中际旭创 20260115 摘要 光模块市场受益于速率和可拓展性等物理优势，预计 2026 年和 2027 年将持续扩张，尤其是在超节点元年开启后，"scale up"市场将成为 主要增长点，流量带宽呈 9 倍增长。 2026 年是光模块行业放量大年，800G 产品持续放量，1.6T 产品超预 期增长，推动行业整体规模提升。OCS、MPO 等新技术及 CPO 迭代加 速推出，提升利润率，为迎接更大市场需求做准备。 旭创作为光模块龙头企业，通过自研核心芯片器件和垂直一体化策略提 高利润率，并提前锁定供应链，应对供不应求局面。公司正向平台型公 司转型，估值有望随业绩释放而提升。 苏州旭创定位于高端产品，是 Google 认证供应商，业绩受海外云厂商 资本开支驱动。筹备港股上市可能带来估值溢价，公司在中短期和长期 均具备增长空间。 AI 算力建设推动 1.6T 光模块需求激增，预计 2026 年需求量将达到 2000~3,000 万只，同比增长超过 10 倍，表明产业存在合理性和需求。 Q&A 今年（2026 年）对光模块行业有何重要意义？ 今年（2026 年）是一个放量的大年，不仅 800G 产品进一步大放量，1 ...

一、证券市场回顾 南财金融终端数据显示，昨日（1月15日，下同）上证综指日内下跌0.33%，收于4112.6点，最高4133.07点；深证成指日内上涨0.41%，收于14306.73点，最 高14328.6点；创业板指日内上涨0.56%，收于3367.92点，最高3372.47点。 二、融资融券情况 | 证券代码 | 证券简称 | 龙虎榜净买入额(万元) | | --- | --- | --- | | 002130.SZ | 沃尔核材 | 82941.07 | | 002446.SZ | 盛路通信 | 32664.5 | | 603011.SH | 合锻智能 | 30784.79 | | 000681.SZ | 视觉中国 | 19509.34 | | 300758.SZ | 七彩化学 | 16204.6 | | 301629.SZ | 矽电股份 | 12905.05 | | 002400.SZ | 省广集团 | 11229.55 | | 603402.SH | 陕西旅游 | 9322.46 | | 301378.SZ | 通达海 | 9164.28 | | 301348.SZ | 蓝箭电子 | 8788.19 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in the A-share market's margin trading and securities lending activities, with new account openings and financing balances reaching record levels [1][3][4] Group 2 - In 2025, the number of new margin trading accounts reached 1.542 million, a 52.9% increase from 1.0085 million in 2024, with total accounts exceeding 15.64 million by year-end [1][4] - By January 14, 2026, the A-share financing balance reached 2.68 trillion yuan, increasing by approximately 156.5 billion yuan within the first eight trading days of the year, setting a new historical record [3] - The financing balance rose from 1.85 trillion yuan at the beginning of 2025 to 2.52 trillion yuan by the end of the year, marking an annual growth rate of over 36% [3] - The hard technology and high-end manufacturing sectors have become the primary focus for leveraged funds, with the electronics industry leading in net financing purchases at 31.78 billion yuan [3] - Key companies in the AI and new energy sectors have attracted significant financing, with Zhongji Xuchuang receiving a net purchase of 16.186 billion yuan, and other leading firms like Ningde Times and New Yisheng also exceeding 16 billion yuan [3]

上证报中国证券网讯（刘禹希 记者 徐蔚）截至1月15日，A股两融余额为27187.51亿元，较上一交易日增加205.20亿元，占A股流通市值比例为2.63%。当日 两融交易额为3180.43亿元，较上一交易日减少1338.68亿元，占A股成交额的10.81%。 资金流向方面，申万31个一级行业中有22个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入75.76亿元；获融资净买入居前的行业还 有通信、非银金融、有色金属、电力设备、公用事业、食品饮料等。 个股方面，73只个股获融资净买入额超1亿元。中际旭创获融资净买入额居首，净买入16.98亿元；融资净买入额居前的还有立讯精密、新易盛、东方财富、 利欧股份、贵州茅台、美年健康、澜起科技、英维克、江波龙等。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称◆ | 交易日期( | | 1 | 300308.SZ | 中际旭创 | 2026-01-15 | | 2 | 002475.SZ | 立讯精密 | 2026-01-15 | | ന | 300502.SZ | 新易盛 | 2026-0 ...

