Group 1 - The A-share market saw a significant rise in CPO concept stocks, with notable increases in several companies' stock prices [1] - Key performers included Juguang Technology, which rose by 10.42%, and Kecuan Technology, which hit the daily limit with a 10% increase [2] - Other companies such as Tianfu Communication and Huilv Ecology also experienced substantial gains, with increases of 8.81% and 6.23% respectively [1][2] Group 2 - The total market capitalization for Juguang Technology is 18.8 billion, while Kecuan Technology has a market cap of 10.6 billion [2] - Year-to-date performance shows Kecuan Technology leading with a 78.86% increase, followed by Juguang Technology at 19.27% [2] - Other companies like Luobotek and Huatians Technology also reported strong year-to-date gains of 51.54% and 28.08% respectively [2]

消息面上，2026年春节未至，互联网巨头围绕AI赛道的流量入口争夺战已全面打响，腾讯、百度、字 节跳动等头部玩家纷纷砸下重金，以春节红包、春晚合作、特色AI玩法为抓手，借节日流量红利加速C 端AI应用的用户渗透与生态布局，掀起新一轮AI流量入口争夺热潮。 政策利好方面，我国将出台应对人工智能影响促就业文件。从人力资源社会保障部了解到，我国将实施 稳岗扩容提质行动，推出重点行业就业支持举措，出台应对人工智能影响促就业文件。强化重点群体就 业支持，印发高校毕业生等青年就业文件，出台统筹城乡就业体系意见，建立常态化防止返贫致贫就业 帮扶机制。 创业板人工智能ETF南方(159382)紧密跟踪创业板人工智能指数，创业板人工智能指数反映创业板人工 智能主题相关上市公司的股价变化情况。指数前十大权重股分别为中际旭创、新易盛、天孚通信、蓝色 光标、协创数据、同花顺、润和软件、北京君正、润泽科技、昆仑万维。 截至2026年1月27日 10:39，创业板人工智能ETF南方(159382)上涨3.01%，盘中换手3.64%，成交8390.82 万元。跟踪指数创业板人工智能指数成分股天孚通信上涨11.25%，协创数据上涨10.46 ...

1月27日，天孚通信涨5.17%，截至发稿，报206.09元/股，成交15.12亿元，换手率0.96%，总市值 1602.18亿元。 资料显示，苏州天孚光通信股份有限公司位于江苏省苏州市高新区长江路695号，成立日期2005年7月20 日，上市日期2015年2月17日，公司主营业务涉及光无源器件的研发设计、高精密制造与销售业务。主 营业务收入构成为：光通信元器件98.91%，其他1.09%。 从基金十大重仓股角度 责任编辑：小浪快报 华润元大信息传媒科技混合A（000522）基金经理为刘宏毅。 截至发稿，刘宏毅累计任职时间8年12天，现任基金资产总规模2.71亿元，任职期间最佳基金回报 374.54%， 任职期间最差基金回报-11.33%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@sta ...

Market Overview - On January 26, the market experienced slight fluctuations, with all three major indices closing down, while banks and brokerages supported the Shanghai index, which closed down by 0.09% [1] - The total trading volume for the day reached 3.25 trillion yuan [1] Sector Performance - The non-ferrous metals sector maintained a strong position, while previously strong sectors like commercial aerospace and semiconductors showed significant pullbacks [1] - Precious metals surged, with spot gold prices breaking the $5,000 per ounce mark for the first time in history, and the Huabao Non-Ferrous ETF (159876) rising by 4.77%, reaching a new historical high [2][4] - The non-ferrous metals index has seen a growth of over 130% in the past year [2] ETF Highlights - The Huabao Non-Ferrous ETF (159876) saw a net subscription of 140 million units in a single day, indicating strong investor interest [2][4] - The top-performing financial ETFs, including the broker ETF (512000), also showed signs of recovery, with a price increase of 0.87% [2] - The AI sector, particularly the Huabao Entrepreneurial AI ETF (159363), managed to close up by 0.56% despite a general pullback in the AI sector, with significant capital inflow of over 2.1 billion yuan in the past 10 days [8] Investment Insights - Analysts from Guotai Junan Securities believe that the Chinese market is undergoing a broad revaluation, with opportunities in both technology and non-technology sectors, emphasizing a barbell strategy focusing on quality growth [3] - The IDC data center sector is seen as a low-point opportunity, with expectations for a rebound in valuations and performance due to increased capital expenditures from major domestic companies [10] - The military industry, despite recent volatility, is expected to remain in an upward demand cycle over the next five years, with opportunities in military trade, commercial aerospace, and large aircraft sectors [13]

