四季度部分物料存在供给紧张的情况，主要由于客户需求提升太 快，光芯片等物料的产能供给跟不上需求速度，对公司生产和出货有一 定影响。 三、投资者问答环节 Q1：2025 年四季度的有效税率情况？ 编号：2026-001 | 投资者关 | □特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 系活动类 | □业绩说明会 | □新闻发布会 | □路演活动 | | 别 | □现场参观 （电话会议） | 其他 ☑ | | | | 易方达基金；工银瑞信基金；大成基金；华泰柏瑞基金；永赢基金；中 | | | | | 欧基金；嘉实基金；华宝基金；泰康基金；安信基金；民生加银基金； | | | | | 海富通基金；中海基金；红土创新基金；南方基金；广发基金；长信基 | | | | | 金；华夏基金；长城基金；信达澳亚基金；中银基金；华安基金；新华 | | | | | 基金；睿远基金；中信保诚基金；西部利得基金；鹏华基金；农银汇理 | | | | | 基金；天治基金；融通基金；万家基金；汇添富基金；银河基金；国泰 | | | | | 基金；诺德基金；国投瑞银基金；中庚基金； ...

| 序号 | 股票代码 | 股票简称 | 现价(元) | 张跌幅(%) | 补绕预告摘要 | 预告净利润变动中值(%) ② | | f | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025.12.31 | 2025.12.31 | | 20 | | | | | | | 预计2025-01-01到2025-12 收起 | | | | | | | | | | -31 ·绩:归属于圆公司股东的 | | | | | | | | | | 净利润980000万元至1180000 | | | | | | 300308 | 中际旭创 | 649.00 | 5.73 | 万元,增长幅度为89.50%至128. | | 108.84 | 2 | | | | | | | 17%;上年同期上绩:归属于母 | | | | | | | | | | 公司股东的净利润517148.60万 | | | | | | | | | | F | | | | | | | | | | 预计2025-01-01到2025-12 收起 | | | | | | | ...

Group 1: Economic Growth and Projections - In 2025, Shandong Province's GDP is projected to exceed 10 trillion yuan, reaching 10.32 trillion yuan, with a year-on-year growth of 5.5%, making it the third province in China and the first in the north to join the "trillion club" [2] - The value added by the primary industry is expected to be 677.5 billion yuan, growing by 4.0%; the secondary industry is projected at 4.0541 trillion yuan, with a growth of 5.0%; and the tertiary industry is anticipated to reach 5.5881 trillion yuan, growing by 6.1% [2] - Industrial output is expected to maintain a high growth rate, with a year-on-year increase of 7.6% in the added value of above-scale industries [2] Group 2: Capital Market Development - The number of listed companies in Shandong is expected to reach 311 by 2025, with the total market capitalization nearing 5 trillion yuan, achieving a historical high [4] - The Shandong stock index is projected to have a growth rate of 44.25%, ranking third in the country, with a total trading volume of 1.36 trillion shares, placing it sixth nationwide [6] - The direct financing amount for listed companies in Shandong is expected to reach 24.901 billion yuan, a year-on-year increase of 303.52% [5] Group 3: Corporate Performance and Market Dynamics - In 2025, Shandong's listed companies are projected to achieve a total operating income of 2.31 trillion yuan, representing a year-on-year growth of 4.52% [14] - The net profit for these companies is expected to reach 151.451 billion yuan, highlighting their significant role in the national economy [14] - The total market capitalization of Shandong's listed companies is anticipated to reach 4.91 trillion yuan, marking a year-on-year increase of 35.82% [10] Group 4: Innovation and R&D - Shandong's listed companies are expected to invest 625.66 billion yuan in R&D in 2025, with a growth rate of 1.87% [17] - The R&D intensity for these companies is projected to be 2.71%, indicating a focus on technological innovation and industry upgrades [17] - Notable advancements include the successful mass production of high-performance materials and breakthroughs in key technologies, contributing to the development of new productive forces [18][19]

扬子晚报网1月31日讯(记者范晓林薄云峰)1月30日晚间，中际旭创（300308）发布2025年度业绩预告， 预计2025年归属于上市公司股东的净利润比上年同期增长89.50%至128.17%。对于业绩增长的原因，中 际旭创表示，报告期内，受益于终端客户对算力基础设施的强劲投入等。截至发稿时，中际旭创股价总 市值约为7211.16亿元。 | 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 | 盈利:970,000 万元 - 1,170,000 万元 | 盈利:506,835.63 万元 | | 后的净利润 | 比上年同期增加:91.38%-130.84% | | 中际旭创业绩预告。 所谓"易中天"组合概念股，是代指3家专注于CPO(共封装光学)概念的上市公司：新易盛（300502）、中 际旭创和天孚通信（300394）。这三家公司因身处AI算力基础设施的热门赛道 ...

