New Stock Listings - Baiaosaitu (688796) listed at an issue price of 26.68 on December 10, 2025[1] - Quanyin Gaoke (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - Tiangong Co. (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - ST Guangdao (920680) enters the delisting arrangement period starting December 11, 2025[1] - ST Suwu (600200) has 13 trading days remaining until the last trading day[1] Market Volatility - Hai Xin Food (002702) reported severe abnormal fluctuations[1] - Anji Food (603696) and other companies are under observation for abnormal trading activities[2] Additional Announcements - Multiple companies including Dongbai Group (600693) and Nanjing Business Travel (600250) have recent announcements linked to their stock codes[1] - Various companies are linked to announcements regarding abnormal fluctuations and trading activities[3]

- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][4]

Core Insights - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][10]. Performance Overview - The top-performing ETFs with over 100% returns include: - Guotai CSI All-Share Communication Equipment ETF: 122.27% return, 12.45 billion in size, 6.32 years since inception, maximum drawdown of -28.87% [2][11]. - Fuguo CSI Communication Equipment Theme ETF: 111.21% return, 1.04 billion in size, 1.45 years since inception, maximum drawdown of -23.98% [2][11]. - Southern Growth Enterprise Board AI ETF: 110.15% return, 2.57 billion in size, 0.63 years since inception, maximum drawdown of -14.55% [2][11]. - Huabao Growth Enterprise Board AI ETF: 104.57% return, 3.36 billion in size, 1.01 years since inception, maximum drawdown of -31.52% [2][11]. - Guotai Growth Enterprise Board AI ETF: 100.38% return, 0.55 billion in size, 0.71 years since inception, maximum drawdown of -18.13% [2][11]. Fund Management Insights - The Fuguo CSI Communication Equipment Theme ETF, managed by Su Huaqing, has shown strong growth with a total return of 149.10% since inception and an annualized return of 87.49% [5][14]. - The fund's current size is 1.04 billion, and its investment strategy focuses on AI computing infrastructure [6][14]. Portfolio Composition - As of Q3 2025, the fund's top holdings include: - Xinyi Technology: 159.66 million, 436,500 shares, increased by 476.31% [7][15]. - Zhongji Xuchuang: 158.12 million, 391,700 shares, increased by 473.81% [7][15]. - ZTE Corporation: 64.58 million, 1,415,088 shares, increased by 472.91% [7][15]. - Other significant holdings include Tianfu Communication, Unisplendour, and AVIC Optoelectronics, with substantial increases in shareholding [8][16]. Market Trends - The market has responded positively to policies such as the commencement of major projects and the "anti-involution" strategy, leading to a recovery in undervalued cyclical sectors [8][16]. - The technology growth sector, particularly TMT (Technology, Media, and Telecommunications), has significantly outperformed the market, with a focus on AI and new energy sectors [8][16].

Core Insights - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][8]. Group 1: ETF Performance - Five ETFs have surpassed 100% returns this year, with the top performers being managed by Guotai, Fuguo, Nanfang, and Huabao [1][8]. - The leading ETF, Guotai Zhongzheng Communication Equipment ETF, achieved a return of 122.27% with a scale of 12.45 billion [2][9]. - The Nanfang Chuangyeban Artificial Intelligence ETF, established only six months ago, reported a return of 110.15% and a scale of 2.573 billion [3][11]. Group 2: Fund Manager Insights - Fund manager Pan Shuiyang has been managing the Nanfang Chuangyeban Artificial Intelligence ETF since its inception, achieving a return of 110.15% [5][13]. - The fund's top holdings include leading companies in the optical module sector, such as Zhongji Xuchuang and Xinyi Sheng, along with other AI-related firms [5][13]. Group 3: Market Trends and Future Outlook - The investment logic highlighted by Pan Shuiyang indicates a strong demand for high-speed optical modules driven by increased capital expenditure from overseas cloud vendors, with visibility of orders extending to 2027 [6][16]. - The ETF's maximum drawdown this year was -14.55%, which is relatively small compared to other high-performing ETFs, indicating resilience in a volatile market [7][16]. - The future asset allocation and adjustment strategies of these high-performing ETFs will be closely monitored as the market approaches the end of 2025 [7][17].

