三、基金发行情况 昨日有9只新基金发行，分别为：国泰鼎利债券A、国泰上证科创板人工智能ETF发起联接C、东财上证科创200指数C、国泰上证科创板人工智能ETF发起联 接A、万家消费机遇混合A、泰康中证有色金属矿业主题ETF、东财上证科创200指数A、万家消费机遇混合C、国泰鼎利债券C，详情见下表： | 代码 | 基金名称 | | --- | --- | | 025966.OF | 国泰鼎利债券A | | 026614.OF | 国泰上证科创板人工智能ETF发起联接C | | 026118.OF | 东财上证科创200指数C | | 026613.OF | 国泰上证科创板人工智能ETF发起联接A | | 026269.OF | 万家消费机遇混合A | | 159163.SZ | 泰康中证有色金属矿业主题ETF | | 026117.OF | 东财上证科创200指数A | | 026270.OF | 万家消费机遇混合C | | 025967.OF | 国泰鼎利债券C | 一、证券市场回顾 四、龙虎榜情况 南财金融终端数据显示，昨日（1月14日，下同）上证综指日内下跌0.31%，收于4126.09点，最高4190. ...

Summary of Conference Call Notes Industry and Companies Involved - **Industry**: Communications Equipment - **Companies Covered**: - Accelink Technologies (002281.SZ) - Eoptolink Technology (300502.SZ) - EverProX Technologies (300548.SZ) - GDS Holdings (GDS.O) - Innolight (300308.SZ) - Suzhou TFC Optical Communication (300394.SZ) - T&S Communications (300570.SZ) - VNET Group (VNET.O) - ZTE (0763.HK) Key Points and Arguments EverProX Technologies (300548.SZ) - Target price raised to Rmb122 from Rmb63, reflecting a 46.5x 2026E EPS valuation, which is +1 standard deviation above the 5-year historical mean due to stronger earnings growth projected at a 152% 3-year CAGR [2][11] - 2025/26/27E earnings increased by 1%/26%/45% driven by robust overseas demand for MPO/AOC components, datacenter cables, and optical transceivers [2][11] - Rated as Neutral due to high current trading P/E of ~45x compared to T&S Communications at ~32x, indicating less upside potential [2][11] Suzhou TFC Optical Communication (300394.SZ) - Target price increased to Rmb222 from Rmb196, with 2026/27E earnings raised by 36%/56% due to anticipated growth in the 1.6T light engine market [3][15] - Maintained Buy rating, citing strong long-term earnings growth potential from CPO/OIO total addressable market opportunities and expected sales of FAU, ELSFP, and MT products [3][15] ZTE (0763.HK) - Downgraded to Neutral from Buy, with target price raised to HK$29.20 from HK$27.50 [4][19] - 2025/26/27E earnings reduced by 16%/14%/11% due to margin impacts from a ramping server business and memory price effects on the smartphone segment, partially offset by tighter operating expenses [4][19] - Valuation set at 15.0x 2026E P/E, which is 1.5 standard deviations above the stock's historical average, supported by positive sentiment towards AI server developments [4][19] Accelink Technologies (002281.SZ) - Coverage transferred with a maintained Sell rating and target price of Rmb24.60 [8][20] Eoptolink Technology (300502.SZ) - Coverage transferred with a maintained Buy rating and target price of Rmb472.00 [9][21] GDS Holdings (GDS.O) - Coverage transferred with a maintained Buy rating and target price of US$51.20 [12] Innolight (300308.SZ) - Coverage transferred with rating suspended [13] T&S Communications (300570.SZ) - Coverage transferred with a maintained Buy rating and target price of Rmb137.00 [16] VNET Group (VNET.O) - Coverage transferred with a maintained Buy rating and target price of US$20.00 [17] Other Important Information - The report indicates potential conflicts of interest due to the firm's business relationships with covered companies, advising investors to consider this report as one of several factors in their investment decisions [5] - The report is not for distribution in the People's Republic of China, excluding Hong Kong and Qualified Foreign Institutional Investors [5]

Group 1 - The total margin financing balance in A-shares reached 26,982.31 billion yuan, an increase of 15.238 billion yuan from the previous trading day, accounting for 2.60% of the A-share circulating market value [1] - The margin trading volume on the same day was 4,519.11 billion yuan, which is an increase of 46.76 billion yuan from the previous trading day, representing 11.33% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries, 22 experienced net financing inflows, with the computer industry leading at a net inflow of 3.964 billion yuan [3] - Other industries with significant net financing inflows include telecommunications, public utilities, pharmaceutical biology, banking, non-bank financials, and media [3] Group 3 - A total of 87 individual stocks had net financing inflows exceeding 100 million yuan, with Changjiang Electric Power leading at a net inflow of 1.383 billion yuan [3][4] - Other notable stocks with high net financing inflows include Tebian Electric Apparatus, Zhongji Xuchuang, Huasheng Tianc, China Ping An, Yanshan Technology, China Satellite, China Merchants Bank, Shanzi Gaoke, and Bluefocus [3][4]

