格隆汇2月2日丨华工科技(000988.SZ)在投资者互动平台表示，联接业务海外市场推进顺利，2025年以 来出口业务增长明显，海外设备商与渠道商已有批量的400G/800G光模块出货，800G LPO光模块已经 在海外工厂开始交付，2026年将继续上量，同时产品型号也在增加。公司具备1.6T光模块的批量生产能 力，并已有小批量订单出货，正在为后续的上量做准备。海外头部客户方面，包括800G和1.6T在内的 LPO系列、DSP系列产品按既定规划进行生产及准备。 ...

格隆汇2月2日丨华工科技(000988.SZ)在投资者互动平台表示，联接业务海外市场推进顺利，2025年以 来出口业务增长明显，海外设备商与渠道商已有批量的400G/800G光模块出货，800G LPO光模块已经 在海外工厂开始交付，2026年将继续上量，同时产品型号也在增加。公司具备1.6T光模块的批量生产能 力，并已有小批量订单出货，正在为后续的上量做准备。海外头部客户方面，包括800G和1.6T在内的 LPO系列、DSP系列产品按既定规划进行生产及准备。 ...

Core Viewpoint - HGC Technology's stock has experienced a decline in price and trading volume, with significant net outflows of capital, indicating potential investor concerns about the company's performance and market position [1][2]. Group 1: Stock Performance - On February 2, HGC Technology's stock fell by 2.03%, trading at 75.84 yuan per share, with a total transaction volume of 1.41 billion yuan and a turnover rate of 1.82% [1]. - Year-to-date, the stock price has decreased by 4.40%, with a 2.44% drop over the last five trading days, a 7.43% decline over the last 20 days, and a 3.08% decrease over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, HGC Technology reported a revenue of 11.038 billion yuan, representing a year-on-year growth of 22.62%, and a net profit attributable to shareholders of 1.321 billion yuan, which is a 40.92% increase compared to the previous year [2]. - The company has distributed a total of 1.087 billion yuan in dividends since its A-share listing, with 0.452 billion yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, HGC Technology had 189,400 shareholders, an increase of 101.14% from the previous period, with an average of 5,306 circulating shares per shareholder, a decrease of 50.28% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 38.9396 million shares, which is a decrease of 7.8374 million shares from the previous period [3].

Core Viewpoint - The optical communication chip market in China is experiencing continuous growth driven by advancements in artificial intelligence, data center expansion, consumer electronics, and 5G deployment, with significant increases in production and demand projected for the coming years [1][4]. Industry Definition and Classification - Optical communication chips are defined as chips that enable the conversion of optical and electrical signals and are essential for the transmission of optical communication signals [1][3]. - These chips can be categorized into laser chips and detector chips, with further classifications based on their emission structure [1][3]. Current Industry Status - The global demand for optical communication chips is surging due to the rapid development of new information technologies such as mobile internet, 5G, and cloud computing [4]. - In China, the demand for optical communication chips is expected to reach 1.198 billion units by 2024, with a market size of 15.16 billion yuan, and further growth is anticipated in subsequent years [4][5]. Market Size and Growth Projections - By 2024, China's optical communication chip production is projected to grow to 867 million units, with demand reaching 1.198 billion units and a market size of 15.16 billion yuan [1][4]. - The market size is expected to increase to approximately 16.02 billion yuan by 2025, with continued rapid growth anticipated through 2026 [1][4]. Industry Chain - The optical communication chip industry chain consists of upstream materials and equipment, midstream chips and modules, and downstream application markets, with a focus on domestic production and high-speed upgrades [5][6]. Industry Barriers - The optical communication chip industry faces high entry barriers due to significant capital investment, core technology accumulation, and brand recognition, with a strong reliance on intellectual property protection [5][6]. Competitive Landscape - China is becoming a significant player in the global optical communication chip market, with several domestic companies, such as Huagong Technology and Guangxun Technology, leading in technology and production capacity [5][6]. - The market share of Chinese optical communication chip manufacturers is increasing, with notable advancements in high-speed optical communication chips [5][6]. Research and Development Trends - Future trends in optical communication chip development include green communication, silicon photonics technology, and photonic integrated circuit (PIC) technology, which are expected to drive innovation and efficiency in the industry [12][14][16]. - The focus on large-capacity transmission and all-optical networks is also highlighted as key areas for future development [16][17].

