Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Company Overview - Tianfu Communication, established on July 20, 2005, and listed on February 17, 2015, specializes in the research, design, precision manufacturing, and sales of optical passive devices, with 98.91% of its main business revenue coming from optical communication components [1][2] Stock Performance - As of September 17, Tianfu Communication's stock price was 174.69 CNY per share, with a market capitalization of 135.807 billion CNY. The stock has increased by 169.17% year-to-date, with a recent 0.13% decline over the last five trading days [1] - The stock has seen significant trading activity, with a total turnover of 18.90 billion CNY and a turnover rate of 1.37% on the same day [1] Financial Performance - For the first half of 2025, Tianfu Communication reported a revenue of 2.456 billion CNY, representing a year-on-year growth of 57.84%. The net profit attributable to shareholders was 899 million CNY, up 37.46% year-on-year [2] Shareholder Information - As of September 10, the number of shareholders increased to 110,100, with an average of 7,047 shares held per shareholder, a decrease of 1.98% from the previous period [2] - The company has distributed a total of 2.172 billion CNY in dividends since its A-share listing, with 1.536 billion CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, major institutional shareholders include Hong Kong Central Clearing Limited, holding 17.97 million shares, and various ETFs such as E Fund's ChiNext ETF and Huatai-PB's CSI 300 ETF, all showing increases in their holdings compared to the previous period [3]

Group 1 - A total of 395 foreign institutions have participated in A-share listed company research since the beginning of the second half of the year, with a cumulative research count of 1,782 times as of September 16 [1] - Point72 has conducted the most research, with 59 instances, while Goldman Sachs, Bank of America Securities, and Citigroup have each exceeded 40 research instances [1] Group 2 - Key sectors attracting foreign institutional attention include industrial machinery, electrical equipment, electronic instruments, and medical care equipment [3] - Companies such as Estun, Huaming Equipment, Opto, Tianfu Communication, Lens Technology, United Imaging, Mindray, and BeiGene have received research from over 50 foreign institutions [3] - Estun's recent investor relations activity indicates that foreign institutions like Merrill Lynch, Citigroup, Morgan Stanley, BNP Paribas, Deutsche Bank, and Point72 are focused on the demand situation in downstream industries, with Estun expecting continued growth in automotive, electronics, and lithium battery sectors [3] - United Imaging has reported that its AI-driven smart operation system has significantly improved efficiency and reduced costs, supporting its long-term development in the global medical imaging industry [3] - Many foreign institutions believe that the A-share market currently offers rich investment opportunities, particularly in the technology and pharmaceutical sectors [3] - Morgan Stanley recently highlighted areas to watch in the A-share market, including AI computing and applications, innovative drugs, new energy (benefiting from policy adjustments), semiconductors, new consumption, resource products, and high-end manufacturing [3]

证券日报网讯天孚通信9月16日在互动平台回答投资者提问时表示，公司不掌握截至2025年9月12日的股 东人数数据。 （文章来源：证券日报） ...

文章封面图来源于AI， 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确 性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构 成投资建议 转引的相关观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天 国投证券研报认为，随着AI技术的迅猛发展，算力作为AI基础设施的重要组成部分，国产算力 已经实现从模型—芯片—代工等多个核心环节的突破性进展。展望未来，国内大模型应用将 加快落地，带动推理需求持续增长，同时，互联网巨头、国企、地方政府等持续加大AI投入， 为国产芯片提供了广阔市场。 华安证券策略团队认为，近期，算力股业绩强劲、估值健康，符合机构投资偏好，抱团行为 继续加深。向。 从交易拥挤度来看，兴业证券策略团队指出，当前电子+通信成交占比25.6%，基本已达到 2023年以来历轮行情的最高水平，不过，如果考虑到市值增长，计算两者的成交占比/自由 流通市值之比，当前这一指标在1.49，相比过去几轮1.7以上的极值并不极端。进一步看，用 行业内部成交额前20%个股的成交占比，计算通信和电子行业内部的拥挤度，当前这一指标 在通信行业为70%，在电子行业为68%，近期有所 ...

行情回顾及主要观点： 上周A股市场整体呈现上涨态势，主要指数均实现反弹：上证综指涨1.5%，深证成指涨2.6%，创业板50 指数涨1.9%，科创50涨5.5%，显示出成长风格的强劲表现。交易面，上周A股日均成交额在2.3万亿元 左右，较前一周小幅降温。市场热点在机器人、固态电池、芯片、黄金、算力硬件、CPO、PCB、液冷 服务器、油气、影视院线等板块间快速轮动，呈现持续活跃与回落交替的特征。建议关注科技成长类资 产与周期行业轮动机会，如受益于电池、光伏、智能驾驶新政的新能源板块。 创业板50指数（399673.SZ）权重行业观点： 工业和信息化部等八部门近日印发了《汽车行业稳增长工作方案（2025—2026 年）》。《工作方案》 提出，2025年，力争实现全年汽车销量3230万辆左右，同比增长约 3%，其中新能源汽车销量1550万辆 左右，同比增长约20%；汽车出口保持稳定增长；汽车制造业增加值同比增长6%左右。2026年，行业 运行保持稳中向好发展态势，产业规模和质量效益进一步提升。涵盖32%新能源光伏权重的创业板50指 数值得长期关注。 创业板为主要"三创（创新、创造、创意）四新（新技术、新产业、新业态、 ...

