记者丨 雷晨 该公司透露，业绩增长的核心驱动力来自AI行业加速发展与全球数据中心建设热潮，带动高速 光器件产品需求持续稳定增长，叠加公司智能制造降本增效，促进了公司有源与无源产品线营 收增长。 编辑丨骆一帆 全球AI算力建设爆发，光模块作为数据高速传输的"血管"，迎来了真正的黄金年代。从2025 年开始，800G需求持续放量，1.6T已进入商用导入期，行业正从速率竞赛全面转向效率竞 争。 随着2025年年度业绩预告陆续披露， 以天孚通信、剑桥科技为代表的国内光模块龙头企业， 交出了增速惊人的答卷，归母净利润同比增幅均超40% ，直观印证了AI算力基础设施需求激 增带来的行业高景气度。 但光芯片供应缺口仍存，供应链掌控力成为竞争关键。在AI巨头资本开支持续加码、"光替 铜"浪潮将至的背景下，光模块行业正站在量价齐升与格局重塑的交叉点，开启新一轮成长周 期。 业绩高增 2025年，光模块行业整体呈现"量价齐升"格局，头部企业凭借产品结构优化与产能优势，交出 亮眼业绩答卷。 天孚通信作为光器件领域龙头，业绩维持增长。 公司1月21日披露的业绩预告显示，2025年归 母净利润预计为18.81亿元~21.5亿元，同比增 ...

Key Points - Hunan Silver's future market price for silver products has uncertainty regarding its ability to continue rising or maintain high levels [1] - Zhite New Materials may apply for a trading suspension again if its stock price experiences further abnormal increases [1] - Binhai Energy plans to invest in the construction of porous carbon and silicon-carbon anode material projects [1] - Baotai's subsidiary signed a construction contract worth 85.5626 million yuan with an affiliated party [1] - Limin Co. expects a net profit growth of 471.55%-514.57% year-on-year for 2025 [1] - Han Jian Heshan intends to acquire 52.51% equity in Xingfu New Materials, with trading suspension starting January 22 [2] - Xingfa Group plans to repurchase company shares with an investment of 200 million to 400 million yuan [1] - Actual controller of Hengshuai Co. plans to reduce holdings by no more than 2.16% [1] - Lu Wei Optoelectronics intends to raise no more than 1.38 billion yuan through a private placement [1]

Industry Insights - The People's Bank of China is accelerating the construction of a cross-border payment system for the renminbi, promoting interconnectivity in cross-border payments and aiming for a diversified and multi-layered development of the payment system [2] - The Ministry of Finance and four other departments announced the establishment of new duty-free shops at 41 ports to boost consumption, facilitating duty-free shopping for incoming travelers [3] - The demand for AI is driving significant revenue growth for several companies in the industry, with storage chip leader Demingli expected to achieve revenue of 10.3 billion to 11.3 billion yuan in 2025, representing a year-on-year increase of 115.82% to 136.77% [4] - The consumer electronics market is showing signs of recovery, with companies like Jin'an Guoji and Baiao Intelligent reporting impressive performance [4] Company Performance - Demingli, a leader in storage chips, anticipates a revenue increase of 115.82% to 136.77% in 2025, projecting revenues between 10.3 billion and 11.3 billion yuan [4] - Tianfu Communication, a core supplier of optical modules, expects a net profit growth of 40% to 60% in 2025 [4] - Jin'an Guoji forecasts a net profit of 280 million to 360 million yuan in 2025, reflecting a year-on-year increase of 655.53% to 871.40% [14] - Daikin Heavy Industries projects a net profit of 1.05 billion to 1.2 billion yuan in 2025, indicating a growth of 121.58% to 153.23% [14]