Group 1: Market Overview - On January 26, the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 757.1 billion yuan, with the ChiNext index seeing a net outflow of 281.49 billion yuan and the CSI 300 index a net outflow of 95.23 billion yuan [1] - Among the 10 primary industry sectors, the non-ferrous metals sector had the highest increase at 4.57%, followed by the petroleum and petrochemical sector at 3.18% and the coal sector at 2.07% [1] - In contrast, the defense and military industry saw the largest decline at 4.47%, with the automotive, social services, electronics, real estate, and computer sectors also experiencing declines exceeding 2% [1] Group 2: Fund Inflows and Outflows by Industry - Six industries saw net inflows of main funds, with the pharmaceutical and biotechnology sector leading at 3.29 billion yuan, followed by the communication sector at 2.519 billion yuan, and both the non-bank financial and banking sectors exceeding 1.4 billion yuan [1] - Conversely, 25 industries experienced net outflows, with the electronics, power equipment, and defense industries each seeing outflows exceeding 11 billion yuan [1] Group 3: Individual Stock Performance - Two stocks, Wangsu Science & Technology and Tianfu Communication, had significant net inflows exceeding 1.1 billion yuan, with Wangsu Science & Technology seeing a net inflow of 1.719 billion yuan and a price increase of 20.03% [2][3] - A total of 120 stocks had net inflows exceeding 100 million yuan, with 23 stocks exceeding 300 million yuan [2] - On the other hand, over 270 stocks had net outflows exceeding 1 billion yuan, with the leading outflow from Xunwei Communication at 1.946 billion yuan, followed by Goldwind Technology at 1.864 billion yuan [4][5] Group 4: End-of-Day Fund Flows - At the end of the trading day, the main funds saw a net outflow of 15.61 billion yuan, with the ChiNext index experiencing a net outflow of 6.76 billion yuan [6] - Four stocks had net inflows exceeding 1 billion yuan at the end of the day, with Hikvision leading at 1.471 billion yuan and a price increase of 1.13% [6][7] - Conversely, 25 stocks had net outflows exceeding 700 million yuan, with CATL, Weichai Power, and Tongfu Microelectronics each seeing outflows exceeding 2 billion yuan [8][9]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [4][18]. Core Insights - The communication industry saw a significant increase in fund holdings, with a market value share of 10.18% in Q4 2025, reflecting a quarter-on-quarter increase of 3.30 percentage points, ranking first among all sectors [2][6]. - The industry is expected to continue benefiting from developments in AI infrastructure and new connectivity, maintaining a high growth outlook despite current valuations being above historical averages [19]. - Key stocks in the communication sector are focused on the AI industry chain, with major holdings including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which ranked as the top three in fund holdings by market value [9][19]. Summary by Sections Fund Holdings Overview - As of Q4 2025, the communication sector's fund holdings ranked among the top five sectors, alongside electronics, power equipment, non-ferrous metals, and non-bank financials [6]. - The top three stocks by fund holdings in the communication sector are Zhongji Xuchuang (¥162.18 billion, +45.51% QoQ), Xinyi Sheng (¥124.66 billion, +13.14% QoQ), and Tianfu Communication (¥19.45 billion, +0.73% QoQ) [9][19]. Investment Recommendations - The report recommends maintaining an "Overweight" rating for the communication industry, highlighting specific stocks for investment: 1. Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Guangxun Technology, Huagong Technology 2. CPO/Silicon Photonics: Tianfu Communication, Shijia Photonics, Yuanjie Technology, Guangku Technology, Changguang Huaxin, Taicheng Light 3. PCB: Hudian Co., Shenzhen South Circuit 4. End-side: Guanghe Tong, ZTE Corporation 5. IDC/Liquid Cooling: Wangsu Technology, Aofei Data, Guanghuan New Network 6. Network Side: ZTE Corporation, Ruijie Networks, Unisplendour, Fenghuo Communication, Feiling Kesi 7. High-speed Copper Cables: Zhaolong Interconnect 8. Operators: China Mobile, China Telecom, China Unicom 9. Military Communication-related stocks: Haige Communication, Qiyi Er, Changying Tong 10. US stocks: Credo (CRDO), MaxLinear (MXL), Arista Networks (ANET), VNET Group (VNET), Coherent (COHR), Lumentum (LITE), Broadcom (AVGO), Marvell (MRVL), AXT (AXTI) [18]. Valuation Insights - The overall valuation of the communication sector is above the historical average, with a PE-TTM of 50x, placing it in the 86th percentile over the past decade. The sector is expected to maintain significant growth potential as it benefits from AI infrastructure and new connectivity developments [19].

