Group 1 - Public fund research has shown a significant increase, with 129 public fund institutions conducting 780 research sessions on 135 stocks across 22 industries from June 9 to June 15, 2025, marking a 17.82% increase from the previous week [1][2] - Tianfu Communication emerged as the most favored stock among public fund institutions, attracting nearly 40% of public funds with a total of 57 research sessions [1][2] - The computer industry saw Zhongke Shuguang and Haitan Ruisheng being researched 46 times and 26 times respectively, while in the electronics sector, Haiguang Information and Longli Technology were researched 46 times and 17 times respectively [1][2] Group 2 - The electronics industry led the research interest with 160 sessions, followed by the computer industry with 104 sessions, indicating a strong focus on technology sectors [2][3] - Other popular industries among public fund institutions included communication, textile and apparel, defense and military, machinery, pharmaceuticals, retail, basic chemicals, and food and beverage [3] - 63 public fund institutions maintained a high-frequency research pace, averaging over 5 sessions per week, with Penghua Fund leading with 23 sessions [3]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector experienced a decline of 0.55% in the 24th week of 2025, ranking 18th among major industries in the Yangtze River region. Year-to-date, the sector has increased by 1.32%, also ranking 18th [2][5]. - Oracle's cloud revenue for FY25Q4 reached $6.7 billion, a year-on-year increase of 27%. The IaaS revenue surpassed $10 billion for the first time, growing by 52% [6]. - The launch of the Doubao model 1.6 enhances the capabilities and cost-effectiveness of AI agents, facilitating their large-scale application in complex business scenarios [7]. - The current valuation of the communication sector is at historical lows, presenting a high cost-performance ratio for investors [2]. Summary by Sections Market Performance - In the 24th week of 2025, the communication sector fell by 0.55%, with notable stock performances including Tianfu Communication (+13.8%) and Zhongji Xuchuang (+12.6%). The worst performers included Erli San (-10.1%) and Aofei Data (-8.9%) [5]. Oracle's Cloud Business - Oracle's FY25Q4 revenue was $15.9 billion, an 11% increase year-on-year, with cloud revenue at $6.7 billion, up 27%. IaaS revenue grew to $3 billion, a 52% increase, while SaaS revenue reached $3.7 billion, an 11% increase [6]. AI and Doubao Model - The Doubao model 1.6, launched by ByteDance, supports 256K context and features multi-modal understanding, significantly reducing application costs. The average daily token usage exceeded 16.4 trillion, a 137-fold increase since its initial release [7]. Investment Recommendations - Recommended stocks include China Mobile, China Telecom, and China Unicom in the operator category. For optical modules, Zhongji Xuchuang and Xinyi Sheng are highlighted, while for domestic computing, Fenghuo Communication and Huafeng Technology are recommended [8].

Market Performance - On June 16, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 0.35% to 3388.73 points, the Shenzhen Component Index rising by 0.41% to 10163.55 points, and the ChiNext Index up by 0.66% to 2057.32 points [1] Fund Manager Changes - In the past 30 days (May 17 to June 16), 449 fund managers have left their positions, with 14 announcements made on June 16 alone. Reasons for departure include job changes, personal reasons, and product expiration [3] - Notable fund manager, Lei Jun from Great Wall Fund, manages assets totaling 3.632 billion yuan, with the highest return product being the Great Wall CSI 500 Index Enhanced A, achieving a 97.33% return over 6 years and 200 days [3] New Fund Managers - New fund manager, Shang Shuo Hui from Huatai Baoxing Fund, manages assets of 1.075 billion yuan, with the highest return product being the Huatai Baoxing Ji Nian Feng Mixed Initiation A, which achieved a 90.15% return over 8 years and 86 days [4] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 67 listed companies, followed closely by Huaxia Fund with 66, E Fund with 50, and Guotai Fund with 49 [6] - The most researched industry was general equipment with 183 instances, followed by the automotive parts industry with 170 instances [6] Recent Stock Focus - The most researched stock in the past month was Zhongke Shuguang, part of the information technology sector, with 65 fund management companies participating in the research. Other notable stocks included Haiguang Information and Tianfu Communication [6][7] - In the past week (June 9 to June 16), Zhongke Shuguang remained the focus with 65 fund institutions conducting research, followed by Haiguang Information and Tianfu Communication [7]

