Core Viewpoint - The article discusses the development stages and policies of China's optoelectronic chip industry, highlighting the transition from initial layout to large-scale application and quality improvement, with future goals set for comprehensive upgrades and ecosystem construction by 2025 [1][2]. Policy Development Stages - The optoelectronic chip industry in China has undergone four stages: 1. Initial layout (2015-2017) focusing on infrastructure and emerging industry cultivation 2. Technological breakthroughs and application exploration (2018-2021) emphasizing core technology and localization 3. Large-scale application and quality enhancement (2022-2023) aimed at expanding scenarios and improving quality 4. Comprehensive upgrade and ecosystem construction (2024-2025) centered on technological innovation and standard improvement [1]. National Policy Summary - The optoelectronic chip is crucial for optical signal conversion, offering advantages such as small size, low power consumption, and high integration, which enhance transmission efficiency in optical communication systems [2]. - Since 2016, multiple policies have been issued by the State Council and the Ministry of Industry and Information Technology to support the development of the optoelectronic chip industry [2]. Key Policies and Plans - A summary of key policies and plans until 2025 includes: - Guidelines for updating and transforming production and testing equipment in electronic components [4]. - Implementation of the future industry innovation development plan to address foundational component shortages [4]. - Standardization initiatives for electronic information manufacturing and high-end chip standards [4][8]. - Plans to enhance the reliability of electronic components and promote the development of high-performance power semiconductors [5][6]. Impact of National Policies - National policies influence the optoelectronic chip industry through: - Encouragement of common key technology and frontier technology research [11]. - Implementation of industrial foundation reconstruction projects to strengthen supply chain resilience [11]. - Development of standard systems and expansion of application scenarios in various fields [11][13]. Provincial Policies Overview - Various provinces have introduced policies to support the optoelectronic chip industry, focusing on: - Technological breakthroughs in silicon photonic chips and high-speed optical communication chips [14][20]. - Financial subsidies and the establishment of innovation platforms, such as Guangdong's plan to create over ten innovation platforms [14]. - Collaborative development of industrial clusters and expansion into applications in 5G and quantum technology [20][18].

Group 1 - The core point of the news is that Yuanjie Technology's stock price has dropped by 5.24%, currently trading at 367.82 CNY per share, with a total market capitalization of 31.613 billion CNY [1] - Yuanjie Technology, established on January 28, 2013, specializes in the research, design, production, and sales of optical chips, with its main business revenue composition being 51.04% from data center and other sectors, and 48.73% from the telecommunications market [1] Group 2 - From the perspective of fund holdings, Zhongyou Fund has a significant position in Yuanjie Technology, with its Zhongyou Value Selected Mixed A Fund holding 5,900 shares, accounting for 2.39% of the fund's net value [2] - The Zhongyou Value Selected Mixed A Fund has achieved a year-to-date return of 39.89% and a one-year return of 80.46%, ranking 1773 out of 8173 and 1261 out of 7996 respectively [2] - The fund manager, Ma Shuli, has been in charge for 3 years and 25 days, with the fund's total asset size currently at 48.2309 million CNY [2]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - The demand for AI computing power is driving the growth of the optical communication industry, with significant advancements in silicon photonics technology, which is becoming the mainstream solution for 1.6T high-speed optical modules [4] - The partnership between OpenAI and NVIDIA aims to deploy at least 10GW of AI data centers, which is expected to double NVIDIA's GPU shipments in 2025, indicating a strong market demand for AI infrastructure [3][4] - The introduction of NVIDIA's Rubin CPX GPU is anticipated to enhance AI application inference and increase demand for liquid cooling solutions, thereby benefiting the liquid cooling sector [5][6] Summary by Sections Industry Overview - The optical communication network is undergoing continuous upgrades, with a focus on new technologies such as OCS, hollow-core fibers, thin-film lithium niobate, and CPO, which are gaining attention and maturity [4] Market Opportunities - The competitive advantages of leading companies in the optical module sector are expected to strengthen, with rising demand for CW lasers and certain passive components [4] - The launch of the Rubin CPX GPU is projected to create additional liquid cooling demand, as it significantly increases processing capabilities and total power consumption [5][6] Recommended Stocks - Strong recommendations for leading companies in the optical module and liquid cooling sectors include: Zhongji Xuchuang, Xinyi Sheng, Yingweike, Tianfu Communication, and Yuanjie Technology [6]

Group 1 - The average stock price of the Sci-Tech Innovation Board is 41.20 yuan, with 73 stocks priced over 100 yuan and the highest being Cambrian-U at 1350.38 yuan [1][2] - Today, 136 stocks on the Sci-Tech Innovation Board rose, while 448 fell, with the average price of stocks over 100 yuan increasing by 0.23% [1][2] - The stock with the first closing price above 100 yuan today is Saiwei Microelectronics, closing at 100.01 yuan, up 5.85% with a turnover rate of 7.39% and a transaction amount of 386 million yuan [1][2] Group 2 - The average premium of stocks over 100 yuan relative to their issue price is 406.15%, with Cambrian-U, Anji Technology, and Baile Tianheng having premiums of 1997.19%, 1446.81%, and 1379.80% respectively [2] - The sectors with the highest concentration of stocks over 100 yuan include electronics, pharmaceuticals, and computers, with 37, 12, and 9 stocks respectively [2] - The net outflow of main funds from stocks over 100 yuan today totaled 4.25 billion yuan, with the highest net inflows seen in Zhongwei Company, Cambrian-U, and Chipone Technology [2][3] Group 3 - The total financing balance for stocks over 100 yuan is 92.298 billion yuan, with the highest balances in Zhongxin International, Cambrian-U, and Haiguang Information [2] - The total margin balance is 427 million yuan, with the highest balances in Haiguang Information, Cambrian-U, and Zhongxin International [2] - A detailed list of stocks over 100 yuan includes Cambrian-U, Maolai Optics, and Yuanjie Technology, with their respective closing prices and daily changes [3][4]

每经AI快讯，9月23日，CPO等算力硬件股盘初活跃，中际旭创涨超8%，新易盛涨超7%，天孚通信涨 超6%，胜宏科技、景旺电子、源杰科技跟涨。 每日经济新闻 ...

