流动性方面，5G通信ETF盘中换手0.76%，成交4545.89万元。拉长时间看，截至4月28日，5G通信ETF近1月日均成交1.61亿元。 4月29日，A股市场热点分散，宠物经济、光芯片、机器人等概念表现活跃，截至14:01，中证5G通信主题指数(931079)上涨0.20%，成分股兆易创新(603986) 上涨7.20%，移远通信(603236)上涨3.64%，崇达技术(002815)上涨3.13%，光环新网(300383)上涨2.93%，卓胜微(300782)上涨2.08%。5G通信ETF(515050)多 空胶着，最新报价0.98元。拉长时间看，截至2025年4月28日，5G通信ETF近1年累计上涨4.38%。 天风证券表示，看好AI行业作为年度投资主线，后续伴随着DeepSeek R2/V4等以及包括Agent、多模态方面相关进展，仍然看好AI行业以及围绕AIDC产业链 的持续高景气。整体上我们积极看好25年或成为国内AI基础设施竞赛元年以及应用开花结果之年。中美AI均进展不断，同时推理端持续推进。建议持续关 注AI产业动态及AI应用的投资机会。此外，政府工作报告首次纳入"深海科技"，海风看到25年 ...

公告摘要：（1）公司发布2024 年报，实现营业收入238.63 亿元，同比增长122.64%;归母净利润51.71 亿元，同比增长137.93%；扣非归母净利润50.68 亿元，同比增长138.66%。（2）公司发布2025 年一季 报，实现营业收入66.74 亿元，同比增长37.82%;归母净利润15.83 亿元，同比增长56.39% 投资建议：公司是全球光模块龙头，海外800G 产品已进入批量供应，国内CSP 侧800G 有望快速导入， 海外1.6T/3.2T 需求有望释放。随着高速率产品结构占比提升，公司有望提升盈利能力，预计2025-2027 年公司归母净利润分别为72.56 亿元/91.63 亿元/105.42 亿元（原25-26 年预测值为71.72 亿元/91.09 亿 元），EPS 分别为6.57 元/8.29 元/9.54 元，维持"买入"评级。 风险提示：北美数通市场需求不及预期的风险；对等关税风险，数据更新不及时风险。 国内CSP 资本开支提升需求，泰国产能布局降低关税影响。2025Q1，800G 产品出货量同比和环比均有 明显增长，主要由于海外客户更多转向800G，同时国内客户的相关 ...

Investment Rating - The report maintains a "Buy" rating for Zhongji InnoLight with a target price reduced to CNY 125, implying a 54% upside from the closing price of CNY 81.19 on April 21, 2025 [5][26]. Core Insights - The company experienced significant revenue and earnings growth in FY24, with year-on-year revenue growth of 122.6% and earnings growth of 142.6%. However, 1Q25 revenue growth was subdued at 37.8% year-on-year due to a shortage of EML chips, while earnings rose 56.8% year-on-year, driven by better gross profit margins [1][2][19]. - Demand for 800G transceivers is expected to remain strong, while demand for 1.6T transceivers may slow down this year but is anticipated to ramp up next year. The easing of the EML chip shortage is expected to improve shipment volumes in the coming quarters [2][19]. - The report highlights that a temporary tariff exemption is currently easing margin pressure and may boost near-term shipments, although the risk of a tariff hike remains a concern [3][19]. Financial Summary - FY24 revenue was reported at CNY 23,862 million, with a projected revenue of CNY 37,228 million for FY25 and CNY 41,462 million for FY26. The normalized net profit for FY24 was CNY 5,171 million, with projections of CNY 8,202 million for FY25 and CNY 9,373 million for FY26 [4][10]. - The gross profit margin (GPM) is expected to improve slightly, with FY25-26F GPM raised by 0.1 percentage points due to a better product mix [16][19]. - The company is currently trading at a normalized P/E of 9.7x for FY26F, which is below the median P/E range of the China electronic/communication component companies [1][4][19].

