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。 （原标题：资金流向日报：沪指涨0.65%，76.70亿资金净流入） 6月23日，沪指上涨0.65%，深成指上涨0.43%，创业板指上涨0.39%，沪深300指数上涨0.29%。可交易A股中，上涨的有4446只，占比82.30%，下 跌的844只。 资金面上，今日主力资金全天净流入76.70亿元。其中，创业板主力资金净流入1.58亿元；科创板主力资金净流出5.06亿元；沪深300成份股主力资 金净流入2.39亿元。 分行业来看，申万所属的一级行业中，今日上涨的有28个，涨幅居前的行业为计算机、国防军工，涨幅为2.25%、1.97%。跌幅居前的行业为食品 饮料、家用电器、钢铁，跌幅为0.80%、0.43%、0.11%。 行业资金流向方面，今日有18个行业主力资金净流入，计算机行业主力资金净流入规模居首，该行业今日上涨2.25%，全天净流入资金31.75亿 元，其次是电力设备行业，日涨幅为1.13%，净流入资金为18.25亿元。 主力资金净流出的行业有13个，通信行业主力资金净流出规模居首，今日上涨0.19%，全天净流出资金16.79亿元，其次是机械设备 ...

Group 1 - CPO concept stocks experienced a mid-session surge followed by a decline, indicating volatility in the market [1] - Tianfu Communication (300394) and Dekeli (688205) saw declines exceeding 5%, reflecting negative sentiment towards these stocks [1] - Other companies such as Taicheng Light (300570), Xinyi Sheng (300502), Zhongji Xuchuang (300308), Liante Technology (301205), Yuanjie Technology (688498), and Shengyi Electronics (688183) also followed the downward trend [1]

Group 1 - A total of 638 stocks reported their latest shareholder numbers as of June 10, with 268 stocks showing a decrease compared to the previous period [1][3] - Among the stocks with a decline in shareholder numbers, 16 stocks experienced a drop of over 10% [3] - The stock with the largest decrease in shareholder numbers was Shanshui Bide, which saw a 22% drop to 4,744 shareholders [3] Group 2 - The average increase of concentrated stocks since May 21 was 0.76%, outperforming the Shanghai Composite Index, which rose by 0.25% [2] - 44% of concentrated stocks achieved excess returns relative to the market [2] - Yuanlong Yatu had the highest increase among stocks with a decline in shareholder numbers, rising by 48.42% since May 21 [2] Group 3 - The latest concentrated stocks showed an average increase of 2.66% since June 1, with notable performers including Tongyuan Petroleum, Zhun Oil Co., and Jinchengzi, which increased by 85%, 55.44%, and 51.42% respectively [3] - Industries with the most concentrated stocks included machinery, electronics, and basic chemicals, with 31, 29, and 24 stocks respectively [3]

