9月11日，在第26届中国国际光电博览会上，人潮涌动，新易盛、中际旭创、光迅科技等光模块"顶 流"云集。记者在现场看到，头部光通信厂商纷纷展示了当前最高端的1.6T光模块产品，现场"保密"级 别显著升级，不少产品现场不许拍照或者需要预约参观，有观众动笔记下产品明细。采访发现，2025年 被视为1.6T光模块商业化元年，头部厂商已经开始出货，主要供应海外市场；在国内市场，400G/800G 光模块仍为出货主力，国产光通信产业链积极扩产，并布局硅光工艺等先进技术路线。（证券时报） ...

Core Viewpoint - The company plans to raise up to 3.5 billion yuan through a private placement of A-shares to expand its production capacity for high-speed optical modules and develop cutting-edge technologies like CPO [1][2] Group 1: Fundraising and Investment Plans - The company intends to issue A-shares to no more than 35 specific investors, with the total amount not exceeding 3.5 billion yuan, primarily for expanding high-speed optical module capacity and developing advanced technologies [1] - The controlling shareholder, China Information Communication Technologies Group, will participate in the fundraising, committing to subscribe for 10%-30% of the shares [1] - The raised funds will be allocated to enhance computing center capacity, tackle cutting-edge optical packaging technology, and supplement working capital [1] Group 2: Market Demand and Product Expansion - The company aims to significantly expand its production of high-speed optical modules to meet the surging demand driven by AI and large model training, with a focus on data communication [2] - A total of 2.08 billion yuan from the fundraising will be invested in the production of optical connection and high-speed transmission products, with a planned annual capacity of 4.99 million high-speed optical modules and 192 million high-density connectors [2] - The company is also focusing on developing CPO technology, which offers advantages in power consumption and connection density, with an investment of 620 million yuan for research and development [2] Group 3: Financial Performance - In the first half of 2025, the company reported revenue of 5.24 billion yuan, a year-on-year increase of 68.6%, with the second quarter alone exceeding 3 billion yuan [3] - The net profit attributable to shareholders for the first half of 2025 was 370 million yuan, reflecting a year-on-year growth of 79.0% [3] - Despite a slight decline in gross margin due to product pricing and structure, the company expects margins to recover in the second half of the year, enhancing profit growth potential [3] Group 4: Future Outlook - The company is positioned as a leader in the domestic optical module market, with ongoing AI demand expected to accelerate performance growth [4] - The investment projects will enable the company to cover the entire scene from "computing terminal to transmission link to backbone network," enhancing its vertical integration capabilities [4] - Revenue projections for 2025-2027 are 11.37 billion yuan, 14.67 billion yuan, and 17.47 billion yuan, with net profits of 940 million yuan, 1.35 billion yuan, and 1.81 billion yuan respectively [4]

Summary of Conference Call on Greater China Technology Hardware - Transceiver Industry Industry Overview - The transceiver industry has experienced a significant rally in stock prices over the past several months, driven by positive sentiment surrounding AI infrastructure and high-end GPU deliveries [2][12] - Despite the bullish outlook, the current level of market enthusiasm is deemed unsustainable, prompting recommendations to take profits [12] Key Company Insights Eoptolink - Eoptolink's stock surged 460% since April 1, 2025, with a notable 338% YoY earnings growth in 2Q25 [2][4] - A double downgrade to Underweight (UW) is recommended due to anticipated deceleration in growth and high current valuations [4][15] - Price target raised to 255.00 CNY, but downside potential is noted [7][10] Innolight - Innolight is recognized as a pioneer in 1.6T products, expected to achieve significant growth in 2026 [5][15] - The stock rating is maintained at Overweight (OW) with a price target raised to 435.00 CNY, indicating further upside potential [5][7] TFC - TFC's stock has increased by 269% YTD, but is downgraded to UW as current valuations exceed historical levels [7][10][15] - Price target raised to 142.00 CNY, but growth potential is already reflected in the share price [7][15] Accelink - Accelink's stock has underperformed with a 62% increase YTD, and is maintained at UW due to weaker fundamentals and expensive valuation compared to peers [7][10][15] - Price target remains at 45.00 CNY, indicating a downside potential [7] ZTE and YOFC - ZTE's H-shares increased by 49% YTD despite a 12% YoY earnings decline in 1H25 [3] - YOFC's earnings fell 22% YoY in 1H25, yet its H-shares surged 319% YTD, driven by high-end fiber products [3] Market Performance and Valuation - Aggregate earnings of four key transceiver companies (Eoptolink, TFC, Innolight, Accelink) reached 5.57 billion RMB in 2Q25, up 132% YoY and 53% QoQ [17] - Valuations have increased significantly, with Innolight's forward P/E rising from 14x to 24x, while Eoptolink's increased from 8x to 20x [22] - Current valuations for Eoptolink and TFC are above +1 standard deviation, indicating that positive fundamentals are already priced in [22] Future Outlook - Anticipated rapid volume growth in 1.6T transceivers is expected to drive revenue and earnings in 2H25 and 2026 [31][32] - Demand for 800G transceivers is expected to remain robust, potentially offsetting price pressures from lower-end products [33] Risks and Considerations - Potential risks include slower-than-expected ramp-up of 1.6T volumes, larger-than-expected price cuts, and downward revisions of cloud capex by key players [70] - The market's current enthusiasm may not be sustainable, and investors are advised to remain disciplined in profit-taking [12] Conclusion - The transceiver industry shows strong growth potential, particularly with the upcoming 1.6T product launches, but current valuations suggest a cautious approach is warranted. Investors are encouraged to take profits on overvalued stocks while maintaining positions in companies with strong growth prospects like Innolight.

