证券代码：300394 证券简称：天孚通信 公告编号：2025-028 苏州天孚光通信股份有限公司 股东询价转让计划书 股东朱国栋保证向苏州天孚光通信股份有限公司提供的信息内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担法 律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托华泰联合证券有限责任公司（以下简称"华泰联合证券"）组织实 施天孚通信首发前股东询价转让（以下简称"本次询价转让"）。截至2025年8月 8日，出让方所持公司股份的数量占公司总股本比例情况如下： | 序号 | 拟参与转让股东的名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 朱国栋 | 64,222,627 | 8.26% | 注：公司总股本为777,415,891股，以此计算持股比例，后同。 （二）关于出让方是否为公司控股股东、实际控制人、持股5%以上的股东、董 事、高级管理人员 本次询价转让的出让方朱国栋非公司的控股股东、实 ...

8月7日，A股三大指数走势分化，沪指四连阳，盘中最高上探3645.12点，续刷阶段新高，创业板指、深 证成指收跌，两市成交额1.83万亿元，环比放量。 | 序号 代码 名称 | 两日图 现价 涨跌 涨跌幅 ▼ | | --- | --- | | 1 159876 有色龙头ETF > ~~~ 0.664 0.010 1.53% | | | 2 159707 地产ETF | -0.640 0.008 1.27% | | 3 515260 电子ETF | 0.975 0.006 0.62% | | 4 512800 银行ETF | brund 0.874 0.004 0.46% | | 5 512170 医疗ETF | 2. Am 0.369 0.001 0.27% | 盘面热点杂乱，全球贸易波动加剧，特朗普表示美国将对芯片和半导体征收约100%的关税，半导体、 消费电子联袂走强，电子ETF（515260）场内价格一度上涨1.8%。 地产午后拉升，代表A股龙头地产行情的地产ETF（159707）场内收涨逾1%。上海宣布明年将启动城中 村整体改造项目，2027年全面完成小梁薄板房屋改造，继续开展老旧小区改造。 银行延 ...

沪指8月7日上涨0.16%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为有色金属、美容护 理，涨幅分别为1.20%、0.99%。跌幅居前的行业为医药生物、电力设备，跌幅分别为0.92%、0.74%。 通信行业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出378.24亿元，今日有8个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨0.45%，全天净流入资金31.24亿元，其次是有色金属行业，日涨幅 为1.20%，净流入资金为6.50亿元。 主力资金净流出的行业有23个，机械设备行业主力资金净流出规模居首，全天净流出资金63.21亿元， 其次是国防军工行业，净流出资金为60.71亿元，净流出资金较多的还有医药生物、电力设备、计算机 等行业。 通信行业今日下跌0.47%，全天主力资金净流出31.77亿元，该行业所属的个股共125只，今日上涨的有 43只，涨停的有4只；下跌的有81只。以资金流向数据进行统计，该行业资金净流入的个股有31只，其 中，净流入资金超5000万元的有6只，净流入资金居首的是东信和平，今日净流入资金4.40亿元，紧随 其后的是特发信息、太辰光，净流入资金分 ...

天孚通信（300394.SZ）8月5日在投资者互动平台表示，尊敬的投资者你好，泰国生产基地分两期投 产，第一期项目已于2024年年中投入使用，前期已经完成了打样送样，客户认证等准备工作，目前正在 根据客户需求增加产能；第二期项目已经完成装修交付，预计近期将完成设备调试和样品制作，并交付 客户验证，谢谢关注。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：泰国基地建设情况及投产情况介绍一下？ ...

人民财讯8月5日电，天孚通信（300394）在互动平台表示，泰国生产基地分两期投产，第一期项目已于 2024年年中投入使用，前期已经完成了打样送样，客户认证等准备工作，目前正在根据客户需求增加产 能；第二期项目已经完成装修交付，预计近期将完成设备调试和样品制作，并交付客户验证。 ...

