在光模块市场需求持续火热的背景下，龙头企业为何出现营收环比下降？招商证券研报分析，新易盛第 三季度营收环比下降，主要是部分下游客户提货节奏发生变化，导致收入确认节奏与生产节奏存在一定 错位。同时，光模块需求旺盛但部分关键物料扩产周期较长，带来采购压力。 国盛证券此前的研报则揭示出行业更深层逻辑：光模块不像面板、电子元器件这样的标准元器件是大宗 商品，而是典型的技术驱动型产品。其每一代新产品上市初期都因技术壁垒而享有溢价，随后随着量产 规模扩大、良率提升和成本优化，价格呈现渐进式、可预测的平滑下降。这种持续的技术演进使得产品 价格下降成为技术普及和成本优化的必然结果。 不过，尽管短期股价出现回调，但机构对行业长期前景仍持乐观态度。国盛证券在最新一期研报中预 测，在算力不断扩张，技术迭代不断加快的背景下，光通信行业复苏节奏已显著提前。到2026年，整个 光通信产业链将从"争订单"全面进入"保交付"时代，交付能力取代订单获取能力，成为企业核心竞争力 的关键指标，龙头企业将凭借其供应链掌控力脱颖而出。 第一上海证券同样认为，近期，Nvidia Rubin进展超预期，新架构下单芯片光模块配比倍增至1：5，此 外，谷歌T ...

10月31日下午，中际旭创成交额超200亿元，现跌7.83%。 ...

一、证券市场回顾 南财金融终端数据显示，昨日（10月30日，下同）上证综指日内下跌0.73%，收于3986.9点，最高4025.7点；深证成指日内下跌1.16%，收于13532.13点，最 高13700.25点；创业板指日内下跌1.84%，收于3263.02点，最高3331.86点。 二、融资融券情况 昨日沪深两市的融资融券余额为24911.76亿元，其中融资余额24732.7亿元，融券余额179.06亿元。两市融资融券余额较前一交易日减少75.56亿元。分市场来 看，沪市两融余额为12657.39亿元，相较前一交易日减少39.35亿元；深市两融余额12254.37亿元，相较前一交易日减少36.21亿元。 两市共有3456只个股有融资资金买入，其中新易盛、中际旭创、阳光电源排名前三，买入金额分别53.65亿元、46.23亿元、36.47亿元。融资买入额前10个股 详情见下表： | 代码 | 股票名称 | 融资买入额(亿元 | | --- | --- | --- | | 300502.SZ | 新易盛 | 53.65 | | 300308.SZ | 中际旭创 | 46.23 | | 300274.SZ | 阳光 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported strong performance in Q3 2025, with revenue of 102.16 billion yuan, a year-on-year increase of 56.83%, and a net profit of 31.37 billion yuan, up 124.98% year-on-year [4] - The growth in revenue and profit is attributed to increased sales of high-end optical modules, driven by the expansion of AI computing infrastructure [4] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 102.56 billion, 181.83 billion, and 237.02 billion yuan respectively [4] - The current price-to-earnings (P/E) ratios are 55.8, 31.5, and 24.1 for 2025, 2026, and 2027 respectively, indicating a favorable valuation [4] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 250.05 billion yuan, a 44.43% increase year-on-year, and a net profit of 71.32 billion yuan, a 90.05% increase year-on-year [4] - The gross margin for Q3 2025 was 42.79%, up 9.15 percentage points year-on-year, while the net margin was 32.57%, up 10.09 percentage points year-on-year [6] - R&D expenses for the first three quarters of 2025 were 9.45 billion yuan, a 27.41% increase year-on-year, with a research expense ratio of 3.78% [5] Market Position - The company continues to rank first globally in the optical module market, showcasing its strong technological capabilities and product range [5] - The company has a diverse product portfolio, including 1.6T, 800G, 400G, and other optical modules, with a total of 385 patents as of mid-2025 [5]

| 代码 | 股票名称 | 融资买入额(亿元) | 所属申万行业 | | --- | --- | --- | --- | | 300502.SZ | 新易盛 | 53.65 | 通信 | | 300308.SZ | 中际旭创 | 46.23 | 通信 | | 300274.SZ | 阳光电源 | 36.47 | 电力设备 | | 300476.SZ | 胜宏科技 | 35.54 | 电子 | | 688256.SH | 寒武纪 | 29.78 | 电子 | | 601138.SH | 工业富联 | 23.56 | 电子 | | 300059.SZ | 东方财富 | 21.78 | 非银金融 | | 600111.SH | 北方稀土 | 20.49 | 有色金属 | | 603259.SH | 药明康德 | 16.91 | 医药生物 | | 002050.SZ | 三花智控 | 15.45 | 家用电器 | 三、基金发行情况 一、证券市场回顾 南财金融终端数据显示，昨日（10月30日，下同）上证综指日内下跌0.73%，收于3986.9点，最高 4025.7点；深证成指日内下跌1.16%，收于13532.13点， ...