为期三天的第二十六届中国国际光电博览会（CIOE中国光博会）9月10—12日在深圳国际会展中心举 办。作为覆盖光电全产业链的综合型展会，CIOE中国光博会汇聚了来自全球超30个国家和地区的超 3800家的优质参展企业。八大主题展覆盖信息通信、精密光学、摄像头技术及应用、激光及智能制造、 红外、紫外、智能传感、新型显示、AR & VR、光电子创新等板块。大族激光（002008）、睿创微 纳、凤凰光学（600071）、高德红外（002414）、光迅科技（002281）、歌尔股份（002241）等众多光 电领域的上市公司或旗下企业携前沿产品、最新研发成果亮相光博会。图为光博会现场。证券时报记者 宋春雨摄 为期三天的第二十六届中国国际光电博览会（CIOE中国光博会）9月10—12日在深圳国际会展中心举 办。作为覆盖光电全产业链的综合型展会，CIOE中国光博会汇聚了来自全球超30个国家和地区的超 3800家的优质参展企业。八大主题展覆盖信息通信、精密光学、摄像头技术及应用、激光及智能制造、 红外、紫外、智能传感、新型显示、AR & VR、光电子创新等板块。大族激光、睿创微纳、凤凰光 学、高德红外、光迅科技、歌尔股份等众 ...