沪指8月5日上涨0.96%，申万所属行业中，今日上涨的有31个，涨幅居前的行业为综合、银行，涨幅分 别为1.98%、1.59%。通信行业今日上涨1.25%。 资金面上看，两市主力资金全天净流出116.76亿元，今日有10个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨1.25%，全天净流入资金24.85亿元，其次是非银金融行业，日涨幅 为1.23%，净流入资金为15.67亿元。 主力资金净流出的行业有21个，医药生物行业主力资金净流出规模居首，全天净流出资金53.36亿元， 其次是计算机行业，净流出资金为31.02亿元，净流出资金较多的还有国防军工、机械设备、电子等行 业。 通信行业今日上涨1.25%，全天主力资金净流入24.85亿元，该行业所属的个股共125只，今日上涨的有 98只，涨停的有6只；下跌的有23只。以资金流向数据进行统计，该行业资金净流入的个股有63只，其 中，净流入资金超亿元的有11只，净流入资金居首的是东信和平，今日净流入资金5.70亿元，紧随其后 的是中际旭创、长芯博创，净流入资金分别为4.58亿元、2.84亿元。通信行业资金净流出个股中，资金 净流出超5000万元 ...

Summary of the Conference Call Records Company Overview - The company discussed is Tianfu Communication, which specializes in optical devices and has a diverse product line including passive and active components. The company has established its headquarters and R&D center in Suzhou, with additional facilities in Japan and Jiangxi, and sales offices in Shenzhen and Wuhan [1][2]. Industry and Market Position - Tianfu Communication has a significant presence in the optical device industry, focusing on laser radar and medical testing sectors. The company has expanded its global operations with production capabilities in Suzhou, Jiangxi, and Thailand, with the first phase of the Thailand factory contributing to performance in 2024 and the second phase expected to be operational by Q2 2025 [1][2]. Product Lines - The product lines are categorized into passive and active businesses. Passive products include FAU components and MPO fiber optic connectors, while active products focus on the 800G and 1.6T optical engines from Melos, with the latter expected to see quarterly growth starting in 2025 [1][4]. Financial Performance - Since its IPO in 2015, Tianfu Communication has maintained growth despite industry cyclicality. The company experienced significant revenue and profit increases during the 5G construction peak (2019-2020) and continued to grow even during the slowdown in domestic 5G construction (2021-2022). The revenue has rapidly increased since 2023 due to the AI wave, with expectations for this trend to continue through 2025 [5][6]. Profitability - The company enjoys high gross and net profit margins, attributed to strict cost control and a focus on high-end product strategies. The expense ratio remains stable at around 11%, supported by the revenue growth from active products [6]. Historical Development - Tianfu Communication has a history of breaking the Japanese monopoly in the ceramic precision components market by mastering the complete processing technology. The company has expanded its product offerings over the years, including fiber optic adapters and transceiver components, which has increased its market share in China [3][7]. Competitive Advantages - The company has established a competitive edge in the optical communication field, being one of the first to go public among optical chip companies. It has continuously innovated and expanded its product lines to meet the growing demands of the data center and cloud computing markets [8][9]. Future Directions - Tianfu Communication is focusing on the development of 1.6T high-speed transmission equipment and CPO (Co-Packaged Optics) technology, with expectations for 1.6T devices to gradually ramp up production in Q2 to Q3 of this year. CPO technology is projected to reach mass production levels by 2026-2027, which will provide additional business growth opportunities [10]. The company aims to continue expanding its product lines and deepening its industry chain involvement while maintaining strong profitability and cost management [10].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - Microsoft reported revenue of $76.442 billion for the latest quarter, a year-on-year increase of 18.1%, with net profit reaching $27.233 billion, up 23.58%, driven primarily by its intelligent cloud business [1][12] - Meta's Q2 revenue was $47.52 billion, a 22% year-on-year increase, exceeding market expectations, with ad revenue of $46.56 billion [2][15] - The overseas computing power industry remains robust, unaffected by DeepSeek and trade frictions, with a strong fundamental resonance in the related supply chain [3][28] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include optical modules and devices, with a focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [5][31] - For switch server PCBs, recommended companies include Hudian Co., ZTE, and Unisplendour [5][31] - Low valuation and high dividend opportunities are identified in major telecom operators like China Mobile, China Telecom, and China Unicom [5][31] - AIDC and cooling solutions are highlighted, with key recommendations for companies like Yingweike and Runze Technology [5][31] - AIGC applications and edge computing are emphasized, recommending companies such as Guohua Communication and Meige Intelligent [5][31] 2. Marine Wind and Submarine Cables - Key recommendations for submarine cable companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [6][32] - The recovery of overseas markets and concentration on leading companies is noted, with recommendations for Huace Navigation and Weisheng Information [6][32] 3. Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is highlighted, with key recommendations for Huace Navigation and Haige Communication [6][33] - The successful launch of low-orbit satellites for broadband communication services is noted, marking significant progress in China's satellite internet initiatives [26][27] 4. Recent Industry Trends - The report indicates that the computing power industry is expected to maintain high growth, with AI as a key investment theme for 2025 [3][28] - The government has included "deep-sea technology" in its work report, indicating a positive trend for the marine wind and cable industry [3][28] - The report emphasizes the importance of AI and digital economy as long-term trends, with a focus on ICT equipment, optical modules, and cloud computing infrastructure [30][29]

