公开信息显示，信创ETF（562570）跟踪中证信息技术应用创新产业指数。该指数聚焦新质生产力，布 局自主可控头部公司，覆盖人工智能、数据算力、工业软件、信息安全等前沿科创产业。 （文章来源：每日经济新闻） 海通国际认为，华大九天拥有全球客户近700家，且重点客户在所属领域具有技术代表性和先进性，与 公司的合作在业内产生了较强的示范效应，且公司市场份额稳居本土EDA企业首位。眼下公司已实现 对模拟电路设计全流程工具的覆盖，支持5nm、14nm、28nm等先进制程，技术达到国际领先水平， 2024年公司在技术领域推出版图寄生参数分析工具ADA等多项EDA工具实现新突破；同时公司拟收购 产业链公司，有望补足剩余EDA产业链条，多方位提升公司整体竞争力。 本周海光信息、中科曙光宣布战略重组，中证信创指数与该事件相关度较高。目前。海光信息、中科曙 光分别是该指数第1、第7大权重股，合计权重超10.2%。信创ETF（562570）为跟踪该指数规模最大的 ETF。 5月29日早盘，EDA、消费电子代工、一体化压铸、智能驾驶、光模块CPO等概念指数开盘后活跃。近 期备受资金关注的信创ETF（562570）一度涨超2%，持仓 ...

5月29日，卫星ETF（159206）早盘活跃，截至10：00上涨1.52%，成分股新易盛涨超5%，航宇微、中际旭创、信维通 信、上海瀚讯、中海达、星网宇达等跟涨。 此外，来自中国科学院空天信息创新研究院的科研人员，日前成功开展新型星地通信地面技术的实验，实现X频段单 通道最高每秒2100兆比特的通信速度，将微波通信码速率提升了75%。这是目前国内X频段单通道星地通信的最高速 度。 华西证券指出，当前卫星互联网发展势头迅猛，星座常态化发射，实现通信容量增大，时延降低，同时有望看到手机 宽带直连卫星与低轨卫星网联智能驾驶系统的相关应用快速落地。 基金有风险，投资需谨慎。本文所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。在任何情况 下，本文中的信息或所表述的意见并不构成对任何人的投资建议。 | 序号 | 代码 | 名称 | 涨跌幅 ▼ | 成交量 | | | --- | --- | --- | --- | --- | --- | | 1 | 300502 | 新易盛 | 5.85% | 3034万 | 26.72亿 | | 2 | 300053 | 航宇微 | 4.44% | 1580万 | 1 ...

Group 1 - The market opened with fluctuations, with the technology growth sector rebounding after a pullback, particularly the AI ETF (515070) which saw significant gains in its holdings such as Zhongji Xuchuang and notable increases in stocks like Xinyisheng and Chip Origin [1] - The Shanghai Municipal Development and Reform Commission, along with other departments, issued a three-year action plan (2025-2027) to accelerate the development of the rehabilitation assistive devices industry, emphasizing the integration of AI and other technologies in this field [1] - The plan aims to implement 10 key technology development projects and support at least 5 products in elderly care technology by 2027, encouraging enterprises to apply for national-level projects [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies that provide technology, resources, and applications in the AI sector, often referred to as the "brain" creators of robots and the "ground" of the Internet of Everything [2] - The top ten weighted stocks in the ETF include leading domestic technology firms such as Cambricon Technologies, Hikvision, Zhongji Xuchuang, and others [2] Group 3 - Related products include the AI ETF (515070), China Securities Artificial Intelligence Theme ETF Link A (008585), and China Securities Artificial Intelligence Theme ETF Link C (008586) [3]

证券代码：300308 证券简称：中际旭创 公告编号：2025-066 中际旭创股份有限公司 关于控股股东及其一致行动人持股比例被动稀释 超过 1%整数倍的公告 公司控股股东山东中际投资控股有限公司及其一致行动人王伟修先生、王晓东 先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）于 2025 年 5 月 27 日收到控股股东山东中际投资控股有限公司（以下简称"中际控股"）及其一致行动 人王伟修先生、王晓东先生的通知，因公司股权激励股份行权中际控股及其一致行动 人合计持股比例被动稀释超过 1%整数倍，现将相关情况公告如下： | 1、基本情况 | | | | --- | --- | --- | | 信息披露义务人 | | 山东中际投资控股有限公司 | | 住所 | | 烟台龙口市诸由观镇北 | | 一致行动人（1） | | 王伟修 | | 住所 | | 山东省龙口市诸由观镇丛林街****** | | 一致行动人（2） | | 王晓东 | | 住所 | | ...