| | | 上周公募调研次数前十个股 | | | --- | --- | --- | --- | | A 股间称 | 所属申万一级行业 周涨跌幅(%) | | 被调研次数(次) | | 天字通信 | 通信 | 14.26 | 57 | | 中科曙光 | 计算机 | 10. 65 | 46 | | 海元信息 | 电子 | 0.68 | 46 | | 孩子王 | 商贸零售 | -11. 71 | 36 | | 幸华珠宝 | 纺织服饰 | 13.35 | 34 | | 华曙高科 | 机械设备 | -1.88 | 29 | | 海天瑞声 | 计算机 | 1.27 | 26 | | 东方申抄 | 家用电器 | -1.18 | 20 | | 西麦食品 | 食品饮料 | 6.49 | 19 | | 隆利科技 | 电子 | 13. 38 | 17 | | | | 数据整理自:公募排排网,统计周期 2025年6月9日-6月15日,以上内容不构成股 | | | | | 票推荐或投资建议,短期个股业绩不代表未来表现,亦不代表基金必然投资方向。 | | 公募机构扎堆调研科技领域。上周共有17个申万一级行业获得公募机构重点调研，各行业 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector experienced a decline of 0.55% in the 24th week of 2025, ranking 18th among major industries in the Yangtze River region. Year-to-date, the sector has increased by 1.32%, also ranking 18th [2][5]. - Oracle's cloud revenue for FY25Q4 reached $6.7 billion, a year-on-year increase of 27%. The IaaS revenue surpassed $10 billion for the first time, growing by 52% [6]. - The launch of the Doubao model 1.6 enhances the capabilities and cost-effectiveness of AI agents, facilitating their large-scale application in complex business scenarios [7]. - The current valuation of the communication sector is at historical lows, presenting a high cost-performance ratio for investors [2]. Summary by Sections Market Performance - In the 24th week of 2025, the communication sector fell by 0.55%, with notable stock performances including Tianfu Communication (+13.8%) and Zhongji Xuchuang (+12.6%). The worst performers included Erli San (-10.1%) and Aofei Data (-8.9%) [5]. Oracle's Cloud Business - Oracle's FY25Q4 revenue was $15.9 billion, an 11% increase year-on-year, with cloud revenue at $6.7 billion, up 27%. IaaS revenue grew to $3 billion, a 52% increase, while SaaS revenue reached $3.7 billion, an 11% increase [6]. AI and Doubao Model - The Doubao model 1.6, launched by ByteDance, supports 256K context and features multi-modal understanding, significantly reducing application costs. The average daily token usage exceeded 16.4 trillion, a 137-fold increase since its initial release [7]. Investment Recommendations - Recommended stocks include China Mobile, China Telecom, and China Unicom in the operator category. For optical modules, Zhongji Xuchuang and Xinyi Sheng are highlighted, while for domestic computing, Fenghuo Communication and Huafeng Technology are recommended [8].

Market Performance - On June 16, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 0.35% to 3388.73 points, the Shenzhen Component Index rising by 0.41% to 10163.55 points, and the ChiNext Index up by 0.66% to 2057.32 points [1] Fund Manager Changes - In the past 30 days (May 17 to June 16), 449 fund managers have left their positions, with 14 announcements made on June 16 alone. Reasons for departure include job changes, personal reasons, and product expiration [3] - Notable fund manager, Lei Jun from Great Wall Fund, manages assets totaling 3.632 billion yuan, with the highest return product being the Great Wall CSI 500 Index Enhanced A, achieving a 97.33% return over 6 years and 200 days [3] New Fund Managers - New fund manager, Shang Shuo Hui from Huatai Baoxing Fund, manages assets of 1.075 billion yuan, with the highest return product being the Huatai Baoxing Ji Nian Feng Mixed Initiation A, which achieved a 90.15% return over 8 years and 86 days [4] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 67 listed companies, followed closely by Huaxia Fund with 66, E Fund with 50, and Guotai Fund with 49 [6] - The most researched industry was general equipment with 183 instances, followed by the automotive parts industry with 170 instances [6] Recent Stock Focus - The most researched stock in the past month was Zhongke Shuguang, part of the information technology sector, with 65 fund management companies participating in the research. Other notable stocks included Haiguang Information and Tianfu Communication [6][7] - In the past week (June 9 to June 16), Zhongke Shuguang remained the focus with 65 fund institutions conducting research, followed by Haiguang Information and Tianfu Communication [7]

