Summary of Key Points from the Conference Call Industry Overview - The report discusses the **global AI networking supercycle** driven by technology upgrades and supply shortages, particularly in the optical transceiver market [3][6][12]. - The focus is on **AI infrastructure investments** from global hyperscale AI cloud companies, which are expected to continue through **2026 and 2027** due to competition in large language model (LLM) training and inference [6][14]. Core Companies and Recommendations - **InnoLight (300308 CH)**: Maintained as a **Buy**; expected to dominate the high-end market due to strong R&D and production capabilities, benefiting from the transition to **1.6T transceivers** and **SiPh technology** [3][12]. - **YOFC (6869 HK)**: Upgraded to **Buy** from Neutral; the AIDC business is experiencing strong demand, and the telecom market is stabilizing [3][12]. - **TFC (300394 CH)** and **T&S (300570 CH)**: Both rated as **Buy**; expected to benefit from the CPO value chain and demand for high-end optical transceivers [3][12]. Market Dynamics - **Transceiver Shipments**: Estimated growth from **20 million** units of 800G transceivers and **2.5 million** units of 1.6T transceivers in **2025** to **43 million** and **20 million** units respectively in **2026** [3][7]. - **Market Share**: SiPh transceivers are projected to capture **50-70%** of the market share in the 1.6T segment by **2026** [7]. - **Component Shortages**: Persistent shortages in optical chips are expected to continue, benefiting dominant players with potential price and margin increases [6][7]. Technology Trends - **Optical Transceivers**: The migration to **SiPh** and the introduction of **CPO** technologies are key drivers for the market in **2026** [7][12]. - **Copper Cables**: Despite narratives suggesting a shift to optical communication, copper cables are expected to maintain a significant role in scale-up networks due to their cost advantages and efficiency [8][10]. - **AI Switches**: The adoption of **CPO switches** is increasing, with companies like **Broadcom** and **Nvidia** leading the charge in developing high-performance networking solutions [11][12]. Financial Projections - The report anticipates that the **high-speed copper cable market** could double, reaching **USD 2.8 billion** by **2028** [10]. - The **AI data center** market is expected to expand significantly, with increased demand for high-bandwidth and low-latency solutions [6][14]. Competitive Landscape - Major players in the optical transceiver market include **Nvidia**, **Google**, and **Meta**, each developing proprietary technologies to enhance their AI infrastructure [37][51]. - The competition is intensifying as companies strive to establish their networking standards, such as **Nvidia's NVLink** and **Broadcom's SUE** [20][27]. Conclusion - The global AI networking market is poised for significant growth driven by technological advancements and increasing demand from hyperscale AI companies. Key players are expected to benefit from ongoing innovations and market dynamics, making them attractive investment opportunities.

Investment Rating - The report maintains a "Buy" rating for key companies in the domestic computing power industry, including Cambrian (688256) and SMIC (0981.HK) [7][12]. Core Insights - The report emphasizes the certainty of investment opportunities in the domestic computing power sector, driven by the upcoming release of the new generation of computing power chips, represented by H Company’s 950 series, which will enter mass production in the first quarter [5][6]. - The domestic computing power industry is expected to see significant growth, with ByteDance projected to invest 150 billion in global computing power procurement in 2026, of which 60-65 billion is expected to be allocated domestically, with over 40 billion for domestic computing power [6]. - The report suggests that the impact of the H200 release on the domestic computing power industry will be limited, as the primary application scenarios differ from those of domestic solutions [6]. Summary by Sections Supply Side - The domestic computing power sector has faced challenges due to U.S. restrictions on advanced semiconductor processes and key materials. However, breakthroughs are anticipated starting in the second half of 2025, with improved collaboration between chip design companies and foundries expected to enhance production yields by 2026 [5][6]. - The report highlights the optimization of the supply chain and the collaboration between hardware and software, which has significantly improved the usability of domestic computing power in AI inference scenarios [5]. Demand Side - The demand for computing power in 2026 is becoming clearer, with major internet companies like Alibaba and Tencent also planning significant investments in domestic computing power [6]. - The report notes that the three major telecom operators are expected to increase their procurement of domestic computing power to meet the growing demand from AI applications [6]. Key Companies to Watch - The report recommends focusing on Cambrian (688256) as a representative of domestic computing power card suppliers and SMIC (0981.HK) as a leading foundry. Additionally, attention is drawn to Huahong Semiconductor (1347.HK) for its advancements in advanced processes [7]. - The report also suggests monitoring companies related to domestic IC substrates due to supply bottlenecks caused by shortages of upstream materials, recommending companies like Shenzhen South Circuit (002916) and Pengding Holdings (002938) [7]. Overseas Computing Power Industry - The report observes a shift in the driving force of AI computing power from training large models to deploying inference applications, with companies like Google leading advancements in model capabilities [8][9]. - The report anticipates continued high growth in AI application-driven computing power demand, with major companies expected to double their computing power every six months over the next few years [10].