Core Viewpoint - The 26th China International Optoelectronic Exposition (CIOE) showcases over 3,800 global optoelectronic companies, focusing on the integration of "optoelectronics + applications" to drive innovation and development in the industry [1] Group 1: Event Overview - The CIOE 2025 is held in Shenzhen, featuring eight major themes including information communication, precision optics, camera technology, laser and intelligent manufacturing, infrared & ultraviolet, intelligent sensing, new displays, AR & VR, and optoelectronic innovation [1] - The event includes ten special display areas to enhance the integration of technology and applications, aiming for a synergistic effect in the optoelectronic industry [1] Group 2: Dual Exhibition Model - The CIOE is held concurrently with the SEMI-e Shenzhen International Semiconductor Exhibition, creating a dual exhibition model that spans 300,000 square meters [3] - This model facilitates the integration of the optoelectronic and semiconductor industries, providing a platform for efficient communication and collaboration across the supply chain [3] Group 3: Optical Communication Advances - The demand for AI computing power is driving the deployment of 800G and 1.6T technologies, with major companies showcasing their advancements in optical communication at the CIOE [6] - Companies like LightSpeed Technology and Lixun Technology present innovative products and solutions aimed at enhancing AI data centers and optical interconnects [6] Group 4: Intelligent Vision and Optical Innovation - The development of intelligent vision is pushing optical technology innovations across various applications, with companies like Sunny Optical and Phoenix Optical showcasing cutting-edge products [8] - The exhibition highlights advancements in automotive camera modules, AR waveguides, and machine vision systems [8] Group 5: Laser Industry Transformation - The laser industry is undergoing a transformation towards intelligent manufacturing, with AI technologies penetrating the entire laser supply chain [10] - Companies like Han's Laser and Raycus Laser are presenting their latest products and solutions aimed at high-end manufacturing [11] Group 6: Infrared Technology Expansion - The civilian application of infrared technology is entering a period of rapid growth, with a focus on miniaturization and integration alongside AI [13] - Leading companies are showcasing innovative infrared modules and solutions for various sectors, including industrial temperature measurement and security [13] Group 7: Sensor Technology Innovations - The trend of multi-sensor fusion is prominent in the sensor industry, with companies like ams OSRAM and Chipone Technology presenting their latest sensor solutions [15] - Innovations in time-of-flight (ToF) technology and environmental sensing capabilities are highlighted [15] Group 8: New Display Technologies - The new display technology segment showcases diverse applications and innovations, with companies like YG Electronics and Visionox presenting their latest advancements [17] - The exhibition features solutions for semiconductor display vacuum coating and micro-OLED displays [17] Group 9: Research and Industry Collaboration - The event emphasizes the collaboration between industry, academia, and research institutions, showcasing over 20 top research units and their technological breakthroughs [20] - This collaboration aims to bridge the gap between laboratory research and market application, driving high-quality development in the optoelectronic industry [20] Group 10: Forums and Discussions - The CIOE hosts over 90 industry, application, and academic forums, gathering global experts to discuss trends and innovations in the optoelectronic field [21] - Key topics include AI-driven optical transmission technologies and the integration of optical technologies in emerging applications like smart vehicles and AR glasses [21]

证券研究报告 | 公司点评报告 2025 年 09 月 11 日 光迅科技（002281.SZ） 定增布局高速光互联，强化光电领域全链条垂直整合优势 TMT 及中小盘/通信 当前股价：63.92 元 2025 年 9 月 9 日，光迅科技发布《2025 年度向特定对象发行 A 股股票预案》， 拟向实控人中国信科集团等不超过 35 名特定对象发行 A 股股票，募集不超 35 亿元，重点用于扩充高速光模块产能、开发 CPO 等前沿技术。 强烈推荐（维持） 目标估值：NA 相关报告 1、《光迅科技（002281）—发布 25 年股权激励计划，持续受益于 CSP 客户需求扩张》2025-03-25 2、《光迅科技（002281）—国内数通 侧需求兑现，利润大幅增长业绩略超 预期》2024-11-01 3、《光迅科技（002281）—数通市场 持续增长，加速拓展海外产能建设》 2024-08-28 基础数据 | 总股本（百万股） | 807 | | --- | --- | | 已上市流通股（百万股） | 780 | | 总市值（十亿元） | 51.6 | | 流通市值（十亿元） | 49.8 | | 每股净资产（MRQ ...

9月11日股票组十大买入个股榜如下： 【全榜单】专业选手"实战大赛"TOP榜：股票组榜首收益率超150% 新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！超3000名专业 投顾模拟组合火热PK中！ 金麒麟最佳投资顾问评选活动旨在为投资顾问提供一个展示形象、扩围服务、提升能力的舞台，为优秀 投资顾问与大众投资人搭建沟通对话的桥梁，助推中国财富管理行业健康发展。 | 排名 | 股票代码 | 股票名 称 | | --- | --- | --- | | 1 | sz300476 | 胜宏科 | | | | 技 | | 2 | sz300502 | 新易盛 | | 3 | sz002115 | 三维通 | | | | 信 | | 4 | sz300308 | 中际旭 | | | | 创 | | 5 | sz300394 | 天孚通 | | | | 信 | | 6 | sz002281 | 光迅科 | | | | 技 | | 7 | sz300570 | 太辰光 | | 8 | sz002837 | 英维克 | | 9 | sh603728 | 鸣志电 | | | | 器 | | 10 | ...

