Market Overview - On October 31, A-shares experienced a divergence where the three major indices fell, with the Shanghai Composite Index down 0.81%, the Shenzhen Component down 1.14%, and the ChiNext Index down 2.31. However, nearly 4,000 companies saw their stock prices rise, indicating a market where individual stocks performed well despite overall index declines [1][3]. Stock Performance - A total of 76 stocks hit the daily limit up, while 148 stocks rose more than 7%. The overall increase in stock prices was 38.13%, with a total trading volume of approximately 23498.13 billion [3]. - The AI application sector showed resilience against the market downturn, with stocks like Fushi Holdings hitting the daily limit up [3]. - Pharmaceutical stocks collectively surged, with companies like Shutai Shen and Lianhuan Pharmaceutical reaching their daily limits [5]. Sector Analysis - The lithium battery sector continued its upward trend, with stocks such as Enjie Co. and Tianji Co. hitting the daily limit up [6]. - In contrast, CPO and computing hardware stocks faced adjustments, with companies like Tianfu Communication and Zhongji Xuchuang dropping over 7% [6][7]. - The recent trend showed that stocks with declining performance, particularly in the liquor industry, experienced a rebound despite poor earnings reports, while technology stocks faced significant declines [8][9]. Notable Events - A viral moment occurred when NVIDIA CEO Jensen Huang was seen dining with prominent South Korean business leaders, leading to a surge in related stocks. For instance, Kyochon F&B's stock price soared by 20%, and Cherrybro's stock hit the daily limit up with a 30% increase [12][14]. - NVIDIA announced a significant agreement with major South Korean companies to provide over 260,000 accelerator chips to support AI projects, marking a strategic expansion in AI infrastructure [20][21].

Core Viewpoint - The computing hardware sector experienced a significant pullback, with notable declines in stock prices of several companies [1] Company Performance - Shenghong Technology saw a drop of over 10% in its stock price [1] - Tianfu Communication's stock fell by more than 8% [1] - Industrial Fulian, Sany Technology, and Zhongji Xuchuang all experienced declines exceeding 7% [1]

记者 | 金珊 李益文 见习记者林健民 编辑 | 叶映橙 从板块来看，医药板块集体上涨，联环药业、三生国健等多股涨停。白酒概念午后拉升，中锐股份2连板。影视院线概念股表现活跃，博纳影业涨停。福 建板块再度走强，平潭发展11天8板，福建金森、福龙马2连板。AI应用概念股逆势拉升，荣信文化、福石控股双双20cm涨停。 下跌方面，算力硬件概念股集体下跌，"易中天"光模块三巨头大幅调整。 今天10月收官，沪指本月累计涨1.85%，一度站上4000点，再创十年新高。创业板指本月累计跌1.56%，科创50指数震荡调整，本月累计下跌超5%。北证 50指数表现较强，月累计上涨超3.5%。 10月31日，A股市场震荡调整，截至收盘，沪指跌0.81%，深成指跌1.14%，创业板指跌2.31%。市场成交额2.35万亿，全市场超3700股上涨。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3954.79 | 13378.21 | 1582.71 | | -32.11 -0.81% -153.91 -1.14% +29.40 +1.89% | | | | 科创50 | 创业板指 | 万得全 ...

编辑 | 叶映橙 10月31日，A股市场震荡调整，截至收盘，沪指跌0.81%，深成指跌1.14%，创业板指跌 2.31%。市场成交额2.35万亿，全市场超3700股上涨。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3954.79 | 13378.21 | 1582.71 | | -32.11 -0.81% -153.91 -1.14% +29.40 +1.89% | | | | 科创50 | 创业板指 | 万得全A | | 1415.53 | 3187.53 | 6346.63 | | -45.77 -3.13% -75.49 -2.31% -33.24 -0.52% | | | | 沪深300 | 中证500 | 中证A500 | | 4640.67 | 7331.00 | 5583.72 | | -69.24 -1.47% -54.71 -0.74% -70.02 -1.24% | | | | 中证1000 | 深证100 | 中证红利 | | 7506.67 | 5877.96 | 5627.67 | | +21.59 +0.29% -104.32 -1. ...

