Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (July 7-13, 2025) saw the Shanghai Composite Index rise by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 2.13% during the same period [2][11]. - Within the telecommunications sector, the highest increase was seen in the communication network equipment and devices, which rose by 4.16%, while the communication application value-added services had the lowest increase at 0.16% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 21.13%, followed by Changxin Bochuang at 19.84% and Shijia Photon at 14.85% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with significant contributions from advancements in AI and 5.5G technologies, as well as satellite communications [2][3]. - The report highlights a strong performance in the telecommunications sector, with a notable increase in stock prices across various sub-sectors [2][11]. Sub-sector Performance - The communication network equipment and devices sub-sector led the gains with a 4.16% increase, while other sub-sectors also showed positive trends [2][14]. - The report indicates a general upward trend across the telecommunications sub-sectors during the week [2][15]. Individual Stock Highlights - Hengbao Co. led the stock performance with a 21.13% increase, indicating strong market interest and potential investment opportunities [2][16]. - Other notable performers included Changxin Bochuang and Shijia Photon, reflecting a robust market environment for telecommunications stocks [2][16]. Future Focus Areas - The report suggests focusing on the computing power industry chain, particularly the upstream optical chip segment and the module segment, which are expected to benefit from the ongoing demand for AI and computing power [3].

Core Viewpoint - Guangxun Technology (002281.SZ) reported strong growth in its 2025 semi-annual performance forecast, with net profit expected to reach between 323 million to 407 million yuan, representing a year-on-year increase of 55% to 95% [1][2] Group 1: Performance Highlights - In the first half of 2025, Guangxun Technology's net profit is projected to be between 323 million to 407 million yuan, significantly up from 209 million yuan in the same period last year [2] - The company's net profit excluding non-recurring gains is expected to be between 311 million to 394 million yuan, with a growth rate of 50.47% to 90.84% [2] - Basic earnings per share are anticipated to be between 0.41 yuan to 0.51 yuan, a substantial increase from 0.27 yuan per share in the previous year [2] Group 2: Market Dynamics - The rapid expansion of global computing power investment, particularly in data centers, has driven a surge in demand for high-end optical devices and high-speed optical modules [2][3] - The global optical module market is expected to exceed 20 billion USD in 2025, with data center applications accounting for over 60% of this market [3] Group 3: R&D and Competitive Advantage - Guangxun Technology has established a professional R&D team of over 1,000 people, maintaining a high level of R&D investment at around 10% of its main business revenue over the past three years [4] - In Q1 2025, R&D expenses reached 231 million yuan, a significant increase of 55.14% year-on-year, representing 10.38% of total revenue [4] - The company has made breakthroughs in cutting-edge fields such as silicon photonics and CPO (Co-Packaged Optics), further solidifying its market position [3][4] Group 4: Employee Incentives - To attract and retain talent, Guangxun Technology has launched a stock incentive plan, proposing to grant up to 15.07 million restricted shares to no more than 985 eligible employees [5] - The plan includes 8 directors and senior management who will collectively receive 506,300 shares, accounting for 3.73% of the total grant [5] - Core technical and business personnel, totaling 977 individuals, will receive 13.05 million shares, representing a substantial 86.62% of the total grant [5]

Market Overview - US stock markets experienced a decline, with the Dow Jones down 0.94%, Nasdaq down 0.92%, and S&P 500 down 0.79%. Notable declines included Tesla at 6.79%, Apple at 1.69%, and Google A at 1.53%, while Amazon saw a slight increase of 0.03% [1] International Trade and Policy - The first wave of tax letters from Trump will affect 14 countries, including Japan and South Korea, with tax rates ranging from 25% to 40%, effective from August 1. The EU is reportedly close to reaching an agreement [2] - An EU spokesperson indicated that negotiations for a US-EU trade agreement have made progress, with a principle agreement expected [3] Company Developments - OpenAI is incurring high costs for talent retention, with equity compensation accounting for 119% of its revenue. Meanwhile, Meta is actively recruiting talent, with a senior AI executive from Apple set to join [4] - Samsung Electronics is expected to see a 39% decline in operating profit for Q2 due to weak AI chip sales [5] - Figure's CEO stated that humanoid robots are key to AGI and plans to deploy 100,000 units within four years [6] - Colin Murdoch, Chief Business Officer of Google DeepMind, announced that Isomorphic Labs, which designs drugs using AI, is preparing for its first human trials [7] Economic Forecasts - Goldman Sachs has revised its expectations for the Federal Reserve's interest rate cuts, now anticipating a potential cut in September, with a terminal rate of 3% to 3.25% [8] Domestic Industry Highlights DRAM Industry - Changxin Storage, a major domestic DRAM manufacturer, has initiated its IPO counseling, with a registered capital of 601.9 billion yuan and a valuation of 140 billion yuan. The success of Changxin and Yangtze Memory is expected to significantly impact the domestic semiconductor industry [11] Photovoltaic Industry - Major polysilicon manufacturers have raised prices for certain orders to 37 yuan per kilogram due to recent policy changes and industry self-discipline. The overall production of polysilicon is projected to increase, albeit at a limited rate [12] Petrochemical Industry - The price of butanone has risen by 4.54% to 8,267 yuan per ton, with a month-on-month increase of 28.51%. Supply disruptions due to maintenance at major production facilities are contributing to price increases [13] Automotive Components - A new mandatory national standard for passenger car brake systems will take effect on January 1, 2026, introducing new requirements for electric transmission brake systems and single-pedal braking [15] Company Earnings Forecasts - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for the first half of 2025, a year-on-year increase of 47.72% to 52.11%, driven by growth in cloud computing [16] - Rockchip anticipates a net profit of 520 million to 540 million yuan, a year-on-year increase of 185% to 195%, supported by AIoT product demand [17] - Loxin Technology projects a net profit of 250 million to 270 million yuan, a year-on-year increase of 65% to 78% [17] - China Power expects a net profit of 800 million to 1.15 billion yuan, a year-on-year increase of 68.28% to 141.90% [17]