Group 1 - As of January 15, the margin balance of A-shares reached 27,187.51 billion yuan, an increase of 205.20 billion yuan from the previous trading day, accounting for 2.63% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 3,180.43 billion yuan, a decrease of 1,338.68 billion yuan from the previous trading day, representing 10.81% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 22 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 75.76 billion yuan [1] Group 2 - A total of 73 stocks had net financing inflows exceeding 1 billion yuan, with Zhongji Xuchuang leading at a net inflow of 16.98 billion yuan [1] - Other notable stocks with significant net financing inflows included Luxshare Precision, Xinyi Sheng, Dongfang Wealth, Liou Shares, Kweichow Moutai, Meinian Health, Lanke Technology, Yingweike, and Jiangbolong [1] - According to Dongfang Securities, the demand for power chips is expected to grow due to the increasing requirements for AI servers and power management, with some foundries' 8-inch capacity utilization rates significantly improving since mid-2025 [2]

Core Insights - The financing balance of the ChiNext market has reached 600.61 billion yuan, marking a continuous increase for nine trading days, with a total increase of 50.47 billion yuan during this period [1] Financing Balance Overview - As of January 15, 2026, the total margin balance of the ChiNext market is 602.50 billion yuan, an increase of 4.94 billion yuan from the previous trading day [1] - The financing balance specifically is 600.61 billion yuan, which is an increase of 4.95 billion yuan from the previous day [1] - The increase in financing balance has been observed in 691 stocks, with 224 stocks showing an increase of over 20% [1] Notable Stocks with Significant Financing Changes - The stock with the highest increase in financing balance is 港通医疗 (Port Medical), with a latest financing balance of 12.12 million yuan, reflecting a 325.93% increase [2] - Other notable stocks include 普蕊斯 (Pruis) and 美好医疗 (Beautiful Medical), with increases of 249.18% and 211.84%, respectively [2] - Conversely, 森鹰窗业 (Sen Ying Window Industry) has the largest decrease in financing balance at 1.47 million yuan, down 33.80% [2] Market Performance - Stocks with a financing balance increase of over 20% have averaged a rise of 19.09%, outperforming the ChiNext index [4] - The top performers include 志特新材 (Zhi Te New Materials), 易点天下 (Easy Point World), and 迪安诊断 (Di An Diagnosis), with increases of 198.57%, 100.79%, and 82.97%, respectively [4] - The largest increase in financing balance by amount is seen in 蓝色光标 (Blue Focus), with a latest balance of 5.83 billion yuan, increasing by 2.92 billion yuan [4] Sector Analysis - Among stocks with financing balance increases over 20%, the majority are concentrated in the computer, electronics, and pharmaceutical industries, with 33, 32, and 31 stocks respectively [3]

个股方面，1月15日，有1951股获融资净买入，净买入金额在1亿元以上的有73股。其中，15股获融资净 买入额超3亿元。中际旭创获融资净买入额居首，净买入16.98亿元；融资净买入金额居前的还有立讯精 密、新易盛、东方财富、利欧股份、贵州茅台、美年健康、澜起科技、英维克等股。 Wind统计显示，1月15日，申万31个一级行业中有22个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入75.76亿元；获融资净买入居前的行业还有通信、非银金融、有色金属、电力设 备、公用事业、食品饮料等。 ...

