沪深股通今日合计成交3583.1亿，其中紫金矿业和中际旭创分居沪股通和深股通个股成交额首位。 二、板块个股主力大单资金 从板块表现来看，白酒、电网设备等板块涨幅居前，有色金属、油气、化工、煤炭、半导体等板块跌幅居前。 板块主力资金方面， 电网设备板块主力资金净流入居首 。ETF成交方面，多只化工相关ETF份额大幅增加，其中化工ETF（1 59870） 连续三周份额大增，上周份额增长43 . 16亿份位居首位，近三周份额共计增加超130亿份。沪深3 00ETF易方达（510310）上周份额减 少16 3.845亿份位居首位，近两周该ETF共计减少近300亿份。 龙虎榜方面， 中超控股今日逆势涨停，获一家一线游资（国泰海通证券成都北一环路）买入1.0 2亿，同时获两家量化（开源证券西安 太华路、中信证券上海漕溪北路）合计买入1.7亿，深股通买入1.27亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1737. 74亿，深股通总成交金额为1845 .36亿。 | | 沪股通 ( | 2月2日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | ...

Core Viewpoint - The report from China Galaxy Securities indicates that leading optical module companies, such as Zhongji Xuchuang and Xinyi Sheng, have released performance forecasts for 2025, with most companies expecting a growth of over 50% in their earnings, although foreign exchange losses may impact the timing of earnings release [1][2]. Group 1: Performance Forecasts - Companies like Xinyi Sheng are expected to achieve a net profit of 9.4-9.9 billion yuan for 2025, representing a year-on-year increase of 231.24%-248.86%, while Zhongji Xuchuang anticipates a net profit of 9.8-11.8 billion yuan, reflecting a growth of 89.5%-128.17% [2]. - In the latest quarter, Zhongji Xuchuang and Xinyi Sheng reported record high profits, while Cambridge Technology faced a foreign exchange loss of approximately 96.05 million yuan due to funds retained in Hong Kong dollars after its IPO [2]. Group 2: Market Trends and Demand - The domestic demand for optical modules is expected to increase significantly in the first year of the 14th Five-Year Plan, driven by the upgrade from 400G to 800G/1.6T modules and the rising computational power needs from AI applications [3]. - The overseas market remains robust, with major cloud companies expected to exceed capital expenditure forecasts for 2026, leading to an accelerated demand for high-speed optical modules [3]. Group 3: Investment Recommendations - The optical communication sector is currently undervalued, with supply constraints anticipated to be a major bottleneck in 2026, despite the increasing global market share of Chinese optical module manufacturers [4]. - Companies such as Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), and others in the optical module and device sectors are recommended for investment due to their strong positioning and growth potential [4].

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

近期，多家光模块龙头企业发布了2025年的业绩预告。数据显示，相关公司的净利润出现了大幅增长。 其中，中际旭创和新易盛的表现尤为突出。 这背后，是800G等高速光模块订单的持续释放。同时，下一代1.6T技术也已开始商用部署，推动行业 技术迭代不断加快。 行业分析认为，光模块行业的高景气与全球AI发展的宏大叙事紧密相连。海内外云厂商的高额资本开 支、中国市场的需求回归、技术升级带来的"量价齐升"，以及AI需求从训练侧向推理侧的延伸，共同构 成了行业持续增长的坚实基础。 高增下的分化 光模块是数据传输的关键部件，它像连接数据中心各个服务器的"高速公路"。随着AI大模型训练、自动 驾驶、云计算等应用对算力需求的爆炸式增长，光模块企业成了直接受益者。 中际旭创的业绩预告显示，公司2025年预计实现归母净利润98亿元至118亿元，增长率高达89.50%至 128.17%。扣除股权激励费用前，公司光模块业务实现合并净利润约108亿元至131亿元，同比增长 90.81%至131.44%。 新易盛的表现则更胜一筹。其预计2025年实现归属于上市公司股东的净利润为94亿元至99亿元，同比增 长231.24%至248.86%；扣 ...

2月首个交易日，市场全天震荡调整，三大指数均跌超2%。截至收盘，沪指跌2.48%，深成指跌2.69%，创业板指跌2.46%。沪深两市成交额2.58万亿，较上 一个交易日缩量2508亿。盘面上，全市场超4600只个股下跌，其中123只个股跌停。从板块来看，白酒概念反复活跃，皇台酒业3连板，金徽酒3天2板，水井 坊触及涨停。电网设备概念逆势走强，汉缆股份、白云电器、三变科技、保变电气等多股涨停。下跌方面，有色金属、油气、化工、煤炭、半导体等板块跌 幅居前。 国联民生证券表示，市场在趋势上行后，窄幅震荡，波动率先升后降，当前或仍需要震荡消化前期涨幅。一方面，本月以沪深300为首的ETF流出较多，对 宽基指数形成压力，大盘风格明显弱于小盘，另一方面，主题轮动加速，部分主题冲高回落，短期小盘、成长占优，但后续有再均衡的需求。中期看，市场 波动率仍较低，仍处于趋势上行的过程中，春季行情仍在延续。随着ETF流出放缓，后续大盘权重股或有补涨的机会。我们认为在当前市场环境下，市场仍 缺乏盈利验证，并且流动性较为充裕，市场仍会灌输各类主题资产和宏大叙事下的投资机会，因而在市场完成调整后，主题资产仍会有新的机会。 浙商证券表示，展 ...

