Summary of Conference Call Records Company and Industry Overview - **Industry Focus**: Overseas computing power and optical module market - **Key Companies Mentioned**: 西部通信 (West Communication), 中际旭创 (Zhongji Xuchuang), 新易盛 (Xinyi Sheng), 英维克 (Yingweike), 福晶科技 (Fujing Technology) Core Insights and Arguments 1. **Optical Module Market**: - Strong demand and material shortages expected in H1 2026, with leading companies showing supply chain advantages [1] - Market sentiment is improving as previous suppressive factors are alleviated, allowing funds to enter the market early [1] - Key price catalysts will emerge as industry guidance for 2027 becomes clearer, particularly after the OFC conference in March [1] - Performance in H1 2026 is anticipated to be the highest among leading optical module companies, with H2 2026 expected to see accelerated performance due to material supply easing [1] 2. **Liquid Cooling Solutions**: - 2026 is projected to be the first year of significant adoption for liquid cooling solutions, with major companies like NV, Meta, and Google leading the way [2] - Estimated value of liquid cooling solutions is approximately $1,400 per 1kW chip, translating to a market potential of $21 billion for 15 million chips [2] - Domestic leaders in liquid cooling for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic [2] 3. **Price Increases in Communication Products**: - Recommendations to invest in core communication products due to ongoing price increases driven by supply constraints [2] - Significant supply reductions from global suppliers of Faraday rotators, with Japanese company Granopt reducing production and issuing supply cut notices [2] - Domestic manufacturers like 森一 (Senyi), 飞锐特 (Feiruite), and 福晶科技 (Fujing Technology) are positioned to increase their market share through domestic substitution [2] 4. **Self-Sufficiency in SGGG Crystals**: - 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which is expected to alleviate expansion bottlenecks and significantly increase market share [3] 5. **Data Center Fiber Pricing**: - Continuous price increases for fiber cables noted since January, with expectations of rising demand and prices from domestic operators [3] - Fiber optic cable manufacturers are adopting "same-day valid" pricing due to volatility in raw material costs, leading to a cautious expansion approach [3] Additional Important Insights - The overall sentiment in the overseas computing power sector is shifting positively, with early investments being made in anticipation of future growth [1][2] - The liquid cooling market is set for rapid growth, with significant opportunities for domestic companies to capture market share [2] - The supply chain dynamics in the optical module and communication product markets are critical, with potential for substantial price increases due to supply constraints [2][3]

Summary of Conference Call Records Company and Industry Overview - **Industry Focus**: Overseas computing power and optical modules - **Key Companies Mentioned**: 西部通信 (West Communication), 中际旭创 (Inspur), 新易盛 (NewEase), 英维克 (Invec), 福晶科技 (Fujing Technology), 长飞光纤 (Changfei Fiber), 亨通光电 (Hengtong Optic), 中天科技 (ZTE Technology) Core Insights and Arguments 1. **Optical Module Demand**: Strong demand and material shortages expected in H1 2026, with leading companies showcasing supply chain advantages. The release of previous performance forecast suppression is alleviating, and market pressures are easing, allowing funds to enter early in a strong industry trend [1] 2. **Future Catalysts**: Attention is shifting to clearer industry guidance for 2027, anticipated post the OFC conference in March, and new technology trends (NPO/CPO) that will promote scale-up scenarios. The short-term performance realization will depend on upstream supply chain material and capacity resolution [1] 3. **Liquid Cooling Solutions**: 2026 is projected to be the first year of significant liquid cooling adoption, with NV, Meta, and Google leading commercial applications. The estimated value of liquid cooling solutions for ASIC chips is substantial, with potential market size reaching $21 billion [2] 4. **Market Share Potential**: Domestic leaders in liquid cooling solutions for ASIC chips are expected to capture over 20% market share, with overseas orders potentially yielding double the profit margins compared to domestic ones [2] 5. **Price Increases in Key Components**: Recommendations include focusing on core price-increasing products in communication, particularly SGGG crystals and Faraday rotators. Global supply reductions are creating significant gaps, with domestic manufacturers poised to increase their market share [3] 6. **Data Center Fiber Pricing**: Continuous price increases for fiber optic cables are noted, with domestic operators expecting both volume and price increases. Manufacturers are adopting "same-day effective" pricing due to raw material price volatility, indicating a cautious expansion approach [3] Additional Important Insights - **Performance Realization Timing**: The performance realization for leading optical module companies is expected to be highest in H1 2026, with H2 2026 anticipated to see accelerated performance due to easing material supply [1] - **Investment Recommendations**: Strong buy recommendations for 中际旭创 and 新易盛 based on anticipated strong alpha in H1 2026, and 英维克 is expected to see significant acceleration in Q2 2026, with potential for valuation premium in 2027 [2] - **Domestic Production Capabilities**: 福晶科技 has achieved self-sufficiency in SGGG crystal materials, which could alleviate expansion bottlenecks and significantly enhance market share [3]

