01月27日消息，截止11:00，CPO概念板块强势，天孚通信、罗博特科、中际旭创等个股涨幅居前。 责任编辑：小浪快报 ...

格隆汇1月27日｜A股市场CPO概念股普涨，其中，炬光科技涨超10%，可川科技10CM涨停，天孚通信 涨超8%，汇绿生态涨超6%，罗博特科、华天科技、中际旭创涨超5%，蘅东光、沃格光电、新易盛、光 库科技涨超4%。 ...

Group 1 - The A-share market saw a significant rise in CPO concept stocks, with notable increases in several companies' stock prices [1] - Key performers included Juguang Technology, which rose by 10.42%, and Kecuan Technology, which hit the daily limit with a 10% increase [2] - Other companies such as Tianfu Communication and Huilv Ecology also experienced substantial gains, with increases of 8.81% and 6.23% respectively [1][2] Group 2 - The total market capitalization for Juguang Technology is 18.8 billion, while Kecuan Technology has a market cap of 10.6 billion [2] - Year-to-date performance shows Kecuan Technology leading with a 78.86% increase, followed by Juguang Technology at 19.27% [2] - Other companies like Luobotek and Huatians Technology also reported strong year-to-date gains of 51.54% and 28.08% respectively [2]

Group 1 - The core point of the article highlights that major capital inflows were observed in the communication, banking, and semiconductor sectors, while significant outflows occurred in the electric new energy, pharmaceutical, and non-ferrous metal sectors [1] - Zhongji Xuchuang experienced a substantial increase, with net capital inflow exceeding 2.255 billion, ranking first among individual stocks [1] - New Yisheng, Industrial Fulian, and Tianfu Communication also saw notable net capital inflows, indicating strong investor interest [1] Group 2 - The electric new energy sector faced a net outflow exceeding 14.9 billion, reflecting potential challenges or reduced investor confidence in this area [1] - Tebian Electric experienced a significant net sell-off of over 1.3 billion, indicating a negative sentiment towards the stock [1] - Other companies such as Tongling Nonferrous Metals, Hunan Silver, and Oriental Fortune also faced considerable net outflows, suggesting a broader trend of capital withdrawal from certain sectors [1]

Group 1 - The core viewpoint of the news is that Zhongji Xuchuang's stock price increased by 5.03% to 619.49 yuan per share, with a trading volume of 11.337 billion yuan and a market capitalization of 688.327 billion yuan as of January 27 [1] - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, and was established on June 27, 2005. It was listed on April 10, 2012. The company's main business involves the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The revenue composition of Zhongji Xuchuang is primarily from optical communication transceiver modules (97.58%), followed by automotive electronics (1.74%) and optical components (0.67%) [1] Group 2 - From the perspective of fund holdings, one fund under Shangzheng Fund has a significant position in Zhongji Xuchuang. The Shangzheng CSI A500 Index Initiation A Fund (023399) held 1,500 shares in the fourth quarter, accounting for 2.18% of the fund's net value, making it the fourth-largest holding [2] - The Shangzheng CSI A500 Index Initiation A Fund was established on September 24, 2025, with a latest scale of 34.3512 million. The fund has achieved a year-to-date return of 4.48%, ranking 3240 out of 5548 in its category, and a cumulative return of 7.48% since inception [2] Group 3 - The fund managers of Shangzheng CSI A500 Index Initiation A are Li Rui and Wang Fei. As of the report, Li Rui has been in position for 344 days, managing a total fund asset of 64.4334 million, with the best return during his tenure being 56.54% and the worst being 7.06% [3] - Wang Fei has been in position for 184 days, managing a total fund asset of 47.2765 million, with the best return during his tenure being 7.13% and the worst being 2.64% [3]

