证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，公司在scale-out市场已经积累了 丰富的经验和技术工艺，具备大规模量产的能力，在硅光、相干等核心技术方面，都已经有了较多积 累，已具备scale-up光连接场景的复杂产品开发能力。公司有信心巩固在scale-out市场的竞争优势，并争 取在新的应用场景依然能够把握市场先机。 ...

Core Viewpoint - The company indicates that the supply of optical chips is relatively tight due to a limited number of high-end optical chip suppliers and longer production cycles, which results in capacity growth lagging behind demand [1] Group 1: Supply Chain Dynamics - The supply of high-end optical chips is constrained, primarily because there are few suppliers and the production cycle is longer [1] - The company's ability to expand the supply capacity of CW light sources is supported by the increasing proportion of silicon photonics products [1] Group 2: Strategic Initiatives - The company plans to alleviate the tight supply of optical chips by introducing more suppliers and leveraging its market share and order scale advantages [1] - Collaborations with manufacturers that have large-scale production capabilities are being considered to secure long-term capacity [1]

Core Viewpoint - Zhongji Xuchuang (300308) emphasizes that NPO is a new technological solution that offers more flexibility and cost-effectiveness compared to CPO, making it a preferred choice among CSP customers and potentially a long-term technology option [1] Group 1 - NPO provides advantages such as pluggable light engine capability, mature PCB packaging technology, large-scale production capacity, a more open supply chain ecosystem, and lower costs [1] - CSP customers are increasingly favoring and valuing the NPO solution [1]

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，四季度的税率与三季度一致，主 要基于"支柱二"所得税政策。 ...

证券日报网2月1日讯，中际旭创（300308）在接受调研者提问时表示，随着AI数据中心的发展，带宽 需求增长非常快，网络层级可能更多、更复杂，ASIC芯片对应的光模块比例也将有所提升。 ...

Core Viewpoint - Zhongji Xuchuang (300308) indicated that in the scale-up optical connection scenarios, options include pluggable optical modules, NPO, and CPO, with customers evaluating multiple technical paths to select solutions that are reliable, mature, have a more open supply chain ecosystem, and possess large-scale delivery capabilities [1] Group 1 - The company is exploring various technical solutions for optical connections, including pluggable optical modules, NPO, and CPO [1] - Customers are conducting evaluations among different technology paths to determine the best fit for their needs [1] - The focus is on selecting solutions that demonstrate strong reliability, mature technology, and an open supply chain ecosystem [1]

Market Outlook - The market is expected to maintain a fluctuating upward trend around the Spring Festival in February 2026, with a focus on the "Technology + Resources" mainline market[3] - Key attention should be given to the earnings reports of US tech stocks and the potential validation of AI industry trends[3] Investment Strategy - Focus on three main lines: - Technology sector, including optical modules, storage, semiconductor equipment, and energy storage, addressing the issues of electricity shortages in the US, chip shortages domestically, and global storage shortages[3] - Non-ferrous metals, with increased volatility expected after January, particularly in industrial metals and chemicals[3] - Hot topics such as robots participating in the Spring Festival Gala and updates on AI large models[3] Recommended Stocks - **Metals**: Shandong Gold (EPS: 1.78, PE: 30.6 in 2026E)[20] - **Chemicals**: Juhua Co. (EPS: 2.51, PE: 15.7 in 2026E)[20] - **New Energy**: Junda Co. (EPS: 1.67, PE: 60.5 in 2026E)[20] - **Machinery**: Dier Laser (EPS: 2.87, PE: 30.6 in 2026E)[20] - **Military Industry**: Aero Engine Corporation (EPS: 0.35, PE: 132.9 in 2026E)[20] - **Non-Banking**: New China Life (EPS: 10.68, PE: 7.8 in 2026E)[20] - **Automotive**: Top Group (EPS: 1.92, PE: 37.7 in 2026E)[20] - **Electronics**: Jingce Electronics (EPS: 1.15, PE: 115.3 in 2026E)[20] - **Communication**: Zhongji Xuchuang (EPS: 17.40, PE: 37.3 in 2026E)[20] - **Media**: Giant Network (EPS: 2.12, PE: 20.8 in 2026E)[20] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation due to factors like slow job growth and reduced market demand[22] - Significant changes in individual stock fundamentals could lead to substantial declines in revenue or net profit[22]