【光大证券科技研究】两光符合预期、存储超级周期、航天全面超预期-20260202 一、AI：两光符合预期 1.1、中际旭创2025年归母净利润98~118亿元，剔除股权激励前的净利润108-131亿元。 一、AI：两光符合预期 1.1、中际旭创2025年归母净利润98~118亿元，剔除股权激励前的净利润108-131亿元。 2025Q4约27~47亿元，中值约37亿元。 考虑2025Q4约~2亿元汇兑损失和研发费用等扰动客户，2025Q4中值39亿元符合预期，2025Q4上限49亿元超预 期。 1.2、新易盛2025年归母净利润94~99亿元，2025Q4约31~36亿元，符合预期。 1.3、Scale Up有望新增数百亿美元以上市场空间，Scale Up NPO/CPO将为光模块公司打开全新空间。 OCS、3.2T铌酸锂光模块等创新不断。 2025Q4约27~47亿元，中值约37亿元。 考虑2025Q4约~2亿元汇兑损失和研发费用等扰动客户，2025Q4中值39亿元符合预期，2025Q4上限49亿元超预 期。 【光大证券科技研究】两光符合预期、存储超级周期、航天全面超预期-20260202 #存储行业建议关 ...

用业绩消化估值，光模块龙头中际旭创交出了一份让市场满意的答卷。 1月30日晚，中际旭创发布了2025年度业绩预告，预告显示，2025年预计公司实现净利润98亿元至118亿元，同比增长89.50%至128.17%，去年同期净利润为 51.71亿元；实现扣非净利润97亿元至117亿元之间，同比增长91.38% 至130.84%，去年同期为50.68亿元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 | 盈利: 980,000 万元 - 1,180,000 万元 | 盈利: 517,148.60 万元 | | 东的净利润 | 比上年同期增加:89.50% - 128.17% | | | 扣除非经常性损益 后的净利润 | 盈利: 970,000 万元 - 1,170,000 万元 | 盈利:506.835.63 万元 | | | 比上年同期增加:91.38% - 130.84% | | 从整体增速来讲，经过2024年的爆发式增长，2025年的营收增速有所放缓，但净利润增速依旧保持在高位水平。 按照第2025年前三季度71.32亿元的净利润水平来看，若按照预告 ...