Core Viewpoint - The performance forecasts for the leading CPO companies in A-shares, namely Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, indicate significant growth in net profits for 2025, driven by strong demand in the AI and data center sectors [1][5][7]. Group 1: Company Performance Forecasts - Zhongji Xuchuang (300308.SZ) expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year increase of 89.50% to 128.17% [7]. - Xinyi Sheng (300502.SZ) anticipates a net profit of 9.4 billion to 9.9 billion yuan for 2025, reflecting a growth of 231.24% to 248.86% compared to the previous year [9]. - Tianfu Communication (300394.SZ) projects a net profit of 1.881 billion to 2.150 billion yuan for 2025, indicating a year-on-year increase of 40% to 60% [11]. Group 2: Market Performance - As of January 30, 2025, the stock prices of Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have seen substantial increases over the past year, with growth rates of 468%, 368%, and 248% respectively [2][12]. - On January 30, 2025, the CPO sector experienced a collective surge, with stocks like Jieput and Zhishang Technology hitting a 20% limit up, and Tianfu Communication rising nearly 17% during trading [2][3]. Group 3: Industry Trends and Catalysts - The AI industry is witnessing a surge in positive developments, with new models and technologies being released, which is expected to further stimulate market enthusiasm and demand for computing power [16]. - Market research indicates that the revenue for optical modules driven by AI is projected to exceed $18 billion by 2025, with related optical modules expected to reach nearly $6 billion [16].

Core Viewpoint - The article highlights the strong performance and optimistic earnings forecasts of leading CPO companies in the A-share market, specifically Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, collectively referred to as "Yizhongtian" [1][5]. Group 1: Company Performance - Zhongji Xuchuang (300308.SZ) expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year growth of 89.50% to 128.17% [6]. - Xinyi Sheng (300502.SZ) anticipates a net profit of 9.4 billion to 9.9 billion yuan for 2025, with a projected increase of 231.24% to 248.86% compared to the previous year [8]. - Tianfu Communication (300394.SZ) forecasts a net profit of 1.881 billion to 2.150 billion yuan for 2025, indicating a growth of 40.00% to 60.00% year-on-year [10]. Group 2: Market Trends - As of January 30, 2023, the stock prices of the three leading CPO companies have seen significant increases over the past year, with Zhongji Xuchuang up 468%, Xinyi Sheng up 368%, and Tianfu Communication up 248% [2]. - The CPO sector experienced a collective surge on January 30, with stocks like Jieput and Zhishang Technology hitting a 20% limit up, and Tianfu Communication seeing a nearly 17% intraday increase [2][3]. Group 3: Industry Catalysts - The growth in the CPO sector is supported by the AI industry's development and increased investment in computing power infrastructure, which has led to a surge in demand for high-speed optical devices [4][12]. - A report from CignalAI predicts that the revenue for the optical module market driven by AI will exceed $18 billion by 2025, with related optical modules reaching nearly $6 billion [13].

Core Viewpoint - As of January 30, 2025, a total of 3,056 A-share listed companies have disclosed their earnings forecasts, with 1,095 companies expecting positive results, indicating a recovery in various industries such as non-ferrous metals, automotive, chemicals, and semiconductors [1][2][7]. Group 1: Earnings Forecasts - 1,095 companies are expected to report positive earnings, with 83 showing slight increases, 374 turning losses into profits, 13 maintaining profitability, and 625 forecasting significant growth [8]. - Among the companies with significant growth, Ningbo Fubang expects a net profit of 50 million to 70 million yuan, representing a year-on-year increase of 3,099.59% to 4,379.43% [1][8]. - 619 companies anticipate a net profit of over 100 million yuan, with 136 expecting over 1 billion yuan, including major firms like Zijin Mining and China Shenhua [2][8]. Group 2: Industry Performance - The non-ferrous metals, automotive, chemicals, and semiconductor industries are showing signs of recovery, with leading companies performing particularly well [2][9]. - Companies such as Shandong Gold and Western Gold are forecasting significant profit increases, with Shandong Gold expecting a net profit of 4.6 billion to 4.9 billion yuan, a year-on-year increase of 56% to 66% [12]. - East China Semiconductor reported that niche memory prices are rising due to supply constraints, positively impacting their business outlook [9]. Group 3: Specific Company Highlights - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan, a year-on-year increase of 89.5% to 128.17%, driven by strong demand for computing infrastructure [3][10]. - New Yisheng anticipates a net profit of 9.4 billion to 9.9 billion yuan, reflecting a growth of 231.24% to 248.86% due to increased demand for high-speed products [10]. - Tianfu Communication forecasts a net profit of approximately 1.88 billion to 2.15 billion yuan, a year-on-year increase of 40% to 60%, benefiting from the growth of the AI industry and global data center construction [11].