Group 1 - The company announced the adjustment of the grant price for the 2024 restricted stock incentive plan from 65.96 yuan per share to 65.56 yuan per share [2] - The adjustment is in accordance with the relevant provisions of the incentive plan draft, following the completion of the company's 2024 annual and 2025 semi-annual profit distribution plans [2] - A total of 14,950 shares of restricted stock have been canceled due to 10 incentive targets leaving the company and 3 voluntarily waiving their rights [2]

Core Points - The average stock price of the Sci-Tech Innovation Board is 40.57 yuan, with 68 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1349.24 yuan [1] - Among the stocks priced over 100 yuan, 187 stocks rose while 394 stocks fell today, with an average decline of 1.15% for the hundred-yuan stocks [1] - The average premium of the hundred-yuan stocks relative to their issue price is 416.87%, with Cambrian-U showing the highest premium at 1995.42% [1] Group 1: Stock Performance - Cambrian-U closed at 1349.24 yuan, down 5.05%, followed by Maolai Optics at 460.10 yuan and Yuanjie Technology at 398.00 yuan [1] - The stocks with the highest increase today include Tengjing Technology, Dekeli, and Kaipu Cloud, while the largest declines were seen in Fengcai Technology, Shengke Communication, and Green Harmonics [1][2] - The net outflow of main funds from the hundred-yuan stocks today totaled 5.313 billion yuan, with Longxin Technology, Juguang Technology, and SMIC seeing the highest net inflows [2] Group 2: Financing and Margin Trading - As of September 18, the total financing balance for hundred-yuan stocks is 88.569 billion yuan, with Cambrian-U, SMIC, and Haiguang Information having the highest financing balances [2] - The total margin balance is 0.405 billion yuan, with Haiguang Information, Cambrian-U, and SMIC leading in margin balances [2] Group 3: Industry Distribution - The hundred-yuan stocks are concentrated in the electronics, pharmaceutical, and computer industries, with 31, 13, and 8 stocks respectively [1]

陕西源杰半导体科技股份有限公司 关于调整 2024 年限制性股票激励计划授予价格及 作废处理部分限制性股票的公告 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。 陕西源杰半导体科技股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日召开公司第二届董事会第二十二次会议，审议通过了《关于调整公司 2024 年限制性股票激励计划授予价格的议案》《关于作废处理 2024 年限制性股票激 励计划部分限制性股票的议案》。现将有关事项公告如下： 一、 本次限制性股票授予已履行的决策程序和信息披露情况 证券代码：688498 证券简称：源杰科技 公告编号：2025-059 1、2024 年 8 月 29 日，公司召开第二届董事会第六次会议，审议通过了 《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》（以下简 称"本次激励计划"或《激励计划（草案）》）《关于公司<2024 年限制性股 票激励计划实施考核管理办法>的议案》及《关于提请股东会授权董事会办理公 司 2024 年限制性股票激励计划相关事项的议案》。 ...

陕西源杰半导体科技股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 第一个归属期归属条件成就的公告 证券代码：688498 证券简称：源杰科技 公告编号：2025-060 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： 限制性股票拟归属数量：176,980 股。 归属股票来源：陕西源杰半导体科技股份有限公司（以下简称"公司"） 从二级市场回购的公司 A 股普通股股票 公司于 2025 年 9 月 19 日召开公司第二届董事会第二十二次会议，审议通 过了《关于 2024 年限制性股票激励计划首次授予部分第一个归属期归属条件成 就的议案》。公司 2024 年限制性股票激励计划（以下简称"本次激励计划"） 首次授予部分第一个归属期归属条件已经成就，现将有关事项公告如下： 一、 本次激励计划批准及实施情况 （一） 本次股权激励计划的主要内容及履行的程序 1、本次激励计划的主要内容 （1） 股权激励方式：第二类限制性股票 （2） 授予数量：授予限制性股票总量合计 57.17 万股，约占本次激励计 划草案 ...

金杜律师事务所 KING&WCOD MALLESONS 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu, Chaoyang District Beijing 100020, P. R. China T +86 10 5878 5588 F +86 10 5878 5566 www.kwm.com 北京市金杜律师事务所 关于陕西源杰半导体科技股份有限公司 2024年限制性股票激励计划授予价格调整、 首次授予部分第一个归属期归属条件成就及 部分限制性股票作废事项的 法律意见书 致:陕西源杰半导体科技股份有限公司 北京市金杜律师事务所（以下简称"金杜"或"本所"）接受陕西源杰半导体 科技股份有限公司（以下简称"公司"）委托,作为公司 2024 年限制性股票激励计 划（以下简称"本次激励计划"）的专项法律顾问，根据《中华人民共和国公司 法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券 法》"入《上市公司股权激励管理办法》¹（以下 ...