Core Viewpoint - The ETF market has seen a resurgence with five products achieving over 100% annual returns as of December 9, 2025, particularly in the technology sector, including communication equipment and artificial intelligence [1][8]. Group 1: ETF Performance - Five ETFs have surpassed 100% returns this year, with notable performances from communication and AI sectors [1][8]. - The top-performing ETFs include: - Guotai CSI All-Share Communication Equipment ETF with a return of 122.27% and a scale of 124.50 billion [2][9]. - Fuguo CSI Communication Equipment Theme ETF with a return of 111.21% and a scale of 10.41 billion [2][9]. - Southern Growth Enterprise Board AI ETF with a return of 110.15% and a scale of 25.73 billion [2][9]. - Huabao Growth Enterprise Board AI ETF with a return of 104.57% and a scale of 33.55 billion [2][9]. - Guotai Growth Enterprise Board AI ETF with a return of 100.38% and a scale of 5.51 billion [2][9]. Group 2: Huabao AI ETF Insights - The Huabao Growth Enterprise Board AI ETF, managed by Chen Jianhua and Cao Xucheng, has achieved a return of 104.57% since its inception on December 6, 2024, with a current scale of 33.55 billion [3][12]. - The fund's manager, Chen Jianhua, has delivered a return of 96.02% since the fund's establishment, with an annualized return of 94.60% [5][12]. - The fund's investment strategy focuses on the AI computing power industry chain, with major holdings in leading optical module companies, including Zhongji Xuchuang and Xinyi Sheng, which together represent a significant portion of the portfolio [5][12]. Group 3: Market Outlook - The fund's third-quarter adjustments were conservative, with increases in holdings ranging from 76% to 80% for most stocks [7][15]. - The fund managers expressed confidence in the sustained demand for AI, particularly in large models and computing power, which is expected to drive the performance of the AI sector [7][15]. - Future opportunities are anticipated in high-end computing cycles and new AI terminals, such as robotaxis and robots, which are at critical technological development stages [7][15].

资料显示，创业板人工智能ETF华夏（159381）跟踪指数"创业板人工智能指数"，光模块CPO权重占比 56.7%，同时覆盖国产软件+AI应用企业，具备较高弹性。其中前三大权重股为中际旭创（26.62%）、 新易盛（19.35%）、天孚通信（5.05%）。 （文章来源：每日经济新闻） 12月10日下午，A股光模块CPO、光通信等概念板块异动拉升，深成指翻红。热门ETF中，截至14点24 分，光模块CPO概念股权重占比超56%且同类费率最低的创业板人工智能ETF华夏（159381）快速涨 超1%，冲击5连阳，盘中成交额超4亿元。持仓股联特科技涨超8%，长芯博创、航宇微、新易盛、光库 科技纷纷走强。 资金加速布局算力高景气赛道，近20日，创业板人工智能ETF华夏（159381）累计吸金超2亿元。国盛 证券表示，英伟达则通过创纪录的业绩和指引展现了算力基础设施需求的持续火爆。其强势表现，共同 勾勒出AI产业发展的核心飞轮：模型升级催生算力需求，算力增长为模型创新提供基础。技术创新、 算力基建与产业应用正形成良性循环，算力产业链维持高景气度。 ...

以下文章来源于妙投APP ，作者董必政 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 最近，"易中天"又躁动了。 如果说，美股的AI盛宴是在围猎英伟达、谷歌；那么，A股的AI狂欢就集中在两个代号里：一个是 炒芯片的"纪联海"（寒武纪、工业富联、海光信息），另一个则是炒连接的"易中天"（新易盛、中 际旭创、天孚通信）。 中际旭创在11月27日刷新历史高价，天孚通信紧随其后，在12月8日创出新高。截至12月8日，中际 旭创、天孚通信、新易盛的市值分别为6333亿、1842亿和4021亿。 光模块的性能直接决定了数据传输的效率和稳定性。一旦数据传输跟不上，就像高速路上堵了车， 算力再强也白搭。 正因为"算力"与"运力"的搭档，GPU、光模块缺一不可。 但在欢呼声中，资本市场的质疑也没停过。 此前，多少人盯着这个赛道，看到光模块企业有40-60倍、甚至超80倍的PE（市盈率）直呼"泡 沫"，毕竟通信行业的历史估值均值常年趴在15-20倍。 也有观点认为，要想支撑这种估值，企业净利润得维持三位数增长，在成熟制造业里，这简直是天 方夜谭。 出品 | 妙投APP 作者 | ...