Group 1 - The public fund industry in China reached a record high of 37.71 trillion yuan by the end of 2025, marking a significant increase from 32.83 trillion yuan at the end of 2024, with a growth rate of 14.88% [3] - The number of public fund management institutions in China totaled 165 by the end of 2025, including 150 fund management companies and 15 asset management institutions with public qualifications [1] - The stock fund sector was a major driver of growth, with the total assets of stock funds increasing from 4.45 trillion yuan at the end of 2024 to 6.05 trillion yuan at the end of 2025, representing a substantial increase of 1.6 trillion yuan and a growth rate of 35.93% [3][4] Group 2 - Bond funds also saw significant growth, with total assets rising from 6.84 trillion yuan at the end of 2024 to 10.94 trillion yuan at the end of 2025, reflecting a growth rate of 59.79% [2] - Money market funds maintained their position as the largest fund category, increasing from 13.61 trillion yuan to 15.03 trillion yuan, continuing to serve as a core liquidity management tool for public funds [4] - The total dividend distribution of public funds in 2025 approached 250 billion yuan, with notable large dividends concentrated in leading ETF products [4][5] Group 3 - The technology and high-end manufacturing sectors were favored by public funds, with manufacturing consistently holding the largest share of the portfolio at 53.17% [6] - Zhongji Xuchuang became the largest holding in active equity funds by the end of 2025, with a market value of 78.42 billion yuan, surpassing Ningde Times [7] - The overall market saw active trading, with the Shanghai Composite Index rising from 3,351.76 points at the beginning of the year to 3,968.84 points by the end of 2025, an increase of 18.41% [8]

Core Viewpoint - The companies in the optical module industry, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, are experiencing significant growth in their financial performance, driven by strong demand for computing infrastructure and rapid product shipment increases [1][2]. Group 1: Financial Performance - Zhongji Xuchuang expects a net profit attributable to shareholders of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year growth of 89.50% to 128.17% [1][3]. - Xinyi Sheng anticipates a net profit attributable to shareholders of 9.4 billion to 9.9 billion yuan for 2025, with a year-on-year increase of 231.24% to 248.86% [1][4]. - Tianfu Communication projects a net profit attributable to shareholders of 1.881 billion to 2.150 billion yuan for 2025, reflecting a growth of 40% to 60% [1][4]. Group 2: Market Drivers - The growth in performance for all three companies is attributed to strong investments from end customers in computing infrastructure, leading to rapid market demand and increased product shipments [1][3][4]. - Zhongji Xuchuang's growth is also supported by the increasing proportion of high-speed optical modules and improvements in operational efficiency [3][6]. Group 3: Stock Market Performance - Over the past year, the stock prices of Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have surged by 465.23%, 233.54%, and 146.46%, respectively [1][10]. - The combined market capitalization of these three companies has reached approximately 1.33 trillion yuan, with a total increase of about 1.06 trillion yuan over the past year [1][10]. Group 4: Production Expansion - All three companies are actively expanding their production capabilities to meet market demand [8]. - Zhongji Xuchuang's construction in progress increased from 53 million yuan at the end of 2024 to 980 million yuan by the third quarter of 2025 [9]. - Both Tianfu Communication and Xinyi Sheng have established production bases in Thailand to serve global customers [9][10].

今日关注 锋龙股份公告，优必选承诺36个月内不注入资产，停牌核查结束，公司股票自今日 起复牌。 锋龙股份在停牌前已录得18连板。 嘉美包装公告，停牌核查完成，公司股票自今日起复牌。 嘉美包装 自2025年12月17 日至2026年1月23日期间价格涨幅为408.11%。 现货白银延续跌势，日内跌幅扩大至10%，报76.89美元/盎司。 重要的消息有哪些 1月30日，证监会党委书记、主席吴清在北京召开座谈会。吴清强调，要紧紧围绕防风险、强监 管、促高质量发展的工作主线，全力巩固资本市场稳中向好势头，聚焦持续深化资本市场投融资 综合改革、提高制度包容性适应性。 国家统计局、中国物流与采购联合会31日发布2026年1月份中国采购经理指数。数据显示， 2026年1月份中国制造业采购经理指数为49.3%，比上月下降0.8个百分点。 证监会完善再融资战投制度，其中提出，明确社保基金、养老基金、企业年金基金、险资、公募 基金、银行理财等机构投资者可以作为战略投资者；要求战略投资者持股比例原则上不低于 5%。 国家税务总局近日制发了《关于起征点标准等增值税征管事项的公告》，就起征点标准判定、税 收优惠政策适用等增值税征管事项 ...