Group 1 - The core viewpoint of the report emphasizes the expansion of AI themes from a single algorithm to diversified scenarios, including computing power, C-end applications, autonomous driving, robotics, and AI for Science, indicating a transition from the "technology trigger" phase to a "steady recovery" and "production maturity" phase in the computing power sector [1][22][24] - The report highlights significant performance growth in domestic optical communication manufacturers, with NewEase's net profit expected to increase by over 380% year-on-year in Q1 2025, demonstrating the realization of performance in the computing power sector [1][22][24] - The report suggests that downstream applications of AI, such as AI agents, autonomous driving, and AI for Science, are likely to accelerate into maturity stages, showcasing practical commercial value [2][23] Group 2 - The report identifies a shift in institutional holdings from high-risk preferences to value growth in the computing power sector, with notable reductions in holdings of companies like Zhongji Xuchuang and Tianfu Communication [2][24] - The "pendulum effect" in the computing power sector is discussed, indicating a rebalancing of fundamentals and market chips, where lower-valued stocks may attract capital due to technological breakthroughs or order increases [3][24] - The report indicates that the optical module sector is entering a golden period of value growth, driven by product upgrades, connection value expansion, and a stable market structure [4][25][27] Group 3 - The report recommends focusing on key companies in the computing power supply chain, particularly in the optical module industry, such as Zhongji Xuchuang and NewEase, as well as smaller firms like Tianfu Communication and Shijia Photon [7][29] - It emphasizes the importance of technological barriers and high order visibility in the core segments of the computing power sector [3][24] - The report provides a detailed overview of the optical module industry, highlighting the demand for 800G optical modules in North America, projected to reach 20 million units by 2025 [4][27]

华泰联合证券有限责任公司 关于苏州天孚光通信股份有限公司 募投项目结项并将节余募集资金永久补充流动资金的核查意见 向特定对象发行股票募投项目结项并将节余募集资金永久补 充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作 为苏州天孚光通信股份有限公司（以下简称"天孚通信"、"公司"或"发行人"） 2020 年向特定对象发行股票工作的保荐机构，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等法律法规的规定，对天孚通信向特定对象发行股票募 投项目结项并将节余募集资金永久补充流动资金事项进行了核查，核查情况及核 查意见如下： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意苏州天孚光通信股份有限公 司向特定对象发行股票注册的批复》（证监许可[2020]2747 号）同意注册，公司于 2021 年 1 月向特定对象发行人民币普通股股票 18,424,753 股，发行价 ...

表决结果：同意 3 票，反对 0 票，弃权 0 票。 本公司及监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、监事会会议召开情况 苏州天孚光通信股份有限公司（以下简称"公司"）第五届监事会第七次临 时会议通知于 2025 年 6 月 6 日以电子邮件方式发出，会议于 2025 年 6 月 13 日 以现场方式召开。应参加会议监事 3 人，实际参加会议监事 3 人。本次会议的召 开符合《中华人民共和国公司法》等法律法规及《公司章程》的规定。会议由监 事会主席王显谋先生主持，审议通过以下议案及事项，并形成决议。 二、监事会会议审议情况 审议通过了《关于公司向特定对象发行股票募投项目结项并将节余募集资 金永久补充流动资金的议案》 监事会认为：公司将募投项目结项并将节余募集资金永久补充流动资金，有 利于提高募集资金使用效率，促进公司发展，符合公司和公司全体股东的利益， 不存在损害公司股东特别是中小股东利益的情形，符合《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关规定。我们一致同 意公司本次募投项目结项并将节余募集资金永久补充流动资金的事 ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-024 二、董事会会议审议情况 审议通过了《关于公司向特定对象发行股票募投项目结项并将节余募集资 金永久补充流动资金的议案》 鉴于公司"面向 5G 及数据中心的高速光引擎建设项目"已满足结项条件， 为提高募集资金的使用效率，结合公司实际经营情况，董事会同意将上述募投项 目结项并将节余募集资金永久补充公司流动资金，用于日常生产经营活动。公司 将授权管理层办理相关募集资金专户销户手续，募集资金专户注销后，公司与保 荐机构、开户银行签署的募集资金监管协议随之终止。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 苏州天孚光通信股份有限公司 第五届董事会第八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 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 董事会第八次临时会议通知于 2025 年 6 月 6 日以电子邮件形式发出，会议于 2025 年 6 月 13 日以现场与通讯相结合的方式召开。应参加会议董事 6 人，实际 参加会议董事 ...