Summary of Conference Call Notes Industry Overview - The focus is on the North American CSP (Cloud Service Provider) capital expenditure, which is experiencing strong growth. The report emphasizes the importance of the CPO (Coherent Photonic Optics) and fiber optic industries [1][2]. Key Points 1. **Acceleration of CPO Development** - Lumentum has announced that it has secured several hundred million dollars in orders related to CPO. - Expected revenue from CPO is projected to be approximately $50 million in Q4 2026, with a significant surge anticipated in the first half of 2027. - The report suggests paying attention to the CPO supply chain, including components such as optical engines, FAU, laser ELS, MPO, shuffle boxes, and polarization-maintaining fibers. - Relevant companies in this space include Tianfu Communication, Yuanjie Technology, Shijia Photonics, Taicheng Light, Changfei Fiber, Changying Tong, and Robotek [1][2]. 2. **Fiber Optic Industry Transition** - The fiber optic cable industry has shifted from recovery to a phase characterized by "tight supply and simultaneous increase in volume and price." - As a capital-intensive industry, it is expected that new capacity will be difficult to add in the short term, leading to continued price increases. - Companies with optical fiber rod production capacity, such as Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Fenghuo Communication, are recommended for focus. - Additionally, companies with significant fiber optic capacity or specialized fiber optics, such as Tefa Information and Changying Tong, are also highlighted [2]. 3. **Strong Capital Expenditure Growth Among CSPs** - Four major North American CSPs are expected to maintain strong capital expenditure growth through Q4 2025, with optimistic guidance for future capital expenditures. - All companies expressed a consensus on the "strong demand for AI and tight supply of computing power." - The overseas AI computing power supply chain is viewed positively, while the domestic AI competition is ongoing, with issues such as traffic congestion during Alibaba's Qianwen event noted. - Attention is also recommended for the domestic computing power supply chain [2]. Additional Recommendations - The report recommends specific companies for investment consideration: Zhongji Xuchuang, Tianfu Communication, Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Yuanjie Technology [3].

Summary of Conference Call Notes Company and Industry Involved - **Company**: Yuanjie Technology (源杰科技) - **Industry**: Optical Communication and Semiconductor Industry Key Points and Arguments 1. **Investment in Expansion**: Yuanjie Technology plans to invest approximately 1.25 billion RMB in the second phase of its optical communication semiconductor chip and device R&D production base, with a construction period of 18 months [1] 2. **Capacity Expansion Timeline**: The company expects to begin equipment installation and debugging by the end of 2026, with production capacity expected to be released around Q2-Q3 of 2027, and full capacity release anticipated by the end of 2027 to Q1 of 2028 [1][2] 3. **Current Asset Status**: As of Q3 2025, the company's fixed assets and construction in progress were 570 million RMB and 145 million RMB, respectively. The large-scale investment of 1.25 billion RMB aims to ensure capacity meets the strong demand expected in 2027 and demonstrates confidence in the industry demand and the company's market share for 2028 [1] 4. **Core Equipment and Production Growth**: The company is accelerating the arrival and process debugging of core equipment such as MOCVD and E-BEAM, with the U.S. factory expected to gradually start production in 2026. The company anticipates a multiple increase in production capacity in 2026, continuing to double in 2027, and maintaining high growth in 2028 [2] 5. **CPO Product Development**: The development of CW lasers for the CPO (Co-Packaged Optics) field has entered a critical productization stage. The value and technical difficulty of CPO CW laser products are several times higher than those of CW laser products used in optical modules [2] 6. **Market Opportunities**: As the CPO products ramp up, Yuanjie Technology is expected to benefit significantly from the full-scenario deployment of both external and internal optical interconnects. The production equipment for the 300mW CPO products is largely consistent with that for optical modules, allowing for a smooth transition in production capacity [2] 7. **Long-term Industry Outlook**: The company emphasizes strong demand for pluggable optical modules and Scale Up CPO/NPO over the next five years, positioning Yuanjie Technology as a leading domestic optical chip manufacturer with a commitment to large-scale expansion, reflecting confidence in the industry's development [2] 8. **Overall Industry Sentiment**: The overall sentiment in the domestic optical interconnect industry is positive, particularly under the trend of "optical interconnects within cabinets" [2]

