证券研究报告 通信 报告日期：2025 年 08 月 29 日 高速光器件需求旺盛，公司业绩持续增长 ——天孚通信（300394.SZ）2025 年半年报点评报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 180.01 | | --- | --- | | 周价格区间（元） 52 | 57.11-180.01 | | 总市值（百万元） | 139,942.63 | | 流通市值（百万元） | 139,661.19 | | 总股本（万股） | 77,741.59 | | 流通股（万股） | 77,585.24 | | 近一月换手（%） | 136.45 | 分析师：彭棋 执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 《业绩持续增长，关注高速光器件的放 量—天孚通信（300394.SZ）2024 年年 报 和 2025 年 一 季 报 点 评 报 告 》 2025.04.27 《高速光器件需求持续增长，公司业绩 持续高增—天孚通信（300394.SZ）2024 年三季报点评报告》2024.10.25 持续高增—天孚通信（300394.SZ）202 ...

证券之星消息，8月29日通信设备板块较上一交易日下跌0.57%，长芯博创领跌。当日上证指数报收于3857.93，上涨0.37%。深证成指报收于 12696.15，上涨0.99%。通信设备板块个股涨跌见下表： | 通信设备板块 涨幅前10个股 | | --- | | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300394 | 天孚通信 | 198.53 | 10.29% | 63.57万 | 123.04亿 | | 601869 | 长飞光纤 | 91.25 | 10.01% | 18.85万 | 17.16亿 | | 688205 | 德科立 | 125.00 | 7.05% | 17.59万 | 19.43亿 | | 688592 | 司南导航 | 52.03 | 6.95% | 4.00万 | 2.01亿 | | 688668 | XD常通科 | 135.00 | 6.17% | 15.40万 | 21.23亿 | | 600345 | 长江通信 | 32.42 | 4.58% | 38. ...

| 新股发行及今日交易提示 | 2025/8/29 | 星期五 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/8/29 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600399&announcementId=122456 | 要约收购 | 600399 | 抚顺特钢 | 要约申报期：2025年8月12日至2025年9月10日 | 7286&orgId=gssh0600399&announcementTime=2025 | -08-26 | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=688110&announcementId=122450 | | 严重异常波动 | 688110 | 东芯股份 | 0705&orgId=nssc1000767&announcementTime=2 ...

Group 1 - The ChiNext Index rose over 1.5% on August 29, with the lithium battery sector continuing its strong performance, while sectors like GPU, servers, IDC computing leasing, and CPO optical modules faced significant declines [1] - The recent hot topic, the Sci-Tech Innovation 50 ETF (159783), saw a drop of over 0.5%, with mixed performance among its constituent stocks, including significant declines in companies like Cambricon, Shanghai Semei, Loongson Technology, and others, while companies like Siengda Intelligent, CATL, and others saw notable gains [1] - Huatai Securities indicated that A-shares remain relatively undervalued globally, suggesting potential for significant appreciation based on metrics like market capitalization to GDP ratio [1] Group 2 - Huabao Securities reported that current market sentiment remains high, with an influx of new capital continuing, supporting the "deposit migration" logic, and the profit-making effect is expanding [2] - It is expected that A-shares will continue a trend of oscillating upward unless there is policy intervention, with a recommendation to maintain a balanced allocation focusing on mid to large-cap and leading companies [2] - The report emphasizes a positive outlook on technology growth styles amidst increasing economic uncertainty, suggesting attention to sectors like technology, new energy, cyclical (including military and rare earth), pharmaceuticals, and high-dividend stocks for rotation and rebound opportunities [2]

Investment Rating - The report provides a "Buy" recommendation for the technology sector, specifically highlighting key stocks in electronics, computing, communication, and media [4][7]. Core Insights - The report identifies key stocks in the technology sector for September 2025, including GoerTek, Yutong Optical, Jiufang Zhitu, Meitu, Tianfu Communication, Huafeng Technology, Kaiying Network, and Giant Network [4][7]. - GoerTek is positioned for long-term growth through investments in AI smart hardware and AR/VR, with a focus on XR optics and smart wearable devices [9]. - Yutong Optical is recognized as a leader in the security lens market, with strong growth potential in automotive lenses and molded glass [10]. - Jiufang Zhitu is noted for its leadership in online high-end investment education services, with a robust talent pool and multiple growth drivers [11]. - Meitu has successfully transitioned to a subscription model and is leveraging its aesthetic expertise to expand globally [12]. - Tianfu Communication is expected to benefit from the growth of high-speed optical engines and new product forms [12]. - Huafeng Technology is positioned to capitalize on the strong demand for AI applications and high-performance connectivity solutions [12]. - Kaiying Network is set to drive growth through new game launches and AI technology integration [15]. - Giant Network is experiencing significant growth in user engagement and revenue from its popular game titles [16]. Summary by Category Electronics - GoerTek: Focus on AI smart hardware and strategic partnerships with leading tech companies [9]. - Yutong Optical: Market leader in security lenses with growth in automotive and new consumer segments [10]. Computing - Jiufang Zhitu: Leading online investment education firm with a strong operational model and talent base [11]. - Meitu: Transitioned to subscription services with a focus on aesthetic technology and global expansion [12]. Communication - Tianfu Communication: Growth in high-speed optical products and new customer acquisition [12]. - Huafeng Technology: Strong demand for AI applications and high-performance connectivity solutions [12]. Media - Kaiying Network: New game launches and AI integration expected to drive revenue growth [15]. - Giant Network: Significant user engagement and revenue growth from popular game titles [16].

