Group 1 - The optical module (CPO) concept has gained significant attention in the capital market, with a 6.64% increase on September 11, making it the top-performing sector [1] - Among the 18 companies in the A-share optical module sector, 9 have published ESG-related reports, resulting in a disclosure rate of 50% [1] - Only 6 companies disclosed Scope 1 and Scope 2 greenhouse gas emissions, with just 1 company reporting Scope 3 emissions, highlighting challenges in data availability and accuracy [1][4] Group 2 - Leading companies like Zhongji Xuchuang and Tianfu Communication have established dedicated ESG governance structures, indicating a commitment to sustainable development [2] - Zhongji Xuchuang has implemented a three-tier ESG management organization, while Tianfu Communication has a similar governance framework [2] - The focus on responsible sourcing is evident, with companies like Zhongji Xuchuang and Dongshan Precision committing to avoid "conflict minerals" in their supply chains [5] Group 3 - The top three companies in R&D spending for optical modules in 2024 are Ruijie Networks, Zhongji Xuchuang, and Dongshan Precision, with expenditures of 2.19 billion, 1.33 billion, and 1.27 billion respectively [6] - Companies emphasize the importance of intellectual property protection and innovation as key drivers for their development [6][7] - Tianfu Communication has allocated 2.32 million for R&D, representing 7.14% of its revenue, showcasing a strong commitment to innovation [6]

Group 1 - The optical module (CPO) concept has gained significant attention in the capital market, with a 6.64% increase on September 11, making it the top-performing sector [1] - Among the 18 companies in the A-share optical module sector, 9 have disclosed ESG-related reports, resulting in a disclosure rate of 50% [1] - Only 6 companies reported Scope 1 and Scope 2 greenhouse gas emissions, with just 1 company disclosing Scope 3 emissions, highlighting the challenges in calculating these emissions due to data availability and accuracy [3][4] Group 2 - Leading companies like Zhongji Xuchuang and Tianfu Communication have established dedicated ESG governance structures, indicating a commitment to sustainable development [2] - Zhongji Xuchuang has implemented a three-tier ESG management framework, while Tianfu Communication has a similar governance structure, emphasizing the importance of ESG management [2] Group 3 - Companies are increasingly focusing on responsible sourcing of minerals, with Zhongji Xuchuang ensuring that its materials do not come from conflict-affected areas [5] - The emphasis on responsible mineral sourcing is driven by heightened scrutiny from regulators, investors, and customers regarding ESG risks associated with mining [5] Group 4 - The optical module sector is characterized by high technological content, with significant investments in R&D, as evidenced by the top three companies' R&D expenditures: Ruijie Networks (2.19 billion), Zhongji Xuchuang (1.33 billion), and Dongshan Precision (1.27 billion) [6] - Companies are adopting various incentive mechanisms for high-quality talent, with Tianfu Communication allocating 7.14% of its revenue to R&D in 2024 [6] Group 5 - The protection of intellectual property is crucial for the optical module sector, as it directly influences competitive order and innovation [7] - Recommendations for companies include addressing biodiversity and labor rights issues related to mineral extraction, ensuring fair competition through IP protection, and aligning technological advancements with human values [7]

Core Viewpoint - The 26th China International Optoelectronic Expo showcases the growing interest and advancements in optical modules, particularly driven by AI computing demands, with significant participation from various industry players [1][6][15]. Group 1: Industry Trends - The expo highlighted the rapid deployment of 800G optical modules and the maturation of 1.6T products, with some leading manufacturers already beginning shipments of 1.6T samples [7][10]. - The optical communication sector is closely monitoring the evolution of AI infrastructure, with discussions around Scale-out and Scale-up architectures for AI computing clusters [13][14]. - The demand for optical modules is expected to increase significantly, with projections indicating that 800G modules will be essential for future data center architectures [15][18]. Group 2: Company Participation - Numerous listed companies participated in the expo, including NewEase, Guangxun Technology, and others, showcasing their latest optical products and technologies [2][4]. - Companies like Endatong, a key supplier for Oracle, attracted attention due to their significant cloud computing orders and market presence [1][11]. - The participation of major firms indicates a strong focus on international markets, with many companies prioritizing overseas sales due to better pricing and demand compared to the domestic market [12]. Group 3: Market Dynamics - The optical module market is experiencing intense competition, leading to concerns about price wars and the sustainability of profit margins [12][19]. - The industry is witnessing a trend towards homogenization, with calls for more rational expansion strategies amidst fears of an AI bubble [6][19]. - The reliance on overseas markets is evident, with companies reporting high percentages of revenue from international sales, highlighting the attractiveness of foreign demand [11][12].