Group 1 - The AI computing power sector in A-shares has experienced significant growth, with major companies like Industrial Fulian (601138) hitting the daily limit for two consecutive days, and CPO giants such as Xinyi Sheng (300502) and Zhongji Xuchuang (300308) rising over 8% [1] - The 5G communication ETF increased by 5.1%, while the AI-focused ETF from the ChiNext market rose by 4.27%, indicating strong investor interest in AI and related technologies [1] Group 2 - Notable stock performances include Cambridge Technology (603083) and Jingwang Electronics (603228), both achieving a 10% increase, while other companies like Fangzheng Technology (600601) and Lian Te Technology (301205) also saw significant gains [2] - Oracle's stock surged nearly 36% after its earnings report, with its cloud business growth forecast raised from 70% to 77%, and a $300 billion computing power agreement signed with OpenAI [2] Group 3 - Citigroup has raised the target price for "Yizhong Tian," suggesting that despite recent price increases in Chinese optical module stocks, the visibility of demand through 2027 warrants a reevaluation to over 20 times the price-to-earnings ratio [3] Group 4 - The 5G communication ETF (515050) is primarily weighted towards communication equipment, consumer electronics, and optical modules, while also covering AI computing hardware and PCB companies [4] - The ChiNext AI ETF (159381) has the highest CPO content and lowest fee rate, including major stocks like Xinyi Sheng and Zhongji Xuchuang [4] - The AI ETF (515070) covers the entire AI industry chain, including AI chips, computing infrastructure, and algorithm applications [4]

Core Viewpoint - Guangxun Technology's stock has shown significant growth this year, with a year-to-date increase of 16.78% and a recent surge in trading activity, indicating strong investor interest and market performance [1][2]. Company Overview - Guangxun Technology, established on January 22, 2001, and listed on August 21, 2009, is located in Wuhan, Hubei Province. The company specializes in the research, production, sales, and technical services of optoelectronic devices and subsystems [1]. - The company's main business revenue composition is as follows: Data and Access (70.86%), Transmission (28.94%), and Others (0.20%) [1]. Financial Performance - For the first half of 2025, Guangxun Technology reported a revenue of 5.243 billion yuan, representing a year-on-year growth of 68.59%. The net profit attributable to shareholders was 372 million yuan, reflecting a year-on-year increase of 78.42% [2]. - Since its A-share listing, Guangxun Technology has distributed a total of 1.641 billion yuan in dividends, with 537 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Guangxun Technology reached 130,200, an increase of 5.18% from the previous period. The average number of circulating shares per shareholder decreased by 4.91% to 5,938 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.3308 million shares (a decrease of 1.0675 million shares), and Southern CSI 500 ETF, which increased its holdings by 1.0777 million shares to 7.1633 million shares [3].

Core Viewpoint - The demand for AI computing power is driving new opportunities in the optical module industry, with Guangxun Technology planning to raise up to 3.5 billion yuan through a private placement to enhance its production capacity and R&D in high-speed optical transmission products and emerging optoelectronic technologies [1][2]. Group 1: Company Plans and Financials - Guangxun Technology plans to issue up to 242 million shares to no more than 35 specific investors, including its actual controller, China Information Communication Technologies Group [1][2]. - The company reported a revenue of 5.243 billion yuan for the first half of 2025, a year-on-year increase of 68.59%, and a net profit attributable to shareholders of 372 million yuan, up 78.98% year-on-year [1][4]. - The funds raised will be allocated to three main areas, including the production of optical connection and high-speed optical transmission products, R&D for high-speed optical interconnection, and supplementing working capital [2][3]. Group 2: Market Trends and Opportunities - The demand for optical modules in data communication is expected to continue growing, with Ethernet optical module demand projected to exceed 20 billion USD by 2029 [2]. - The global computing power scale reached 1397 EFlops in 2023, a 54% year-on-year increase, and is expected to surpass 16 ZFlops by 2030, indicating a significant growth in AI computing needs [2]. - The demand for high-speed optical modules, especially those rated at 800G and above, is surging, becoming a core component in AI data centers [2][3]. Group 3: Investment Projects - The "Optical Connection and High-Speed Optical Transmission Product Production Construction Project" has a total investment of 2.482 billion yuan, with 2.083 billion yuan sourced from the raised funds, and a construction period of four years [3]. - The project is expected to alleviate capacity bottlenecks and enhance the supply capability of high-end products, thereby strengthening the company's competitive edge in AI data centers and telecommunications markets [3]. - An additional investment of 1 billion yuan is planned for R&D in high-speed optical interconnection and emerging optoelectronic technologies, focusing on next-generation pluggable optical modules and optical engines based on Co-Packaged Optics (CPO) technology [3].