2、公司董事会秘书、副总经理陈凯荣先生持有天孚通信225,792股（占公司总股本比例0.0290%），计 划在本减持计划预披露公告之日起十五个交易日后的三个月内（窗口期不减持），以集中竞价方式减持 公司股份不超过56,000股(不超过公司总股本比例0.0073%)。 3、公司财务总监吴文太先生持有天孚通信96,040股（占公司总股本比例0.0124%），计划在本减持计划 预披露公告之日起十五个交易日后的三个月内（窗口期不减持），以集中竞价方式减持公司股份不超过 24,000股（不超过公司总股本比例0.0031%）。 格隆汇12月2日丨天孚通信(300394.SZ)公布，1、苏州天孚光通信股份有限公司董事、副总经理王志弘 先生持有公司1,580,562股（占公司总股本比例0.2033%），计划在本减持计划预披露公告之日起十五个 交易日后的三个月内（窗口期不减持），以集中竞价方式减持公司股份不超过395,000股（不超过公司 总股本比例0.0509%）。 ...

Group 1 - The core viewpoint of the articles highlights the resilience of the AI sector, particularly in the context of the recent performance of the ChiNext AI ETF and the growth prospects for companies involved in AI and related technologies [1][4] - New Yi Sheng, a leading optical module CPO, has seen a significant increase in stock price, indicating strong market interest and performance in the optical module sector [1] - Morgan Stanley's report indicates a substantial upward revision in Google's TPU production forecasts, suggesting a robust demand for AI-related hardware, which could benefit optical module suppliers [3] Group 2 - The AI industry is experiencing a clear upward trend, with short-term adjustments providing good opportunities for investment, particularly in the computing power and AI application sectors [4] - The optical module industry is expected to see a capacity release in Q1 2026, driven by the high demand in the computing power supply chain, which is likely to enhance the performance of leading optical module manufacturers [3] - The first ChiNext AI ETF is highlighted as a key investment vehicle, with a significant portion of its holdings focused on optical module leaders, reflecting the growing importance of this sector in the AI landscape [4]

每经AI快讯，天孚通信12月2日晚间发布公告称，苏州天孚光通信股份有限公司董事、副总经理王志弘 先生持有公司约158万股（占公司总股本比例为0.2033%），计划在本减持计划预披露公告之日起十五 个交易日后的三个月内，以集中竞价方式减持公司股份不超过约40万股。 公司董事会秘书、副总经理陈凯荣先生持有天孚通信约23万股（占公司总股本比例为0.029%），计划 在本减持计划预披露公告之日起十五个交易日后的三个月内，以集中竞价方式减持公司股份不超过约 5.6万股。 公司财务总监吴文太先生持有天孚通信约9.6万股（占公司总股本比例为0.0124%），计划在本减持计划 预披露公告之日起十五个交易日后的三个月内，以集中竞价方式减持公司股份不超过约2.4万股。 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 （记者 王晓波） ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-056 苏州天孚光通信股份有限公司 关于董事、高级管理人员减持股份的预披露公告 公司董事王志弘、高级管理人员陈凯荣、吴文太保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 特别提示： 1、苏州天孚光通信股份有限公司（以下简称"公司"或"天孚通信"）董事、 副总经理王志弘先生持有公司1,580,562股（占公司总股本比例0.2033%），计划 在本减持计划预披露公告之日起十五个交易日后的三个月内（窗口期不减持）， 以集中竞价方式减持公司股份不超过395,000股（不超过公司总股本比例0.0509%）。 2、公司董事会秘书、副总经理陈凯荣先生持有天孚通信225,792股（占公司 总股本比例0.0290%），计划在本减持计划预披露公告之日起十五个交易日后的三 个月内（窗口期不减持），以集中竞价方式减持公司股份不超过56,000股(不超过 公司总股本比例0.0073%)。 3、公司财务总监吴文太先生持有天孚通信96,040股（占公司总股本比例 0.012 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 11月27日，由深圳证券交易所基金管理部、华安基金管理有限公司联合主办的"创未来·启新程——创业 板系列ETF中国行"活动近日走进创业板50指数成分股企业——苏州天孚光通信股份有限公司（简称"天 孚通信"）。此次活动汇聚了来自券商机构、基金公司、媒体代表及投资者等多方人士，深入探访这家 光通信领域的领军企业，共同探讨科技创新与资本市场融合发展的新路径。 图："走进创业板50成分股公司——天孚通信"活动现场图 创业板自设立以来始终坚守服务创新型成长企业的定位，目前已形成以高新技术企业为主体、战略性新 兴产业为支柱的鲜明特色。创业板50指数聚焦市值大、流动性好、创新能力突出的头部企业，已成为反 映创业板核心资产表现的重要标杆ETF。创业板50指数近一年涨幅超55%，近六月涨幅超73%，大幅跑 赢同期主流宽基指数；近三年年化收益率超15%，而由于创业板50指数业绩优异，指数的估值水平仍处 于历史中位数附近，是市场中不可多得的优质资产。 聚焦高端制造，共探科技强国之路 活动伊始，与会嘉宾参观了天孚通信现代化展厅，直观了解其发展历程、核心技术布局以及智能制造体 系。展厅 ...