本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 中际旭创股份有限公司（以下简称"公司"或"中际旭创"）2024 年度报告 全文及摘要已于 2025 年 4 月 21 日在中国证监会指定的创业板上市公司信息披露 网站巨潮资讯网（http://www.cninfo.com.cn）上披露。公司定于 2025 年 4 月 30 日 (星期三)下午 15:00-17:00 在"价值在线"举办 2024 年度业绩说明会。本次年度业 绩说明会将采用网络互动的方式举行，投资者可登陆"价值在线"（www.ir-online.cn） 参与本次年度业绩说明会。 出席本次业绩说明会的人员有：公司董事长、总裁刘圣先生，董事、副总裁、 财务总监王晓丽女士，副总裁、董事会秘书王军先生及独立董事战淑萍女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 30 日（星期三）15：00 前访问 https://eseb.cn/1nKZ3Ywc7ao，或扫描下方二维码， 进入问题征集专 ...

证券代码：300308 证券简称：中际旭创 公告编号：2025-049 中际旭创股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 重要提示： 1、本次股东会没有否决议案的情况； 2、本次股东会没有涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议召开时间：2025 年 4 月 25 日（星期五）下午 14:30，会期半天。 网络投票时间为 2025 年 4 月 25 日；其中，通过深圳证券交易所交易系统进行网 络投票的具体时间为：2025 年 4 月 25 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 4 月 25 日上 午 9:15 至下午 15:00 的任意时间。 2、中小股东出席的总体情况 通过现场和网络投票的中小股东 2,581 人，代表股份 112,494,896 股，占公司有表 决权股份总数的 10.1833％。其中：通过现场投票的中小股 ...

北京中银（苏州）律师事务所 关于中际旭创股份有限公司 2025 年第二次临时股东会 之 法律意见书 www.zhongyinlawyer.com 苏州•工业园区•月亮湾路 10 号•慧湖大厦 B 座 1902 室（215123） Room1902,North Wisdom Center,No.10 Moon Bay Rd,Suzhou Industrial Park, Jiangsu Province China Tel:(86512)62766638 Fax:(86512)62766665 北京中银（苏州）律师事务所 关于中际旭创股份有限公司 2025 年第二次临时股东会 之法律意见书 致：中际旭创股份有限公司 北京中银（苏州）律师事务所（以下简称"本所"）接受中际旭创股份有限 公司（以下简称"公司"或"中际旭创"）的委托，指派本所律师列席中际旭创 2025年第二次临时股东会（以下简称"本次股东会"），对本次股东会的相关事 项进行见证并出具法律意见书。 二〇二五年四月 | 一、本次股东会的召集和召开程序 3 | | --- | | 二、本次股东会的召集人资格及出席本次股东会人员资格 4 | | 三、本次股东 ...

Group 1 - The cloud computing sector is experiencing significant growth, with companies like Xinyiseng and Zhongji Xuchuang reporting impressive earnings, driving interest in the sector [1][2] - Zhongji Xuchuang achieved a revenue of 23.862 billion yuan in 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1] - In Q1 2024, Zhongji Xuchuang's revenue reached 6.674 billion yuan, growing by 37.82%, with a net profit of 1.583 billion yuan, an increase of 56.83% [1] Group 2 - The strong performance of Zhongji Xuchuang is attributed to the rising demand for AI computing power, which has boosted the shipment of optical modules [2] - The company's high profit margins are supported by an improved product mix, with silicon optical modules gaining a larger share, leading to an upward trend in gross margins [2] - Zhongji Xuchuang has minimized the impact of tariffs by establishing a production base in Thailand, which can meet U.S. demand [2] Group 3 - Xinyiseng reported a net profit of 2.838 billion yuan in 2024, a substantial increase of 312.26%, with Q1 2025 net profit reaching 1.573 billion yuan, up 384.54% [2] - The cloud computing ETF (159890) tracks the CSI Cloud Computing and Big Data Theme Index, covering major players across the entire industry chain from hardware to services [3] - Analysts suggest that despite tariff uncertainties, the computing power sector remains a strong investment opportunity due to expected performance confirmations and increased capital expenditures [3]