Core Viewpoint - Morgan Stanley believes that the positive fundamentals of the optical module sector have been widely recognized and fully reflected in stock prices, suggesting that investors should consider taking profits during high market sentiment [3][5]. Valuation Analysis - Morgan Stanley's cautious stance is primarily based on valuation considerations, indicating that the valuations of New Ease and Tianfu Communication have exceeded the historical +1 standard deviation level, implying that the positive fundamentals have at least been partially digested [5]. - Since the beginning of 2025, the forward P/E ratio of Zhongji Xuchuang has risen from 14 times to 24 times, while New Ease has increased from 8 times to 20 times [5]. Investment Recommendations for Key Players - New Ease: Downgraded to a "Reduce" rating with a target price of 255 CNY, as the market consensus views it as the second-largest global player with the best profit margin, limiting further upside potential [8]. - Zhongji Xuchuang: Maintained an "Overweight" rating with a target price of 435 CNY, expected to achieve significant growth as a pioneer of the 1.6T new product in 2026 [8]. - Tianfu Communication: Downgraded to a "Reduce" rating with an increased target price of 142 CNY, as its profit growth potential is already reflected in the current stock price [10]. Future Catalysts - The rapid rollout of the 1.6T product is seen as a potential catalyst for the second half of 2025 and 2026, with expectations of increased shipments following the restart of high-end GPU deliveries [12]. - LightCounting data indicates that 800G will begin mass production in 2024, while 1.6T is expected to start commercial production in 2025-2026, with some companies having completed the verification phase for 1.6T products [12].

在这股热浪之中，有三家公司站在了风口的中心，股民们给它们取了一个颇具传播性的合称"易中 天"，这个名称分别取自新易盛（300502.SZ）的"易"、中际旭创（300308.SZ）的"中"，以及天孚 通信（300394.SZ）的"天"。 9月11日当天，新易盛上涨13.42%，中际旭创上涨14.28%，天孚通信上涨13.54%，这三家公司的 合计市值，也在这一天首次站上了一万亿元的台阶——其中，新易盛市值约3800亿元，中际旭创 市值约4900亿元，天孚通信市值约1550亿元。 在万亿市值和市场的集体狂欢背后，产业的真实温度究竟如 何？支撑这一切的商业逻辑，是否如股价曲线般凌厉尖锐？这 场由AI驱动的盛宴，究竟是一个全新时代的序章，还是又一个 似曾相识的周期高点的预演？ 作者：郑晨烨 封图：图虫创意 9月11日，A股市场放量普涨，但全场真正的焦点，属于一个平日里并不那么大众的赛道——CPO （共封装光学）。东方财富Choice数据显示，CPO概念板块当日整体上涨6.64%，涨幅在所有概念 板块中高居第一，板块净流入的主力资金高达197.63亿元。 市场发生了什么？答案和大洋彼岸的一家看似与光模块产业链并无直接关 ...

Core Viewpoint - Morgan Stanley believes that the positive fundamentals of the optical module industry have largely been reflected in stock prices after several months of significant increases, leading to rating adjustments for multiple related stocks [1][2]. Group 1: Market Sentiment and Stock Performance - Morgan Stanley suggests that investors should take profits during periods of high market sentiment, as the positive fundamentals are widely recognized and reflected in stock prices [2]. - Since April, stock price increases have been substantial: New Yisheng up 460%, Zhongji Xuchuang up 312%, Tianfu Communication up 269%, and Huagong Technology up 62% [4]. Group 2: Rating Adjustments and Valuation Concerns - Morgan Stanley has made significant rating adjustments, notably downgrading New Yisheng to "Underweight," citing a potential slowdown in growth after a 338% year-on-year performance increase in Q2 2025 [3][10]. - The firm warns that the current valuations of New Yisheng and Tianfu Communication have exceeded historical averages, indicating that the positive fundamentals may have already been partially digested [7]. - The forward P/E ratio for Zhongji Xuchuang has risen from 14x to 24x, while New Yisheng's has increased from 8x to 20x since the beginning of 2025 [7]. Group 3: Future Growth Catalysts - Morgan Stanley views the rapid rollout of 1.6T products as a potential catalyst for growth in the second half of 2025 and 2026, despite delays in the GB300's launch affecting the timeline for 1.6T module shipments [13]. - The demand for 800G modules is expected to remain strong, which will help offset pricing and sales pressures on lower-end optical modules [13].

昨天强势的贵金属概念股今天遭遇重挫，截止午盘下跌2.48%，其中西部黄金大跌6.48%，招金黄金、 恒邦股份等股跌幅均在3%上方。珠宝首饰、采掘行业、油气、旅游等板块跌幅居前。 消息面：今年国家将推出面向适龄女生HPV疫苗接种服务。国内多家品牌金饰价格今日有所上涨，接近 1080元/克。国家卫健委：2024年我国人均预期寿命达到79岁，我国建成世界规模最大疾病预防控制体 系。 欢迎您在评论中分享自己的看法，大家一起学习和讨论。 低开高走后强势爆发，截止午盘沪指上涨1.12%，深成指上涨2.63%，创业板指上涨4.31%。两市合计超 3300只个股上涨，合计成交额1.48万亿。 CPO概念高开高走强势爆发，截止午盘大涨7.1%，包括海光信息、中际旭创、新易盛等在内的超10只 个股涨停或涨幅在10%上方。算力硬件股集体大涨，其中工业富联2连板。芯片股爆发，其中赛微微电 20cm涨停。大金融板块表现活跃，其中国海证券涨停。 ...