Group 1 - Greenland crisis has seen a turnaround with a framework agreement reached between the US and NATO regarding Greenland, which could benefit the US and NATO member countries [5] - The European Parliament has indefinitely frozen the review of the EU-US trade agreement due to threats to EU sovereignty and territorial integrity [6] - The People's Bank of China is accelerating the construction of a cross-border payment system for the renminbi and implementing strict regulatory measures for payment institutions [7] Group 2 - The cosmetics market in China is projected to exceed 1.1 trillion yuan by 2025, with domestic brands capturing over 57% market share [23] - China has become the world's largest exporter of machine tools, surpassing Germany with a 21.6% share of global exports [24] - The successful trial of automatic formation operation for heavy-duty trains in China marks a significant change in railway freight control [25] Group 3 - SpaceX plans to complete its IPO by July this year, as stated by CEO Elon Musk [27] - Xibei Catering has completed its Series A financing, with new investors including Zhang Yong, founder of New Rongji [28] - Apple is set to transform Siri into its first chatbot product by the second half of 2026, utilizing Google's Gemini model [29] Group 4 - TSMC's 3nm production capacity is fully booked until 2027 due to surging demand from artificial intelligence [30] - China Nuclear Power and Alibaba have established a nuclear energy company with a registered capital of 250 million yuan [31] - The download volume of Alibaba's Qianwen series models has surpassed 1 billion, making it the first open-source large model to achieve this milestone [32]

Group 1 - The Ministry of Finance announced a temporary exemption from personal income tax on capital gains from the transfer of CDRs for individual investors from January 1, 2026, to December 31, 2027 [5] - The People's Bank of China emphasized strict regulatory measures for payment institutions and the development of a modern payment system in 2026 [5] - The Ministry of Housing and Urban-Rural Development expressed support for reasonable financing needs of real estate companies to stabilize the market [10] Group 2 - The Ministry of Finance issued new regulations to address issues related to abnormally low prices in government procurement [8] - The Guangdong provincial government is promoting the orderly opening of autonomous driving road tests and applications [14] - The construction of China's first offshore liquid rocket launch and recovery test platform is underway, with plans for testing in early February [16] Group 3 - Moore Threads, referred to as "China's Nvidia," expects to achieve revenue of 1.45 billion to 1.52 billion yuan in 2025, representing a growth of 230.70% to 246.67% year-on-year [21] - Zhite New Materials announced potential stock suspension if its stock price continues to deviate significantly from its fundamentals [22] - Guotou Zhonglu received approval from the State-owned Assets Supervision and Administration Commission for its asset restructuring and financing plan [23] Group 4 - Han Jian Heshan is planning to acquire a 52.51% stake in Liaoning Xingfu New Materials Co., Ltd., leading to a stock suspension [24] - Aotai Bio plans to repurchase shares worth between 100 million and 200 million yuan [25] - Zhongchao Holdings received an order for 40 sets of thrust chamber covers from a rocket unit [26]

Market Overview - The stock market experienced rapid rotation of hot sectors, with over 3,000 stocks rising, while the total trading volume in the Shanghai and Shenzhen markets was 2.6 trillion yuan, a decrease of 177.1 billion yuan compared to the previous trading day [1] Company Performance - Tianfu Communication (300394) expects a net profit of 1.881 billion to 2.150 billion yuan for 2025, representing a year-on-year growth of 40% to 60%, driven by the acceleration of the AI industry and global data center construction [2] - Zhite New Materials (300986) announced a stock price increase of 211.27% from January 5 to January 21, 2026, leading to a halt for review due to significant deviation from fundamentals [3] - Dajin Heavy Industry (002487) forecasts a net profit of 1.05 billion to 1.20 billion yuan for 2025, with a year-on-year increase of 121.58% to 153.23%, attributed to rapid growth in overseas offshore wind power projects [3] - Demingli (001309) anticipates a net profit of 650 million to 800 million yuan for 2025, reflecting an increase of 85.42% to 128.21%, supported by advancements in storage solutions and improved sales margins due to AI demand [4] External Market Influence - The US stock market saw all three major indices rise by over 1%, with the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16%, indicating a strong performance in storage concept stocks [5]

权威精选 A股"易中天组合"的首份2025年业绩预告，由天孚通信披露。 1月21日盘后，天孚通信发布2025年度业绩预告，公司预计2025年实现归属于上市公司股东的净利润约18.81亿元~21.5亿元，同比增长40.00%~60.00%，上年 约13.44亿元；预计2025年实现扣非净利润约18.29亿元~21.08亿元，同比增长39.19%~60.4%，上年约13.14亿元。 | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | | 项目 | | 本会计年度 | | | 上年同期 | | 归属于上市公司 | | 188, 093. 11 | ~ | 214, 963. 56 | 134. 352. 22 | | 股东的净利润 | 比上年同期增长 | 40. 00% | | 60. 00% | | | 扣除非经常性损 | | 182,893.11 | ~ | 210, 763. 56 | 131. 398. 48 | | 益后的净利润 | 比上年同期增长 | 39. 19% | | 60. 40% | | 图片来源：天孚通信公告 据Wind金融终端 ...

