Group 1 - The core viewpoint of the article highlights that Heshun Technology (SZ 301237) has announced an investor research meeting scheduled for December 29, 2025, where the company's board secretary and CFO, Wu Xueyou, will address investor inquiries [1] - For the year 2024, Heshun Technology's revenue composition is reported to be 97.66% from the rubber and plastic products industry, with other businesses contributing 2.34% [1] - As of the report's publication, Heshun Technology has a market capitalization of 4.7 billion yuan [1]

国盛证券（002670）发布研报称，AI服务器设计正迎来结构性转变，伴随芯片升级，PCB除用量升级 外，其规格、架构将进一步升级，有望向更高多层、更高阶数发展，直接带动上游材料实现质变，单台 服务器PCB价值同比将实现倍增。存储端，随着英伟达即将正式向中国出口搭载HBM3E的AI芯片 H200，三星电子与SK海力士决定将明年的HBM3E供应价格上调近20%。此外，据韩媒thelec报道，SK 海力士M15X新工厂的量产时间较原计划提前4个月，抢占HBM4市场先机。 国盛证券主要观点如下： 芯片持续迭代，PCB量价齐升 PCB价值量大幅提升，主要得益于1)PCB层数与工艺难度升级；2)功能集成增加。当前来看，AI服务器 设计正迎来结构性转变，从英伟达Rubin平台的无缆化架构，到云端大厂自研ASIC服务器的高层HDI设 计，PCB不再只是电路载体，而成为算力释放的核心层，PCB正式进入高频、高功耗、高密度的"三高 时代"。以Rubin为例，2026年Rubin将实现量产，采用Cabless设计，过去依靠线缆实现连接，后续将改 由PCB板直接承接。 国盛证券认为，伴随芯片升级，PCB除用量升级外，其规格、架构将进 ...

Core Insights - The global Ethernet optical module market is expected to grow rapidly, with a projected increase of 35% to reach $18.9 billion by 2026, driven by strong demand for AI infrastructure and the application of optical interconnect technology in AI scale-up networks [3][1] - The demand for optical chips, which are essential components of optical modules, is expected to remain tight due to increasing requirements for high-speed optical communication [4][3] Group 1: Optical Chip Market Dynamics - Optical chips, consisting of laser and detector chips, are critical for optical modules, primarily used for optical signal conversion and processing [1] - The EML laser chip market is projected to reach $3.71 billion by 2024 and grow to $7.41 billion by 2030, with a compound annual growth rate (CAGR) of 12.23%, dominated by a few international giants [2][1] - Silicon photonic modules are driving demand for continuous wave (CW) lasers due to their high integration, low power consumption, and suitability for high-speed short-distance transmission [2][1] Group 2: Demand Drivers and Supply Constraints - The demand for optical modules is expected to continue rising, with the global Ethernet optical module market projected to exceed $35 billion by 2030, supported by AI infrastructure and cloud service providers increasing GPU purchases [3][1] - Major companies like Coherent and Lumentum are expanding their production capacities to meet the growing demand for high-speed optical components, with Coherent's production capacity expected to double within a year [4][5] - Tower's silicon photonic business is anticipated to exceed $220 million in revenue by 2025, driven by strong demand for 1.6T products and significant investments in capacity expansion [6][5] Group 3: Company-Specific Developments - Coherent is experiencing strong growth in orders for 800G and 1.6T transceivers, with plans to expand production capabilities in multiple locations [4][1] - Lumentum has set a record for EML laser shipments driven by demand for 100Gbps products and is beginning to deliver CW lasers to 800G optical module manufacturers [5][1] - Broadcom's AI network demand has led to a significant increase in orders for optical components, with a backlog of approximately $73 billion, including $20 billion from network and optical interconnect products [7][1]

12月26日，21世纪经济报道记者获悉，原国盛证券计算机行业首席分析师刘高畅已正式加盟国金证券， 履新国金证券计算机首席分析师、研究所常务副所长及科技领域牵头人。在此之前，原国盛证券所长助 理兼医药首席分析师张金洋带队加盟国联民生证券。 记者丨李域 编辑丨巫燕玲 国盛证券研究所人事震荡还在持续。 与此同时，国盛证券多名分析师出走，涉及计算机、电子、医药等多个研究领域，这些离任的分析师主 要是国盛证券研究所联席所长郑震湘、刘高畅等团队成员。据市场此前消息，郑震湘、刘高畅、张金洋 等已集体提交离职申请。 中国证券业协会从业人员基本信息显示，截至 12 月 26 日，郑震湘的执业信息仍在国盛证券，而刘高 畅、张金洋的相关执业记录已无法查询。 核心人才接连变动引发市场关注。"年底券商投研人才流动较大。" 一位接近国盛证券的知情人士透 露，针对当前的人才缺口，公司已同步启动新研究团队引进工作，相关流程正在推进中。 数据显示，2025年上半年，国盛证券研究所的分仓佣金收入为9456.42万元，同比下降28.35%，在行业 中排名第21位。 分析师集体出走 拥有10年医药投资研究经验、3 年产业背景的张金洋，2019年1月 ...

