内容概要：数通光模块作为光纤通信核心器件，专为数据中心等场景设计，是现代数据基础设施的"光 纽带"，其性能对网络带宽等至关重要。当前，AI技术爆发与算力需求激增，推动1.6T光模块迎来发展 机遇，重塑数据中心架构，为行业创造增量空间。产业链上游，光芯片是关键，中国25G DFB激光器芯 片国产化率提升，但高端市场仍被海外垄断，国产替代空间大。全球市场方面，2023年数通光模块规模 已超62.5亿美元，预计2029年达258亿美元，以太网光模块成核心引擎。中国市场在多重利好下爆发式 增长，2024年规模达249.2亿元，高速率产品占比将大幅跃升。细分市场技术迭代加速，800G已规模商 用，1.6T成竞争焦点。中国厂商在全球市场份额攀升，竞争力质变。未来，中国数通光模块行业将持续 高速发展，1.6T和硅光技术成竞争关键，但高端光芯片进口突破仍待努力。 上市企业：中际旭创（300308.SZ）、新易盛（300502.SZ）、光迅科技（002281.SZ）、长芯博创 （300548.SZ）、联特科技（301205.SZ） 关键词：数通光模块、数通光模块行业产业链、数通光模块发展现状、数通光模块市场规模、数通光模 块行 ...

数通业务需求高企，收入增速显著 2025 年 08 月 31 日 ➢ 事件：8 月 27 日，公司发布 2025 年半年报，上半年实现营收 52.43 亿元， 同比增长 68.6%，实现归母净利润 3.72 亿元，同比增长 79.0%，实现扣非归母 净利润 3.60 亿元，同比增长 74.7%。25Q2 单季度来看，实现营收 30.21 亿元， 同比增长 66.1%，环比增长 35.9%，实现归母净利润 2.22 亿元，同比增长 69.3%， 环比增长 47.9%，实现扣非归母净利润 2.19 亿元，同比增长 63.9%，环比增长 54.8%。 ➢ AI 需求驱动，公司数通业务需求高企助力公司业绩高增：公司上半年营收 和归母净利润分别实现 68.6%和 79.0%的大幅增长，具体按应用领域拆分营收， 1）传输业务：2025 年上半年实现营收 15.17 亿元，同比下降-3.7%，营收占比 为 28.94%，毛利率为 28.37%，同比下降 1.72pct；2）数据与接入业务：2025 年上半年实现营收 37.15 亿元，同比增长 149.27%，营收占比为 70.86%，毛利 率为 19.96%，同比增长 7 ...

转自：前瞻产业研究院 行业主要上市公司：源杰科技(688498.SH)、长光华芯(688041.SH)、光迅科技(002281.SZ)、仕佳光子 (688313.SH)、华工科技(000988.SZ)等 产业概况 1、定义 光电芯片也可称之为"光芯片"或"光子芯片"，光电芯片按功能可以分为激光器芯片和探测器芯片，其中激光 器芯片主要用于发射信号，将电信号转化为光信号，探测器芯片主要用于接收信号，将光信号转化为电信 号。激光器芯片，按出光结构可进一步分为面发射芯片和边发射芯片，面发射芯片包括VCSEL芯片，边发 射芯片包括FP、DFB和EML芯片;探测器芯片，主要有PIN和APD两类。具体情况如下： 2、产业链剖析：中游为核心环节 光电芯片产业链上游为材料及设备供应商，材料主要为芯片衬底，如GaAs、Inp等，设备主要包括光刻机、 刻蚀机、外延设备等;中游为光芯片设计及生产，下游为光器件、光模块厂商及终端客户。 目前，光电芯片产业链上游原材料及生产设备主要技术均掌握在国外企业手中，我国企业所占市场份额较 少，芯片衬底主要企业包括日本住友、德国Freiberger、美国AXT等;芯片生产设备主要企业包括荷兰 AS ...