Core Viewpoint - Tianfu Communication (300394) expects a significant increase in net profit for the fiscal year 2025, driven by the growth in the artificial intelligence sector and global data center construction, despite facing some financial challenges due to foreign exchange losses [2][3]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of between 1.881 billion and 2.150 billion yuan for 2025, representing a year-on-year growth of 40.00% to 60.00% [2]. - The expected net profit after deducting non-recurring items is projected to be between 1.829 billion and 2.108 billion yuan, indicating a growth of 39.19% to 60.40% compared to the previous year [2]. - For the first three quarters of 2025, the company reported a net profit of 1.465 billion yuan, a year-on-year increase of 50.07%, with the third quarter alone showing a net profit of 566 million yuan, up 75.68% year-on-year [2]. Group 2: Market and Product Development - Tianfu Communication has established mass production capabilities for 800G and 1.6T high-speed optical engines and aims to leverage its technological advantages to expand its customer base and seize market growth opportunities [3]. - The company is actively addressing production bottlenecks for certain materials and is working closely with suppliers to enhance delivery and meet customer demands [3]. - The 1.6T optical engine products are being delivered normally, and the company plans to continue investing in R&D to optimize product performance and control costs [3]. Group 3: Production Capacity Expansion - The company's production base in Thailand is being developed in two phases, with the first phase expected to be operational by mid-2024 and the second phase set to commence in 2025, aiming for increased capacity by 2026 [3]. - In addition to the Thailand base, the company is also expanding its production capacity at its facility in Jiangxi Gao'an, maintaining a flexible capacity strategy that adjusts resource allocation based on customer demand [3].

Group 1: AI Demand Surge - The demand for AI has led to significant revenue growth for several companies in the industry chain, with notable performances from companies like Demingli, which expects a revenue increase of 115.82% to 136.77% in 2025, reaching between 10.3 billion to 11.3 billion yuan [3] - Demingli also anticipates a net profit of 650 million to 800 million yuan in 2025, marking a year-on-year increase of 85.42% to 128.21%, with a remarkable quarterly net profit growth of over 1000% in Q4 2025 [3] - Tianfu Communication, a core supplier of optical modules, expects a net profit of 1.881 billion to 2.15 billion yuan in 2025, driven by the acceleration of AI development and global data center construction [3] Group 2: Consumer Electronics and Materials Recovery - The consumer electronics market is experiencing a recovery, positively impacting upstream materials and equipment companies, such as Jin'an Guoji, which forecasts a net profit of 280 million to 360 million yuan in 2025, reflecting a substantial increase of 655.53% to 871.40% [5] - The growth in Jin'an Guoji's performance is attributed to improved market conditions for copper-clad laminates and increased sales volume and prices [5] - Baiao Intelligent, a supplier of smart manufacturing equipment, expects a net profit of 90 million to 120 million yuan in 2025, representing a year-on-year increase of 228.34% to 337.79%, driven by rising demand in the consumer electronics and industrial markets [6] Group 3: Turnaround Stories - Defu Technology anticipates a net profit of 97 million to 125 million yuan in 2025, marking a turnaround from previous losses, attributed to significant demand recovery in the downstream market and an increase in high-value product shipments [6] - Qianfang Technology expects to achieve a net profit of 250 million to 320 million yuan in 2025, recovering from a loss of 1.193 billion yuan in the previous year, driven by market expansion and product innovation in the smart IoT sector [7] - Tongfei Co. forecasts a net profit of 240 million to 268 million yuan in 2025, with a growth rate of 56.43% to 74.68%, primarily due to the rapid growth of temperature control products in power electronic devices [7]

1月21日，天孚通信(300394.SZ)发布2025年度业绩预告，预计归属于上市公司股东的净利润为18.81亿 元-21.50亿元，比上年同期增长40.00%-60.00%。主要得益于人工智能行业加速发展与全球数据中心建 设，带动了高速光器件产品需求的持续稳定增长，叠加公司智能制造持续降本增效，共同促进了公司有 源和无源产品线营收增长。另一方面，报告期内受汇兑损失影响，财务费用同比上升，对本期业绩增长 产生一定负向影响。 （文章来源：每日经济新闻） ...