Group 1 - The core concern raised by investors is that CSPs (Cloud Service Providers) may bypass the company by placing orders directly with upstream suppliers like Lumentum, which could undermine the company's position in the supply chain [2][3] - Following the news, shares of major optical module companies, including the company in question, experienced declines, with the company’s stock dropping by 4.28% [3] - The company responded to investor concerns by clarifying that its business model remains unchanged, stating that CSPs directly place orders with them after rigorous qualification processes, and there is no scenario where CSPs would bypass them [4]

有投资者问，近日有新闻说CSP绕过公司，通过下单给Lumentum上游，再经Lumentum指定模组/组装厂的方式，跳过中间层下单，请董秘尽快出来 辟谣，给投资者以信心。 中际旭创在互动平台表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开发和设计，需要光模块厂商拥有高效的研发技 术能力和成熟的制造工艺、充足的产能和大规模制造与交付能力，且经过CSP客户严格的产品送测、资格认证和审厂后才能成为CSP客户供应链上的 合格供应商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给CSP客户，这个商业模式并没有改变。 不存在所谓的CSP客户下订单给 上游光芯片厂，跳过公司等中间层再转单给光芯片指定的模组/组装厂生产的情形。 小财注： 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司（如中际旭创），通过下单给上游的激光设 备公司Lumentum，再经Lumentum指定模组/组装厂的方式，跳过中间层下单，从而压缩中国模组厂的毛利。CSP是指大型云服务提供商（Cloud Service Provider），如谷歌、亚马逊、微软、Meta等科技巨头。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-02-11 | 300308 | 中际旭创 | 531.91 | 2.20 | | 1,170.2 华泰证券股份有限 | 金融街证券股份有 | | | | | | | | 公司泰州分公司 | 限公司上海浦东新 | | | | | | | | | 区花园石桥路证券 | | | | | | | | | 营业部 | 2月11日，中际旭创大宗交易成交2.2万股，成交额1170.2万元，占当日总成交额的0.06%，成交价531.91元，较市场收盘价 531.91元持平。 ...

中际旭创在互动平台表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开 发和设计，需要光模块厂商拥有高效的研发技术能力和成熟的制造工艺、充足的产能和大规模制造与交 付能力，且经过CSP客户严格的产品送测、资格认证和审厂后才能成为CSP客户供应链上的合格供应 商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给CSP客户，这个商业模式并没有改 变。不存在所谓的CSP客户下订单给上游光芯片厂，跳过公司等中间层再转单给光芯片指定的模组/组 装厂生产的情形。 CSP是指大型云服务提供商（Cloud Service Provider），如谷歌、亚马逊、微软、Meta等科技巨头。 这一网络"小作文"，引发市场对光模块龙头企业的担忧，2月11日收盘，中际旭创、新易盛、光库科技 等光模块概念股的股价均有不同程度下跌。其中，"被点名"的中际旭创下跌4.28%。 就此，有投资者问在互动易向中际旭创提问，请董秘尽快出来辟谣。 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司（如中 际旭创），通过下单给上游的激光设备公司Lumentum，再经Lumentum指定 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and cultural media sectors, highlighting potential investment risks in these areas [1][2][3] Group 1: Stock Performance and Fund Flow - The stock with the highest outflow is Xinyiseng, with a fund outflow of 30.50 billion yuan and a decline of 5.46% [2] - Zhongji Xuchuang follows closely with a fund outflow of 29.64 billion yuan and a decrease of 4.28% [2] - Other notable stocks with significant outflows include BlueFocus with 12.91 billion yuan and a drop of 3.57%, and Jiecheng Co. with 12.13 billion yuan but an increase of 4.73% [2] - Cultural media stocks such as Chinese Online and Guanghua Media also experienced outflows of 10.27 billion yuan (down 6%) and 9.38 billion yuan (up 5.09%), respectively [2][3] Group 2: Sector Analysis - The communication equipment sector is heavily impacted, with both Xinyiseng and Zhongji Xuchuang showing substantial fund outflows [2] - The cultural media sector also shows mixed performance, with some stocks like Guanghua Media gaining while others like Chinese Online are declining [2][3] - The home appliance industry, represented by Sanhua Zhikong and Zhao Chi Co., shows minor outflows of 8.30 billion yuan and 7.45 billion yuan, respectively, with slight declines in stock prices [2][3]

格隆汇2月11日丨中际旭创(300308.SZ)在互动平台表示，光模块产品由光模块厂商按照CSP 客户对数据 中心网络的需求进行定制化开发和设计，需要光模块厂商拥有高效的研发技术能力和成熟的制造工艺、 充足的产能和大规模制造与交付能力，且经过CSP 客户严格的产品送测、资格认证和审厂后才能成为 CSP 客户供应链上的合格供应商。因此，CSP 客户会直接下订单给公司，由公司制造后直接交付给 CSP 客户，这个商业模式并没有改变。不存在所谓的 CSP 客户下订单给上游光芯片厂，跳过公司等中 间层再转单给光芯片指定的模组/组装厂生产的情形。 ...

中际旭创在深交所互动易上表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定 制化开发和设计，需要光模块厂商拥有高效的研发技术能力和成熟的制造工艺、充足的产能和大规模制 造与交付能力，且经过CSP客户严格的产品送测、资格认证和审厂后才能成为CSP客户供应链上的合格 供应商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给CSP客户，这个商业模式并没 有改变。不存在所谓的CSP客户下订单给上游光芯片厂，跳过公司等中间层再转单给光芯片指定的模 组/组装厂生产的情形。 ...

Core Viewpoint - The company emphasizes that its optical module products are customized and developed according to the specific needs of CSP customers for data center networks, requiring advanced R&D capabilities and mature manufacturing processes [1] Group 1 - The optical module manufacturers must possess efficient R&D technology, mature manufacturing processes, sufficient production capacity, and large-scale manufacturing and delivery capabilities [1] - CSP customers conduct strict product testing, qualification certification, and factory audits before a supplier can be considered qualified in their supply chain [1] - The business model remains unchanged, where CSP customers place orders directly with the company, which then manufactures and delivers the products directly to them [1] Group 2 - There is no scenario where CSP customers place orders with upstream optical chip manufacturers, bypassing the company and directing orders to designated module/assembly factories [1]

Group 1 - The company, Zhongji Xuchuang (300308.SZ), has indicated its involvement in cutting-edge technology fields such as CPO [1]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, particularly in the communication equipment and cultural media sectors, suggesting potential investor concerns or market volatility [1][2][3] Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced a capital outflow of 2.851 billion yuan, with a decline of 4.1% in stock price [2] - Xinyi Sheng saw a capital outflow of 2.795 billion yuan, with a stock price drop of 4.9% [2] - BlueFocus Media had a capital outflow of 1.2 billion yuan, with a decrease of 3.62% in stock price [2] - Jiecheng Co. reported a capital outflow of 1.135 billion yuan, with a stock price increase of 3.67% [2] - Zhongwen Online faced a capital outflow of 0.928 billion yuan, with a decline of 7.04% in stock price [2] Group 2: Sector Analysis - The communication equipment sector, represented by Zhongji Xuchuang and Xinyi Sheng, shows significant capital outflows, indicating potential challenges in this industry [2][3] - The cultural media sector, including companies like BlueFocus Media and Zhongwen Online, also reflects notable capital outflows, suggesting investor caution in this area [2][3] - The home appliance industry, represented by Sanhua Intelligent Control and Zhaochi Co., shows mixed performance with capital outflows, indicating varying investor sentiment [2][3]