Group 1 - Yutai Microelectronics' stock price has declined by 5.1% as of October 17, with a current price of 107.62 CNY per share and a total market capitalization of 8.61 billion CNY [1] - The company has experienced a cumulative decline of 3.8% over the past three days, with a trading volume of 82.37 million CNY and a turnover rate of 1.50% [1] - Yutai Microelectronics, established on January 25, 2017, specializes in the research, design, and sales of high-speed wired communication chips, with 99.44% of its revenue coming from chip sales [1] Group 2 - Huiquan Fund holds a significant position in Yutai Microelectronics, with its Huiquan Zhenxin Zhiyuan Mixed A Fund (013051) owning 61,700 shares, representing 4.02% of the fund's net value [2] - The fund has incurred a floating loss of approximately 356,500 CNY today, with a total floating loss of 276,300 CNY during the three-day decline [2] - Huiquan Zhenxin Zhiyuan Mixed A Fund was established on November 2, 2021, with a current size of 84.06 million CNY and a year-to-date return of 13.58% [2] Group 3 - The fund manager of Huiquan Zhenxin Zhiyuan Mixed A Fund, Liang Yongqiang, has a tenure of 17 years and has achieved a best fund return of 104.95% during his management [3] - Co-manager Liu Yuan has a tenure of 5 years, with a best fund return of 48.27% [3] - The fund has faced a cumulative loss of 47.81% since its inception [2]

10月16日，裕太微盘中下跌2.72%，截至11:29，报113.00元/股，成交1.14亿元，换手率1.99%，总市值 90.40亿元。 资金流向方面，主力资金净流出80.63万元，特大单买入225.03万元，占比1.97%，卖出799.87万元，占 比6.99%；大单买入2524.42万元，占比22.05%，卖出2030.20万元，占比17.73%。 裕太微所属申万行业为：电子-半导体-模拟芯片设计。所属概念板块包括：基金重仓、百元股、融资融 券、汽车电子、芯片概念等。 截至6月30日，裕太微股东户数7497.00，较上期增加3.28%；人均流通股6645股，较上期减少3.17%。 2025年1月-6月，裕太微实现营业收入2.22亿元，同比增长43.41%；归母净利润-1.04亿元，同比增长 3.89%。 机构持仓方面，截止2025年6月30日，裕太微十大流通股东中，泰信中小盘精选混合（290011）位居第 三大流通股东，持股200.00万股，相比上期增加29.00万股。泰信鑫选混合A（001970）位居第五大流通 股东，持股132.00万股，相比上期增加39.00万股。鹏华优选成长混合A（010488） ...

Core Viewpoint - The traditional computing architecture is insufficient for the efficient, low-energy, and large-scale collaborative AI training needs, leading to the trend of supernodes which significantly boosts the demand for Scale up-related hardware [1][3] Group 1: AI Hardware Capabilities - AI hardware capabilities are driven by three main factors: computing power (determined by GPU performance and quantity), storage capacity (high-bandwidth memory cache close to GPUs), and communication capacity (encompassing Scale up, Scale out, and Scale across scenarios) [1][2] Group 2: Market Trends and Projections - The market for Scale up switching chips is expected to reach nearly $18 billion by 2030, with a CAGR of approximately 28% from 2022 to 2030, driven by the demand for supernodes [3] - The construction of large-scale AI clusters necessitates extensive interconnectivity between nodes, leading to increased demand for Scale out hardware, while power resource limitations in single regions will promote the adoption of Scale across solutions [3] Group 3: Communication Protocols - Different communication protocols are required for Scale up and Scale out, with major companies developing proprietary protocols alongside third-party and smaller firms promoting public protocols [4] - Notable proprietary protocols for Scale up include NVIDIA's NVlink and AMD's Infinity Fabric, while public protocols include Broadcom's SUE and PCIe [4] Group 4: Domestic Hardware Development - The domestic production rate of communication hardware is currently very low, presenting a significant opportunity for domestic replacement in the market [5] - Companies like Shudao Technology and Shengke Communication are advancing towards commercialization of their products, indicating a growing domestic market potential [5] Group 5: Investment Opportunities - Beneficiaries of PCIe hardware include Wantong Development and Lanke Technology, while Ethernet hardware beneficiaries include Shengke Communication and ZTE [6]

Company Overview - Yutai Microelectronics Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on January 25, 2017, with its listing date on February 10, 2023. The company specializes in the research, design, and sales of high-speed wired communication chips [1]. Financial Performance - As of October 13, Yutai Micro's stock price increased by 5.01%, reaching 120.70 CNY per share, with a trading volume of 175 million CNY and a turnover rate of 3.03%. The total market capitalization stands at 9.656 billion CNY [1]. - The company's main revenue sources are from chip sales, which account for 99.44% of total revenue, while other income sources contribute minimally [1]. Shareholder Information - Among the top ten circulating shareholders, Penghua Fund's Penghua Preferred Growth Mixed A (010488) holds 524,300 shares, unchanged from the previous period, representing 1.05% of circulating shares. The estimated floating profit today is approximately 3.0198 million CNY [2]. - The fund was established on December 16, 2020, with a current size of 2.064 billion CNY. Year-to-date returns are 42.77%, ranking 1666 out of 8234 in its category, while the one-year return is 37.57%, ranking 2028 out of 8083 [2]. Fund Management - The fund manager of Penghua Preferred Growth Mixed A is Jiang Xin, who has been in the position for 9 years and 114 days. The total asset size of the fund is 4.89 billion CNY, with the best return during his tenure being 133.79% and the worst being -21.03% [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]