21世纪经济报道记者 李域 国盛证券研究所人事震荡还在持续。 12月26日，21世纪经济报道记者获悉，原国盛证券计算机行业首席分析师刘高畅已正式加盟国金证券，履新国金证券计算机首席分析师、研究 所常务副所长及科技领域牵头人。在此之前，原国盛证券所长助理兼医药首席分析师张金洋带队加盟国联民生证券。 与此同时，国盛证券多名分析师出走，涉及计算机、电子、医药等多个研究领域，这些离任的分析师主要是国盛证券研究所联席所长郑震湘、 刘高畅等团队成员。据市场此前消息，郑震湘、刘高畅、张金洋等已集体提交离职申请。 中国证券业协会从业人员基本信息显示，截至 12 月 26 日，郑震湘的执业信息仍在国盛证券，而刘高畅、张金洋的相关执业记录已无法查询。 核心人才接连变动引发市场关注。"年底券商投研人才流动较大。" 一位接近国盛证券的知情人士透露，针对当前的人才缺口，公司已同步启 动新研究团队引进工作，相关流程正在推进中。 数据显示，2025年上半年，国盛证券研究所的分仓佣金收入为9456.42万元，同比下降28.35%，在行业中排名第21位。 分析师集体出走 公开信息显示，刘高畅于2018年加入国盛证券，曾是最年轻的计算机行业首席 ...

Group 1 - The core point of the news is the significant progress in the change of the actual controller of Guosheng Securities, with the Jiangxi Provincial State-owned Assets Supervision and Administration Commission (SASAC) taking over from the Jiangxi Provincial Department of Transportation [1][5] - On December 25, Guosheng Securities announced that a non-compensatory transfer agreement regarding the equity transfer of Jiangxi Transportation Investment Group Co., Ltd. (Jiangxi Jiao Tou) was signed, indicating a shift in control [1][5] - After the transfer, Jiangxi Jiao Tou will still be the controlling shareholder of Guosheng Securities, but the actual controller will change to Jiangxi SASAC [1][5] Group 2 - Guosheng Securities emphasized that the change in the controlling shareholder and actual controller is in accordance with government-approved procedures and will not significantly impact the company's governance or operations [5] - Prior to this, on November 19, Guosheng Securities had already issued a notice regarding the planned transfer of 90% of Jiangxi Jiao Tou's shares directly to Jiangxi SASAC [5] - Before the transfer, Jiangxi Jiao Tou held 494 million shares of Guosheng Securities, accounting for 25.52% of the total share capital, and through Jiangxi Ganyue Expressway Co., Ltd., it indirectly held an additional 78.5 million shares [5] Group 3 - Guosheng Securities is the only securities company under Jiangxi Province and is listed on the Shenzhen Stock Exchange, with a registered capital of 1.935 billion yuan and total assets of 48.8 billion yuan as of September 30, 2025 [6] - The change in actual controller is part of a broader trend of local state-owned asset integration, with Guosheng Securities undergoing significant identity restructuring throughout the year [6] - The company has recently completed a name change and other administrative updates, reflecting its new identity in the industry [6] Group 4 - Financial commentators suggest that the change in actual controller will help optimize the equity structure and improve resource coordination, enhancing the company's competitiveness and decision-making efficiency [7] - The transition is viewed as a vertical optimization adjustment within the same provincial state-owned asset system, maintaining the state-owned nature of the controlling stake [7] - Although there may be a transitional period for governance adaptation, the long-term outlook is positive for the company's core competitiveness and industry position, with a focus on enhancing capital operation efficiency and resource integration [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 易主！国盛证券 来源：行家券业 随着国盛证券（002670.SZ）控股股东江西交投无偿划转90%股权完成变更，这家全新的上市券商，正 式"易主"江西国资委。 官宣划转 又一家上市券商——最新市值接近334亿的国盛证券（原国盛金控），官宣"易主"。 12月25日，国盛证券股份有限公司（简称：国盛证券）发布《关于公司控股股东股权无偿划转暨实际控 制人变更的进展公告》披露：江西省交通运输厅将其持有的江西省交通投资集团有限责任公司（简称： 江西交投） 90%股权无偿划转至江西省国有资产监督管理委员会（简称：江西省国资委）。 本次划转完成后，国盛证券实际控制人由江西省交通运输厅变更为江西省国资委，控股股东仍为江西交 投。 国资脉络 回溯此次股权变动的脉络，其源头可追溯至更早的国有资产布局规划。 2022年7月，江西国资以联合受让方式接手当时的国盛金控9.76亿股股份。同年9月，国盛金控控股股东 已变更为江西交投，实际控制人同步变更为江西省交通运输厅。 经江西省人民政府同意，原计划由江西省交通运输厅将所持江西交投90.00%股权无偿划转至江西省国 ...

