每经AI快讯，中际旭创发布公告称，2026年1月31日，中际旭创接受易方达基金等投资者调研，公司董 事、副总裁、财务总监王晓丽等参与接待，并回答了投资者提出的问题。 （记者 张喜威） 每经头条（nbdtoutiao）——特朗普大动作，金价30小时暴跌670美元！此前两周狂飙21%，也与他有 关！后市怎么走？各大机构表态，专家解读 ...

中际旭创在此前接受调研时表示，从产品角度来看，2025年一季度起800G订单需求持续释放，三季度 重点客户开始部署1.6T并持续增加订单，预计2026年-2027年其他重点客户也将大规模部署1.6T。随着 算力和AI数据中心硬件需求的增长，行业需求呈现高景气度，2026年大客户需求指引明确，公司将全 力准备、把握产业机会，推动营收与利润规模再上台阶。 同时，中际旭创在报告期内确认投资收益及公允价值变动损益，带来归母净利润增加约2.96亿元，其中 约4800万元投资收益计入非经常性损益事项。 中证报中证网讯(记者孟培嘉)中际旭创（300308）1月30日晚披露的2025年度业绩预告显示，公司2025 年预计实现归母净利润98亿元至118亿元，同比增长89.50%至128.17%；扣非净利润预计为97亿元至117 亿元，同比增长91.38%至130.84%；扣除股权激励费用前，光模块业务实现合并净利润约108亿元至131 亿元，同比增长90.81%至131.44%。 对于业绩变动原因，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，公司产品 出货较快增长，其中高速光模块占比持续提高，且随着产品方案 ...

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - The report highlights strong earnings and capital expenditures from major companies like Meta, Microsoft, and Corning, indicating a positive outlook for investments in silicon photonics, optical fibers, and liquid cooling technologies [5][6][7][14][15][16] - The report emphasizes the significant growth potential in AI-driven sectors, particularly in light of increased capital expenditures from tech giants and the ongoing development of AI applications [17] Summary by Sections Weekly Insights - Meta's Q4 2025 revenue reached $59.893 billion, exceeding analyst expectations, with a projected Q1 2026 revenue between $53.5 billion and $56.5 billion [5][14] - Microsoft's Q2 FY2026 revenue was $81.273 billion, driven by its intelligent cloud business, with a capital expenditure of $37.5 billion [6][15] - Corning reported a record high in Q4 2025 sales of $4.41 billion, with a projected 15% growth in Q1 2026 [7][16] - Investment recommendations include focusing on silicon photonics and liquid cooling technologies, with specific companies highlighted for potential investment [14][15][16] Communication Data Tracking - As of December 2025, China had 4.838 million 5G base stations, with 1.204 billion 5G mobile users, reflecting an 18.74% year-on-year growth [27][29] - The report notes a decrease in 5G smartphone shipments, totaling 22.132 million units, a 27.28% decline year-on-year [27][36] - Revenue growth in cloud services from major telecom operators is noted, with China Mobile's cloud revenue reaching 56.1 billion yuan, a year-on-year increase of 11.3% [39][45]

Core Insights - The company anticipates a rapid increase in customer demand starting from 2025, leading to a tight supply of upstream core materials that cannot fully match this demand [1] - Production cycles for optical chips such as EML and CW are relatively long, resulting in a more pronounced supply shortage, which is expected to persist through the first half of this year [1] - Supply conditions are projected to improve somewhat in the second half of the year, but the company is proactively securing material procurement and has established agreements with suppliers to ensure overall supply for this year and next [1] - The company is confident in its ability to maintain continuous growth in shipment volumes due to effective supply chain management [1]

Core Viewpoint - Zhongji Xuchuang indicates 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 capabilities of optical engines, mature PCB packaging technology, large-scale production capabilities, a more open supply chain ecosystem, and lower costs [1] - NPO is currently favored and valued by CSP customers, suggesting a shift in industry preference [1]

中际旭创在机构调研时表示，很多客户订单已下到2026年四季度，行业需求呈现较高的景气度和持续 性。 ...