Core Viewpoint - The Hubei state-owned enterprise reform sector experienced a decline of 1.39% on January 29, with Huagong Technology leading the drop [1] Market Performance - The Shanghai Composite Index closed at 4157.98, up by 0.16% - The Shenzhen Component Index closed at 14300.08, down by 0.3% [1] Capital Flow - The main capital outflow from the Hubei state-owned enterprise reform sector amounted to 850 million yuan - Retail investors contributed a net inflow of 553 million yuan, while speculative funds saw a net inflow of 298 million yuan [1]

华工科技产业股份有限公司 独立董事候选人声明与承诺 声明人彭浚铭作为华工科技产业股份有限公司第九届董事会独立董事候选 人，已充分了解并同意由提名人华工科技产业股份有限公司董事会提名为华工科 技产业股份有限公司（以下简称该公司）第九届董事会独立董事候选人。现公开 声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符合相关 法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事 候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过华工科技产业股份有限公司第九届董事会提名委员会或者 独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影响独 立履职情形的密切关系。 是 否 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 是 否 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条件。 是 否 四、本人符合该公司章程规定的独立董事任职条件。 是 否 五、本人已经参加培训并取得证券交易所认可的相关培训证明材料（如有）。 是 否 如否，请详细说明： 是 否 本人尚未取得独 ...

华工科技产业股份有限公司 独立董事提名人声明与承诺 提名人华工科技产业股份有限公司董事会现就提名彭浚铭为华工科技产业 股份有限公司第九届董事会独立董事候选人发表公开声明。被提名人已书面同意 作为华工科技产业股份有限公司第九届董事会独立董事候选人（参见该独立董事 候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作 经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认为被提 名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规 则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过华工科技产业股份有限公司第九届董事会提名委员会 或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他可 能影响独立履职情形的密切关系。 是 否 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 是 否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则规定的独立董事任职资格和条件。 是 否 彭浚铭先生尚未取得独立董事资格证书，其已作出书面承诺，将参加最近一 次独立董事资 ...

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

Group 1 - The company has proposed to hire Fuhui Mazhe Accounting Firm as the auditing institution for its H-share issuance and listing in Hong Kong [3][4][5] - The decision to hire the auditing firm was approved during the 21st meeting of the 9th Board of Directors held on January 27, 2026, and will be submitted for shareholder approval [3][8] - Fuhui Mazhe has been providing auditing services for over 70 companies listed on the Hong Kong Stock Exchange and has a good reputation with no significant legal issues in the past three years [5][6][7] Group 2 - The company has approved the establishment of a bill pool business to manage and utilize its bills more effectively, which includes services like bill custody, financing, and discounting [10][11] - The bill pool will allow the company and its subsidiaries to share a total limit of up to 2 billion RMB, with the ability to roll over the collateralized amounts [15][16] - The purpose of the bill pool business is to reduce management costs, optimize financial structure, and improve the efficiency of fund utilization [17][19][20] Group 3 - The company plans to increase the bank financing guarantee limit for its wholly-owned subsidiary, Wuhan Huagong International Development Co., Ltd., by 500 million RMB, pending shareholder approval [26][28] - This new guarantee limit is part of a broader strategy to support the subsidiary's operational needs and is expected to be effective for 12 months after shareholder approval [28][29] - The total amount of guarantees provided by the company has exceeded 30% of its audited total assets, necessitating special resolutions for approval [28][35] Group 4 - The company has scheduled its first extraordinary general meeting of 2026 for February 12, 2026, to discuss various proposals, including the hiring of the auditing firm and the bill pool business [37][39] - The meeting will allow both on-site and online voting, ensuring participation from shareholders [40][41] - Specific proposals requiring special resolutions will need to be approved by at least two-thirds of the voting rights present at the meeting [47]

Core Viewpoint - The company, Huagong Technology, has announced its plan to issue H-shares and list them on the Hong Kong Stock Exchange to enhance its international business development and strategic goals [3][24]. Group 1: Board Meeting Details - The board meeting was held on January 27, 2026, via telecommunication, with all 9 directors present and voting [2]. - The meeting was chaired by Chairman Ma Xinqiang, and the resolutions passed were in compliance with the Company Law and the Articles of Association [2]. Group 2: H-Share Issuance and Listing Proposal - The board approved the proposal for issuing H-shares and listing them on the Hong Kong Stock Exchange, with unanimous support from all directors [3][6]. - The issuance will comply with relevant laws and regulations, including those from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [3][10]. Group 3: Issuance Details - The H-shares will have a nominal value of RMB 1.00 per share and will be offered to both local and international investors [9][11]. - The issuance is planned to be completed within the validity period of the shareholders' resolution, with the timing dependent on market conditions [10][12]. - The total number of shares to be issued will not exceed 10% of the company's total share capital post-issuance, with a potential 15% over-allotment option for underwriters [12][19]. Group 4: Fund Utilization - Proceeds from the H-share issuance will be used for capacity expansion, R&D investment, and general corporate purposes, subject to shareholder approval [27][50]. Group 5: Governance and Compliance - The company will transition to a publicly listed company in both Shenzhen and Hong Kong after the H-share issuance [24]. - The board proposed to appoint an independent director residing in Hong Kong to enhance corporate governance [43][46]. Group 6: Regulatory and Administrative Actions - The company will apply for registration as a non-Hong Kong company in accordance with Hong Kong regulations [66]. - The board authorized the chairman to handle all matters related to the H-share issuance and listing, including communication with regulatory bodies [32][66].