事件：公司拟采用自有资金和银行贷款，投资约12.51亿元建设光电通讯半导体芯片和器件研发生产基地二期项 目，项目主要内容为新建光芯片生产线及生产厂房、配套设施（厂房一增加部分晶圆及芯片生产设备，厂房三建 设晶圆及芯片生产设备），建设周期为18个月，扩建完成后将提升整体产能，满足国内外客户持续高增的需求， 此举彰显了公司对光互联产业发展的信心。 【天风通信】源杰科技：持续进行产能扩张，彰显公司发展信心 < CW大功率激光器芯片，要求同时具备大功率、高耦合效率、宽工作温度的性能指标，对激光器芯片要求更高。 在26年海外光模块需求量不断上调之际，我们预计上游最紧缺环节之一光芯片供给缺口有望扩大，国内光芯片厂 商有望加速导入海外供应链，同时供货量有望呈现高速增长。 公司有望充分受益供需缺口的红利期，一方面公司技术能力强、下游客户均为知名光模块厂，另一方面公司持续 进行扩产，具备规模量产能力，这也为公司赢得客户提供了显著优势，截至2025Q3末，公司在建工程1.45亿元， 环比增加7330万元，固定资产5.7亿元，环比增加3862万元。 此外，公司针对CPO，已研发300mW CW光源、实现核心技术突破，针对OIO领域 ...

Group 1 - Xi Jinping emphasized the importance of technological self-reliance for building a modern socialist country during his visit to the National Innovation Park in Beijing, where he observed advancements in AI and robotics [1] - The Shanghai, Shenzhen, and Beijing stock exchanges announced a package of measures to optimize refinancing processes for high-quality listed companies, aiming to enhance refinancing efficiency [2] - The Ministry of Commerce plans to implement a vehicle trade-in program by 2026 to boost automotive consumption, alongside other reforms in the automotive circulation sector [3] Group 2 - Zhongke Shuguang announced plans to issue convertible bonds to raise up to 8 billion yuan for advanced computing cluster projects focused on AI [5] - Efort plans to acquire 100% of Shengpu shares, with stock resuming trading on February 10; Hainan Mining intends to acquire 69.9% of Fengrui Fluorine Industry shares, also resuming trading [6] - Jinhui shares announced a 210 million yuan acquisition of 100% of Fusheng Mining, which holds a gold mining license with an annual production capacity of 50,000 tons [6] Group 3 - Mengguli announced an investment of 929 million yuan to build a project for producing 30,000 tons of lithium-ion battery cathode materials annually [7] - Yuanjie Technology plans to invest 1.251 billion yuan in the second phase of a semiconductor chip and device R&D production base, focusing on high-speed optical chips [7] - Cuihua Jewelry is under investigation by the CSRC for suspected violations of information disclosure regulations [8] Group 4 - The transportation regulatory office conducted a meeting with Gaode Dache, highlighting issues such as inadequate management of partner ride-hailing platforms and improper emergency responses [13] - The U.S. stock market saw gains, with major indices rising, particularly Oracle, which increased by over 9% [14] - COMEX gold futures rose by 2.1% to $5084.2 per ounce, while silver futures increased by 8% to $83.05 per ounce [15]

Company News - ST Cuihua announced that it has received a "Notice of Investigation" from the China Securities Regulatory Commission due to suspected violations of information disclosure regulations [1] - Hainan Mining is planning to acquire 69.90% of Fengrui Fluorine Industry through a combination of issuing shares and cash payment, and will resume trading on February 10, 2026 [1] - Evert plans to acquire 100% of Shanghai Shengpu Fluid Equipment Co., Ltd. through a combination of issuing shares and cash payment, with trading resuming on February 10, 2026 [1] - Zhiguang Electric's subsidiary signed a sales contract worth a total of RMB 1.004 billion for energy storage systems [8] - Yuanjie Technology plans to invest approximately RMB 1.251 billion to build a second-phase R&D and production base for optoelectronic semiconductor chips and devices [8] - Mengguli plans to invest RMB 929 million to construct a project for producing 30,000 tons of lithium-ion battery cathode materials annually [8] - Jinhui Co. intends to acquire 100% of Fusheng Mining for RMB 210 million, aiming to develop gold resources as a new economic growth point [8] Industry Insights - The A-share market saw a strong rebound, with major indices rising significantly, indicating market expectations for a "spring red envelope" rally [4] - The AI application sector experienced a surge, with multiple stocks hitting the daily limit, driven by advancements in AI models and their commercial viability [5][6] - The rare earth product prices have accelerated, with praseodymium and neodymium oxide prices rising by 7.59% and 6.27% respectively, indicating potential profitability improvements in the industry [7] - The number of private equity firms with over RMB 10 billion in assets reached a historical high of 122, reflecting a strong market interest in equity assets [3]