Group 1: Market Overview - On September 11, the A-share market experienced a significant rally, with the CPO (Co-Packaged Optics) sector leading the way, rising by 6.64% and attracting a net inflow of 19.763 billion yuan [2] - The focus was on three companies, collectively referred to as "Yizhongtian": New Ease (300502.SZ), Zhongji Xuchuang (300308.SZ), and Tianfu Communication (300394.SZ), which saw substantial stock price increases of 13.42%, 14.28%, and 13.54% respectively, pushing their combined market capitalization above 1 trillion yuan for the first time [2] - Oracle's unexpected strong performance in cloud infrastructure contracts was a catalyst for this surge, indicating a robust demand for AI computing power and related infrastructure investments [3] Group 2: Industry Trends - The 26th China International Optoelectronic Exposition (CIOE) showcased a record attendance of 77,418 visitors, highlighting the growing interest in the optical communication sector [4] - The event emphasized the trend of "optoelectronic integration," with major domestic companies displaying advancements in 800G and 1.6T optical modules, as well as CPO and LPO technologies [4][9] - The rapid evolution of optical modules is driven by the explosive demand for AI computing, necessitating faster and more energy-efficient data transmission solutions [5][6] Group 3: Technological Developments - CPO technology, which integrates optical components directly with switching chips on the same substrate, is emerging as a solution to reduce signal loss and power consumption [7] - Major companies are focusing on developing 1.6T optical modules and CPO systems, with significant investments in R&D to maintain competitive advantages [9][12] - The optical module market is expected to see a surge in demand for 800G and 1.6T products, with predictions of rapid growth in 2026 [10] Group 4: Financial Performance - Companies in the optical module sector reported strong financial results, with Zhongji Xuchuang achieving a net profit of 3.995 billion yuan in the first half of 2025, a 69.4% year-on-year increase [14] - New Ease reported an astonishing 355.68% increase in net profit, reaching 3.942 billion yuan in the same period [14] - The competitive landscape is shifting, with New Ease closing the gap on Zhongji Xuchuang in terms of revenue and profitability [15][16] Group 5: Market Dynamics and Future Outlook - The debate over the sustainability of high valuations in the optical module sector continues, with differing opinions on future profit projections for companies like Zhongji Xuchuang [18][20] - The industry faces challenges related to reliance on imported high-end optical chips, with domestic companies striving for greater self-sufficiency [20][21] - Significant capital expenditures from major cloud service providers and domestic tech giants indicate ongoing strong demand for optical modules [22]

9月12日，历经前日暴涨后光模块CPO龙头蓄力回调，截至14：26，新易盛、中际旭创、天孚通信跌超 4%。三巨头权重占比超40%的创业板人工智能ETF华夏（159381）跌2%，盘中成交额超2.5亿元。 以光模块和PCB为代表的上游算力产业链对英伟达、微软等海外科技企业出口较多，近年来海外营收比 重持续攀升。兴业证券表示，今年下半年以来，随着北美巨头资本开支上修、产业链技术持续迭代，市 场对A股北美算力产业链的景气预期也在持续升温，从而带动北美算力行情持续演绎。 创业板人工智能ETF华夏（159381）跟踪创业板人工智能指数（970070.CNI），光模块CPO权重占比超 50%，其中前三大权重股为新易盛（20.3%）、中际旭创（18.8%）、天孚通信（6.5%）。场内综合费 率仅0.20%，位居同类最低。场外联接（A类：025505；C类：025506） 近期算力方向波动加剧，快速上涨后有资金批量止盈，市场关注其后续表现。高盛8月底一篇调研报告 指出，即使新易盛和中际旭创的股价近期大幅上涨，但两者估值依然合理，并上调新易盛、中际旭创目 标价。其按最新股价计算，新易盛和中际旭创的2026年预期市盈率（P/E） ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 才过了一晚上，画风就完全变了！ 今天早上，"超级黑马"光模块：中际旭创、新易盛、天孚通信集体大跌。昨天涨幅居前的创业板指数、 5G指数全线走弱。与此同时，昨晚外盘的甲骨文和英伟达两只算力龙头也是集体走低。 盘面上，摩根士丹利一份研报昨晚突然来袭。该行表示，在过去几个月中，股价出现了显著的上涨。大多 数基本面上的积极因素已经得到了反映。建议在共识情绪保持乐观之际获利了结。 然而，并不是所有的大行都跟大摩持相同观点。尽管部分ASIC（专用集成电路）可能在短期内面临波 动，但考虑到2027年强劲需求更为明朗，花旗认为，整体叙事依然具有说服力，光模块企业有望获得估 值重估，市盈率上调至20倍以上是合理的。 一份研报突袭 超级黑马"易中天"集体下跌，在一定程度上带崩了市场情绪。今早，三只光模块龙头突然大跌，中际旭创 盘中一度跌超6%；新易盛一度跌超7%；天孚通信一度跌超8%，随后跌幅均有所收窄。 | 贡献度排名(仅供参考) | | | | | | | | | | | | --- | --- | --- | - ...