Core Viewpoint - As of the end of 2025, the northbound capital has shifted its focus towards hard technology and non-ferrous metals industries, with ten industries having a market value of over 100 billion yuan [1][7]. Industry Summary - The top three industries by market value held by northbound capital at the end of 2025 are: - Power Equipment: 449.5 billion yuan, a 60.04% increase from 2024 [3][7]. - Electronics: 387 billion yuan, an 85.02% increase from 2024 [3][7]. - Non-ferrous Metals: 185.6 billion yuan, a 173.04% increase from 2024 [3][7]. - Other industries with significant holdings include: - Banking: 217.6 billion yuan, a 56.45% increase [3]. - Machinery: 98.6 billion yuan, a decrease of 3.49% [3]. - Pharmaceuticals: 148.2 billion yuan, a decrease of 35.52% [4]. Major Holdings - The top ten stocks held by northbound capital at the end of 2025 include: - Ningde Times: 254.3 billion yuan, a 76.57% increase [5][8]. - Midea Group: 77 billion yuan, a decrease of 7.99% [5][8]. - Kweichow Moutai: 75.8 billion yuan, a decrease of 35.82% [5][8]. - China Merchants Bank: 51.4 billion yuan, a 2.92% increase [5][8]. - Zijin Mining: 47.1 billion yuan, a 120.18% increase [5][8]. - Notable changes in the top ten include: - Northern Huachuang, Zhongji Xuchuang, and Lixun Precision entering the list, while Longjiang Power, Mindray Medical, and BYD dropped out [8].

Core Insights - The technology and computing hardware sector experienced a decline, with related ETFs seeing significant pullbacks, attracting active investment [1] - NVIDIA showcased the Vera Rubin AI supercomputer platform, which is set for mass production, featuring six new chips that significantly reduce costs and resource requirements for AI tasks [1] - The release of the Vera Rubin platform indicates a continued focus on high-performance GPUs, CPUs, and high-speed interconnect chips as the future direction for AI platforms [1] ETF Overview - The Communication ETF (华夏 515050) tracks the CSI 5G Communication Theme Index, focusing on the supply chains of NVIDIA, Apple, and Huawei, with top holdings including 中际旭创, 新易盛, and 立讯精密 [2] - The Entrepreneurial AI ETF (华夏 159381) tracks the Entrepreneurial AI Index, heavily weighted towards optical modules and AI application companies, with top holdings being 中际旭创, 新易盛, and 天孚通信 [2] - The Cloud Computing ETF (华夏 516630) tracks the Cloud Computing Index, which has a high AI computing content, covering various sectors including optical modules and AI servers [2]

Group 1 - The core point of the article highlights the performance of the HuShen 300 ESG ETF managed by Southern Fund Management, which experienced a decline of 4.80% as of the midday close on January 13, with a trading volume of 637,100 yuan [1] - The top holdings of the ETF include companies such as CATL, Kweichow Moutai, and BYD, with varying performance; for instance, CATL rose by 0.24%, while Kweichow Moutai fell by 0.30% [1] - Since its inception on April 13, 2023, the ETF has achieved a return of 21.37%, with a monthly return of 4.63% [1] Group 2 - The ETF's performance benchmark is the HuShen 300 ESG Index return rate, indicating its focus on sustainable investment [1] - The fund manager is Southern Fund Management Co., Ltd., and the fund manager is Li Jialiang [1]

Core Viewpoint - The report highlights the growth trajectory of China's optoelectronic device industry, projecting significant production increases and market potential from 2025 to 2032 [1] Group 1: Industry Overview - In November 2025, China's optoelectronic device production is expected to reach 164.5 billion units, reflecting a year-on-year growth of 9.1% [1] - Cumulatively, from January to November 2025, the total production of optoelectronic devices in China is projected to be 1,731.81 billion units, marking a cumulative growth of 9.7% [1] Group 2: Market Research - The report titled "2026-2032 China Optoelectronic Device Industry Market Survey and Future Trend Forecast" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has over a decade of experience in industry research, providing comprehensive reports and tailored services to support investment decisions [1]

Group 1 - The core point of the article is that Zhongji Xuchuang achieved a transaction volume of 10 billion yuan, with a current increase of 1.20% [2]