Market Overview - A-shares exhibited mixed performance with the Shanghai Composite Index declining by 0.33% to close at 4112.6 points, barely holding above the 4100 mark, while the Shenzhen Component Index rose by 0.41% and the ChiNext Index increased by 0.56% [1] - The total trading volume in the A-share market fell below 3 trillion yuan, decreasing by approximately 1 trillion yuan compared to the previous day [1] Semiconductor Sector - The semiconductor sector showed strong performance in the afternoon, with notable gains in lithography machines and memory chips, leading to stocks like Blue Arrow Electronics and Silicon Power reaching a 20% limit up [2] - The U.S. semiconductor equipment stocks also surged, with companies like ASML and TSMC rising over 4% [3] - Blue Arrow Electronics announced plans to acquire at least 51% of Chengdu Xinyi Technology, a move aimed at expanding its capabilities in the semiconductor design industry [3] - The semiconductor industry is experiencing price increases across various segments due to heightened demand from AI applications, with expectations of improved profitability [4] Non-Ferrous Metals Sector - The non-ferrous metals sector was notably active, with stocks like Sichuan Gold and Xianglu Tungsten hitting the daily limit up [5] - Silver prices surged over 7%, reaching historical highs, while gold also hit record levels at $4643 per ounce [5] - Geopolitical tensions are expected to drive demand and price appreciation for strategic metals such as copper, tungsten, and cobalt [6] Energy Storage Sector - The energy storage sector saw active performance, particularly in battery stocks, with lithium carbonate prices reaching a two-year high [8] - A meeting on the new energy vehicle industry emphasized the need for fair competition and innovation, projecting that by 2025, China's automobile production and sales will exceed 34 million units, with new energy vehicles accounting for over 50% of domestic sales [8]

Group 1 - The CPO concept index rose over 3.4%, with significant gains in stocks such as Yuanjie Technology (+9.09%) and Shijia Photon (+7%) [1] - Nvidia announced that its GB300 AI server will begin large-scale delivery in Q2 2026, indicating a strong demand for AI-related hardware [1] - The demand for 800G optical modules is expected to continue its rapid growth, with a significant increase in the shipment scale of 1.6T modules anticipated [1] Group 2 - CPO concept stocks have shown positive profit trends, with 12 stocks seeing net purchases exceeding 300 million yuan, and Zhongji Xuchuang leading with 6.096 billion yuan [2] - Zhongji Xuchuang is recognized as a global leader in optical modules, benefiting from the surge in AI computing demand and has a strong production capacity for 1.6T products [2] - LightCounting predicts that the global optical module market could exceed $37 billion by 2029, with 1.6T modules expected to enter commercial use in 2025 [1][2] Group 3 - Guangku Technology expects a profit of 169 to 182 million yuan in 2025, representing a year-on-year growth of 152% to 172% [4] - Shengke Communication-U anticipates revenue of 1.136 to 1.18 billion yuan in 2025, with a slight increase in losses [4] - Analysts predict that 12 CPO concept stocks will see continued profit growth in 2025, with several companies expected to achieve significant year-on-year increases in net profit [4] Group 4 - Shijia Photon has established a global market presence for its optical chips and related products, with successful development of components for 1.6T optical modules [5] - Yuanjie Technology and Changguang Huaxin are expected to turn losses into profits [6]

Market Overview - A-shares experienced a volume contraction with a total turnover dropping below 3 trillion yuan, indicating a healthy turnover despite the market's mild pullback [5][13] - The Shanghai Composite Index closed down 0.33% at 4112.6 points, while the ChiNext Index rose 0.56% to 3367.92 points [5][12] Sector Performance - The semiconductor, storage chip, CPO concept, and electronic device manufacturing sectors performed well, while previously popular sectors like commercial aerospace and satellite navigation saw significant pullbacks [6][11] - Only 11 out of 28 sectors in the Shenwan classification closed in the green, with electronics, basic chemicals, and non-ferrous metals leading the gains [6][11] Notable Stocks - Several electronic stocks hit the daily limit up, including Blue Arrow Electronics and Silicon Power, both achieving a 20% increase [8][9] - China Satellite and other previously popular stocks faced significant declines, with China Satellite dropping 10% [12][11] Market Sentiment - Analysts suggest that the recent market behavior reflects a healthy correction rather than a signal of a downturn, as profit-taking and technical adjustments are common after substantial gains [4][13] - The adjustment in financing margin requirements from 80% to 100% has impacted short-term trading sentiment, leading to a cautious approach among investors [5][13] Investment Strategy - Investors are advised to avoid chasing high-flying stocks and focus on sectors with strong performance and earnings support, such as semiconductors and basic chemicals [16][17] - The market is expected to enter a phase of consolidation, with potential volatility around key support levels [15][16]