Group 1 - The core point of the news is that Shengke Communication's stock has experienced a decline of 3.28% on November 4, with a cumulative drop of 8.38% over three consecutive days, leading to a market capitalization of 469.53 billion yuan [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 revenue sources being Ethernet switching chips (72.43%), Ethernet switching chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - Among the top ten circulating shareholders of Shengke Communication, a fund under Southern Fund has reduced its holdings in the Southern CSI 500 ETF (510500) by 52,000 shares in the third quarter, now holding 1.8064 million shares, which accounts for 0.89% of the circulating shares, resulting in a floating loss of approximately 7.009 million yuan today and a total floating loss of 18.9316 million yuan during the three-day decline [2] - The Southern CSI 500 ETF (510500), managed by fund manager Luo Wenjie, has a total asset scale of 1,704.45 billion yuan, with a year-to-date return of 30.01% and a one-year return of 27.58% [3]

Core Insights - The latest investment direction of the "National Big Fund" has emerged, with 30 A-share listed companies having the fund as a significant shareholder [1] Group 1: Investment Holdings - The "National Big Fund" has significant holdings in companies such as Northern Huachuang, Hushi Silicon Industry, and Tuojing Technology, among others [1] - The fund's investments are primarily in the semiconductor and integrated circuit sectors, reflecting a strategic focus on these industries [1] Group 2: Company Performance - Northern Huachuang reported a Q3 revenue of 11.16 billion yuan, a year-on-year increase of 38.31%, with a net profit of 1.92 billion yuan, up 14.60% [3] - Hushi Silicon Industry achieved a Q3 revenue of 944 million yuan, a 3.79% increase, but reported a net loss of 265 million yuan [4] - Tuojing Technology saw a significant Q3 revenue increase of 124.15% to 2.27 billion yuan, with a net profit of 462 million yuan, up 225.07% [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that major overseas AI companies are continuously increasing capital expenditures, focusing on AI infrastructure development, with significant growth in cloud business performance [5][6][19] - The report emphasizes a strong outlook for the "optical, liquid cooling, and domestic computing power" sectors, recommending specific stocks within these areas [7][25] Summary by Sections 1. Overseas AI Financial Summary - Google raised its capital expenditure guidance for 2025 to $91-93 billion, with Q3 capital expenditure reaching $23.953 billion, a year-on-year increase of 83% [5][15] - Meta's Q3 revenue was $51.24 billion, exceeding expectations, with a projected annual expenditure of $70-72 billion for 2025 [16] - Microsoft's Q1 FY2026 revenue reached $77.67 billion, a year-on-year increase of 18%, with significant growth in its cloud segment [17][18] - Amazon's Q3 revenue was $180.2 billion, with AWS net sales of $33.006 billion, a 20% year-on-year increase [19][20] - Celestica's Q3 revenue was $3.19 billion, a 28% increase year-on-year, leading to an upward revision of its annual guidance [21] 2. Communication Data Tracking - As of August 2025, the total number of 5G base stations in China reached 4.646 million, with 5G mobile phone users totaling 1.154 billion, a year-on-year increase of 19.46% [34][12] - The report notes that 5G mobile phone shipments reached 19.992 million units in August 2025, accounting for 88.4% of total shipments, with a slight year-on-year increase of 1.2% [41] - The three major telecom operators showed strong growth in innovative business development, with significant revenue increases in their cloud services [45][50]

Core Insights - The Optical Circuit Switch (OCS) technology enables direct optical signal switching, achieving nanosecond-level switching, low latency, and high energy efficiency, with significant market growth expected in the coming years [1][10][12] Industry Overview - OCS operates entirely in the optical domain, avoiding the delays and power consumption associated with optical-electrical-optical conversions, making it suitable for high-performance applications [2][3] - The OCS market is projected to exceed $2 billion globally by 2031, with China's market expected to surpass 2 billion yuan by 2025, driven by policy support and increasing computational demands [1][12] Technology Development - Three main technological routes for OCS are MEMS, DLC, and DLBS, with DLBS gaining traction due to its low loss and fast switching capabilities, making it a focus for major companies like Google [5][6] - The integration of OCS with other technologies such as CPO and SDN is becoming a core direction for enhancing performance and reducing latency [15] Policy Support - The Chinese government has introduced multiple policies to promote the development of OCS, establishing a comprehensive support system that includes planning, standardization, infrastructure development, and innovation support [6][8] Market Dynamics - The OCS industry chain in China is characterized by reliance on imported core components, intense competition in equipment integration, and explosive growth in application scenarios, particularly in data center interconnections [8][10] - The data center market in China is expected to reach 318 billion yuan by 2025, with OCS playing a crucial role in enhancing energy efficiency and performance [10][12] Competitive Landscape - The competitive landscape of the OCS industry in China is stratified, with leading companies like Huawei and ZTE dominating the high-end market, while other firms focus on AI data centers and international markets [13][14] Future Trends - The OCS industry is expected to evolve along the lines of technology integration, ecosystem standardization, and expansion into various application scenarios, including industrial internet and smart grids [15][16][17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company achieved a turnaround in Q3 2025, benefiting from the ramp-up of high-end chips, with revenue of 832 million yuan for the first three quarters, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 9 million yuan, up 112.30% year-on-year [4] - In Q3 2025, the company reported revenue of 324 million yuan, a year-on-year growth of 17.55%, and a net profit attributable to shareholders of 33 million yuan, reflecting a significant increase of 271.21% year-on-year [4] - The company is positioned to benefit from the demand for high-speed interconnects driven by AI, leading to adjustments in profit forecasts for 2025-2027 [4] Financial Performance Summary - For 2025, the company expects net profits of -18 million yuan, 46 million yuan, and 119 million yuan for 2025, 2026, and 2027 respectively, with revenues projected at 1.252 billion yuan, 1.886 billion yuan, and 2.390 billion yuan for the same years [4][8] - The company maintained a high level of R&D investment, with R&D expenses reaching 351 million yuan in the first three quarters of 2025, a year-on-year increase of 6.40% [6] - The gross margin is expected to improve to 44.2% in 2025, with a net margin of -1.4% [8] Market Position and Developments - The company is a leading domestic Ethernet switch chip designer and is actively participating in the OISA ecosystem to support the development of domestic ultra-node computing [5] - The company’s high-end chips, with capacities ranging from 12.8Tbps to 25.6Tbps, are entering the market promotion and application phase, indicating a strong potential for growth in domestic network product localization [6]