Core Viewpoint - The China Securities 5G Communication Theme Index has shown a decline in performance over the past three months and year-to-date, despite a slight increase in the past month [2]. Group 1: Index Performance - The China Securities 5G Communication Theme Index decreased by 1.75% to 849.03 points, with a trading volume of 30.387 billion yuan [1]. - Over the past month, the index has increased by 2.63%, but it has decreased by 19.80% over the past three months and 11.06% year-to-date [2]. Group 2: Index Composition - The index includes companies related to 5G construction and applications, reflecting the overall performance of listed companies in the 5G communication theme [2]. - The top ten weighted companies in the index are: Luxshare Precision (8.42%), ZTE Corporation (7.19%), Zhongji Xuchuang (5.82%), Xinyi Technology (5.72%), Zhaoyi Innovation (5.4%), Industrial Fulian (5.28%), Unisplendour (3.95%), GoerTek (3.67%), AVIC Optoelectronics (3.55%), and Sanan Optoelectronics (3.18%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (73.70%) and the Shanghai Stock Exchange (26.30%) [2]. - In terms of industry composition, Information Technology accounts for 54.49%, Communication Services for 39.59%, Industry for 3.86%, and Consumer Discretionary for 2.07% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the 5G communication theme include: Huaxia CSI 5G Communication Theme ETF Connect A, Huaxia CSI 5G Communication Theme ETF Connect C, Yinhua CSI 5G Communication Theme ETF Connect A, Yinhua CSI 5G Communication Theme ETF Connect C, Yinhua CSI 5G Communication Theme ETF, and Huaxia CSI 5G Communication Theme ETF [3].

截至5月27日收盘，F5G概念下跌1.34%，位居概念板块跌幅榜前列，板块内，剑桥科技、中贝通信、太 辰光等跌幅居前，股价上涨的有5只，涨幅居前的有平治信息、上港集团、铭普光磁等，分别上涨 0.85%、0.17%、0.17%。 | 600487 | 亨通光电 | 0.07 | 0.81 | -1603.17 | | --- | --- | --- | --- | --- | | 603220 | 中贝通信 | -3.28 | 3.25 | -1266.29 | | 002792 | 通宇通讯 | -1.91 | 4.16 | -1212.39 | | 603803 | 瑞斯康达 | -0.81 | 2.03 | -1185.54 | | 002897 | 意华股份 | -1.87 | 2.09 | -1130.95 | | 301183 | 东田微 | -1.64 | 2.37 | -526.32 | | 002429 | 兆驰股份 | -0.91 | 0.48 | -476.00 | | 300250 | 初灵信息 | -1.61 | 2.35 | -452.20 | | 000810 | 创维数字 | - ...

Group 1 - The overall A-share market experienced narrow fluctuations on May 27, with major indices showing mixed results. The sectors of non-ferrous metals, automobiles, electronics, and communications led the declines, while textiles, real estate, and others showed gains [1] - Concept indices such as cultivated diamonds, dairy, superhard materials, beverage manufacturing, three-child policy, and plant-based meat saw significant increases, while CPO optical modules, optical communications, and robotics faced declines [1] - The cloud computing 50 ETF (516630) saw a drop of nearly 1.5% in the afternoon, with leading stocks like Xinyisheng, Tuolisi, Shensinfeng, and Zhongji Xuchuang declining, while a few companies like China Great Wall experienced gains [1] Group 2 - Shanghai Securities believes that AI infrastructure in the Middle East may drive a new wave of demand for optical modules, with the potential for a 1.6T demand catalyst by 2026, leading to both volume and price increases [2] - Domestic internet giants and operators are increasing capital expenditures in the AI sector, which may benefit second-tier optical module manufacturers, improving their performance [2] - The cloud computing 50 ETF (516630) has a high AI computing power content, covering sectors such as optical modules, computing leasing (IDC), data storage, servers, and liquid cooling. The DeepSeek concept stocks account for 42.9% of the cloud computing index (930851) [2]

