%、64.00%、61.39%，今年以来平均涨幅为127.51%，强于沪指 110.87%，累计涨幅居前的有上纬新材、天普股份、胜宏科技等，涨幅分别为1530.97 ...

Group 1: Market Performance - Leading stocks in the computing power sector showed significant performance, with stocks like Zhongji Xuchuang, Shenghong Technology, and Xinyi Sheng all experiencing notable price increases and high trading volumes [2][4] - Zhongji Xuchuang's stock price rose by 6.94%, reaching a new historical high with a market capitalization of 677.3 billion yuan, and its trading volume was 15.55 billion yuan, the highest in A-shares [4] - Currently, there are five stocks in A-shares with prices exceeding 600 yuan, including Hanwujing, Guizhou Moutai, Yuanjie Technology, Moer Thread, and Zhongji Xuchuang [2] Group 2: Sector Trends - The computing power industry chain continued to rise, with sectors such as optical modules, copper cables, and liquid-cooled servers seeing increases [5] - The recent listing of Moer Thread, which surged by 425.46%, has opened up valuation space for domestic computing power concept stocks, with more companies like Muxi Co. expected to list soon [5] Group 3: Consumer Sector - The consumer sector saw a rise, with retail, dairy, and food processing manufacturing sectors experiencing gains, leading to stocks like Central Mall and Maoye Commercial hitting their daily price limits [10] - The food and beverage industry is showing structural growth, with new demands and emerging channels contributing to the performance of traditional industry leaders [11] - Huachuang Securities recommends focusing on three main lines: traditional undervalued leading companies, opportunities in the restaurant supply chain, and growth-oriented companies in the beverage sector [11]

证券日报网讯12月8日，源杰科技在互动平台回答投资者提问时表示，关于股东人数公司会按照相关规 定在定期报告中披露，敬请关注公司定期报告。 ...

Group 1 - The semiconductor sector experienced a significant increase of 2.82% on December 8, with Saiwei Microelectronics leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] - Notable gainers in the semiconductor sector included Saiwei Microelectronics, which rose by 18.82% to a closing price of 101.20, and Changguang Huaxin, which increased by 15.26% to 148.48 [1] Group 2 - The semiconductor sector saw a net inflow of 4.429 billion yuan from institutional funds, while retail investors experienced a net outflow of 2.247 billion yuan [2] - Major stocks that declined included Hangyu Micro, which fell by 2.63% to 17.00, and Hongwei Technology, which decreased by 1.97% to 27.41 [2] - The trading volume for the semiconductor sector was substantial, with Saiwei Microelectronics recording a trading volume of 475,000 shares and a transaction value of 460 million yuan [1][2]

今早，开盘第1个小时，CPO板块成交达到了约1100亿元，而整个板块几乎是全线上扬，板块指数涨幅 超过5%。其中，天孚通信更是一度20%封板，东田微20%封死涨停，源杰科技涨超10%，长光华芯、仕 佳光子、中际旭创、永鼎股份涨超7%，股价均创出历史新高。"易中天"再加胜宏科技早盘成交超过400 亿元。分析人士认为，一方面，当下，年报进入预热期，算力板块业绩相对确定，可能有资金提前抢 路；另一方面，近期算力利好不断，除谷歌外，亚马逊又发布Trainium3，基于3纳米制程打造，性能较 Trainium2提升4倍，能效提升40%。泡沫论也被打破。（券商中国） ...

Core Viewpoint - The CPO sector has experienced a significant surge, with a trading volume of approximately 110 billion yuan in the first hour of trading, and the sector index rising over 5% [1][3]. Group 1: CPO Sector Performance - Major stocks in the CPO sector, such as Tianfu Communication and Dongtianwei, saw gains of 20% and reached their daily limit, while others like Yuanjie Technology and Changguang Huaxin increased by over 10% [1][3]. - A total of 17 stocks hit the daily limit or rose by more than 10%, indicating a clear trend of aggressive buying [3]. Group 2: Industry Catalysts - The recent positive developments in the computing power industry include the release of DeepSeek V3.2, which has achieved performance levels comparable to GPT-5, and Amazon's launch of Trainium3, which boasts a fourfold performance increase over its predecessor [3][4]. - The AI industry is experiencing a revolution, with significant advancements from major companies like Google, Amazon, and AMD, which have all denied the existence of an AI bubble, suggesting a positive outlook for AI development [4]. Group 3: Earnings Reports and Projections - The upcoming earnings reports are expected to show strong growth, particularly in sectors like military, media, power equipment, and electronics, with year-on-year profit growth rates of 60.7%, 57.1%, 50.5%, and 51.2% respectively [6]. - The computing power sector has shown remarkable performance, with companies like Dongtianwei and Zhongji Xuchuang reporting net profit growth rates of 99.2% and 90%, respectively [7]. - The domestic PCB industry, which holds over 50% of the global market share, is anticipated to benefit from the surge in AI computing demand, with a clear trend towards domestic production [7].