股东的净利润 比上年同期增长：55.00%—95.00% 盈利：31,112 万元—39,460 万元 证券代码：002281 证券简称：光迅科技 公告编号：（2025）036 武汉光迅科技股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 归属于上市公司 盈利：20,870 万元 比上年同期增长：50.47%—90.84% 基本每股收益 盈利：0.41 元/股—0.51 元/股 盈利：0.27 元/股 二、与会计师事务所沟通情况 本次业绩预告未经会计师事务所审计。 扣除非经常性损 盈利：20,677 万元 益后的净利润 本次业绩预告是公司财务部门初步测算的结果，最终财务数据以公司披露的 证券代码：002281 证券简称：光迅科技 公告编号：（2025）036 武汉光迅科技股份有限公司董事会 二○二五年七月八日 三、业绩变动原因说明 报告期内，得益于全球算力投资的快速增长，算力中心和数据中心建设加速， 推动了对高端光器件和高速光模块的市场需求，公司持续优化业务布局和调整产 品结构，预计营业收入和净利润较上年同期大幅增长。 四、其他相关说明 一、本期业绩预计 ...

扭亏为盈 ☑同向上升 同向下降 | 项目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：32,348 | 万元—40,696 | 万元 | 盈利：20,870 | 万元 | | | 比上年同期增长：55.00%—95.00% | | | | | | 扣除非经常性损 益后的净利润 | 盈利：31,112 | 万元—39,460 | 万元 | 盈利：20,677 | 万元 | | | 比上年同期增长：50.47%—90.84% | | | | | | 基本每股收益 | 盈利：0.41 | 元/股—0.51 | 元/股 | 盈利：0.27 | 元/股 | 证券代码：002281 证券简称：光迅科技 公告编号：（2025）036 武汉光迅科技股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间： 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 预 ...

光迅科技（002281）公告，预计2025年上半年净利润为3.23亿元—4.07亿元，比上年同期的2.09亿元增 长55.00%—95.00%。 ...

Group 1 - The core index of the China Securities National New State-owned Enterprises Artificial Intelligence Theme Index (932359) closed at 2496.36 points, down 0.02%, with a trading volume of 24.788 billion [1] - Over the past month, the index has increased by 2.17%, but it has decreased by 3.98% over the last three months and by 3.73% year-to-date [1] - The index comprises 40 representative listed companies that provide technology, applications, and basic resources for artificial intelligence, selected from state-owned enterprises or companies with state capital participation [1] Group 2 - The top ten holdings of the index include: Zhongke Shuguang (11.03%), Hikvision (9.65%), China Software (7.85%), Guangxun Technology (6.77%), Baoxin Software (6.32%), Guangdian Yuntong (5.04%), Robot (4.9%), Zhongke Xingtai (4.79%), Inspur Information (4.77%), and Tongfang Co., Ltd. (3.46%) [1] - The market distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 55.04%, the Shenzhen Stock Exchange for 44.90%, and the Beijing Stock Exchange for 0.06% [2] - In terms of industry distribution, information technology constitutes 73.47%, communication services 18.00%, and industrial sector 8.53% [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the regular sample adjustments, which occur at the same time as the sample adjustments [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or spin-offs [2]

Group 1 - The core index of the CSI Quantum Communication Theme Index is reported at 3937.50 points, showing a low opening and a high closing trend [1] - The CSI Quantum Communication Theme Index has increased by 9.97% in the past month, 1.88% in the past three months, and 9.50% year-to-date [2] - The index includes representative listed companies related to quantum communication across various sectors such as components, equipment production, construction operation, and application [2] Group 2 - The top ten weighted companies in the CSI Quantum Communication Theme Index include Dongxin Peace (4.55%), Chutian Long (4.14%), and Aerospace Electronics (3.37%) [2] - The market distribution of the index shows that the Shenzhen Stock Exchange accounts for 60.57%, while the Shanghai Stock Exchange accounts for 39.43% [2] - The industry composition of the index indicates that Information Technology comprises 40.12%, Communication Services 32.50%, and Industry 18.55% [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to the calculation and maintenance guidelines [3]

