Core Insights - The performance of actively managed public equity funds in 2025 has reached historic highs, with nearly 60 funds achieving over 100% returns and the first fund since 2008 surpassing 200% returns [1][2][5] - The return of active management capabilities is attributed to a combination of favorable market conditions and improved research capabilities, although high concentration risks remain a concern [1][8] Performance Highlights - As of December 12, 2025, the top-performing fund, Yongying Technology Smart Selection A, achieved a return of 218.40%, significantly outperforming the second-place fund by over 50 percentage points [2] - If this fund's returns increase by 7.84% in the remaining trading days, it will surpass the previous record set in 2007, becoming the highest annual return in public fund history [2] Historical Context - In the years leading up to 2025, active equity funds have shown strong performance, but none achieved returns exceeding 200% [3][4] - The highest annual returns prior to 2025 were 182.27% in 2006 and 171.78% in 2015, with a notable decline in the number of "doubling funds" in recent years due to market structure changes [3][4] Market Dynamics - The current market environment is characterized by structural trends, with high concentration in specific sectors such as technology and new energy, which have driven fund performance [7][9] - The active management strategy has proven effective, but it also carries inherent risks due to high portfolio concentration, which can lead to significant performance declines during sector pullbacks [8][9] Industry Trends - The number of funds achieving over 100% returns has increased significantly in 2025, indicating a resurgence in active management capabilities [5][10] - The industry is moving towards a more systematic approach to research and investment, reducing reliance on individual fund managers and enhancing overall performance stability [9][10]

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [5][10]. Core Insights - The optical isolator is a critical passive device in optical communication systems, relying on the combination of polarizers and Faraday plates. There is a significant technological dependency and supply gap in the upstream manufacturing of these core components, particularly in high-end Faraday magnetic optical materials, which has become a bottleneck for industry development [1][19]. - The report highlights the low domestic production rate of core materials for polarizers, which are monopolized by Japanese and Korean suppliers, indicating a need for increased localization [3][21]. - The global shortage of Faraday plates is a critical issue, as their complex material growth and precision processing are dominated by a few companies in the US and Japan, leading to supply constraints that hinder the expansion of isolators and high-speed optical modules [4][22][23]. Summary by Sections Investment Strategy - The report suggests focusing on the upstream gaps in isolators, particularly polarizers and Faraday plates, and recommends companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for investment [8][24]. Market Review - The communication sector has seen an increase, with optical communication performing particularly well, as indicated by various indices showing significant growth [15][18]. Supply Chain Dynamics - In 2024, China's production capacity for polarizers is expected to account for approximately 73% of the global market, yet the localization rate of core materials remains below 10%, posing challenges to supply chain stability [6][7][24]. Key Companies to Watch - The report identifies several key companies to monitor within the optical communication and related sectors, including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others involved in the supply chain [8][9][24].

Group 1 - The article highlights that 45 stocks appeared on the weekly trading list, with 26 showing net purchases from the Shenzhen Stock Connect [1] - The top three stocks with the highest net purchases were Tianfu Communication, Ice Wheel Environment, and Antai Technology, with net purchases of 2575.01 million, 142.07 million, and 117.23 million respectively [1] - The average increase for stocks with net purchases was 16.42%, outperforming the Shanghai Composite Index, which fell by 0.34% [1] Group 2 - The stock with the highest increase was Bona Film Group, which saw a cumulative rise of 51.70% during the week [1] - A total of 19 stocks experienced net sales, with the highest net sales recorded for ZTE Corporation and Zhengbang Technology, amounting to 1055.14 million and 635.43 million respectively [2] - The article provides a detailed table of stocks with net purchases and sales, including their respective weekly price changes and turnover rates [1][2]