Investment Rating - The report suggests a positive outlook for the AI-driven sectors, particularly in servers and IDC, driven by domestic and international AI developments [4]. Core Insights - Major companies like Industrial Fulian, Meta, and Microsoft are showing strong growth in their earnings, driven by AI investments and demand for high-performance computing [1][53]. - The report highlights a significant increase in capital expenditures by tech giants, indicating a robust investment trend in AI infrastructure [1][61]. - The demand for optical modules and servers is expected to rise due to the ongoing expansion of AI capabilities and infrastructure [2][35]. Summary by Sections Industry Overview - The telecommunications sector is experiencing steady growth, with a reported revenue of 16,096 billion yuan, reflecting a 0.9% year-on-year increase [3][14]. - The optical module exports have seen a decline, with a 24% drop in November, attributed to domestic companies establishing overseas factories [3][35]. Company Performance - Industrial Fulian anticipates a net profit of 351-357 billion yuan for 2025, marking a 51%-54% increase year-on-year, driven by strong growth in cloud services and AI servers [1][53]. - Meta's revenue for Q4 reached $59.893 billion, a 24% increase year-on-year, supported by recovering advertising business and AI investments [1][53]. - NewEase is expected to achieve a net profit of 94-99 billion yuan in 2025, reflecting a growth of 231.24%-248.86% due to increasing demand for high-speed products [1][55]. Market Trends - The server index decreased by 5.70% this week but has increased by 1.20% for the month, indicating volatility in the market [2][6]. - The optical module index rose by 10.07% this week, reflecting strong demand for high-speed optical devices [2][6]. - The IDC index increased by 3.50% this week, with a notable 11.04% rise for the month, driven by advancements in AI models [2][9]. Future Projections - Companies are expected to continue investing heavily in AI infrastructure, with Alibaba planning to increase its investment in AI and cloud computing from 380 billion yuan to 480 billion yuan over the next three years [1][12]. - The report anticipates that the demand for AI-related services and products will continue to grow, leading to further investment opportunities in the sector [4][35].

Investment Rating - The report maintains a "Buy" rating for key companies in the sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [11]. Core Insights - The transition to the "Agent" era is accelerating, with AI agents like Clawdbot and Claude Excel evolving from simple conversational tools to essential productivity tools, significantly increasing demand for cloud computing resources [1][20]. - The AI application landscape is fundamentally shifting from simple interactions to deep integration into work processes, marking a new paradigm where AI becomes a core executor in workflows [2][21]. - The emergence of AI agents is driving a qualitative change in underlying computing power demand, as these agents transition from auxiliary tools to autonomous entities [3][22]. - The competition for computing power is intensifying, with rising cloud service prices and continuous growth in capital expenditures (capex) from cloud providers, highlighting the increasing importance of scarce computing resources [4][23]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communications, with recommended companies including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [14]. - It also highlights the importance of liquid cooling and edge computing platforms, recommending companies like Yingweike and Meige Intelligent [14]. Market Review - The communication sector has seen an increase, with optical communications performing particularly well, as evidenced by significant stock price increases for companies like Tianfu Communication and Zhongji Xuchuang [16][17]. Computing Power Demand - The report emphasizes that the new operational modes of AI agents lead to a dramatic increase in token consumption, necessitating high concurrency and continuous online capabilities from computing services [5][25]. - Major cloud providers like Google Cloud and Amazon AWS have announced price increases for their services, indicating a shift from a long-term trend of decreasing prices [10][23]. Key Companies and Performance - Zhongji Xuchuang and Xinyi Sheng have shown strong growth, with Zhongji Xuchuang maintaining its leading position in the industry [25]. - The report recommends monitoring the performance of companies involved in the computing power supply chain, including those in optical modules and liquid cooling sectors [25].

Group 1: Market and Economic Indicators - The manufacturing PMI for January is reported at 49.3, a decrease of 0.8 percentage points from the previous month, indicating a decline in economic activity [4][58] - The Ministry of Finance announced that the securities transaction stamp duty is expected to reach 203.5 billion yuan in 2025, reflecting a growth of 57.8% [3][57] - The national general public budget revenue for 2025 is projected to be 21.6 trillion yuan, a decrease of 1.7% compared to 2024, with tax revenue expected to grow by 0.8% [8][61] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors and clarify minimum shareholding requirements, aiming to enhance the stability of capital markets [15][54] - The CSRC is also focusing on improving the regulatory framework to support high-quality development in the capital market [14] Group 3: Commodity Market Movements - Silver prices experienced a historic drop of 36%, while gold prices fell over 12%, marking the largest single-day declines in 40 years [23][54] - The Chicago Mercantile Exchange has raised margin requirements for precious metal futures in response to the volatility in the market [54] Group 4: Energy Sector Developments - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the pricing mechanism for power generation capacity, allowing for flexible pricing based on market supply and demand [5][59][10] - The notice encourages the signing of flexible pricing mechanisms in medium to long-term contracts to better reflect real-time supply and demand [11][59] Group 5: Corporate Earnings Forecasts - New Yi Sheng expects a net profit of 9.4 billion to 9.9 billion yuan for 2025, representing a year-on-year increase of 231.24% to 248.86% [27] - Zhongji Xuchuang forecasts a net profit of 9.8 billion to 11.8 billion yuan for 2025, with a growth rate of 89.50% to 128.17% [28] - Wan Ke A anticipates a net loss of approximately 82 billion yuan for 2025, primarily due to a significant decrease in project settlement scale [32][33]