Core Insights - The AI computing sector, represented by optical modules CPO, optical communication, and PCB, is experiencing fluctuations while capital is accelerating its investment [1] - The largest communication ETF, Huaxia (515050), has seen a continuous net inflow of 243 million yuan over the past five days, with a total scale exceeding 8 billion yuan [1] - The ETF focuses on electronic (chips, PCBs, consumer electronics) and communication (optical modules, servers) hardware, with CPO and CPB concept stocks accounting for over 76% of its weight, the highest in the market [1] Industry Analysis - According to CITIC Securities, the explosive demand for AI computing is driving upgrades in the optical communication industry, with ongoing capital expansion from overseas cloud providers and TSMC, indicating strong demand for AI infrastructure [1] - There is a current short-term supply gap for high-speed optical chips and materials, but upstream manufacturers are actively expanding production, and the penetration rate of silicon photonics is expected to alleviate supply chain bottlenecks [1] - Technological advancements, particularly NPO with its low power consumption, high bandwidth, and maintainability advantages, are becoming a key transitional solution at the Scaleup level, with leading companies already positioning themselves to drive the industry towards more efficient optical interconnection architectures [1] - The development potential of domestic optical communication leading companies is viewed positively, maintaining a "stronger than the market" rating for the communication industry [1]

Group 1 - Baidu Intelligent Cloud has set an ambitious AI-related revenue growth target of 200% by 2026, up from the previous target of 100%, aiming to become the leader in the AI cloud market [1] - According to IDC, the global AI cloud market is expected to exceed $400 billion by 2030, indicating significant growth potential in the sector [2] - In 2025, major Chinese cloud providers are projected to secure a total of 341 contracts related to large models, with a total bid amount of approximately 2.7 billion yuan [2] Group 2 - Baidu Intelligent Cloud has secured 109 projects with a total bid amount of about 900 million yuan, maintaining its position as the leader in both project count and bid amount for two consecutive years [2] - Citic Securities reports that the demand for AI computing power is expanding, leading to a positive outlook for the optical module industry and opportunities across the supply chain [2] - Citic Securities also notes that Amazon's recent 15% price increase for its AI computing service EC2 marks a break from the long-standing trend of decreasing cloud service prices, reflecting tight supply conditions [2] Group 3 - Citic Securities suggests monitoring cloud service providers for potential price increases and continues to recommend the AI computing sector and AI applications [3] - The AI computing sector is experiencing a period of adjustment, which Citic Securities views as an opportunity for investors [4] - Key Hong Kong stocks related to the AI computing sector include Changfei Optical Fiber, Cambridge Technology, Hongteng Precision, and Huiju Technology [5]

Core Insights - Public funds continue to focus on technology growth and high-end manufacturing, while also reallocating to consumer and financial leaders with returning valuations [1][14] - The structure of holdings indicates a significant increase in positions in AI computing, semiconductor equipment, and resource sectors, while reducing exposure to batteries, consumer electronics, and pharmaceuticals [14] Group 1: Fund Holdings Overview - As of Q4 2025, public fund holdings data shows that technology growth and high-end manufacturing remain core investment directions, with traditional industry leaders and some cyclical stocks also maintaining high allocation levels [1] - The top 50 heavy stocks include major players in technology sectors such as communication, AI, and electronics, reflecting institutional confidence in technological innovation and industrial upgrades [2][3] - Notable stocks like Ningde Times, Zhongji Xuchuang, and Zijin Mining are held by over a thousand funds, indicating strong consensus among institutions on these targets [4] Group 2: Increases in Holdings - The increase in holdings is prominently seen in technology stocks, with Zhongji Xuchuang receiving over 22.6 billion yuan in fund increases, ranking first, followed by Xinyi Sheng with approximately 9.6 billion yuan [5][6] - Traditional sectors also saw significant increases, with China Ping An gaining over 10.5 billion yuan, and other blue-chip stocks like Midea Group and Haier Smart Home returning to substantial increase lists [5] - Resource stocks such as Zijin Mining and Luoyang Molybdenum also experienced collective increases, reflecting high enthusiasm for non-ferrous and energy metal sectors amid global manufacturing recovery expectations [5] Group 3: Decreases in Holdings - Certain stocks in the consumer electronics and OEM sectors, including Industrial Fulian and Lixun Precision, faced collective reductions, indicating a cautious stance on their growth prospects [8] - The internal structure of the new energy vehicle supply chain showed differentiation, with battery leaders like Ningde Times and Yiwei Lithium Energy being reduced [8] - Pharmaceutical stocks like Heng Rui Medicine and WuXi AppTec also saw significant reductions due to industry policy uncertainties and valuation pressures [8] Group 4: New Entrants in Holdings - A number of new stocks have entered the fund's heavy holdings, characterized by small to mid-cap sizes and high growth expectations, covering advanced manufacturing and industrial upgrade sectors [11][12] - Notable new entrants include Chaojie Co. and Guocheng Mining, which have garnered attention from multiple funds, indicating potential focus areas for institutional investment [11][12]