Group 1 - The core viewpoint of the report emphasizes the expansion of AI themes from a single algorithm to diversified scenarios, including computing power, C-end applications, autonomous driving, robotics, and AI for Science, indicating a transition from the "technology trigger" phase to a "steady recovery" and "production maturity" phase in the computing power sector [1][22][24] - The report highlights significant performance growth in domestic optical communication manufacturers, with NewEase's net profit expected to increase by over 380% year-on-year in Q1 2025, demonstrating the realization of performance in the computing power sector [1][22][24] - The report suggests that downstream applications of AI, such as AI agents, autonomous driving, and AI for Science, are likely to accelerate into maturity stages, showcasing practical commercial value [2][23] Group 2 - The report identifies a shift in institutional holdings from high-risk preferences to value growth in the computing power sector, with notable reductions in holdings of companies like Zhongji Xuchuang and Tianfu Communication [2][24] - The "pendulum effect" in the computing power sector is discussed, indicating a rebalancing of fundamentals and market chips, where lower-valued stocks may attract capital due to technological breakthroughs or order increases [3][24] - The report indicates that the optical module sector is entering a golden period of value growth, driven by product upgrades, connection value expansion, and a stable market structure [4][25][27] Group 3 - The report recommends focusing on key companies in the computing power supply chain, particularly in the optical module industry, such as Zhongji Xuchuang and NewEase, as well as smaller firms like Tianfu Communication and Shijia Photon [7][29] - It emphasizes the importance of technological barriers and high order visibility in the core segments of the computing power sector [3][24] - The report provides a detailed overview of the optical module industry, highlighting the demand for 800G optical modules in North America, projected to reach 20 million units by 2025 [4][27]

华泰联合证券有限责任公司 关于苏州天孚光通信股份有限公司 募投项目结项并将节余募集资金永久补充流动资金的核查意见 向特定对象发行股票募投项目结项并将节余募集资金永久补 充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作 为苏州天孚光通信股份有限公司（以下简称"天孚通信"、"公司"或"发行人"） 2020 年向特定对象发行股票工作的保荐机构，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等法律法规的规定，对天孚通信向特定对象发行股票募 投项目结项并将节余募集资金永久补充流动资金事项进行了核查，核查情况及核 查意见如下： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意苏州天孚光通信股份有限公 司向特定对象发行股票注册的批复》（证监许可[2020]2747 号）同意注册，公司于 2021 年 1 月向特定对象发行人民币普通股股票 18,424,753 股，发行价 ...

表决结果：同意 3 票，反对 0 票，弃权 0 票。 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 苏州天孚光通信股份有限公司（以下简称"公司"）第五届监事会第七次临 时会议通知于 2025 年 6 月 6 日以电子邮件方式发出，会议于 2025 年 6 月 13 日 以现场方式召开。应参加会议监事 3 人，实际参加会议监事 3 人。本次会议的召 开符合《中华人民共和国公司法》等法律法规及《公司章程》的规定。会议由监 事会主席王显谋先生主持，审议通过以下议案及事项，并形成决议。 二、监事会会议审议情况 审议通过了《关于公司向特定对象发行股票募投项目结项并将节余募集资 金永久补充流动资金的议案》 监事会认为：公司将募投项目结项并将节余募集资金永久补充流动资金，有 利于提高募集资金使用效率，促进公司发展，符合公司和公司全体股东的利益， 不存在损害公司股东特别是中小股东利益的情形，符合《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定。我们一致同 意公司本次募投项目结项并将节余募集资金永久补充流动资金的事 ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-024 二、董事会会议审议情况 审议通过了《关于公司向特定对象发行股票募投项目结项并将节余募集资 金永久补充流动资金的议案》 鉴于公司"面向 5G 及数据中心的高速光引擎建设项目"已满足结项条件， 为提高募集资金的使用效率，结合公司实际经营情况，董事会同意将上述募投项 目结项并将节余募集资金永久补充公司流动资金，用于日常生产经营活动。公司 将授权管理层办理相关募集资金专户销户手续，募集资金专户注销后，公司与保 荐机构、开户银行签署的募集资金监管协议随之终止。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 苏州天孚光通信股份有限公司 第五届董事会第八次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 苏州天孚光通信股份有限公司（以下简称"公司"或"天孚通信"）第五届 董事会第八次临时会议通知于 2025 年 6 月 6 日以电子邮件形式发出，会议于 2025 年 6 月 13 日以现场与通讯相结合的方式召开。应参加会议董事 6 人，实际 参加会议董事 ...