Group 1 - The ChiNext Index showed strong performance on August 29, with the ChiNext 50 ETF (159682) rising by 2.60% and reaching a peak increase of 4.50%, with a trading volume exceeding 300 million yuan and a turnover rate over 6% [1] - Key stocks in the ChiNext 50 ETF included leading performers such as Ningde Times, which rose over 11%, and other stocks like Chengdu Smart Technology, Tianfu Communication, and Yiwei Lithium Energy also saw significant gains [1] - As of June 30, the ChiNext 50 Index tracked major companies including Ningde Times, Dongfang Wealth, and Sunshine Power, with a focus on sectors like manufacturing, finance, and technology services [1] Group 2 - According to statistics from Securities Times, the ChiNext Index increased by 3.82% on August 28, with the total margin balance of ChiNext stocks reaching 460.243 billion yuan, marking an increase of 3.026 billion yuan from the previous trading day, continuing a streak of 14 consecutive days of growth [1] - Zheshang Securities noted that the global liquidity outlook is improving, which is expected to benefit the growth style of the A-share market, as the Federal Reserve enters a loosening cycle, potentially leading to a convergence of the China-US interest rate differential [1] - Historical data indicates that over the past 20 years, when the China-US interest rate differential has significantly narrowed, growth styles have typically outperformed [1] Group 3 - Shenwan Hongyuan Securities highlighted that the ChiNext 50 focuses on technology growth attributes, demonstrating strong performance in growth-favorable environments, outperforming representative indices such as the ChiNext Index and the Guozheng Growth Index [2] - The unique daily price fluctuation limits of ChiNext component stocks allow for greater rebound potential, making the ChiNext-related indices particularly distinctive in bullish or rebound scenarios [2]

【导读】 A 股全线上涨，创业板指数突破2900点 中国基金报 晨曦 8月29日上午，A股市场震荡上行，创业板指继续高歌猛进。截至发稿，创业板指涨超 3.5%，突破2900点，续创3年多新高。 | 最高：2925.89 | 今开:2828.01 | 成交量：1.62亿手 | 换手:3.04% | | --- | --- | --- | --- | | 最低：2809.32 | 昨收:2827.17 | 成交额：4305.47亿 | 量比：1.44 | | 52周最高: 2925.89 | 下涨：398 | 振幅: 4.12% | 平盘:22 | | 52周最低：1512.17 | 下跌:521 | 总市值: 17.36万亿 | | | 分时 | 五日 | 日K 周K 月K 季K 年K 120分 60分 30分 15分 5分 1分 | | | 区间统计 | 全屏显示 | | --- | --- | --- | --- | --- | --- | --- | | 最新:2927.23 +100.06 +3.54% | | | | | | | | 2927.23 | | | | | | 3.54% | | 2902 ...

29日早盘，光模块等算力方向集体回调，创业板人工智能昨日新高后大跌2%，成份股普遍飘绿。截至 发稿，长芯博创领跌超14%，润泽科技、锐捷网络等多股跌超4%。但仍有部分个股行情火热，其中， 天孚通信领涨超6%续创历史新高，太辰光涨逾5%迭创新高！ 热门ETF方面，同标的指数规模最大、流动性突出的创业板人工智能ETF（159363）场内价格下跌 2%，实时成交额超4.5亿元，资金进场吸筹1.42亿份，表明对创业板人工智能的长期看好，此前十日资 金已累计加仓超13亿元。 | 分时 多日 1分 5分 * | | | | | F9 盘前盘后 盛加 九转 阅读 工具 ( ( ) > | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 创业板人工智能ETF华室 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Summary of Key Points Core Viewpoint - In the past five trading days, a total of 402 companies were investigated by institutions, with Tianfu Communication, Proya, and Zhongkuang Resources being the most frequently researched companies by multiple institutions [1]. Group 1: Institutional Research Activity - 390 companies, accounting for 97.01% of the listed companies, were investigated by securities firms, while 341 companies were researched by fund companies, and 270 companies by private equity institutions [1]. - Among the companies, 244 received attention from more than 20 institutions, with Tianfu Communication being the most popular, attracting 306 institutions [1]. - Other notable companies include Proya with 233 institutions and Zhongkuang Resources with 200 institutions participating in the research [1]. Group 2: Fund Flow and Performance - In the past five days, 67 stocks that attracted more than 20 institutions saw net capital inflows, with Chip Origin receiving the highest net inflow of 776 million yuan [1]. - Other companies with significant net inflows include Shenzhen South Circuit and Zhongji Xuchuang, with net inflows of 670 million yuan and 534 million yuan, respectively [1]. - Among the stocks investigated, 125 experienced price increases, with Cambridge Technology, Tianfu Communication, and Haon Automotive showing the highest gains of 51.72%, 50.35%, and 47.01% respectively [2]. Group 3: Financial Performance - Among the 244 companies that have released their semi-annual reports, Fuji Lai and Sanyou Medical reported the highest year-on-year net profit growth of 12430.96% and 2083.64% respectively [2].

人民财讯8月29日电，CPO概念延续涨势，长飞光纤（601869）一字涨停，罗博特科（300757）、汇绿 生态（001267）、沃格光电（603773）、天孚通信（300394）等纷纷高开。 ...