地址：中国江西南昌市红谷滩区赣江北大道 1 号保利中心 7-8 层 电话: (0791) 86891286 传真: (0791)86891347 江西华邦律师事务所 关于 《国盛证券股份有限公司收购报告书》 之 法律意见书 二〇二五年十二月 释义 除非另有所指，本法律意见书所使用下列词语具有的含 义如下： | 江西省政府 | 指 | 江西省人民政府 | | --- | --- | --- | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 江西省国资委、划入方、收购 | 指 | 江西省国有资产监督管理委员会 | | 方 | | | | 江西省交通厅 | 指 | 江西省交通运输厅 | | 江西省交投集团 | 指 | 江西省交通投资集团有限责任公司 | | 国盛证券、上市公司 | 指 | 国盛证券股份有限公司 | | 《收购报告书》 | 指 | 《国盛证券股份有限公司收购报告书》 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《收购管理办法》 | 指 | 《上市公司收购管理办法》 | | 《16 号准则》 | 指 | 《公开 ...

国盛证券股份有限公司 收购报告书 上市公司名称：国盛证券股份有限公司 二、依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号——上 市公司收购报告书》的规定，本报告书已全面披露了收购人在国盛证券股份有限 公司拥有权益的股份。 截至本报告书签署日，除本报告书披露的持股信息外，收购人没有通过任何 其他方式在国盛证券股份有限公司拥有权益。 三、收购人签署本报告书已获得必要的授权和批准，其履行亦不违反收购人 内部规则中的任何条款，或与之相冲突。 收购人名称：江西省国有资产监督管理委员会 注册地址：南昌市红谷滩新区丰和中大道 1198 号中江国际大厦 通讯地址：南昌市红谷滩新区丰和中大道 1198 号中江国际大厦 签署日期：二〇二五年十二月 1 收购人声明 一、本报告书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号 ——上市公司收购报告书》及其他相关法律、法规和部门规章的有关规定编写。 股票上市地点：深圳证券交易所 股票简称：国盛证券 股票代码：0026 ...

Group 1 - The actual controller of Guosheng Securities has changed from the Jiangxi Provincial Department of Transportation to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission (SASAC) [1][11] - Jiangxi SASAC has taken over 90% of the shares held by the Jiangxi Provincial Department of Transportation in Jiangxi Jiao Investment, which is the controlling shareholder of Guosheng Securities [2][12] - This change is part of a government-led adjustment of state-owned asset management aimed at optimizing the layout of state-owned assets and streamlining management systems [2][13] Group 2 - The announcement states that there will be "no significant impact" on Guosheng Securities, as the controlling shareholder (Jiangxi Jiao Investment) remains unchanged, and the daily operations and management team are expected to stay stable [3][14] - In the long term, being backed by a larger provincial state-owned platform (SASAC) may provide more support in terms of capital and resources [4][15] Group 3 - The key steps have been completed: the provincial government has agreed, and an agreement has been signed between the SASAC and the Department of Transportation [5][16] - The final step is to register the shareholder change with the industrial and commercial bureau, after which the change of control will be officially completed [6][17] Group 4 - There is no need to initiate a full acquisition, as this is a government-approved transfer of state-owned assets, allowing SASAC to indirectly control over 30% of the shares without making a mandatory offer to all shareholders [7][18] - Another shareholder controlled by SASAC (Jiangxi Jiang Investment) plans to reduce its holdings in Guosheng Securities in the coming months, which is a separate matter from the change of control [7][18] Group 5 - The analogy used describes Guosheng Securities as previously managed by the "Department of Transportation" and now being handed over to the "State-owned Assets Supervisor" (SASAC) for better development under centralized management [7][19]