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]

1月30日周五晚间，随着中际旭创与新易盛相继披露2025年度业绩预告，A股CPO概念龙头——"易中天"2025年全年的业绩预喜格局正 式出炉。 公告数据显示，三家公司2025年归属于上市公司股东的净利润预计均实现同比大幅增长，其中新易盛增长幅度最为亮眼，全年净利润 为上年的三倍以上，中际旭创预计的年度最高净利较上年翻一倍，天孚通信上周披露，预计净利润稳步增长40%以上。 三家公司的业绩预告反映出，高速光模块与光器件产业链在全球人工智能（AI）算力建设浪潮中持续受益的逻辑。作为细分赛道龙 头，中际旭创和新易盛在高速率产品供需紧俏的大背景下收入与利润双向提升；天孚通信则凭借产品线多元性和制造效率稳健增长。 在全球数据中心建设与AI基础设施升级持续推进的背景下，"易中天"业绩预喜体现出CPO及光通信细分赛道的高景气成长性，也为行 业整体在2026年开局提供了"成绩单级"数据。CPO概念本周五集体走强。当日中际旭创收涨逾5.7%，新易盛涨逾6.7%，天孚通信涨 10.9%。 中际旭创：高端光模块驱动营收与利润"双驱动" 据公司公告，中际旭创2025年归属于上市公司股东的净利润预计为9.80亿元–11.80亿元人民币， ...

Group 1 - Guangdong Mingzhu expects a net profit increase of 2908.49%-3577.04% year-on-year for 2025 [1] - Sainuo Medical anticipates a net profit growth of 2767%-3233% year-on-year for 2025 [1] - Lingdian Electric Control forecasts a net profit rise of 640.16%-804.64% year-on-year for 2025 [1] - Bojie Co. predicts a net profit increase of 484.16%-618.97% year-on-year for 2025 [1] - Kexing Pharmaceutical expects a net profit growth of 328.83%-455.89% year-on-year for 2025 [1] - Xiangcai Co. anticipates a net profit increase of 266.41%-403.81% year-on-year for 2025 [1] - Xinyi Sheng forecasts a net profit rise of 231.24%-248.86% year-on-year for 2025 [1] - Tongzhou Electronics predicts a net profit increase of 151.40%-230.42% year-on-year for 2025 [1] - Zhaofeng Co. expects a net profit growth of 136.26%-164.89% year-on-year for 2025 [1] - Kaige Precision Machinery anticipates a net profit increase of 133.99%-193.55% year-on-year for 2025 [1] - Sankeshu forecasts a net profit rise of 128.96%-189.21% year-on-year for 2025 [1] - Huazi Industrial expects a net profit growth of 128.00%-167.00% year-on-year for 2025 [1] - Zhite New Materials anticipates a net profit increase of 117.11%-171.39% year-on-year for 2025 [1] - Ecovacs expects a net profit growth of 110.90%-123.30% year-on-year for 2025 [1] - Jingquan Hua forecasts a net profit increase of 109.32%-140.72% year-on-year for 2025 [1] - Guoxuan High-Tech anticipates a net profit rise of 107.16%-148.59% year-on-year for 2025 [1] - Changjiang Securities expects a net profit growth of 101.37% year-on-year for 2025 [1] - Shanwaishan forecasts a net profit increase of 98%-125% year-on-year for 2025 [1] - Zhongji Xuchuang anticipates a net profit rise of 89.50%-128.17% year-on-year for 2025 [1] - Huachuang Yuxin expects a net profit growth of 86%-175% year-on-year for 2025 [1] - Kori Technology forecasts a net profit increase of 68.61%-115.25% year-on-year for 2025 [1] - Western Gold anticipates a net profit rise of 67.58%-93.21% year-on-year for 2025 [1] - Shandong Gold expects a net profit growth of 56%-66% year-on-year for 2025 [1] - Huaxi Biological anticipates a net profit increase of 54.93%-83.63% year-on-year for 2025 [1] - Nairui Radar expects a net profit growth of approximately 54.16% year-on-year for 2025 [1] - Lingyun Optical anticipates a net profit rise of approximately 50.75% year-on-year for 2025 [1] - Zhongjin Company expects a net profit increase of 50%-85% year-on-year for 2025 [1] - Dongwu Securities forecasts a net profit growth of 45%-55% year-on-year for 2025 [1] - Longping High-Tech anticipates a net profit increase of 14.17%-66.86% year-on-year for 2025 [1] Group 2 - Jiangfeng Electronics expects a net profit increase of 7.5%-27.5% year-on-year for 2025 [2]