今日三大指数小幅低开后维持震荡调整走势，创业板指跌超2%。截至收盘，沪指跌0.81%，深证成指跌 1.14%，创业板指跌2.31%。 盘面上，医药板块大涨，三生国健、舒泰神、联环药业等涨停。 福建板块反复活跃，平潭发展、福建金森等涨停。 沪深两市成交额合计2.32万亿元，较上一交易日缩量约1038.84亿元。其中，沪市成交额1.03万亿元，深 市成交额1.29万亿元。 中际旭创成交额居首，为273.47亿元。其后是新易盛、胜宏科技、阳光电源、工业富联，成交额分别为 205.71亿元、193.14亿元、191.37亿元、181.81亿元。 | 序号 代码 | | 名称 | ● | 最新 | 涨幅% | 涨跌 | 成交量 | 成交额 ↓ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 300308 | 中际旭创 | 1 | 473.01 | -8.11 | -41.73 | 56.30万 | 273亿 | | 2 | 300502 | 新易盛 | 章 | 344.31 | -7.94 | -29.69 | 58.40万 | 206亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, driven by the demand for optical modules amid the AI wave, with Q3 revenue reaching 10.216 billion yuan, up 56.83% year-on-year and 25.89% quarter-on-quarter [2][3]. - The gross margin for Q3 2025 improved to 42.79%, reflecting a year-on-year increase of 9.2 percentage points, attributed to the ramp-up in silicon photonic module production and the release of 1.6T high-speed optical modules [3]. - The company is well-positioned to benefit from the ongoing capital expenditure increases by major North American tech firms, which is expected to support demand for optical modules [4]. Summary by Sections Performance Review - For the first three quarters of 2025, the company achieved a revenue of 25.005 billion yuan, a year-on-year growth of 44.43%, and a net profit of 7.132 billion yuan, up 90.05% [2]. Operational Analysis - The increase in revenue and profit in Q3 2025 is largely due to the rising demand for optical modules from downstream customers, particularly in the context of AI developments [3]. - The company’s inventory reached 10.9 billion yuan in Q3 2025, reflecting a 1.7 billion yuan increase from the previous quarter, primarily due to preparations for production [3]. Market Outlook - The ongoing acceleration of AI infrastructure investments by major North American companies, such as Google and Meta, is expected to provide substantial demand support for the company’s products [4]. - The report anticipates that the market share of optical modules in scale-up networks could reach 21% by 2030, indicating significant growth potential for the company [4]. Financial Forecast - Revenue projections for 2025-2027 are 34.578 billion yuan, 112.187 billion yuan, and 167.843 billion yuan, respectively, with expected growth rates of 45%, 224%, and 50% [5]. - The estimated EPS for the same period is 8.79 yuan, 34.18 yuan, and 51.52 yuan, with corresponding P/E ratios of 37, 10, and 6 [5].

股票研究 / [Table_Date] 2025.10.31 2025-10-31 基金持仓环比实现高增，AI 算力产业链积极向好 通信设备及服务 [Table_Industry] 通信行业 2025Q3 基金持仓总结 本报告导读： 25Q3 通信行业持仓环比实现高增。2025Q3 通信行业的基金持仓市值占比为 7.76%， 环比+3.90pct，位列前五。 投资要点： 股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 | 1. | 通信行业 | 25Q3 持仓环比实现高增 3 | | --- | --- | --- | | 2. | 重点个股持仓仍聚焦 | AI 5 | | 3. | 投资建议 | 6 | | 4. | 风险提示 | 8 | 业 专 题 研 究 [table_Authors] [Table_Summary] 重点关注：1、光模块:中际旭创/新易盛/光迅科技/华工科技/德科立； 2、CPO/硅光:天孚通信/仕佳光子/源杰科技/光库科技/长光华芯/太 辰光；3、PCB:沪电股份/深南电路；4、端侧:广和通/中兴通讯；5、 IDC/液冷:网宿科技/奥飞数据/光环新网；6 ...