关于向特定对象发行股票募投项目结项并将节余募集资 金永久补充流动资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 苏州天孚光通信股份有限公司（以下简称"公司"或"天孚通信"）于 2025 年6月13日召开第五届董事会第八次临时会议和第五届监事会第七次临时会议， 审议通过了《关于公司向特定对象发行股票募投项目结项并将节余募集资金永久 补充流动资金的议案》，同意公司对特定对象发行股票募集资金投资项目（以下 简称"募投项目"）予以结项，并将募投项目"面向 5G 及数据中心的高速光引擎建 设项目"节余募集资金人民币 3,653.38 万元（暂估金额，含累计理财收益、银行 存款利息收入扣除银行手续费等的净额，最终金额以资金转出当日银行专户实际 金额为准）用于永久补充公司流动资金。上述事项在公司董事会审批权限范围内， 无需提交股东大会审议。现将具体内容公告如下： 一、募集资金及募投项目基本情况 证券代码：300394 证券简称：天孚通信 公告编号：2025-026 苏州天孚光通信股份有限公司 根据公司《向特定对象发行股票并在创业板上市募集说明书》，本次募集资 金 ...

Core Viewpoint - The continuous decline in the number of shareholders for certain companies indicates a trend of increasing concentration of shares, with 343 companies reporting their latest shareholder numbers as of June 10, showing that 34 companies have seen a decline for more than three consecutive periods [1] Group 1: Shareholder Trends - Companies like Kangxin New Materials and Dingxin Communications have experienced a significant drop in shareholder numbers, with Kangxin New Materials reporting 42,574 shareholders, a cumulative decrease of 29.28%, and Dingxin Communications reporting 29,453 shareholders, a cumulative decrease of 24.43% [1] - Other companies with notable declines in shareholder numbers include Junwei Electronics and Chuangyitong, with Junwei Electronics experiencing a decline for 10 consecutive periods [1] Group 2: Market Performance - Among the companies with declining shareholder numbers, 25 have seen their stock prices rise, while 9 have experienced declines, with Tianfu Communication, Dongshan Precision, and Sudar Shares showing significant increases of 42.05%, 18.39%, and 17.40% respectively [2] - 22 of these companies outperformed the Shanghai Composite Index, with Tianfu Communication, *ST Lanhua, and Dongshan Precision achieving relative returns of 40.24%, 16.69%, and 16.58% respectively [2] Group 3: Industry and Institutional Interest - The industries with the highest concentration of companies experiencing declining shareholder numbers include machinery, electronics, and communications, with 5, 5, and 3 companies respectively [2] - In terms of institutional interest, 5 companies with declining shareholder numbers were subject to institutional research in the past month, with Tianfu Communication, Xinshi Da, and Ximai Food receiving the most attention from institutions [2]

Group 1 - The AI computing power sector is experiencing a strong rebound, with the A500 ETF (512050) showing positive performance, particularly with stocks like Tianfu Communication rising over 12% [1] - The A500 index has outperformed the CSI 300 index since September 24, 2022, with a return of 22.59% compared to the CSI 300's 21.22% as of June 11, 2025, indicating the index's inherent high potential [1] - A significant net inflow of 90.88 million yuan was recorded for the A500 ETF, reflecting strong market interest [1] Group 2 - The A500 ETF and its linked funds are noteworthy due to their large market liquidity and scale, with the ETF's average daily trading volume consistently ranking first in its category since its launch [2] - The A500 ETF has a current scale exceeding 15 billion yuan, with management fees at 0.15% and custody fees at 0.05%, making it one of the lowest in its category [2]