Core Viewpoint - Tianfu Communication's stock price has surged significantly, driven by the booming demand for optical modules in the AI and data center sectors, with plans for an H-share listing in Hong Kong [1][3][4]. Group 1: Stock Performance - On December 9, Tianfu Communication's stock closed at 240.15 CNY per share, with a total market capitalization of approximately 186.7 billion CNY, marking a historical high [1][2]. - Since April 2025, the stock price has skyrocketed from 39.94 CNY to 240.15 CNY, reflecting a cumulative increase of 70% over the last 12 trading days [2][4]. Group 2: Financial Performance - In 2024, Tianfu Communication achieved a revenue of 3.252 billion CNY, representing a year-on-year growth of 67.74%, and a net profit of 1.344 billion CNY, up 84.07% [4]. - For the first three quarters of 2025, the company reported revenues of 3.918 billion CNY, a 63.63% increase year-on-year, and a net profit of 1.465 billion CNY, growing by 50.07% [4]. Group 3: Business Strategy and Market Position - Tianfu Communication is a leading provider of optical device solutions and advanced packaging services, with products utilized in AI, data centers, and optical communication [3][4]. - The company is expanding its international presence, with dual headquarters in Suzhou and Singapore, and has established overseas production bases, including a facility in Thailand [4][5]. - The company is currently planning to issue H-shares on the Hong Kong Stock Exchange to further its international strategy [3].

Group 1 - The Scale Up optical interconnection solution is approaching, with companies like Nvidia, Google, and Meta starting to introduce optical technology into cabinet scenarios from the second half of 2026 [1][17] - In the Scale Up scenario, the value of FAU, CW laser light sources, and MPO/MTP/MMC connectors is expected to increase [2][18] Group 2 - FAU (Fiber Array Unit) is a high-precision passive optical device that arranges multiple optical fibers at preset intervals using a V-shaped groove substrate, forming a dense optical signal transmission channel [3][19] - FAU is essential for connecting optical engines and optical fibers, serving as a critical component in optical modules and CPOs, offering advantages such as high precision (micron level), high density (e.g., 48 cores), low loss, and high reliability [4][20] Group 3 - The composition of FAU includes optical fibers (core carriers for transmitting optical signals), substrates (mechanical support), and V-shaped groove substrates (for precise fiber positioning) [5][21][23] - FAU is primarily embedded between the optical engine and optical fiber interface within optical modules, with distinct roles at the transmitting end (Tx) and receiving end (Rx) [8][24] Group 4 - D-FAU (Detachable Fiber Array Unit) introduces a detachable and replaceable mechanism, enhancing maintainability by separating the fiber array from the substrate support structure [9][10][25] - FCFAU (Multi-channel Fiber Coupling Array) is an optimized version of multi-channel FAU, utilizing optical coupling elements to achieve higher coupling efficiency, density, and thermal stability, mainly applied within CPO optical engines [11][12][27] Group 5 - The domestic supply landscape includes Tianfu Communication, a leading global manufacturer of high-speed optical devices that has invested in FCFAU development [13][30] - Guangku Technology focuses on fiber laser devices and optical communication devices, having acquired Anjie Xun and Jiahua Weijie to expand into FAU [14][31] - Zhishang Technology specializes in optical communication devices and consumer electronics, providing OEM and interface services for SENKO MPC (D-FAU) [15][32] - Juguang Technology specializes in laser components and optical elements, with micro-lens arrays applicable to D-FAU, PIC ends, and ELS modules [16][33]

002796 世嘉科技 3.54 8.01 889.33 沪指12月9日下跌0.37%，申万所属行业中，今日上涨的有5个，涨幅居前的行业为综合、通信，涨幅分 别为3.45%、2.23%。通信行业位居今日涨幅榜第二。跌幅居前的行业为有色金属、钢铁，跌幅分别为 3.03%、2.47%。 资金面上看，两市主力资金全天净流出529.92亿元，主力资金净流入的行业仅有3个，商贸零售行业净 流入资金11.43亿元；综合行业净流入资金4.32亿元；银行行业净流入资金7057.87万元。 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.37亿元， 其次是计算机行业，净流出资金为56.16亿元，净流出资金较多的还有机械设备、非银金融、电力设备 等行业。 通信行业今日上涨2.23%，全天主力资金净流出31.25亿元，该行业所属的个股共124只，今日上涨的有 43只，涨停的有4只；下跌的有77只。以资金流向数据进行统计，该行业资金净流入的个股有34只，其 中，净流入资金超亿元的有7只，净流入资金居首的是中际旭创，今日净流入资金6.91亿元，紧随其后 的是新易盛、德科立，净流入资金分别为3.27 ...