证券研究报告 科技 BAT CapEx：AI 加码趋势不变 华泰研究 2025 年 5 月 26 日│中国内地 行业周报（第二十一周） 本周观点 市场方面，上周通信（申万）指数下跌 2.31%，同期上证综指下跌 0.57%， 深证成指下跌 0.46%。BAT（百度、阿里、腾讯）1Q25 合计资本开支为 544 亿元，同比增长 105%，但环比下降 23%。我们认为，国内互联网厂商资 本开支环比下滑系英伟达 H20 禁售影响，长期资本开支增长趋势或不变， 随着国内 GPU 性能、制造工艺持续升级，未来国产 GPU 有望逐步补齐这 一需求缺口，建议关注国产算力及其配套产业链（光模块、AIDC、交换机、 铜连接等）。 周专题：BAT CapEx：AI 加码趋势不变 国内三大上市互联网厂商（百度、阿里、腾讯）近日发布 1Q25 业绩，BAT 1Q25 合计资本开支为 544 亿元，同比增长 105%，但环比下降 23%。分别 来看，百度/阿里/腾讯 1Q25 资本开支分别为 29/240/275 亿人民币，同比增 速分别为+42%/+136%/+91%，环比分别为+24%/-24%/-25%。我们认为， BAT 整体 ...

Core Viewpoint - The China Securities Index for the Hong Kong and Shanghai Cloud Computing Industry (SHS Cloud Computing Index) shows mixed performance, with a slight increase recently but a significant decline over the past three months [1][2] Group 1: Index Performance - The SHS Cloud Computing Index opened lower but rose by 0.34% to 2218.08 points, with a trading volume of 40.389 billion yuan [1] - Over the past month, the index has increased by 0.53%, while it has decreased by 19.76% over the last three months and has risen by 6.53% year-to-date [1] Group 2: Index Composition - The index comprises 50 listed companies involved in providing cloud computing services and hardware, reflecting the overall performance of the cloud computing sector in mainland China and Hong Kong [1] - The top ten weighted companies in the index are Alibaba-W (12.63%), Tencent Holdings (11.44%), Zhongke Shuguang (6.3%), and others, with a total of 47.10% from Shenzhen Stock Exchange, 30.34% from Hong Kong Stock Exchange, and 22.55% from Shanghai Stock Exchange [1][2] Group 3: Sector Allocation - The index's sample companies are primarily allocated in the Information Technology sector (49.53%), followed by Communication Services (36.87%), Consumer Discretionary (12.63%), and Industry (0.97%) [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - Several public funds track the SHS Cloud Computing Index, including various share classes from Huatai-PB and Tianhong [2]

Investment Rating - The report assigns a "Buy" rating for Innolight with a 12-month price target of Rmb115, indicating an upside potential of 25.2% from the current price of Rmb91.87 [10][14]. Core Insights - Innolight is positioned as a leading supplier of optical transceivers in the datacom market, particularly benefiting from the growth in AI and data center expansions [10][11]. - The demand for 800G transceivers is expected to remain strong, driven by cloud service providers transitioning from 400G to 800G for AI inferencing applications [2][10]. - The company anticipates easing supply constraints by the third quarter of 2025 due to new capacity from laser suppliers, which should support shipment growth [7][10]. - Profitability is projected to improve due to a favorable product mix, particularly with an increase in silicon photonics modules, which have higher gross margins compared to traditional transceivers [8][10]. Summary by Sections Demand Outlook - The demand outlook for 2025 remains unchanged, with solid orders from customers. The transition to 800G is expected to ramp up in the second half of 2025, particularly for AI applications [2][10]. - The migration from 400G to 800G in traditional cloud datacenters is anticipated to gain momentum into 2026, although it currently accounts for less than 20% of overall 800G demand in 2025 [2][10]. Supply Constraints - Innolight's revenue growth has been flat over the past three quarters due to upstream component constraints, particularly with EML laser supply. Management expects improvements in supply conditions by 3Q25 [7][10]. Profitability and Margins - The company has reaffirmed its trend of profitability improvement, driven by a shift in product mix towards silicon photonics transceivers and enhanced manufacturing efficiency [8][10]. - The gross margin is expected to increase from 33.8% in 2024 to 38.3% in 2025, with net margins projected to rise from 21.7% in 2024 to 24.3% in 2025 [9][10]. Future Projections - The ramp for 1.6T transceivers is set for 3Q25, but the overall volume is expected to remain small compared to 800G. The mainstream adoption of 1.6T is anticipated in 2027 [3][10]. - The financial outlook shows significant revenue growth, with projections of Rmb29.3 billion in 2025 and Rmb33.6 billion in 2026 [9][10].