Group 1 - The market experienced fluctuations last week, with the China Securities Xinhua National Brand Engineering Index rising by 0.10% to 2029.77 points, while the Shanghai Composite Index fell by 0.44% and the Shenzhen Component Index dropped by 1.62% [1][2] - Key stocks such as Lanke Technology, Zhongji Xuchuang, and Luzhou Laojiao showed strong performance, with Lanke Technology leading with a 13.64% increase [2] - Since the beginning of 2026, Lanke Technology has surged by 54.37%, followed by Zhaoyi Innovation at 46.97%, indicating significant growth among certain stocks [2] Group 2 - Market performance was heavily influenced by investor sentiment, with significant volatility across different styles and sectors, particularly in defensive financial sectors [3] - The recent market fluctuations are attributed to the excessive gains in certain sectors, while fundamental and liquidity factors remain stable [3] - Looking ahead, the A-share market is expected to present mid-term investment opportunities, driven by trends in household savings and performance realization across multiple industries [3] Group 3 - Precious metals and resource sectors, which had previously seen significant gains, experienced a pullback, leading to a shift in funds towards more certain areas [4] - The logic behind the non-ferrous metals industry remains unchanged, with constrained supply and increasing demand from emerging sectors like new energy and AI expected to support price increases [4] - The Federal Reserve's monetary policy is anticipated to favor economic stimulation over inflation suppression, benefiting large commodities priced in dollars [4]

近期，光模块龙头企业密集发布2025年度业绩预告。 例如，中际旭创股份有限公司（以下简称"中际旭创"）预计2025年实现归属于上市公司股东的净利润98 亿元至118亿元，同比增长89.5%至128.17%；成都新易盛通信技术股份有限公司预计2025年净利润同比 增长231.24%至248.86%；苏州天孚光通信股份有限公司预计2025年净利润同比增长40%至60%。 中国银河证券在研报中表示，相关龙头公司业绩普遍超预期，光模块景气度"仍旧处于上升通道中"。 1.6T上量时代开启 "1.6T光模块在2025年第三季度开始正式向重点客户出货，第四季度上量更加迅速，开启了1.6T上量的 时代。"在2月1日披露的投资者关系活动记录表中，中际旭创方面这样描述其最新高端产品的销售进 展。 具体来看，光模块是数据中心内部实现服务器、交换机等设备间高速互联的核心部件，其速率（如 800G、1.6T）决定了每秒能传输多少数据。近年来，800G光模块已成为全球大型云厂商建设AI算力集 群的主流选择，而1.6T光模块正是这条技术路径的下一个里程碑。 中际旭创方面预计，今年1.6T光模块需求规模较去年将出现"较大增长"，公司一季度订 ...

本报记者 王僖 中国银河证券在研报中表示，相关龙头公司业绩普遍超预期，光模块景气度"仍旧处于上升通道中"。 1.6T上量时代开启 "1.6T光模块在2025年第三季度开始正式向重点客户出货，第四季度上量更加迅速，开启了1.6T上量的 时代。"在2月1日披露的投资者关系活动记录表中，中际旭创方面这样描述其最新高端产品的销售进 展。 具体来看，光模块是数据中心内部实现服务器、交换机等设备间高速互联的核心部件，其速率（如 800G、1.6T）决定了每秒能传输多少数据。近年来，800G光模块已成为全球大型云厂商建设AI算力集 群的主流选择，而1.6T光模块正是这条技术路径的下一个里程碑。 中际旭创方面预计，今年1.6T光模块需求规模较去年将出现"较大增长"，公司一季度订单增长迅速，且 有望保持环比增长趋势。对于未来的价格趋势，中际旭创方面认为，随着客户需求规模不断提升，光模 块产品价格年降仍是行业的普遍规律。 中国银河证券分析师表示，今年国内光模块需求侧将从400G向800G、1.6T升级，叠加人工智能应用端 发展带来的算力需求提升，带动光模块需求量能提升；海外端当前景气度较高，主流云厂商今年资本开 支规模持续高预期 ...