Fixed Income Research - In the current low interest rate environment, real estate bonds have certain yield exploration space, but the fundamentals of the sector still need further improvement. The overall strategy recommendation remains focused on steady defense [2][6]. Paper and Light Industry Research - The operational efficiency and employee motivation of Bohui Paper Industry have improved, backed by Golden Light Paper Industry, enhancing long-term competitiveness [2][10]. Telecommunications Research - Guangku Technology has raised its profit forecast and target price, maintaining a buy rating. Revenue has significantly increased, driven by rapid growth in data communication [2][12]. Retail and Social Services Research - Tongcheng Travel's Q3 2025 performance exceeded expectations, with seasonal growth in hotel and transportation sectors improving sequentially. The company continues to achieve stable profit release through take rate enhancement and efficiency improvements [2][15][16]. Public Utilities Research - In the context of market capitalization assessment, state-owned enterprises with weak stock prices may have buyback demands. There is also potential for thermal power companies to increase dividends or buybacks [2][19][37].

Market Overview - The market experienced a downturn in early trading, with all three major indices declining. The Shanghai Composite Index fell by 0.55%, the Shenzhen Component Index dropped by 0.77%, and the ChiNext Index decreased by 0.88%. Nearly 4,000 stocks in the market saw declines [1][2]. Sector Performance - The Fujian sector continued to perform strongly, with Hai Xin Food achieving five consecutive trading limit-ups and Pingtan Development recording two limit-ups in three days [1]. - The commercial aerospace concept showed active performance, with Aerospace Development achieving nine limit-ups in thirteen days and Tongyu Communication recording four consecutive limit-ups [1]. - The AI mobile phone concept also saw localized strength, with Da Ming Optical achieving four consecutive limit-ups [1]. Declining Sectors - The battery sector experienced fluctuations and declines, with Shida Shenghua dropping nearly 7% [2]. - The non-ferrous metals sector showed weak performance, with Huaxi Nonferrous Metals also declining by nearly 7% [2]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion yuan, a decrease of 179.6 billion yuan compared to the previous trading day [2]. Notable Stocks - Zhongji Xuchuang had the highest trading volume, exceeding 16 billion yuan, followed by Industrial Fulian and Xinyi Sheng with significant trading volumes as well [2][3]. - Notable stock performances included: - Aerospace Development up by 10.03% to 16.35 yuan [3] - Saiwei Electronics surged by 14.40% to 57.99 yuan [3] - Industrial Fulian increased by 2.51% to 61.31 yuan [3]

Core Insights - The main focus of the article is on the significant inflow of capital into specific stocks as of December 2, with notable amounts recorded for various companies [1] Group 1: Capital Inflows - The top stock receiving capital inflow is Industrial Fulian, with an inflow of 844 million yuan [1] - Luxshare Precision follows with an inflow of 619 million yuan [1] - Pingtan Development and Shenghong Technology also show strong inflows of 546 million yuan and 544 million yuan respectively [1] Group 2: Other Notable Stocks - Other companies with significant capital inflows include: - Tianfu Communication with 358 million yuan [1] - BYD with 319 million yuan [1] - Aerospace Power with 297 million yuan [1] - Additional companies in the top inflow list include: - GoerTek with 287 million yuan [1] - Rongji Software with 276 million yuan [1] - Aerospace Development with 228 million yuan [1]