鹏华优选成长混合A（010488）基金经理为蒋鑫。 截至发稿，蒋鑫累计任职时间9年111天，现任基金资产总规模48.9亿元，任职期间最佳基金回报 141.7%， 任职期间最差基金回报-21.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月10日，裕太微跌5.09%，截至发稿，报115.51元/股，成交2.02亿元，换手率3.44%，总市值92.41亿 元。 资料显示，裕太微电子股份有限公司位于江苏省苏州市高新区金山东路78号202室,上海市浦东新区盛荣 路388弄18号楼，成立日期2017年1月25日，上市日期2023年2月10日，公司主营业务涉及高速有线通信 芯片的研发、设计和销售。主营业务收入构成为：芯片商品销售收入99.44%，其他(补充)0.49%，技术 服务费0.06%，其他商品销售0.01%。 从裕太微十大流通股东角度 数据显示，鹏华基金旗下1只基金位居裕太微十大流通股东。鹏华优选成长混合A（010488）二季度持 有股数5 ...

Core Insights - Yutai Micro's stock price increased by 25.17% year-to-date, with a 2.01% rise on October 9, reaching 123.92 CNY per share [1][2] - The company specializes in the research, design, and sales of high-speed wired communication chips, with 99.44% of its revenue coming from chip sales [2] - As of June 30, 2025, Yutai Micro reported a revenue of 222 million CNY, a year-on-year growth of 43.41%, while the net profit attributable to shareholders was -104 million CNY, a growth of 3.89% [2] Financial Performance - The stock's trading volume on October 9 was 198 million CNY, with a turnover rate of 3.25% and a total market capitalization of 9.914 billion CNY [1] - Over the past 60 days, the stock price has increased by 41.72% [2] - The number of shareholders increased by 3.28% to 7,497, while the average circulating shares per person decreased by 3.17% to 6,645 shares [2] Institutional Holdings - As of June 30, 2025, the top three circulating shareholders include Taixin Small and Medium Cap Selected Mixed Fund, holding 2 million shares, an increase of 290,000 shares [3] - Taixin Xinxuan Mixed A Fund ranks fifth with 1.32 million shares, an increase of 390,000 shares [3] - Penghua Preferred Growth Mixed A Fund is the tenth largest shareholder, holding 524,300 shares, unchanged from the previous period [3]

- The GAN_GRU factor is based on the GAN_GRU model, which utilizes a Generative Adversarial Network (GAN) for processing volume-price time series features and then uses a GRU model for time series feature encoding to derive the stock selection factor[4][13][14] - The GAN_GRU model includes two GRU layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output prediction return (pRet) used as the stock selection factor[22] - The GAN model consists of a generator and a discriminator. The generator aims to generate data that appears real, while the discriminator aims to distinguish between real and generated data. The generator's loss function is $L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))]$[23][24][25] - The discriminator's loss function is $L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))]$[27][28][29] - The GAN_GRU model's training process involves alternating training of the generator and discriminator until convergence[30] - The GAN_GRU factor's performance from January 2019 to September 2025 shows an IC mean of 0.1136, an annualized excess return of 22.58%, and a recent IC of 0.1053 as of September 28, 2025[41][42] - The GAN_GRU factor's IC mean for the past year is 0.0982, with the highest IC values in the coal, building materials, social services, non-bank finance, and food & beverage industries[42][44] - The top-performing long portfolios in September 2025, based on the GAN_GRU factor, include sectors like building materials, steel, social services, coal, and non-bank finance, with excess returns of 5.78%, 5.13%, 1.91%, 1.55%, and 1.21%, respectively[45] - Over the past year, the top-performing long portfolios based on the GAN_GRU factor include home appliances, building materials, food & beverage, utilities, and textiles & apparel, with average monthly excess returns of 5.04%, 4.96%, 3.92%, 3.53%, and 3.10%, respectively[46] - The top stocks in each industry based on the GAN_GRU factor as of September 28, 2025, include companies like Baolaite, Yutaiwei-U, Cangge Mining, Tuowei Information, Hengtong Co., Angang Co., and others[49][50]

Core Viewpoint - Yutai Micro has developed Ethernet communication products suitable for robotic motion control, leveraging its technology in high-speed wired communication chips, with applications in industrial collaborative robots and humanoid robot prototypes [1] Group 1: Product Development - The company has introduced Ethernet communication products that are adaptable for robotic motion control, including humanoid robots [1] - These products are currently being applied in certain customer projects, focusing on communication modules for industrial collaborative robots and humanoid robot prototypes [1] Group 2: Market Potential - The relevant business is still in the technical validation and ecosystem co-construction phase, and has not yet significantly impacted the company's performance [1] - Industry experts believe that with the growth of industrial automation and humanoid robot sectors, low-latency and high-reliability Ethernet communication products are expected to capture a broader market in the future [1]

Core Viewpoint - Yutai Micro has developed Ethernet communication products suitable for robotic motion control, including humanoid robots, based on its technological accumulation in high-speed wired communication chips [1] Group 1: Product Development - The company has created Ethernet communication products that are currently being applied in some customer projects, focusing mainly on industrial collaborative robots and humanoid robot prototypes [1] - The applications are primarily centered around communication modules for customer prototype development and testing phases [1] Group 2: Business Status - The business is still in the technical validation and ecosystem co-construction stage, and it has not yet had a significant impact on the company's performance [1]