证券代码：688498 证券简称：源杰科技 公告编号：2026-003 陕西源杰半导体科技股份有限公司 关于调整募投项目内部投资结构、使用超募资金 及自筹资金增加募投项目投资额的公告 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。 重要内容提示： ● 超额募集资金金额及使用用途：陕西源杰半导体科技股份有限公司（以下简称"公司"）首次公开发行 股票实际募集资金净额137,867.73万元，其中超募资金39,867.73万元。公司拟使用超募资金9,862.04万元 增加募投项目"50G光芯片产业化建设项目"的投资额。 ● 增加募投项目投资额：公司拟将募投项目"50G光芯片产业化建设项目"的总投资额由48,714.41万元调 增为75,714.41万元。调增投资额对应的资金来源于超募资金及自筹资金，其中，拟使用剩余超募资金 9,862.04万元，其余部分为自筹资金。 ● 审议程序：公司于2026年2月9日召开了第二届董事会第二十六次会议，审议通过了《关于调整募投项 目内部投资结构、使用超募资金及自筹资金增加募投项目投资额的议案》 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 | | | 2月9日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | ST京蓝 | 如未来公司股票价格进一步异常上涨,可能申请停牌核查 | | | ST * 4 | 因涉嫌信息披露违法违规 证监会对公司立案 | | 项目投资 | 盟固利 | 拟投资建设年产3万吨锂离子电池正极材料项目 | | 合同中标 | 金螳螂 | 中标2.42亿元工程项目 | | 股权转让 | 中闽能源 | 拟8.64亿元收购闽投抽水蓄能51%股权 | | 业绩 | 威迈斯 | 2025年归母净利润5.57亿元,同比增长39. 22% | | 回购 | 恺英网络 | 拟1亿元-2亿元回购公司股份 | | 增减持 | 腾亚精工 | 马妹芳拟减持不超过2.68%股份 | | 其他 | 奥普特 | 拟发行可转债券资不超13.8亿元 | | | 智光电气 | 获得10.04亿元客户订单 局 | 杭氧股份(002430.SZ)：拟投资建设一套41000Nm3/h空分装置项目 源杰科技(688498.SH)：拟投资约12.51亿元建设光电通讯 ...

Group 1 - ST京蓝 may apply for suspension of trading if stock price continues to rise abnormally [1] - ST * 4 is under investigation by the CSRC for suspected information disclosure violations [1] - Alliance Material plans to invest in a project to produce 30,000 tons of lithium-ion battery cathode materials annually [1] - Jin Tanglang has won a contract for a project worth 242 million yuan [1] - Zhongmin Energy intends to acquire a 51% stake in Mintou Pumped Storage for 864 million yuan [1] - Weimais expects a net profit of 557 million yuan for 2025, a year-on-year increase of 39.22% [1] - Kaiying Network plans to repurchase shares worth 100 million to 200 million yuan [1] - Tengya Precision plans to reduce its stake by up to 2.68% [1] - Optoelectronics intends to issue convertible bonds not exceeding 1.38 billion yuan [1] - Zhiguang Electric has received customer orders worth 1.004 billion yuan [1] Group 2 - Borui Communication plans to acquire a 9% stake in its subsidiary Hongxing Education [2] - Changchuan Technology's actual controller plans to reduce its stake by up to 1.1128% [2] - Optoelectronics plans to issue convertible bonds to raise no more than 1.38 billion yuan for AI intelligent vision solution R&D [2] - Zhiguang Electric has secured customer orders worth 1.004 billion yuan [2] - Xiamen Tungsten plans to acquire a 39% stake in Jiujiang Dadi [2] - Fangda Carbon plans to acquire 100% of Tongda Huanyu for 319 million yuan [2] - Eastern Airlines Logistics intends to acquire a 49% stake in Eastern Airlines Supply Chain for 200 million yuan [2] - Jinhui Co. plans to acquire 100% of Fusheng Mining for 210 million yuan [2] - Zhongmin Energy intends to acquire a 51% stake in Mintou Pumped Storage for 864 million yuan [2] - Yunyi Electric plans to repurchase shares worth 100 million to 150 million yuan [2] - Gaoweida plans to repurchase shares worth 30 million to 35 million yuan [2] - Kaiying Network plans to repurchase shares worth 100 million to 200 million yuan [2] - Tiankang Biological plans to repurchase shares worth 100 million to 200 million yuan [2] - Dianzhu Technology plans to repurchase shares worth 100 million to 200 million yuan [2] - Tengya Precision plans to reduce its stake by up to 2.68% [2] - Bowei Alloy plans to increase its stake by 100 million to 150 million yuan [2]