Group 1 - On January 14, a total of 3,759 stocks in the A-share market received financing funds, with 965 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Zhongji Xuchuang, Dongfang Caifu, and Tebian Electric, with amounts of 4.2 billion yuan, 4.173 billion yuan, and 3.622 billion yuan respectively [1] - Three stocks had financing buying amounts accounting for over 30% of the total transaction amount, namely Allianz Ruishi, Huilong Co., and Su Yan Jingshen, with ratios of 37.55%, 33.22%, and 30.29% respectively [1] Group 2 - A total of 87 stocks had a net financing buying amount exceeding 100 million yuan, with the top three being Changjiang Electric, Tebian Electric, and Zhongji Xuchuang, which had net buying amounts of 1.383 billion yuan, 981 million yuan, and 957 million yuan respectively [1]

Group 1 - The core point of the article highlights that on January 14, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 504.74 billion yuan, with the ChiNext board seeing a net outflow of 210.18 billion yuan and the CSI 300 index stocks a net outflow of 154.4 billion yuan [1] - Among the 17 primary industries, the computer industry had the highest increase, rising by 3.42%, while the banking and real estate sectors saw declines exceeding 1% [1] - Ten industries experienced net inflows of main funds, with the computer industry leading at a net inflow of 46.7 billion yuan, followed by non-bank financials and telecommunications with inflows exceeding 11 billion yuan each [1] Group 2 - In individual stock performance, the automotive parts company Shanzi Gaoke had the highest net inflow of main funds at 21.18 billion yuan, with a trading volume of 128.48 billion yuan and a turnover rate of 24.14% [2] - PCB concept stock Hu Dian shares saw a net inflow of 13.28 billion yuan, ranking second, while AI financial stock Lakala had a net inflow of 12.91 billion yuan [2] - The article also notes that over 250 stocks had net outflows exceeding 1 billion yuan, with 10 stocks seeing outflows over 10 billion yuan [3] Group 3 - The article mentions that leading sectors for net outflows included robotics, electricity, and wind power, with each seeing outflows exceeding 21 billion yuan [4] - Hai Ge Communication experienced a net outflow of 14.3 billion yuan, with the company announcing expected losses for the 2025 fiscal year [4] - The tail-end trading session saw a net outflow of 54.14 billion yuan, with the CSI 300 index stocks experiencing a net outflow of 49.52 billion yuan [5]

Core Viewpoint - Today, 14 stocks received buy ratings from institutions, with 5 stocks being newly covered by analysts [1] Group 1: Institutional Ratings - A total of 14 buy ratings were issued today, with China National Duty Free and Oriental Yuhong receiving the highest attention, each having one buy rating record [1] - Among the rated stocks, 6 provided future target prices, with 5 stocks showing an upside potential exceeding 10%. China National Duty Free has the highest upside potential at 26.49%, with a target price of 113.90 yuan from Guojin Securities [1] - Other stocks with significant upside potential include Pudong Development Bank and Zhongding Co., with potential increases of 26.25% and 25.65%, respectively [1] - Five stocks received buy ratings for the first time, including Ningde Times and Wanyuantong [1] Group 2: Market Performance - Stocks with buy ratings averaged a 2.12% increase today, outperforming the Shanghai Composite Index. Seven stocks saw price increases, with Yonyou Network hitting the daily limit [1] - The top gainers included Dazhu CNC, Chenguang Biotech, and Wanyuantong, with increases of 12.32%, 5.67%, and 4.09%, respectively [1] - Stocks that experienced significant declines included Pudong Development Bank, China National Duty Free, and Yangtze Power, with decreases of 2.85%, 2.02%, and 2.01%, respectively [1] Group 3: Earnings Performance - Among the stocks rated as buy, two have reported annual earnings forecasts, with Pudong Development Bank and Yangtze Power showing net profit growth rates of 10.52% and 5.14%, respectively [2] - Five stocks have announced annual earnings forecasts, with Chenguang Biotech expected to see the highest net profit growth of 301.38%, followed by Dazhu CNC and Chaohongji with expected growth rates of 177.24% and 150.00%, respectively [2]