今年最火热的AI赛道交出了最新成绩单，结果喜忧参半。 作为人工智能基础设施建设的核心，光模块板块的"易中天"（新易盛、中际旭创、天孚通信）在经历股价飙升后，其三季度业绩未能一致性地匹 配资本市场的狂热期待。 其中，仅有行业龙头中际旭创在营收和利润上实现了同比、环比双增长，稳住了高预期。 公司高层透露，海外大客户不仅持续上调资本开支，更给出了远至2025至2026年的明确需求指引，印证了AI算力驱动下的行业高景气度具备高度 确定性。 中际旭创：高增长，确定性强 作为行业风向标，中际旭创的电话会议细节为其未来增长路径提供了清晰的路线图。 中际旭创表示，面对旺盛的客户需求和订单，公司正积极从核心物料储备和产能扩张两方面入手，为2026至2027年的大规模交付做足准备。 在供应链层面，中际旭创坦言，由于需求增长迅猛，目前光芯片供应紧张程度相对较高。但公司通过提前规划和下单，已较好地锁定了原材料， 并获得了供应商的积极支持。 技术迭代方面，公司不仅把握了800G产品的放量机遇，更已抢占下一代产品的市场先机。据披露，其重点客户已于今年三季度开始部署1.6T光模 块并持续增加订单，预计未来几个季度出货量有望持续增长，并在2 ...

[Table_Info1] 中际旭创(300308) 通信 [Table_Title] 证券研究报告 / 公司点评报告 高端光模块销售增加，业绩持续快速增长 ---中际旭创 2025 年三季报点评 [Table_Summary] 事件：公司近日发布 2025 年三季报，2025 年前三季度实现营收 250.05 亿元，YoY+44.43%；归母净利润 71.32 亿元，YoY+90.05%；扣除非经常 性损益后净利润 70.84 亿元，YoY+90.54%。单三季度实现营收 102.16 亿 元，YoY+56.83%，QoQ+25.89%；归母净利润 31.37 亿元，YoY+124.98%， QoQ+30.04%；扣除非经常性损益后净利润 31.08 亿元，YoY+124.46%， QoQ+29.14%。整体业绩持续快速增长。 点评：高端产品出货比重增长，盈利能力显著提升。2025 年前三季度， 算力基础设施建设和相关资本开支的增长带来 800G 等高端光模块销售 的增加。高端产品出货比重增长带动毛利率和净利率提升。2025 年前三 季度，公司毛利率达到 40.74%，净利率达 30.27%，盈利能力显著提 ...

开源证券指出，整体来看，算力基础设施建设和相关资本开支的增长带来800G等高端光模块销售的增 加，其认为随着AI算力需求的释放，高速产品有望进一步放量，公司盈利能力有望得到进一步提升， 未来成长空间广阔。 公开信息显示，科创创业50ETF（159783）跟踪中证科创创业50指数。该指数是在"创业板"+"科创 板"中"优中选优"了50只市值最大、科技属性纯正的龙头公司，覆盖通信设备、电池、光伏设备等热门 科技板块。 （文章来源：每日经济新闻） 10月31日午后，A股三大指数悉数下跌，创业板指跌超1.5%，通信、电子等行业重挫，传媒、医药生物 等行业领涨。概念板块上，Kimi、锂电电解液、创新药等概念持续活跃，光模块CPO概念延续昨日跌 势。主流ETF方面，科创创业50ETF（159783）午后跌超3%，持仓股中，石头科技、胜宏科技、澜起科 技、天孚通信、新易盛、中际旭创等跌幅居前。 消息面上，中际旭创近日发布2025年三季报，2025年前三季度公司实现营收250.05亿元，同比增加 44.43%，实现归母净利润71.32亿元，同比增长90.05%，2025Q3公司实现营收102.16亿元，同比增长 56.83% ...