Industry Investment Rating - The steel industry maintains an "overweight" rating [49] - The real estate industry maintains an "overweight" rating [57] - The insurance industry maintains an "overweight" rating [86] Core Viewpoints - Global risk preferences have significantly declined, leading to asset price fluctuations and panic selling. However, China's capital market is expected to recover in valuation and experience significant development, with A/H shares, industrial commodities recommended for tactical overweight, and US dollars for tactical underweight [20][21] - The Fed's expected interest rate cut in December has risen significantly, and the market is highly concerned about the Fed's monetary policy. The Chinese economy is expected to gradually stabilize, and the policies of various industries will promote the improvement of industry fundamentals [8][15] - The technology theme is expected to return to the main line, and themes such as commercial space, AI applications, robots, and domestic demand consumption are worthy of attention [29] Summary by Directory Macro Reports - **Global Asset Performance**: From November 24 - 28, 2025, major global stock markets rose, commodities generally increased, the 10 - year US Treasury yield remained unchanged, the US dollar index fell, and the RMB appreciated against the US dollar [5] - **US Economy**: Manufacturing new orders increased, housing price growth slowed, and consumer growth also slowed [6] - **European Economy**: Business confidence in the eurozone stabilized [7] - **Overseas Policies**: The Fed's expected interest rate cut in December rose to 80%, the ECB President said the current interest rate was appropriate, the UK's budget faced a "technical leak", Japan's bond - issuing plan tilted towards short - term bonds, and the BOJ's December interest rate hike expectation did not increase [8][9][10] - **China's Economy**: Consumption, investment, and production showed structural differentiation. The manufacturing PMI marginally rebounded due to improved external demand, and the construction industry's business activity index also increased marginally, but the service industry's declined [13][15] Asset Allocation Report - **A/H Shares**: Tactical overweight is maintained due to multiple factors supporting China's equity performance, such as the release of micro - trading risks and the approaching policy window [20] - **Treasury Bonds**: Tactical standard allocation is maintained because of the imbalance between financing demand and credit supply, and the central bank may take action to maintain market liquidity [20] - **Industrial Commodities**: Tactical overweight is maintained as industrial metals like copper may face supply - demand imbalances, with strong demand and increasing development costs [21] - **US Dollars**: Tactical underweight is maintained as the Fed's policy adjustment and the marginal convergence of the US economy reduce the dollar's allocation value [21] Strategy Reports - **Asset Overview**: Global risk preferences recovered, stocks and commodities rose, silver and copper prices hit record highs, and the dollar index weakened. A - shares and other major global stock markets generally rebounded, and the bond market showed a pattern of a bearish steepening in China and a bullish steepening in the US [23][24][25] - **Theme Analysis**: The trading heat of hot themes was stable, the technology theme returned, and funds flowed into AI and communication. Themes such as commercial space, AI applications, robots, and domestic demand consumption are recommended [29] Overseas Strategy Reports - **Fund Flows**: North - bound funds may have a small net inflow, and south - bound funds' inflow into e - commerce and retail reached a new high since October. Overseas funds showed different flow trends in different markets [36][37] - **Policy Tracking**: Domestic policies covered macro, industrial, and local aspects, and overseas policies included diplomatic, economic, and interest - rate - related policies [39][40][43] Industry Reports - **Steel**: Demand is expected to stabilize, supply is expected to contract, and the industry's fundamentals are expected to gradually recover. Companies with product and cost advantages are recommended [45][48][49] - **Utilities**: The proportion of long - term contract electricity in 2026 is expected to decrease, electricity prices may have limited declines, and the industry's valuation is expected to improve [52] - **Real Estate**: The transaction volume in large and medium - sized cities rebounded, and the spot - housing sales are beneficial to the industry's healthy development [57][58] - **Food and Beverage**: CPI data has boosted the sector's expectations. Different sub - sectors such as liquor, beverages, and snacks have corresponding investment recommendations [62] - **Robotics**: Overseas and domestic companies have made progress in the field of humanoid robots, and investment in this field is active. Core component suppliers and整机 manufacturers are recommended [67][68][69] - **Machinery**: The weekly operating load rate of industrial gases increased, and important projects such as the second - phase of the Huanneng Jintan salt - cavern compressed - air energy - storage project advanced. Related companies are recommended [73][74][75] - **Insurance**: In October 2025, the growth rate of life and property insurance premiums declined marginally. The industry is optimistic about the growth of the life insurance's new business value (NBV) in the 2026 opening season and the continuous improvement of the property insurance's combined ratio (COR) [83][84][85] - **Agriculture**: Corn prices rose, the pet food market showed different trends at home and abroad, and the pig - breeding industry needs to pay attention to the epidemic and demand. Related companies in different sub - sectors are recommended [88][89][90] - **Textile and Apparel**: The US clothing retail industry showed growth, and the overseas K - shaped consumption trend continued. Export - manufacturing and brand - end companies are recommended [93][94][95]

短期业绩波动，不改长期趋势 天孚通信(300394) ——三季报业绩点评 股票研究 /[Table_Date] 2025.12.01 2025-12-01 电信运营 [Table_Industry] /信息技术 本报告导读： 下调盈利预测和目标价，维持增持评级；业绩略低预期，不改需求向好；盈利能力 保持稳定，持续投入扩产。 投资要点： 风险提示：行业需求低于预期，行业竞争更加恶劣。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 1,939 | 3,252 | 6,090 | 9,074 | 10,864 | | (+/-)% | 62.0% | 67.7% | 87.3% | 49.0% | 19.7% | | 净利润(归母) | 730 | 1,344 | 2,254 | 3,328 | 3,999 | | (+/-)% | 81.1% | 84.1% | 67.8% | 47.6% | 20.2% | | 每股净收益( ...