（原标题：天孚通信最新股东户数环比下降27.74%） 天孚通信12月12日披露，截至12月10日公司股东户数为102831户，较上期（11月30日）减少39478户，环比降幅为27.74%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 公司发布的三季报数据显示，前三季公司共实现营业收入39.18亿元，同比增长63.63%，实现净利润14.65亿元，同比增长50.07%，基本每股收益 为1.8863元，加权平均净资产收益率31.30%。 机构评级来看，近一个月该股获4家机构买入评级。预计目标价最高的是国泰海通，12月3日国泰海通发布的研报给予公司目标价250.00元。（数 据宝） 证券时报•数据宝统计，截至发稿，天孚通信收盘价为215.16元，下跌2.06%，本期筹码集中以来股价累计上涨36.18%。具体到各交易日，7次上 涨，3次下跌。 ...

证券日报网讯 12月12日，天孚通信在互动平台回答投资者提问时表示，截至2025年12月10日收盘，公 司股东人数为102831户（合并信用账户）。 （文章来源：证券日报） ...

Core Viewpoint - The company Tianfu Communication (300394.SZ) plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its international strategy and global layout, aiming to better meet global customer demands and support high-quality development [1] Group 1 - The company is authorized by its board to initiate preliminary preparations for the H-share listing [1] - The company intends to discuss specific progress on the H-share listing with relevant intermediaries [1] - Details regarding the H-share listing have not yet been determined [1]

Company Overview - Tianfu Communication (SZ 300394) announced on December 12 that its fifth board meeting was held to discuss the authorization for the management to initiate the overseas issuance of shares (H-shares) and related preparations for listing on the Hong Kong Stock Exchange [1] Financial Performance - For the first half of 2025, Tianfu Communication's revenue composition was 98.91% from optical communication components and 1.09% from other businesses [1] - As of the report date, the market capitalization of Tianfu Communication was 167.3 billion yuan [1]

天孚通信(300394.SZ)公告称，公司于2025年12月12日召开董事会，审议通过授权管理层启动境外发行 股份（H股）并在港交所上市的前期筹备工作。 ...

第五届董事会第九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 证券代码：300394 证券简称：天孚通信 公告编号：2025-058 苏州天孚光通信股份有限公司 为持续推进公司国际化战略和全球化布局，打造国际化资本运作平台，更好 满足全球客户需求，助力公司高质量发展，公司拟在境外发行股份（H 股）并在 香港联合交易所有限公司上市，公司董事会授权公司管理层启动本次 H 股上市的 前期筹备工作。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 具体内容详见公司刊登于巨潮资讯网的《关于授权公司管理层启动公司境外 发行股份（H 股）并在香港联合交易所有限公司上市相关筹备工作的公告》（公 告编号：2025-059）。 三、备查文件 经与会董事签字并加盖董事会印章的第五届董事会第九次临时会议决议； 苏州天孚光通信股份有限公司董事会 2025 年 12 月 12 日 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 董事会第九次临时会议通知于 2025 年 12 月 5 日以电子邮件形式发出，会议于 20 ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-059 关于授权公司管理层启动公司境外发行股份（H 股）并在香 本次 H 股上市能否通过审议、备案和审核程序并最终实施具有较大不确定性。 公司将严格遵守相关法律法规的要求，根据本次 H 股上市的后续进展情况持续履 行信息披露义务，切实保障公司及全体股东的利益。敬请广大投资者理性投资， 注意投资风险。 特此公告。 港联合交易所有限公司上市相关筹备工作的公告 苏州天孚光通信股份有限公司董事会 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。 2025 年 12 月 12 日 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 12 月 12 日召开第五届董事会第九次临时会议，审议通过了《关于授权公司管 理层启动公司境外发行股份（H 股）并在香港联合交易所有限公司上市相关筹备 工作的议案》，现将相关情况公告如下： 为持续推进公司国际化战略和全球化布局，打造国际化资本运作平台，更好 满足全球客户需求，助力公司高质量发展，公司拟在境外发行股份（H 股）并在 香港联合交易所有限公司（以 ...