Market Overview - The market showed a clear recovery signal with major indices rising: Shanghai Composite Index up 0.62%, Shenzhen Component Index up 1.55%, and ChiNext Index up 3.02% [1] - Over 3,500 stocks increased in value, with trading volume surging by over 298 billion compared to the previous day [1] Policy Impact - Recent regulatory changes, including adjustments to risk factors for insurance companies, are expected to release more margin, providing a boost to the market [1] - The Chairman of the China Securities Regulatory Commission (CSRC) indicated that regulatory measures will enhance capital space and leverage limits for brokerages, improving capital efficiency [1] Sector Performance Financial Sector - The financial sector, particularly securities and insurance, experienced significant gains, with major firms like Industrial Securities leading the rise [2][5] - The CSRC's announcement regarding the expansion of capital space for brokerages is anticipated to benefit their margin trading and derivative businesses [5] Commercial Aerospace - The commercial aerospace sector saw strong performance, with companies like Longzhou Co. and Shunhao Co. achieving consecutive gains [4] - The sector is buoyed by positive news regarding the upcoming launch of a satellite manufacturing facility in Wenchang, aiming for significant revenue growth by 2027 [4] CPO Concept - The CPO (Cloud-based Processing Operations) concept surged, with companies like Dongtian Micro and Tianfu Communication hitting historical highs [6] - The demand for AI computing power is driving the global optical module industry towards significant upgrades, creating opportunities in this sector [6] Institutional Insights - Citic Securities noted that before any unexpected changes in domestic demand, market fluctuations and structural opportunities will be common [8] - Guojin Securities highlighted that the market's main line will gradually become clearer, with a positive cycle expected between the relaxation of non-bank financial institutions' constraints and the recovery of overall profitability [8]

Core Viewpoint - The A-share market is experiencing a strong rebound in the hard technology sector, particularly in the semiconductor industry, with the Kexin Chip 50 ETF (588750) rising over 2% as of 11:02 AM on December 8 [1]. Group 1: Market Performance - The Kexin Chip 50 ETF (588750) has seen most of its constituent stocks rise sharply, with optical chip stocks leading the rebound. For instance, Yuanjie Technology surged over 12%, while Haiguang Information, Cambricon, and Lanke Technology rose over 3% [3]. - The top ten constituent stocks of the Kexin Chip 50 ETF include HaiMi Information (3.38%), Cambricon (3.32%), and Zhongxin International (2.63%), among others, showcasing significant gains [4]. Group 2: Industry Trends - The semiconductor industry is witnessing continuous catalytic developments, driven by the "Google Chain" logic, which has shifted market focus to upstream segments. Optical chips are becoming a critical component with pricing power in computing infrastructure [5]. - OpenAI's upcoming release of GPT-5.2 is expected to respond to Google's Gemini 3, indicating a competitive landscape in AI that could impact semiconductor demand [5]. - Micron has announced a surge in memory and storage demand driven by AI, leading to the termination of its consumer-grade business and a forecast of ongoing NAND shortages [5]. Group 3: Price Trends and Forecasts - The storage chip market is currently experiencing a rare "super price increase cycle," with DRAM prices rising over four times and Flash prices nearly tripling this year. There are reports of downstream manufacturers stockpiling due to soaring prices [5]. - According to TrendForce, storage prices are expected to rise an additional 20% to 30% in Q1 of next year, following a 50% increase in Q4 of this year [6]. Group 4: Structural Changes in the Semiconductor Industry - The storage chip industry is entering a structural prosperity phase, driven by AI's insatiable demand for computing power. This shift is redefining the value of memory and altering traditional cyclical patterns [7]. - The semiconductor sector is projected to continue its upward trend, with significant capital investments in AI and related technologies, indicating a robust growth trajectory through 2026 [8]. Group 5: Investment Opportunities - The Kexin Chip 50 ETF (588750) focuses on high-tech segments of the semiconductor industry, with a high concentration of core components, making it a potentially attractive investment option [9]. - The index has shown strong growth potential, with a projected net profit growth rate of 94% for the first three quarters of 2025 and an expected 100% growth for the entire year, outperforming peers [12]. - The Kexin Chip 50 ETF has demonstrated a maximum increase of 187.69% since September, indicating strong upward elasticity and robust risk-adjusted returns [12].

| 688313 仕佳光子 | | +7.67% | 92.81 | | --- | --- | --- | --- | | 688662 | 富信科技 | +7.62% | 43.62 | | 688195 | 腾景科技 | +6.87% | 172.81 | | 300812 | 易天股份 | +6.50% | 28.35 | | 000988 | 华工科技 | +6.49% | 79.74 | | 600105 | 永鼎股份 | +6.37% | 18.21 | | 300684 | 中石科技 | +6.09% | 44.43 | 编辑 ｜ 钉钉 12月8日，CPO概念股涨势扩大，截至发稿， 东田微20%涨停， 天孚通信涨近17%，源杰科技涨超 11%，长光华芯涨超10%，仕佳光子、永鼎股份涨超6%，股价盘中均创出历史新高。 | 代码 | 名称 | 涨幅 % v | 现价 | | --- | --- | --- | --- | | 301183 | 东盟微 | +20.00% | 164.14 | | 300394 | 天孚通信 | +16.73% | 232.01 | | 301486 | 致尚科技 ...