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The communication sector rose by 1.50% in the first week of 2026, ranking 28th among primary industries in the Yangtze River region. Year-to-date, the sector has also increased by 1.50% [2][5] - NVIDIA launched the Rubin platform at CES 2026, which integrates computing, storage, and networking, enhancing the demand for high-speed optical interconnects. This is expected to increase optical connection density and bandwidth requirements [6][8] - Chinese enterprises and institutions have applied to the ITU for over 200,000 low-orbit satellites by the end of 2025, accelerating the layout of low-orbit satellite internet and securing scarce frequency resources [7][8] Summary by Sections Market Performance - In the first week of 2026, the communication sector's stock performance included significant gains for companies with market capitalizations over 8 billion yuan, with Nanjing Panda (+49.1%), Tongyu Communication (+42.3%), and Dawi Technology (+35.3%) leading the gains. Conversely, Hengbao Co. (-8.1%), Cambridge Technology (-8.0%), and Dingtong Technology (-7.6%) experienced the largest declines [5] NVIDIA Rubin Platform - The Rubin platform features a modular Superchip and full liquid cooling, significantly increasing computing density. The NVL72 unit integrates 72 Rubin GPUs, providing approximately 200 PFLOPS NVFP4 computing power, with internal bandwidth of 14.4TB/s and external bandwidth of 1.6Tb/s [6] - The platform introduces a POD-level context memory system that alleviates inference KV cache bottlenecks, allowing for low-latency sharing across GPUs and nodes, with a single GPU card capable of approximately 16TB of context storage [6] - The integrated architecture of the Rubin 576 Superpod enhances optical interconnect density, with a total bandwidth of approximately 260TB/s [6] Satellite Projects in China - The report highlights that the large-scale application for low-orbit satellite constellations by Chinese entities is aimed at securing limited space resources, thus accelerating the development of low-orbit satellite internet [7] Investment Recommendations - The report recommends several companies across various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Hollow-core optical fibers: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Bosijie, Heertai, Tuobang Co. - Satellite applications: Huace Navigation, Haige Communication [8]

Core Viewpoint - Zhongji Xuchuang is a global leader in optical modules, benefiting significantly from the surge in AI computing demand through deep partnerships with top North American clients [1] Group 1: Company Strengths - The company has significant advantages in technology, production capacity, and supply chain [1] - Zhongji Xuchuang's silicon photonics capabilities are outstanding, with investments in next-generation optical interconnect technologies such as NPO and OCS [1] - The company is expected to benefit long-term from investments in AI computing [1] Group 2: Product and Market Potential - The 1.6T product is set to ramp up production first, with material capacity adequately prepared, laying the foundation for a significant increase in high-speed optical module production by 2026 [1] - The company has established delivery capabilities through multi-dimensional barriers in capacity, technology, and materials, solidifying its leading position in the market [1] Group 3: Future Outlook - The performance release potential for 2026 and 2027 is considerable, indicating strong future growth [1] - In the post-Moore's Law era, interconnects are equated with computing power, suggesting a promising long-term space for optical interconnects [1] - The company is transforming into a platform-type leader in optical interconnects, with an expected upward shift in valuation [1]

Core Insights - Jefferies indicates that Chinese cloud service providers, AI software companies, and data center operators are undervalued compared to their U.S. counterparts [1] - Alibaba's Qianwen has surpassed 100 million monthly active users within two months of launch, showing rapid growth among students and white-collar workers [1] - The cloud computing ETF Huatai-PineBridge (159273) has seen most of its weighted stocks perform positively, with notable gains from Runze Technology (over 7%), Hengsheng Electronics (over 5%), and Alibaba-W (over 3%) [1] Company News - Alibaba's Qianwen is set to release a significant product iteration this Thursday [1] - Alibaba-W stock has increased by 3.94%, with a market capitalization of 315.11 billion [2] Market Trends - The AI computing sector is experiencing strong performance, with the cloud computing ETF Huatai-PineBridge (159273) rising over 2% and achieving a record high trading price [3] - Jefferies notes that Chinese AI stocks have room for further growth due to increased capital expenditure, improved AI model performance, and favorable policy signals [3] - The AI industry in China is still less mature in monetization compared to the U.S., leading to greater potential for valuation re-rating [3] Industry Analysis - The AI industry is transitioning from a "computing power race" to a focus on "application landing," indicating a maturation of business models [5] - The IDC market is undergoing a supply-demand shift driven by improved chip supply and surging demand for domestic AI applications [7] - The communication industry is experiencing a rotation towards IDC and computing power infrastructure, with expectations of order recovery and performance realization as capital expenditures from major firms become clearer [8]

Group 1 - The main stocks with significant capital outflows include Haige Communication (-1.197 billion), TBEA (-1.048 billion), and Goldwind Technology (-0.998 billion) [1][2] - Haige Communication experienced a price increase of 10%, while TBEA and Goldwind Technology saw increases of 7.34% and 2.65% respectively [2][3] - Other notable stocks with capital outflows include China Satellite (-0.827 billion), Oriental Communication (-0.710 billion), and Zhongji Xuchuang (-0.673 billion) [1][2] Group 2 - The sectors represented by the stocks with the largest capital outflows include communication equipment, power grid equipment, and wind power equipment [2][3] - Stocks like Tianlong Group and Yidian Tianxia saw significant price increases of 16.52% and 17.47% respectively, despite experiencing capital outflows of -0.549 billion and -0.521 billion [2][3] - The data indicates a mixed performance across various sectors, with some stocks showing positive price movements while still facing substantial capital outflows [1][2]