Key Points - The main focus of the news is the significant net inflow of capital into the electronic, communication, and computer sectors, with Zhongji Xuchuang leading the net capital inflow at 5.25 billion yuan [1][4] - The electronic sector saw a net inflow of over 14 billion yuan, while the communication and computer sectors also experienced substantial inflows of 13.93 billion yuan and 12.93 billion yuan, respectively [2] - In contrast, the basic chemical, chemical pharmaceutical, and pharmaceutical sectors faced notable net outflows, with basic chemicals experiencing a net outflow of 11.39 billion yuan [3] Sector Analysis - **Net Inflow Sectors** - Electronic: 14.42 billion yuan, 1.93% net inflow rate [2] - Communication: 13.93 billion yuan, 5.03% net inflow rate [2] - Computer: 12.93 billion yuan, 2.20% net inflow rate [2] - Non-bank financial: 6.24 billion yuan, 3.62% net inflow rate [2] - Real estate: 5.37 billion yuan, 3.41% net inflow rate [2] - **Net Outflow Sectors** - Basic chemicals: -11.39 billion yuan, -2.61% net outflow rate [3] - Chemical pharmaceuticals: -8.79 billion yuan, -4.47% net outflow rate [3] - Pharmaceuticals: -8.54 billion yuan, -1.82% net outflow rate [3] - Banking: -6.30 billion yuan, -6.38% net outflow rate [3] - Other: -6.26 billion yuan, -2.10% net outflow rate [3] Top Stocks - **Top Net Inflow Stocks** - Zhongji Xuchuang: 5.25 billion yuan, 13.46% net inflow rate [4] - Xinyi Sheng: 5.05 billion yuan, 12.99% net inflow rate [4] - Tuowei Information: 4.78 billion yuan, 13.75% net inflow rate [4] - Huadian Co.: 4.68 billion yuan, 20.21% net inflow rate [4] - Tianyu Digital: 4.32 billion yuan, 44.69% net inflow rate [4] - **Top Net Outflow Stocks** - Beiyinmei: -2.93 billion yuan, -18.95% net outflow rate [5] - Xinjinlu: -2.47 billion yuan, -20.99% net outflow rate [5] - Hailian Jinhui: -2.32 billion yuan, -8.91% net outflow rate [5] - Qingdao Jinwang: -2.25 billion yuan, -13.60% net outflow rate [5] - Runze Technology: -2.14 billion yuan, -21.79% net outflow rate [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown significant revenue growth, with 2024 revenue reaching 23.862 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [2][11] - The demand for high-speed optical modules, particularly in the 800G and above categories, is driving performance growth, with optical communication modules generating revenue of 22.89 billion yuan in 2024, a 124.8% increase [3][5] - The AI sector is expected to continue driving rapid growth in the optical module market, with projections indicating that the global optical module market could reach 25.8 billion USD by 2029 [4][5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 23.862 billion yuan, with a net profit of 5.171 billion yuan, reflecting substantial growth rates of 122.64% and 137.93% respectively [2][13] - For Q1 2025, the company reported revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [2] Market Trends - The demand for high-end products, particularly in data centers, is increasing, leading to a significant rise in revenue from optical communication modules [3] - The market for 800G and 1.6T optical modules is expected to grow, with predictions indicating that the market size will exceed 16 billion USD by 2029 [5] Investment Recommendations - Given the stable growth driven by AI in the optical module market and the acceleration of high-speed optical module upgrades, the market valuation is considered low. Revenue forecasts for 2025 have been adjusted to 35.925 billion yuan, with expected earnings per share of 6.85 yuan [11][13]

Group 1 - The AI computing sector, particularly in optical modules and optical communications, is experiencing a strong rebound, with significant gains in related ETFs and stocks [1] - Nine listed companies in the optical module sector reported positive net profit growth, with six companies achieving over 50% growth, and three companies, including Zhongji Xuchuang and Xinyi Sheng, exceeding 100% growth [1] - Zhongji Xuchuang projected a revenue of 23.862 billion yuan for 2024, representing a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [1] - In Q1 2025, Zhongji Xuchuang continued its growth trajectory with a revenue of 6.674 billion yuan, a 37.82% increase year-on-year, and a net profit of 1.583 billion yuan, up 56.83% [1] - Xinyi Sheng also reported strong performance, with an expected net profit of 2.8 billion to 3.05 billion yuan for 2024, reflecting a year-on-year growth of 307% to 343% [1] Group 2 - Huagong Technology's 2024 annual report indicated a revenue of 11.709 billion yuan, a 13.57% increase year-on-year, and a net profit of 1.221 billion yuan, up 21.17% [2] - Other optical module companies, including Taicheng Technology, Cambridge Technology, and Tianfu Communication, also reported high-speed growth in their performance [2] - The AI hardware sector is highlighted as a high-growth area, with the Huaxia (159381) ETF tracking the entrepreneurial board AI index, offering significant elasticity and low fees [2]