Summary of AIDC Industry Update and Q&A Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is experiencing a recovery in overseas computing infrastructure, with companies like Nvidia and Corewave showing positive performance focused on training and inference demand [1][2] - Domestic AIDC is constrained by chip limitations, model breakthroughs, and application deployment, but major data centers like GDS and Century Internet are maintaining stable deployment rates despite the H20 ban [1][2][3] Key Insights - **Overseas Market Recovery**: Nvidia's focus is on training demand, while Corewave caters to large enterprises like Microsoft. Companies such as Broadcom and Marvell have optimistic revenue expectations for ASICs, and Oracle's OCI business reflects growth in inference demand [1][2][5] - **Domestic Market Dynamics**: Despite short-term impacts from trade wars, major Chinese internet companies like Alibaba and ByteDance are investing heavily in AI. Long-term solutions for domestic AI challenges include breakthroughs in chips (e.g., Cambricon, Huawei Cloud Matrix 384) and improvements in model capabilities [1][3][4] - **Investment Recommendations**: Companies with stable deployment rates and core leading customer orders, such as Runze Technology, Aofei Data Port, Century Internet, and GDS, are recommended for investment due to their low valuations and potential for significant improvement [1][4] Performance Trends - **Overseas Demand Trends**: The overseas computing market is showing strong growth, particularly in GPU and ASIC demand. Nvidia has launched new GB series chips, and companies like Marvell and Broadcom have revised their market demand expectations upward [7][8] - **Domestic Market Performance**: The domestic computing market faced some disruptions in Q2 due to geopolitical factors and chip restrictions, but overall guidance remains stable. The AIDC sector is expected to see improved order visibility and capital expenditure growth in the coming quarters [8][9] Future Outlook - **Upcoming Quarters**: The outlook for the domestic computing market in the next two quarters is positive, with expectations of accelerated capital expenditure and construction progress, particularly in the AIDC core hardware supply chain [9] - **AI Data Center Growth**: AI data center-related sectors are showing good business growth elasticity, with significant order increases in server power supplies and UPS systems [10][14] - **HVDC Development**: Both domestic and international markets are seeing increased adoption of HVDC solutions, with major Chinese internet companies pushing for its application [11][12] Global AI Demand - **Inference Demand Growth**: Global inference demand is rapidly increasing, with companies like Google and ByteDance significantly ramping up their requirements [16] - **US vs. China AI Demand**: The US is entering a new model iteration cycle with large clusters, while China's AI demand is primarily focused on inference due to limited resources for training [17] Market Sentiment - **US AI Industry Expectations**: The US AI industry is expected to see significant changes in the next six months, with rapid stock price increases in sectors like NV and ASIC, indicating a potential expansion from overseas to domestic supply chains [18] - **AI Business Models**: The US has a stronger likelihood of successful AI business models due to higher payment willingness, while China's market faces challenges in this regard, potentially affecting profit margins [19] Conclusion - The AIDC industry is poised for growth, driven by both domestic and international demand for AI capabilities. Investment in key players with stable growth prospects is recommended, while monitoring the evolving landscape of AI business models and market dynamics is crucial for future success [20]

Core Viewpoint - The company has successfully met the conditions for the first unlock period of its 2022 restricted stock incentive plan, allowing 6,453,200 shares to be released for trading, which represents 0.7998% of the total share capital [1][4][14] Summary by Sections 1. Approval Process for the Incentive Plan - The board of directors approved the 2022 restricted stock incentive plan and its amendments, confirming the list of eligible participants [2][4] - The supervisory board verified the list of participants and the performance assessment methods related to the incentive plan [2][4] 2. Unlock Conditions Achievement - The first unlock period for the restricted stocks is defined as 24 months from the grant date, with the first unlock period allowing for the release of one-third of the granted shares [4][5] - The company achieved the following conditions for unlocking: - A compound annual growth rate (CAGR) of net profit of 9.62% from 2021 to 2023, exceeding the required 6% [5] - A weighted average return on equity (ROE) of 8.98%, surpassing the required 8.9% [5] - New product sales accounted for 31.32% of main business revenue, exceeding the 21% threshold [5] 3. Details of the Unlocking Process - A total of 713 participants are eligible to unlock their shares, with the total number of shares being 6,453,200 [1][4][14] - The unlocking will affect the company's share structure, reducing the number of restricted shares and increasing the number of freely tradable shares [12][14] 4. Legal and Financial Opinions - Legal opinions confirm that the unlocking process has complied with necessary approvals and regulations, ensuring the legitimacy of the unlocking conditions [13][14] - Independent financial advisors have also verified that the conditions for unlocking have been met and that the process does not harm the interests of the company or its shareholders [14]