Investment Rating - The communication sector is rated as "Overweight" [8] Core Insights - The communication sector saw a decline of 2.12% in the index, while the Shanghai Composite Index rose by 0.84% and the Shenzhen Component Index increased by 1.11% [11] - In Q4 2025, the proportion of communication stocks in the top ten holdings of public funds increased to 8.75%, up by 0.91 percentage points from the previous quarter [12] - The overweight ratio for the communication sector reached 5.25%, an increase of 1.89 percentage points compared to Q3 2025 [12] - Key areas of investment interest include AI computing power chains (such as optical modules, liquid cooling, copper connections, and switches) and commercial aerospace (rockets, satellites, and terminals) [11][12] Summary by Sections Market Performance - The communication index decreased by 2.12%, while the broader market indices showed positive growth [11] - Public funds increased their holdings in liquid cooling, optical chips, data centers, and commercial aerospace, while reducing exposure to fiber optic cables and communication equipment [12] Valuation Metrics - As of January 23, 2026, the TTM P/E ratio for the communication sector was 50.01x, which is at the 83.1% historical percentile since early 2011 [12] Key Companies and Dynamics - The report highlights a primary investment theme in the communication industry focusing on AI computing power chains, with recommended stocks including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [3] - The top five stocks by market value increase in Q4 2025 were Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yingwei Ke, and Yuanjie Technology, with respective increases of 51.3%, 17.8%, 21.0%, 33.6%, and 49.6% [21] - The report emphasizes the importance of commercial aerospace as a secondary investment theme [3] Recommended Stocks - The report recommends several stocks with a "Buy" rating, including: - Aofei Data (300738 CH) with a target price of 31.17 [43] - Wol Network (002130 CH) with a target price of 43.21 [43] - Ruijie Network (301165 CH) with a target price of 102.51 [43] - China Mobile (600941 CH) with a target price of 126.20 [43] - Xinyi Sheng (300502 CH) with a target price of 476.71 [43] - Tianfu Communication (300394 CH) with a target price of 211.92 [43] - Wan Guo Data (9698 HK) with a target price of 45.83 [43] - Zhongji Xuchuang (300308 CH) with a target price of 626.68 [43] - Hengtong Optic-Electric (600487 CH) with a target price of 25.73 [43]

Choice数据显示，1月26日，资金净流入额排名前十的个股依次是网宿科技、天孚通信、新易盛、中信 证券、亨通光电、大位科技、澜起科技、北方稀土、优刻得、长飞光纤。其中，网宿科技、天孚通信获 净流入超10亿元。 ...

Core Viewpoint - Tianfu Communication's stock has shown fluctuations with a recent increase of 2.00%, while the company has experienced a year-to-date decline of 4.96% in stock price [1] Group 1: Stock Performance - As of January 26, Tianfu Communication's stock price reached 192.95 yuan per share, with a trading volume of 2.363 billion yuan and a turnover rate of 1.61% [1] - The stock has seen a 10.17% decline over the past 20 days, but a 12.17% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Tianfu Communication reported a revenue of 3.918 billion yuan, marking a year-on-year growth of 63.63%, and a net profit attributable to shareholders of 1.465 billion yuan, up 50.07% year-on-year [2] Group 3: Shareholder Information - As of January 9, the number of shareholders for Tianfu Communication increased to 136,400, a rise of 7.31%, while the average number of tradable shares per person decreased by 6.81% to 5,686 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 14.8 million shares, a decrease of 3.17 million shares from the previous period [3]

Group 1 - The industry investment rating is "Buy" [2] - The report indicates that the communication sector's fund holdings have continued to rise quarter-on-quarter, with a notable increase in the allocation towards optical modules in Q4 2025 [6][20] - The communication sector's PE-TTM as of December 31, 2025, is 49.5 times, ranking it 7th among all Shenwan first-level industry indices, with a slight increase compared to the previous quarter [14][20] Group 2 - In Q4 2025, the total market value of fund holdings in the communication sector reached 186.39 billion CNY, an increase of 23.88 billion CNY from Q3 2025, marking the highest proportion of fund stock holdings in four years at 9.5% [23][25] - The report highlights a significant trend of increasing fund concentration in optical modules, with major holdings in companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [28][31] - The report notes a shift in fund strategies, with increased holdings in China Telecom (H shares) and a reduction in holdings of telecom equipment manufacturers like Zhongtian Technology and ZTE [46][54]