Group 1 - The National Communication Index decreased by 1.14% as of September 16, 2025, with mixed performance among constituent stocks, led by Cambridge Technology with a rise of 9.65% [1] - The Communication ETF (159695) experienced a cumulative increase of 5.45% over the past week, ranking first among comparable funds [1] - The Communication ETF's latest scale reached 299 million yuan, marking a one-year high and also ranking first among comparable funds [3] Group 2 - The communication industry showed strong performance in the first half of 2025, with significant growth in revenue and net profit, and record high gross and net profit margins since 2022 [4] - The top ten weighted stocks in the National Communication Index accounted for 64.43% of the index as of August 29, 2025, with notable companies including New Yisheng, Zhongji Xuchuang, and ZTE [4] - The Communication ETF achieved a net value increase of 109.34% over the past year, ranking 189 out of 3013 index stock funds, placing it in the top 6.27% [3]

Industry Overview - The demand for AI computing power is rapidly increasing, driving the fast iteration of core components and packaging technologies [1] - The global optical module market is expected to experience a structural explosion, reaching a market size of $12.1 billion by 2025 [2] - The penetration rate of CPO technology in AI data centers is projected to exceed 20% by 2026, becoming the mainstream solution for next-generation optical interconnects [2] Company Performance - NewEase achieved a revenue of 10.437 billion yuan in the first half of the year, a year-on-year increase of 282.64%, with a net profit of 3.942 billion yuan, up 355.68% [2] - Zhongji Xuchuang reported a revenue of 14.789 billion yuan, a 36.95% increase year-on-year, and a net profit of 3.995 billion yuan, up 69.40% [2] - Tianfu Communication's revenue reached 2.456 billion yuan, a 57.84% increase year-on-year, with a net profit of 899 million yuan, up 37.46% [3] - Nazhen Technology's revenue grew by 124% year-on-year to 4.216 billion yuan, with optical module revenue accounting for 77.9% of total revenue [3] Technological Advancements - Leading companies showcased innovations at the 26th China International Optoelectronic Expo, focusing on integrated solutions and next-generation optical module technologies [1] - NewEase and Zhongji Xuchuang are actively developing next-generation optical module technologies, including CPO and LPO [1][2] - Nazhen Technology is developing LPO-based optical modules and is advancing CPO technology to support ultra-high-speed products [3] Market Challenges - The industry is facing challenges in capacity expansion, with a shift from "where is the demand" to "how to deliver on time" as the global data center market accelerates [3] - Companies are experiencing tight supply of key raw materials, which raises inventory requirements [4] - The production of 800G and 1.6T modules is facing challenges in yield and engineering as these technologies are still in early development stages [3]

Group 1 - The core viewpoint of the news highlights the significant rise in the solid-state battery concept, with the 创50ETF (159681) increasing by 2.95% and key component stocks like 宁德时代 (300750) rising by 13.70% [1] - The 创业板 (ChiNext) is showing a "multi-dimensional coexistence" characteristic, with new energy remaining a core strength alongside AI hardware stocks [1] - The 创业板50指数 (399673) top ten weighted stocks account for 68.14% of the index, indicating a concentration of market influence among these companies [2] Group 2 - The 创50ETF closely tracks the 创业板50指数, which consists of the 50 stocks with the highest average daily trading volume in the ChiNext market [1] - The report suggests that future growth in the 创业板 will depend not only on the AI industry's performance but also on the demand growth for solid-state batteries [1] - The supply-side recovery, supported by anti-involution policies, is expected to drive the valuation of the sector upward [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the optical module industry, specifically recommending Zhongji Xuchuang and Xinyi Sheng [4][10]. Core Insights - The optical module industry is experiencing unprecedented growth driven by the explosive demand for AI computing power, with a shift in focus from "where is the demand" to "how to deliver on time" [1][21]. - The core challenges for optical module manufacturers include capacity expansion, yield rates, and certification processes, which are critical for fulfilling orders [3][26]. - The report emphasizes the importance of delivery capability as a decisive factor in competition, highlighting leading companies like Zhongji Xuchuang and Xinyi Sheng for their technological innovation and rapid mass production capabilities [7][26]. Summary by Sections Investment Strategy - The report suggests focusing on the delivery capabilities of optical module manufacturers as the industry transitions into a phase driven by AI computing needs [1][21]. - Key companies to watch include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others in the optical communication sector [8][14]. Market Trends - The global AI server market is projected to reach $125.1 billion in 2024, with expectations to grow to $222.7 billion by 2028, indicating a significant increase in demand for optical modules [5][25]. - The demand for 800G optical modules is expected to reach approximately 7.5 million units in 2024 and 18 million units in 2025, with a supply gap predicted to be 40% to 60% by 2027 [5][25]. Production Challenges - The production of optical modules involves complex processes such as optical coupling, packaging, and reliability testing, which contribute to long lead times from order to delivery [3][23]. - The report identifies three main challenges: capacity expansion, yield improvement, and customer certification, which are critical for meeting the growing demand [11][24]. Recommendations - The report continues to favor the computing power sector and recommends investing in leading optical module companies while also considering smaller firms in the optical device space [7][26]. - It highlights the importance of domestic supply chains in the computing power industry, particularly in areas like liquid cooling [7][26].