◎记者 赵明超 AI题材正式走到了公募投资舞台中央。 对于基金经理来说，时代在快速发展，投资也要与时俱进。面对时代变革，基金经理的核心竞争力已从 单纯的择时选股，转向对产业趋势的深度洞察与持续学习能力，其视野必须超越财务报表的静态分析， 深入到技术路线的演进、产业政策的导向乃至全球竞争格局的变动中。在技术的快速迭代中，投资不再 仅仅是关于"价值"或"成长"的标签选择，而是关于如何在一个加速变化的世界里，识别出那些能够定义 未来、创造未来的企业和生态。 时代潮流滚滚向前，资本市场的天职是优化资源配置，让资金流向社会最需要、效率提升最显著、未来 潜力最大的方向。中际旭创成为公募基金头号重仓股，不仅是AI产业崛起的一个标志，更是中国经济 向创新驱动深刻转型在资本层面的回响。 根据最新披露的公募基金2025年四季报，截至2025年底，光模块龙头中际旭创首次登顶，成为公募基金 的头号重仓股。另一家光模块龙头公司新易盛紧随其后，位居公募基金第二大重仓股。与之相对应的 是，此前轮流坐头把交椅的宁德时代与腾讯控股，此番退居其后。与此同时，矿业巨头紫金矿业史无前 例地跻身重仓股前五，而寒武纪、东山精密、沪电股份、工业富联、天孚 ...

Investment Rating - The report maintains an "Overweight" rating for the communication industry [4][18]. Core Insights - The communication industry saw a significant increase in fund holdings, with a market value share of 10.18% in Q4 2025, reflecting a quarter-on-quarter increase of 3.30 percentage points, ranking first among all sectors [2][6]. - The industry is expected to continue benefiting from developments in AI infrastructure and new connectivity, maintaining a high growth outlook despite current valuations being above historical averages [19]. - Key stocks in the communication sector are focused on the AI industry chain, with major holdings including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which ranked as the top three in fund holdings by market value [9][19]. Summary by Sections Fund Holdings Overview - As of Q4 2025, the communication sector's fund holdings ranked among the top five sectors, alongside electronics, power equipment, non-ferrous metals, and non-bank financials [6]. - The top three stocks by fund holdings in the communication sector are Zhongji Xuchuang (¥162.18 billion, +45.51% QoQ), Xinyi Sheng (¥124.66 billion, +13.14% QoQ), and Tianfu Communication (¥19.45 billion, +0.73% QoQ) [9][19]. Investment Recommendations - The report recommends maintaining an "Overweight" rating for the communication industry, highlighting specific stocks for investment: 1. Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Guangxun Technology, Huagong Technology 2. CPO/Silicon Photonics: Tianfu Communication, Shijia Photonics, Yuanjie Technology, Guangku Technology, Changguang Huaxin, Taicheng Light 3. PCB: Hudian Co., Shenzhen South Circuit 4. End-side: Guanghe Tong, ZTE Corporation 5. IDC/Liquid Cooling: Wangsu Technology, Aofei Data, Guanghuan New Network 6. Network Side: ZTE Corporation, Ruijie Networks, Unisplendour, Fenghuo Communication, Feiling Kesi 7. High-speed Copper Cables: Zhaolong Interconnect 8. Operators: China Mobile, China Telecom, China Unicom 9. Military Communication-related stocks: Haige Communication, Qiyi Er, Changying Tong 10. US stocks: Credo (CRDO), MaxLinear (MXL), Arista Networks (ANET), VNET Group (VNET), Coherent (COHR), Lumentum (LITE), Broadcom (AVGO), Marvell (MRVL), AXT (AXTI) [18]. Valuation Insights - The overall valuation of the communication sector is above the historical average, with a PE-TTM of 50x, placing it in the 86th percentile over the past decade. The sector is expected to maintain significant growth potential as it benefits from AI infrastructure and new connectivity developments [19].