Core Viewpoint - The satellite communication industry is experiencing significant policy support from the Ministry of Industry and Information Technology, which has issued guidelines to optimize business access and promote industry development through 19 measures across six areas [1]. Industry Overview - The satellite communication sector consists of 50 listed companies, with 23 companies disclosing ESG-related reports for 2024, resulting in a disclosure rate of 46%, slightly below the overall industry rate of 46.81% as of August 29 [1][2]. - The top ten companies by market capitalization have all disclosed ESG reports, with nine of them providing carbon emission data [2]. ESG Disclosure Insights - The carbon emissions reported by companies vary significantly, with China Telecom reporting the highest emissions at 14.35 million tons of CO2, while China Science and Technology Corporation reported the lowest at 707.85 tons [2][4]. - The differences in carbon emission disclosures are attributed to selective reporting and methodological discrepancies, as companies may choose different accounting boundaries for their emissions [3][4]. R&D and Product Quality - Innovation, product quality, and supply chain management are prioritized as significant issues within the satellite communication industry, with seven of the top ten companies disclosing R&D investment amounts [5][7]. - Companies like China Satellite and China Telecom have implemented measures to enhance product quality and customer service, including establishing quality control systems and monitoring customer complaints [7][9]. Unique Industry Challenges - The satellite communication industry faces unique challenges regarding ESG disclosures, such as the need to address space environment protection, satellite decommissioning plans, and debris management [9][10]. - Experts suggest that the industry should emphasize its distinct characteristics in ESG reports, including the environmental impact of launch activities and the sustainable use of critical raw materials [9][10].

Core Insights - The satellite communication industry is experiencing significant policy support with the Ministry of Industry and Information Technology issuing guidelines to optimize business access and promote industry development through 19 measures across six areas [1] ESG Disclosure - The "satellite communication" sector consists of 50 listed companies, with 23 companies disclosing ESG-related reports for 2024, resulting in a disclosure rate of 46%, slightly below the overall industry rate of 46.81% as of August 29 [1][2] - Among the top ten companies by market capitalization, all have disclosed ESG reports, with nine companies providing carbon emission data, indicating a growing awareness of ESG principles in the emerging industry [2][6] - The carbon emissions reported by the top companies vary significantly, with China Telecom reporting the highest at 1,435,000 tons of CO2, while Zhongke Xingtou reported the lowest at 707.85 tons [2][4] Challenges in ESG Reporting - The current voluntary nature of carbon emission disclosure leads to inconsistencies in reporting, as companies may choose different accounting boundaries, affecting comparability [3][5] - The lack of unified standards and high-quality data in the industry complicates accurate measurement of carbon emissions throughout the satellite manufacturing and launch lifecycle [3][12] R&D and Product Quality - Innovation, product quality, and supply chain management are prioritized in the ESG reports of the satellite communication industry, with seven of the top ten companies disclosing R&D investment amounts [6][9] - Specific measures for quality control have been implemented by various companies, such as establishing customer service systems and quality inspection frameworks [9][12] Unique Industry Considerations - The satellite communication sector has unique ESG considerations, including the environmental impact of satellite launches and space debris management, which should be highlighted in ESG disclosures [12][13] - The industry is encouraged to address the sustainability of raw material procurement and the social value of satellite applications in areas like emergency rescue and education [12][13]

Core Viewpoint - The communication equipment sector is experiencing strong performance, driven by the CPO concept, with significant gains in related ETFs [1][3]. Group 1: ETF Performance - The Communication ETF (515880) saw a half-day increase of 4.49%, with a trading volume of 1.165 billion yuan and a total size of 3.042 billion units [1][3]. - The Communication Equipment ETF (159583) recorded a half-day increase of 4.47%, with a trading volume of 139 million yuan and a total size of 237 million units [5][7]. - Other related ETFs also showed positive performance, with the 5G Communication ETF (515050) increasing by 3.82% [2][5]. Group 2: Index Composition - The CSI Communication Equipment Index, which the Communication ETF (515880) tracks, includes major 5G concept stocks and has shown strong historical performance [3][5]. - The CSI Communication Equipment Theme Index, tracked by the Communication Equipment ETF (159583), consists of 50 companies involved in communication equipment manufacturing and services [5][7]. - The major weight stocks in the CSI Communication Equipment Index include companies like NewEase (18.47%) and Zhongji Xuchuang (17.45%) [4][6]. Group 3: Investment Logic - The "5G + Industrial Internet" initiative highlights the importance of industrial 5G terminal devices, which facilitate high-speed, low-latency data transmission for factory operations [3]. - The communication equipment sector is expected to benefit from advancements in technology and increased demand for 5G infrastructure [3][5].