Group 1 - A total of 31 companies were investigated by well-known institutions in the past week (January 26 - February 2) [1] - The industries with significant attention included power equipment and machinery [1] - Notable companies receiving the most attention included Ying Tang Zhi Kong, Guanglong Integrated, and Ao Jian Microelectronics, which are involved in core optical communication components [1] Group 2 - The top companies by the number of institutional investigations included: - Jingzhida and Zhongji Xuchuang with 170 and 137 investigations respectively [2] - Wangsu Technology with 56 investigations [2] - Liu Gong with 46 investigations [2] - China Resources Microelectronics with 43 investigations [2] - Other companies of interest included: - Sunshine Nuohe with 17 investigations [3] - Shunhao Co. with 16 investigations [3] - Panda Dairy with 4 investigations [3] - Ninebot Company with 160 investigations on multiple occasions [3][4] - Additional companies receiving attention included: - Midea Group with 20 investigations [5] - Jin Da Wei with 17 investigations [5] - Huaneng Energy with 9 investigations [5]

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced the highest capital outflow of 3.861 billion, with a share price decline of 8.94% [1][2] - BlueFocus Media saw a capital outflow of 2.275 billion, with a decrease of 8.4% in its stock price [1][2] - Zijin Mining had an outflow of 1.891 billion, reflecting an 8.79% drop in its share price [1][2] - Industrial Fulian faced an outflow of 1.839 billion, with a 3.5% decline in stock value [1][2] - Zhaoyi Innovation reported a capital outflow of 1.673 billion, with a significant drop of 10% in its share price [1][2] Group 2: Additional Stocks with Notable Outflows - Shannon Microelectronics had an outflow of 1.520 billion, with a steep decline of 12.36% [1][2] - BYD experienced a capital outflow of 1.374 billion, with a 4.22% decrease in its stock price [1][2] - Baiwei Storage saw an outflow of 1.183 billion, with a decline of 10.35% [1][2] - Jiangbolong had an outflow of 1.150 billion, with a 10.77% drop in its share price [1][2] - Northern Rare Earth reported an outflow of 1.027 billion, with a 7.62% decline [1][2] Group 3: Other Stocks with Capital Outflows - China Aluminum faced an outflow of 1.016 billion, with a stock price decrease of 9.98% [1][2] - Tianfu Communication had an outflow of 0.977 billion, with a 4% decline in its share price [1][3] - SMIC reported an outflow of 0.953 billion, with a 4.81% drop [1][3] - iFlytek experienced an outflow of 0.797 billion, with a 4.36% decline [1][3] - Wanhua Chemical had an outflow of 0.741 billion, with an 8.68% decrease [1][3]

Core Viewpoint - The performance of the optical module sector is catalyzed by the strong earnings forecasts from companies like "Zhongjixuchuang" and "Xinye". The newly listed ChiNext ETF, Huatai Fuhua (159247), experienced a decline of nearly 2% after an initial surge, with significant trading volume and net subscriptions indicating active market interest [1][2]. Group 1: Company Earnings Forecasts - Zhongjixuchuang expects a net profit increase of 89.50% to 128.17% for 2025, driven by strong demand for computing infrastructure and improved operational efficiency [2]. - Xinye anticipates a net profit of 99 billion yuan for 2025, representing a year-on-year increase of 248.86%, with a quarterly growth forecast of 29% to 50% [2]. - Tianfu Communication projects a net profit of 21.5 billion yuan, up 60% year-on-year, benefiting from the rapid development of the AI industry and global data center construction [2]. Group 2: Industry Trends - The optical module market is expected to grow significantly, with a CAGR of 24% from 2022 to 2028, and 80% from 2028 to 2033, driven by advancements in AI and the evolution of data center architectures [5]. - The ChiNext ETF's index is heavily weighted towards sectors such as power equipment (29%), communication (22%), and electronics (16%), reflecting the ongoing industry upgrades and the impact of emerging technologies [3][18]. - The "anti-involution" policies have positively influenced the photovoltaic sector, leading to price stabilization and a focus on eliminating outdated production capacity [10][11]. Group 3: Market Activity - The ChiNext ETF Huatai Fuhua (159247) saw a trading volume exceeding 1 billion yuan, with a net subscription of 16 million units, indicating strong investor interest [1]. - The top ten constituent stocks of the ChiNext index account for nearly 54% of the index's weight, highlighting a concentrated investment in leading companies within their respective sectors [19][20]. - The average daily trading volume for the ChiNext index constituents reached 1,532 billion yuan in 2025, representing about 33% of the total trading volume on the ChiNext board [25].

2026 年 2 月 2 日 | 何利超 | | --- | | H70529@capital.com.tw | | 目标价(元) 750 | 公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2026/1/30) | | 649.00 | | 深证成指(2026/1/30) | | 14205.89 | | 股价 12 个月高/低 | | 658.8/66.86 | | 总发行股数(百万) | | 1111.12 | | A 股数(百万) | | 1105.50 | | A 市值(亿元) | | 7174.70 | | 主要股东 | | 山东中际投资 | | | | 控股有限公司 | | | | (10.93%) | | 每股净值(元) | | 23.75 | | 股价/账面净值 | | 27.33 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 6.4 | 32.4 545.8 | | 近期评等 | | | | 2025.11.06 | 买进 | 496.88 | | 2025.07.16 | 买进 | 174.81 | | 2025.04 ...