Group 1 - On October 30, a total of 77 companies were investigated by institutions, with 61 companies being researched by funds, indicating strong interest from institutional investors [1] - The most researched company was Zhongji Xuchuang, with 61 funds participating in the investigation, followed by Kaiying Network and Maigemeite, with 40 and 22 funds respectively [1] - The companies investigated are distributed across various sectors, with the electronics sector having the highest representation at 10 companies, followed by machinery and power equipment, each with 7 companies [1] Group 2 - Among the companies investigated, 9 have a total market capitalization exceeding 50 billion yuan, with Zhongji Xuchuang and Muyuan Foods exceeding 100 billion yuan [1] - In the past five days, 37 of the investigated stocks have risen, with Tianji Co., Pruis, and Fangyuan Co. showing the highest increases of 27.98%, 22.96%, and 22.53% respectively [2] - Conversely, 23 stocks have declined, with Shuiyang Co., Qingniao Fire Protection, and Daon Co. experiencing the largest drops of 11.14%, 8.69%, and 7.27% respectively [2] Group 3 - Among the companies investigated, 61 have released their Q3 reports, with the highest year-on-year net profit growth reported by Dia Shares and Sirepo, at 407.97% and 227.64% respectively [2] - The total market capitalization of the companies investigated varies significantly, with 28 companies having a market cap below 10 billion yuan, including Jiezong Technology, Lisheng Sports, and Shenkeda [1] - The investigation covered a total of 24 industries, highlighting the diverse nature of the companies involved [1]

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达1.62%。 2025年10月31日，中际旭创(300308.SZ)发布2025年第三季报。截至2025年10月30日，共有1169个机构 投资者披露持有中际旭创A股股份，合计持股量达5.59亿股，占中际旭创总股本的50.35%。其中，前十 大机构投资者包括山东中际投资控股有限公司、香港中央结算有限公司、苏州益兴福企业管理中心(有 限合伙)、苏州云昌锦企业管理中心(有限合伙)、中国工商银行股份有限公司-易方达创业板交易型开放 式指数证券投资基金、Lumiza Limited、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指 数证券投资基金、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、 苏州福睿晖企业管理中心(有限合伙)、华夏沪深300ETF，前十大机构投资者合计持股比例达30.25%。 相较于上一季度，前十大机构持股比例合计上涨了0.91个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计284个，主要包括国泰中证全指通信设备ETF、 中航机遇领航混合发起A、永赢科 ...

消息面上，光模块龙头中际旭创披露2025年三季报，报告期内，中际旭创实现营收102.16亿元，同比增 长56.83%；净利润31.37亿元，同比增长124.98%；扣非净利润31.08亿元，同比增长124.46%。据介绍， 前三季度营业收入增长主要原因是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。往后看，算力需求持续高涨，将带动光模块出货量持续提升。在随后的投资者关系活动上， 中际旭创表示，从产品角度来看，今年一季度起800G订单需求持续释放，出货量保持季度环比增长， 硅光比例和良率也都在不断提升，预计后续800G出货量仍将继续保持增长。 （文章来源：每日经济新闻） 10月31日，A股开盘市场表现分化，沪指小幅回调，深成指、创业板指小幅上涨，盘面上锂电、动力电 池、固态电池等概念延续强势，AI算力蓄力回调，中际旭创、鹏鼎控股、新易盛、天孚通信、光库科 技等光模块、服务器、PCB热门股纷纷下跌。截至9点39分，创业板人工智能ETF华夏（159381）、5G 通信ETF（515050）双双跌超2.5%。 资金加仓AI算力景气方向热情高涨，近5个交易日，同类费率最低的创业板人工智能ET ...

Market Overview - The CPO concept has experienced a collective pullback for the second consecutive day, with notable declines in several companies including Tianfu Communication, which fell over 4%, and others like Guangku Technology, Dekeli, Xinyi Sheng, Lian Te Technology, Zhongji Xuchuang, and Changfei Fiber, all dropping over 3% [1]. Company Performance - Zhongji Xuchuang reported Q3 2025 revenue of 10.216 billion, a year-on-year increase of 56.83%, and a net profit of 3.137 billion, up 124.98% year-on-year. For the first three quarters, revenue reached 25.005 billion, growing 44.43%, with net profit at 7.132 billion, a 90.05% increase [2]. - Xinyi Sheng disclosed Q3 2025 revenue of 6.068 billion, marking a year-on-year growth of 152.53%, but a quarter-on-quarter decline of 5%. The net profit was 2.385 billion, up 205.38% year-on-year, with a slight quarter-on-quarter increase of 0.63%. For the first three quarters, revenue totaled 16.505 billion, a 221.70% increase, and net profit was 6.327 billion, up 284.37% [3]. Analyst Insights - Citigroup noted that Xinyi Sheng's Q3 net profit fell short of investor expectations, predicting a negative market reaction. However, this may be a one-time event, with expectations for significant net profit growth in Q4 due to the delivery of 1.6T product orders and the recognition of delayed order revenues. Citigroup maintains a buy rating on the stock [3].

消息面上，中际旭创昨晚公布业绩显示，2025年第三季度营收102.16亿元，同比增长56.83%；净利润为 31.37亿元，同比增长124.98%。前三季度营收250.05亿元，同比增长44.43%；净利润71.32亿元，同比增 长90.05%。 此前，新易盛公布业绩显示，2025年第三季度营收60.68亿元，同比增长152.53%，环比下滑5%；净利 润23.85亿元，同比增长205.38%，环比微增0.63%。前三季度营收165.05亿元，同比增长221.70%；净利 润63.27亿元，同比增长284.37%。 格隆汇10月31日｜CPO概念连续第二日集体回调，其中，天孚通信跌超4%，光库科技、德科立、新易 盛、联特科技、中际旭创、长飞光纤跌超3%。 花旗称，新易盛三季度净利润低于投资者预期，预计股价将出现负面反应，但很可能是一次性事件，净 利润预计将在第四季度大幅增长，因此若股价下跌或为一个买入的机会。花旗表示，管理层称客户订单 交付延迟影响了业绩。但花旗预计新易盛第四季度净利润增长将得益于1.6T产品的订单交付以及延迟订 单收入的确认。维持买入评级。 | 代码 | 名称 | | 涨幅% ↑ | 总市值 ...