Group 1: Company Performance - XINWANDA reported a revenue of 26.985 billion yuan, a year-on-year increase of 12.82%, and a net profit of 856 million yuan, up 3.88% [1] - GUANGXUN TECHNOLOGY achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [1] - NORTHEAST SECURITIES posted a revenue of 2.046 billion yuan, a year-on-year increase of 31.66%, and a net profit of 431 million yuan, up 225.90% [1][2] - SHANXI COAL reported a revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.014 billion yuan, down 48.44% [3] - SHENGTIAN NETWORK achieved a revenue of 633 million yuan, a year-on-year increase of 17.23%, and a net profit of 52.304 million yuan, up 1186.02% [4] - SANLIAN FORGING reported a revenue of 775 million yuan, a year-on-year increase of 6.86%, and a net profit of 71.335 million yuan, up 3.88% [5][6] - JIAMEI PACKAGING posted a revenue of 1.257 billion yuan, a year-on-year decrease of 8.73%, and a net profit of 19.7416 million yuan, down 65.59% [8] - ANZHENG FASHION achieved a revenue of 1.146 billion yuan, a year-on-year increase of 12.38%, and a net profit of 22.0834 million yuan, turning from a loss of 12.1096 million yuan in the previous year [9] - HUAHENG BIO reported a revenue of 1.489 billion yuan, a year-on-year increase of 46.54%, and a net profit of 115 million yuan, down 23.26% [10] - BAIREN MEDICAL achieved a revenue of 248 million yuan, a year-on-year increase of 30.07%, and a net profit of 71.4006 million yuan, up 102.90% [12] - TIANZHIHANG reported a revenue of 125 million yuan, a year-on-year increase of 114.89%, but a net loss of 57.5482 million yuan, worsening by 23.80% [14] - AIBO MEDICAL achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, up 2.53% [15] - ZHONGSHAN SHIPPING reported a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, and a net profit of 2.125 billion yuan, down 14.91% [16] - SHANGHAI XINYANG achieved a revenue of 897 million yuan, a year-on-year increase of 35.67%, and a net profit of 133 million yuan, up 126.31% [17] - SHANCOAL INTERNATIONAL reported a revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit of 655 million yuan, down 49.25% [18] - GUIDANCE reported a revenue of 935 million yuan, a year-on-year increase of 71.55%, and a net profit of 143 million yuan, turning from a loss of 48.9539 million yuan in the previous year [19] - YINGFANGWEI reported a revenue of 1.927 billion yuan, a year-on-year increase of 4.48%, but a net loss of 32.2966 million yuan, worsening from a loss of 22.4024 million yuan in the previous year [21] - CHINA COMMUNICATIONS reported a revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit of 1.621 billion yuan, up 1.34% [22] - CHINA GENERAL NUCLEAR reported a revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit of 5.951 billion yuan, down 16.30% [23] - CHINA HEAVY TRUCK reported a revenue of 26.162 billion yuan, a year-on-year increase of 7.22%, and a net profit of 669 million yuan, up 8.10% [24] - SHENGGUANG GROUP achieved a revenue of 9.275 billion yuan, a year-on-year increase of 22.78%, and a net profit of 60.8446 million yuan, up 3.06% [25] Group 2: Dividend Proposals - XINWANDA proposed a cash dividend of 0.6 yuan per 10 shares [1] - SHANXI COAL proposed a cash dividend of 0.36 yuan per 10 shares [3] - ZHONGSHAN SHIPPING proposed a cash dividend of 0.7 yuan per 10 shares [16] - CHINA HEAVY TRUCK proposed a cash dividend of 3.15 yuan per 10 shares [24]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and market demand [1] Financial Performance - The company achieved operating revenue of 5.243 billion yuan, representing a year-on-year increase of 68.59% [1] - The net profit attributable to shareholders of the listed company was 372 million yuan, reflecting a year-on-year growth of 78.98% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 360 million yuan, showing a year-on-year increase of 74.65% [1] - The basic earnings per share were reported at 0.47 yuan [1]

格隆汇8月27日丨光迅科技(002281.SZ)公布2025年半年度报告，上半年公司实现营业收入52.43亿元，同 比增长68.59%；归属于上市公司股东的净利润3.72亿元，同比增长78.98%；归属于上市公司股东的扣除 非经常性损益的净利润3.60亿元，同比增长74.65%；基本每股收益0.47元。 ...

武汉光迅科技股份有限公司 2025 年半年度报告 | 股票代码： | 002281 | | | | | --- | --- | --- | --- | --- | | 股票简称： 披露日期： | 光迅科技 2025 年 8 | 月 | 28 | 日 | 武汉光迅科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人黄宣泽、主管会计工作负责人向明及会计机构负责人(会计主 管人员)储诚靖声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司可能面临宏观环境风险、行业竞争风险及供应链风险，具体参见本 报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施"的 相关内容，敬请投资者查阅并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | | | 武汉光迅科技股份有限公司 2025 年半年度报告全文 备查文件目录 一、载有公司法定代表人黄宣泽先生 ...