声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，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。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年1月27日，盛科通信（sh688702）触及涨停，涨停价162.53元，涨幅20%，总市值666.37亿元，流 通市值329.92亿元，截止发稿，总成交额14.31亿元。 根据喜娜AI异动分析，盛科通信涨停原因可能如下，营业收入增长+关联交易增长+现金流改善： 1、公 司近期公告显示，2025年前三季度营收同比增长17.55%，业务规模持续扩张。2025年销售商品关联交 易预计金额增至5.5亿，2026年预计达6亿，关联交易业务需求增长明显，且交易方中国电子为央企龙 头，履约能力有保障，这些都为公司业绩增长提供支撑。 2、2025年前三季度经营活动现金流量净额同 比增长2 ...

半导体板块进一步走强，华虹公司、盛科通信盘中创新高，华天科技午后涨停，恒烁股份、国民技术涨 幅居前。 ...

Group 1 - The core viewpoint of the news is that Shengke Communication has seen a significant increase in its stock price, with a rise of 5.06% to 142.30 CNY per share, and a total market capitalization of 58.343 billion CNY as of January 27 [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of major shareholders, Huatai Fund's Huatai Mobile Internet Stock A (000697) has entered the top ten circulating shareholders of Shengke Communication, holding 1.3785 million shares, which is 0.68% of the circulating shares, with an estimated floating profit of approximately 9.4565 million CNY [2] - The Huatai Mobile Internet Stock A fund, established on August 26, 2014, has a latest scale of 2.82 billion CNY, with a year-to-date return of 2.99% and a one-year return of 75.86% [2] - The fund manager, Shen Ruoyu, has a tenure of 5 years and 17 days, with a total fund asset size of 8.548 billion CNY, achieving a best return of 115.76% during the tenure [2] Group 3 - In terms of the fund's major holdings, Huatai Mobile Internet Stock A (000697) has reduced its holdings in Shengke Communication by 288,000 shares, now holding 1.0905 million shares, which constitutes 4.22% of the fund's net value, ranking as the seventh largest holding [3] - The estimated floating profit from the current holdings in Shengke Communication is approximately 7.4809 million CNY [3]

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

Group 1 - The core viewpoint of the news is that Shengke Communication has seen a stock price increase of 5.07%, reaching 142.29 yuan per share, with a total market capitalization of 58.339 billion yuan as of the report date [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switching chips and related products, with its main business revenue composition being 72.43% from Ethernet switching chips, 11.94% from Ethernet switching chip modules, 10.48% from Ethernet switches, 3.18% from customized solutions and others, and 1.97% from licensing [1] Group 2 - From the perspective of fund holdings, one fund under GF Fund has a significant position in Shengke Communication, with GF Ruijin One-Year Open Mixed Fund (011481) holding 53,000 shares, accounting for 4.5% of the fund's net value, ranking as the eighth largest holding [2] - The GF Ruijin One-Year Open Mixed Fund has a total scale of 149 million yuan, with a year-to-date return of 6.18% and a one-year return of 31.47% [2] Group 3 - The fund manager of GF Ruijin One-Year Open Mixed Fund is Ye Shuai, who has a tenure of 4 years and 129 days, with the best fund return during this period being 79.31% and the worst being -22.82% [3] - Another fund manager, Zeng Zhibin, has a tenure of 314 days, with a total fund scale of 87.1 million yuan, achieving a best return of 21.1% and a worst return of 2.6% during his tenure [3]

Summary of Conference Call on Domestic Chip Industry Industry Overview - Focus on the domestic chip industry, particularly in relation to the H200 AI chip and the tight supply of materials for intelligent computing servers [1][2] Key Points and Arguments - **H200 Chip Export Regulations**: The U.S. government has relaxed export controls on the H200 chip but with stringent conditions. Exports to China must undergo compliance testing and the quantity obtained by mainland China and Macau cannot exceed 50% of the total purchased by U.S. clients [1][2] - **Impact on Domestic Chips**: The H200 chip is not expected to significantly impact domestic chip manufacturers due to differing use cases and ongoing policy support for local production [1][2] - **Supply Shortages in AI Chips**: Strong demand for overseas AI chips has led to supply shortages, particularly affecting server CPUs from AMD and Intel, which are experiencing inventory shortages and price increases of 10%-15% [1][2] - **Opportunities for Domestic Suppliers**: The supply chain shortages may benefit domestic chip suppliers, allowing them to increase prices or enter the supply chains of major domestic cloud service providers (CSPs) [1][2] Additional Important Information - **Key Domestic Chip Players**: - AI Chips: Haiguang Information, Cambricon, Huawei Chain, and Biren Technology - CPUs: Haiguang Information, with potential price increases or entry into major manufacturers' supply chains - Other server chips: Haiguang Information and Lanke Technology for PCIe switches, and Shengke Communication for switching chips [3][4] - **Increased Tender Demand**: The demand for tenders has significantly increased, indicating a robust market for domestic chip manufacturers despite the challenges posed by the H200 chip [4]