Financial Performance - The company's net profit for 2025 is projected to be between 9.8 billion and 11.8 billion CNY, representing a year-on-year growth of 89.50% to 128.17% [3] - The non-recurring net profit is expected to be between 9.7 billion and 11.7 billion CNY, with a year-on-year increase of 91.38% to 130.84% [3] - Revenue growth is stable across all quarters, with a gradual increase in shipment volume and an upward trend in gross margin due to a higher proportion of high-end products and silicon photonics [3] Operational Insights - In Q4 2025, demand and orders from key customers are growing rapidly, with a continuous increase in shipments of 800G products [3] - The 1.6T product began shipping to key customers in Q3 2025, with accelerated volume in Q4, marking the start of a significant growth phase [3] - Supply constraints for certain materials, such as optical chips, are impacting production and shipments due to rapidly increasing customer demand [4] Investor Q&A Highlights - The effective tax rate in Q4 remained consistent with Q3, influenced by the "pillar two" income tax policy [5] - Most fair value changes and investment income were reflected in the first three quarters, with Q4 showing less impact [6] - Customer orders extend into Q4 2026, indicating a robust and sustained industry demand [7] - The demand for 1.6T is expected to grow significantly in 2026, with a rapid increase in orders anticipated [8] - Price trends for optical modules are expected to decline as customer demand scales up [9] Market Trends and Projections - The bandwidth for scale-up scenarios is projected to reach 5-10 times that of scale-out, indicating substantial future demand for in-cabinet optical connection products, expected to ramp up in 2027 [16] - The company is focusing on developing customized products in collaboration with key customers, with expectations for sample validation this year and larger deployments next year [11] - The silicon photonics penetration ratio is expected to continue increasing, with significant applications anticipated in in-cabinet scenarios [14] Strategic Positioning - The company has accumulated extensive experience and technical capabilities, positioning itself to maintain competitive advantages in the market [22] - Supply chain management and preparation for material procurement are prioritized to ensure sustained growth in shipment volume and revenue [22] - The company is optimistic about new business opportunities in the scale-up market by 2027 [22]

Core Viewpoint - The performance forecasts for 2025 from three leading companies in the A-share CPO concept—Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication—indicate significant profit growth, with net profits exceeding 9 billion yuan for each company [1]. Group 1: Company Performance Forecasts - Xinyi 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% [2]. - Zhongji Xuchuang anticipates a net profit of 9.8 billion to 11.8 billion yuan for 2025, with a growth rate of 89.50% to 128.17% compared to the previous year [3]. - Tianfu Communication projects a net profit of 1.881 billion to 2.15 billion yuan for 2025, reflecting a year-on-year growth of 40% to 60% [4]. Group 2: Factors Driving Growth - Xinyi Sheng attributes its profit increase to the continuous growth in computing power investments and the rapid rise in demand for high-speed products [2]. - Zhongji Xuchuang's growth is driven by increased customer investments in computing infrastructure, leading to a surge in product shipments and an improved product mix [3]. - Tianfu Communication's performance is bolstered by the accelerated development of the artificial intelligence industry and global data center construction, which have sustained demand for high-speed optical devices [4]. Group 3: Stock Performance - Zhongji Xuchuang's stock price increased by 478% last year, continuing its upward trend this year [5]. - Xinyi Sheng's stock rose nearly 272% last year, while Tianfu Communication's stock saw a 122% increase [5].

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]

Core Viewpoint - Zhongji Xuchuang (300308) expects a significant increase in net profit for 2025, projecting a growth of 89.50% to 128.17% compared to the previous year, driven by strong investments in computing infrastructure from end customers [1][4]. Group 1: Zhongji Xuchuang Performance - The company forecasts a net profit attributable to shareholders of 980 million to 1.18 billion yuan for 2025, compared to 517.15 million yuan in the same period last year, indicating a substantial increase [4]. - The net profit after deducting non-recurring gains and losses is expected to be between 970 million and 1.17 billion yuan, reflecting a growth of 91.38% to 130.84% year-on-year [4]. Group 2: Industry Context - Zhongji Xuchuang is part of the "Yizhongtian" group, which includes companies focused on CPO (Co-Packaged Optics) and has seen strong stock performance due to their involvement in the AI computing infrastructure sector [4]. - Another company in this group, Xinyi Sheng (300502), anticipates a net profit of 9.4 billion to 9.9 billion yuan for 2025, representing a growth of 231.24% to 248.86% compared to the previous year, driven by increased demand for high-speed products [5][7]. - Tianfu Communication (300394), also part of the "Yizhongtian" group, projects a net profit of 1.881 billion to 2.15 billion yuan for 2025, with a year-on-year growth of 40.00% to 60.00%, attributed to the accelerating development of the AI industry and global data center construction [8].