Core Insights - Northbound capital has shown significant growth in trading activity and investment preferences, particularly favoring hard technology and non-ferrous metals sectors in 2025 [1][2][3][7]. Group 1: Market Performance - By the end of 2025, northbound capital held nearly 1.08 trillion shares of A-shares, with a market value surpassing 2.59 trillion yuan, marking a nearly 20% increase from the previous year [2]. - The total trading volume of northbound capital exceeded 50.33 trillion yuan in 2025, representing a more than 40% increase year-on-year, contributing nearly 6% to the overall A-share market trading volume [3]. - The trading activity of northbound capital reached new heights, with 33 trading days exceeding 300 billion yuan, 27 of which occurred in 2025 [3]. Group 2: ETF Trading - Northbound capital's ETF trading volume surpassed 810 billion yuan in 2025, a 76% increase from 2024, indicating a growing preference for ETF investments among foreign investors [4]. - The proportion of ETF trading in the total northbound capital trading volume reached 1.62%, setting a historical high [4]. Group 3: Sector Preferences - The hard technology and non-ferrous metals sectors emerged as the new favorites for northbound capital, with 14 industries seeing holdings exceed 50 billion yuan, and 10 industries surpassing 100 billion yuan [7]. - The electric equipment sector led with a holding value of over 449.6 billion yuan, followed by the electronics sector at over 387 billion yuan, and the non-ferrous metals sector at over 185.5 billion yuan [7]. - The non-ferrous metals sector saw a remarkable growth of over 172% in holdings compared to the end of 2024, reflecting a shift in investment focus [8]. Group 4: Stock Concentration - The concentration of holdings by northbound capital reached a five-year low in 2025, indicating a trend towards diversification in investment strategies [10]. - The top 20 companies held by northbound capital accounted for less than 36% of total holdings, a decrease of over 2 percentage points from 2021 [11]. Group 5: Popular Investment Themes - In 2025, eight out of ten popular investment themes, including commercial aerospace and semiconductor sectors, saw over 50% of their constituent stocks receiving increased holdings from northbound capital [9]. - The commercial aerospace sector, in particular, had over 80% of its stocks increased in holdings, driven by strong market performance and supportive policies [9]. Group 6: Long-term Trends - Eighteen stocks have been consistently increased in holdings for five consecutive quarters, primarily in the machinery, electric equipment, and automotive sectors, indicating strong institutional confidence [12]. - Conversely, 26 stocks have seen reductions in holdings over the same period, mainly in the pharmaceutical, banking, and consumer sectors, reflecting a shift in investment focus [12][13].

第二条 本工作细则所适用的人员范围为董事会聘任的总裁、副总裁、财务总监 等高级管理人员。 第一章 总则 第一条 为明确中际旭创股份有限公司（以下简称公司）总裁等高级管理人员的 职责，保障总裁等高级管理人员依法行使职权，促进公司的稳定健康发展，根据《中 华人民共和国公司法》（以下简称《公司法》）、《深圳证券交易所创业板股票上市规 则》等有关法律、法规、规范性文件、公司股票上市地证券监管规则以及《中际旭 创股份有限公司章程》(以下简称《公司章程》)的相关的规定，结合公司实际情况， 特制订本工作细则。 第二章 总裁及其他高级管理人员的职责和分工 第三条 公司设总裁一名，由董事会聘任或解聘；公司设副总裁若干名，由总裁 提名，董事会聘任或解聘；公司设财务总监一名，由总裁提名，董事会聘任或解聘。 第四条 总裁对公司董事会负责，行使下列职权： （六） 依据《公司章程》及公司有关内控制度提请董事会聘任或者解聘公司副 总裁、财务总监等高级管理人员； 中际旭创股份有限公司 总裁工作细则 （一） 协助总裁的工作； （二） 受总裁委托分管部门某项业务或某些部门的工作，对总裁负责并在职责 范围内签发有关业务文件、处理具体的生产经营与管 ...

中际旭创股份有限公司 子公司管理制度 第一章 总 则 第一条 为加强中际旭创股份有限公司（以下简称"公司"）对子公司的管理，确 保子公司规范、高效、有序的运作，切实保护投资者利益，根据《公司法》、《深圳 证券交易所创业板股票上市规则》等法律、法规和规章以及《中际旭创股份有限公 司章程》（以下简称"公司章程"），特制定本制度。 第二条 本制度所称子公司是指根据公司总体战略规划、产业结构布局或业务发 展需要而依法设立的全资子公司，及公司直接或间接持有其 50%以上的股份的控股 子公司，或者能够决定其董事会半数以上成员组成，或者通过协议或其他安排能够 实际控制的子公司。 第三条 子公司在公司总体方针目标框架下，独立经营和自主管理，合法有效地 运作企业法人财产。公司按照有关法律法规和上市公司规范运作要求，行使对子公 司的重大事项管理。 第四条 子公司应遵循本制度规定，结合公司其他内部控制制度，根据自身经营 特点和环境条件，制定具体实施细则，以保证本制度的贯彻和执行。子公司同时控 股其他公司的，应参照本制度的要求逐层建立对其子公司的管理制度，并接受公司 的监督。 第五条 公司各职能部门应依照本制度及相关内控制度，及时、 ...