Group 1 - Jinwei Co., Ltd. plans to acquire 100% equity of Fusheng Mining for 210 million yuan, which will become a wholly-owned subsidiary and included in the consolidated financial statements [2] - Mengguli intends to invest 929 million yuan to build a project with an annual production capacity of 30,000 tons of lithium-ion battery cathode materials, expected to produce 5,000 tons of high-voltage cobalt acid lithium, 10,000 tons of NCA materials, and 15,000 tons of ultra-high nickel ternary materials [2] - Xiamen Tungsten plans to acquire 39% equity of Jiujiang Dadi Mining, which will help increase mineral resource reserves and improve raw material self-sufficiency [3] Group 2 - Andavil's subsidiary received EASA certification for its aviation kitchen plug-in products, marking compliance with European aviation safety standards [2] - CIMC Vehicles disclosed that the US ITC made a preliminary ruling on anti-subsidy and anti-dumping investigations regarding Van-Type Trailers, indicating potential damage to the US domestic industry [4] - Source Technology plans to invest approximately 1.251 billion yuan to build a second phase project for the R&D and production of optoelectronic communication semiconductor chips and devices [9] Group 3 - Zhongmin Energy intends to acquire 51% equity of Mintou Pumped Storage for 864 million yuan, with the transaction price based on asset evaluation [10] - Ningbo Yunsheng plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [11] - Wenkai Co., Ltd. won a bid for a landscape project worth 50.8162 million yuan [12] Group 4 - China Merchants Shekou achieved a signed sales amount of 7.674 billion yuan in January 2026 [16] - AVIC Optoelectronics reported a net profit of 2.124 billion yuan for 2025, a year-on-year decrease of 36.69% [17] - Tiankang Bio reported a sales revenue of 392 million yuan from pig sales in January 2026, with a month-on-month increase of 6.23% [18] Group 5 - Poly Developments reported a signed amount of 15.617 billion yuan in January 2026, a year-on-year decrease of 13.31% [19] - Chengtou Holdings reported a net profit of 290 million yuan for 2025, a year-on-year increase of 19.67% [20] - Qianjin Pharmaceutical reported a net profit of 288 million yuan for 2025, a year-on-year increase of 24.74% [21]

一、并购 1、海南矿业：拟通过发行股份及支付现金购买丰瑞氟业69.90%股权，股票复牌。 2、埃夫特：拟购买盛普股份100%股份，股票复牌；盛普股份是一家专注于精密流体控制设备研发企 业，其产品核心应用于新能源、汽车电子等高端制造领域，涵盖光伏组件涂胶机、动力电池电芯及电池 包涂胶设备等领域。 二、回购、增持 1、恺英网络：拟以1亿元-2亿元回购，回购价格不超过36.91元/股。 2、电连技术：拟以1亿元-2亿元回购，拟回购价格不超过69.72元/股。 3、博威合金：控股股东博威集团拟增持1亿至1.5亿元。 三、对外投资、日常经营 1、源杰科技：拟投资建设光电通讯半导体芯片和器件研发生产基地二期项目，投资总额约为12.51亿 元。 2、盟固利：拟投资9.29亿元建设年产3万吨锂离子电池正极材料项目。 3、威海广泰：拟收购山东机场投资和威海机场持有安泰装备的全部股份，收购后公司持股比例由65% 增加至100%，安泰装备变成公司全资子公司。 4、当升科技：与辉能科技签署策略合作框架协议。 东威科技：2025年净利润1.29亿元，同比增长86.81%。 晚间公告 7、交控科技：与Metro Trains West ...