证券代码：688702 证券简称：盛科通信 公告编号：2025-026 苏州盛科通信股份有限公司 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： 投资种类：结构性存款、大额存单等安全性高、流动性好的具有保本 属性的投资产品 投资金额：不超过人民币 30,000 万元 已履行及拟履行的审议程序： 2025 年 10 月 28 日，公司召开第二届董事会第八次会议和第二届监事会第 七次会议，审议通过《关于使用部分闲置募集资金进行现金管理的议案》。公司 监事会对本事项发表了明确同意的意见，保荐机构中国国际金融股份有限公司 （以下简称"保荐机构"）对本事项出具了明确无异议的核查意见。本事项无需 提交股东大会审议。 特别风险提示： 尽管公司拟投资安全性高、流动性好的具有保本属性的投资产品，投资风险 可控，但金融市场受宏观经济影响较大，公司将根据经济形势以及金融市场的变 化适时适量介入，但不排除该项投资受到市场波动的影响，存在一定的系统性风 险。 一、投资情况概述 关于使用部分闲置募集资金进行现金管理的公告 （四）投资方 ...

证券代码：688702 证券简称：盛科通信 公告编号：2025-025 苏州盛科通信股份有限公司 关于部分募投项目延期的公告 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。 苏州盛科通信股份有限公司（以下简称"公司"）于2025年10月28日召开第 二届董事会第八次会议、第二届监事会第七次会议，审议通过《关于部分募投项 目延期的议案》，同意对募投项目"路由交换融合网络芯片研发项目"达到预定 可使用状态的日期进行调整。保荐机构对该事项出具了无异议的核查意见。现就 相关事宜公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2023 年 7 月 13 日出具的《关于同意苏州盛科通信股份有限公司首次公开发行股票注册的批 复》（证监许可〔2023〕1534 号），同意公司首次公开发行股票的注册申请。 公司获准向社会公开发行人民币普通股 5,000 万股，每股面值人民币 1.00 元，每 股发行价为人民币 42.66 元，募集资金总额为人民币 2,133,000,000.00 元，扣除 发行费用 ...

基本情况 关于使用部分闲置自有资金进行现金管理的公告 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： | 投资金额 | 不超过人民币 万元 100,000 | | --- | --- | | 投资种类 | 结构性存款、大额存单等安全性高、流动性好的具有 保本属性的投资产品 | | 资金来源 | 自有资金 | 证券代码：688702 证券简称：盛科通信 公告编号：2025-027 苏州盛科通信股份有限公司 已履行及拟履行的审议程序 2025 年 10 月 28 日，公司召开第二届董事会第八次会议和第二届监事会第 七次会议，审议通过《关于使用部分闲置自有资金进行现金管理的议案》。公司 监事会对本事项发表了明确同意的意见，本事项无需提交股东大会审议。 特别风险提示 尽管公司拟投资安全性高、流动性好的具有保本属性的投资产品，投资风险 可控，但金融市场受宏观经济影响较大，公司将根据经济形势以及金融市场的变 化适时适量介入，但不排除该项投资受到市场波动的影响，存在一定的系统性风 险。 一、投资情况概述 （一）投资目的 ...

关于召开 2025 年第三季度业绩说明会的公告 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 30 日（星期四）至 11 月 5 日（星期三）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@centec.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 苏州盛科通信股份有限公司（以下简称"公司"）计划于 2025 年 10 月 30 日发布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 6 日（星期四） 上午 11:00-12:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交 流。 证券代码：688702 证券简称：盛科通信 公告编号：20 ...

证券代码：688702 证券简称：盛科通信 公告编号：2025-028 苏州盛科通信股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 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。 一、本次计提减值准备的情况概述 苏州盛科通信股份有限公司（以下简称"公司"）根据《企业会计准则》及 相关会计政策的规定，为真实、公允地反映公司截至2025年9月30日的财务状况 及2025年前三季度的经营情况，公司对合并范围内的相关资产进行了全面清查并 基于谨慎性原则，对存在减值迹象的相关资产计提了减值准备。经测算，公司2025 年前三季度计提的各项减值准备合计为人民币8,814,442.66元。具体内容如下： 二、计提减值准备方法及具体说明 （一）信用减值损失 公司根据《企业会计准则第22号——金融工具确认和计量》的相关规定，对 （二）资产减值损失 公司根据《企业会计准则第 1 号—存货》规定，存货采用成本与可变现净值 孰低计量，按照单个存货/存货类别成本高于可变现净值的差额计提存货跌价准 备。直接用于出售的存货，在正常生产经营 ...