Core Insights - 33 companies listed on the Sci-Tech Innovation Board have provided earnings forecasts for 2025, with 14 companies expecting losses, 12 companies expecting profit increases, 5 companies expecting reduced losses, and 2 companies expecting profit declines [1] Group 1: Earnings Forecast Overview - Among the 33 companies, 36.36% (12 companies) are expected to report profit increases [1] - The companies forecasting profit increases include 5 with a median net profit growth exceeding 100%, and 3 with growth between 50% and 100% [1] Group 2: Individual Company Forecasts - The company with the highest expected net profit growth is Baiwei Storage, with a median increase of 473.71% [2] - Zhongke Lanyun and Baiaosaitu follow with expected median net profit growths of 371.51% and 303.57%, respectively [2] - Other notable companies with profit increases include Shengnuo Bio (242.48%), Guoli Electronics (144.73%), and Qiangyi Co. (66.24%) [2] Group 3: Losses and Declines - 14 companies are forecasting losses, with Qin Chuan Internet expected to have the largest loss at -68.62% [2] - Other companies expecting significant losses include Aotewei (-60.65%), and Container Technology (-57.46%) [2][3] - The company with the most substantial expected loss is Rongbai Technology, forecasting a decline of -157.45% [3]

Core Viewpoint - Shengke Communication (688702) forecasts a significant loss for the year 2025, with an expected net loss ranging from 120 million to 160 million yuan, despite a projected revenue increase [1][5]. Financial Performance - The company anticipates 2025 annual operating revenue between 1.136 billion and 1.18 billion yuan, representing a year-on-year increase of 5.01% to 9.07% [1]. - The expected net profit attributable to shareholders is projected to be between -160 million and -120 million yuan, indicating an increase in losses of 51.73 million to 91.73 million yuan compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses is expected to be between -258 million and -218 million yuan, reflecting an increase in losses of 109.53 million to 149.53 million yuan year-on-year [1]. Quarterly Performance - In the third quarter of 2025, Shengke Communication reported an operating revenue of 832 million yuan, a year-on-year increase of 2.98%, and achieved a net profit of 9.37 million yuan, successfully turning around from a loss of 76.2 million yuan in the same period last year [2][5]. - The third quarter's revenue was 324 million yuan, up 17.55% year-on-year, with a net profit of 33.06 million yuan, also marking a turnaround from a loss of 19.31 million yuan [2][3]. Research and Development - The company has increased its R&D investment, with a total of approximately 112 million yuan in the third quarter, accounting for 34.63% of operating revenue, although this is a decrease of 3.90 percentage points compared to the previous year [4][5]. - The continuous investment in R&D is aimed at supporting new product development and market expansion, which is seen as essential for sustainable growth and long-term competitiveness [5]. Market Context - Shengke Communication has reported losses for five consecutive years, indicating a potential sixth consecutive year of net losses [6]. - The company's main business focuses on the research, design, and sales of Ethernet switch chips and related products [8].

证券代码：688702 证券简称：盛科通信 公告编号：2026-002 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。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经苏州盛科通信股份有限公司（以下简称"公司"）财务部门初步测算： （1）预计2025年年度营业收入为113,600.00万元至118,000.00万元，与上年同期（法定披露数据）相 比，增加5,417.33万元至9,817.33万元，同比增长5.01%到9.07%。 （2）预计2025年年度实现归属于母公司所有者的净利润为-16,000.00万元至-12,000.00万元，与上年同 期（法定披露数据）相比，增加亏损5,173.53万元至9,173.53万元。 公司本次业绩预告是财务部门基于自身专业判断进行的初步核算，尚未经注册会计师审计。截至公告 日，公司尚未发现影响本次业绩预告内容准确性的重大不确定因素。 （3）预计2025年年度实现归属于母公司所有者扣除非经常性损益后的净利润为-25,800.0 ...

证券代码：688702 证券简称：盛科通信 公告编号：2026-002 苏州盛科通信股份有限公司 2025年年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经苏州盛科通信股份有限公司（以下简称"公司"）财务部门初步测算： （3）预计2025年年度实现归属于母公司所有者扣除非经常性损益后的净利润为-25,800.00万元 至-21,800.00万元，与上年同期（法定披露数据）相比，增加亏损10,952.98万元至14,952.98万元。 四、风险提示 二、上年同期业绩情况和财务状况 （一）营业收入：108,182.67万元。 （二）利润总额：-6,826.47万元。归属于母公司所有者的净利润：-6,826.47万元。归属于母公司所有者 的扣除非经常性损益的净利润：-10,847.02万元。 （三）每股收益：-0.17元。 三、本期业绩变化的主要原因 面对复杂多变的市场环境，公司整体业绩保持平稳，收入规模保 ...