Investment Rating - The report maintains a "Buy" rating for Tianfu Communication, Xingwang Ruijie, Ruijie Network, China Mobile, China Telecom, China Unicom, Huace Navigation, and Hengtong Optoelectronics, while recommending "Hold" for Huafeng Technology [9][50]. Core Insights - North American cloud service providers (MAMG: Microsoft, Amazon, Meta, Google) reported a 69% year-on-year increase in capital expenditures (CapEx) for Q2 2025, totaling $87.4 billion, indicating strong demand for computing power [1][2][15]. - The report anticipates that the total CapEx for 2025 will reach $333.8 billion, reflecting a 49% year-on-year growth, with optimistic guidance from major players [4][15]. - The report suggests that the robust CapEx growth from overseas cloud service providers will continue to boost confidence in computing power demand, benefiting both the overseas computing supply chain and domestic internet companies [1][15]. Summary by Sections Market Performance - The communication index rose by 2.54% last week, while the Shanghai Composite Index fell by 0.94% and the Shenzhen Component Index dropped by 1.58% [1][15]. Key Companies and Dynamics - The report highlights key companies in the AI computing supply chain for 2025, recommending Tianfu Communication, Xingwang Ruijie, Ruijie Network, and Huafeng Technology, as well as core asset value reassessment for China Mobile, China Telecom, and China Unicom [5][9]. - Major cloud providers' CapEx for Q2 2025 includes Microsoft ($17.08 billion, +23%), Amazon ($31.37 billion, +91%), Meta ($16.54 billion, +102%), and Google ($22.45 billion, +70%) [16]. Capital Expenditure Guidance - Microsoft expects its Q1 FY26 CapEx to exceed $30 billion, while Amazon's Q2 CapEx rate is projected to represent the investment rate for the second half of the year [4][16]. - Meta has raised its 2025 CapEx guidance to $66-72 billion, and Google has increased its guidance to $85 billion [4][16]. Investment Recommendations - The report emphasizes the importance of focusing on the global AI computing supply chain, including components like optical modules, liquid cooling, copper connections, and switches [1][15]. - The report also notes the expected growth in domestic internet companies' investments driven by the positive outlook from overseas cloud service providers [1][15].

热门ETF方面，同标的指数规模最大、流动性突出的创业板人工智能ETF（159363）场内价格小幅下跌0.65%，实时成交额达1.14亿元，盘中频现溢价交 易，资金继续净申购2400万份。 8月4日早盘，光模块（CPO）等板块继续回调，AI应用逆市活跃，创业板人工智能指数小幅调整。其中，天孚通信下跌5%，中际旭创、长芯博创、联特科 技、新易盛等跌超1%。AI应用则逆市活跃，神州泰岳涨超8%，东土科技涨超6%，汉得信息、易华录等涨逾1%。 长江证券表示，北美四大云商财报与订单表现强劲，资本开支延续高增趋势，AI商业飞轮提速，海外算力链持续景气，建议关注光模块、AI应用等细分机 会。 把握AI核心机会，建议重点关注全市场首只的创业板人工智能ETF华宝（159363）及场外联接（A类023407、C类023408），标的指数约七成仓位布局算 力，三成仓位布局AI应用，高效地捕捉AI主题行情，重点布局光模块龙头"易中天"，兼顾IDC算力租赁、云计算等热门赛道。 值得一提的是，杠杆资金近期借道159363踊跃布局创业板人工智能赛道。数据显示，创业板人工智能ETF（159363）上周连续五日均获融资净买入，累计金 额达32 ...