Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by significant growth in its active optical products and increasing demand for 1.6T solutions, particularly from overseas customers [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.46 billion yuan, a year-on-year increase of 57.8%, and a net profit attributable to shareholders of 900 million yuan, up 37.5% year-on-year [1]. - For Q2 2025, the company reported revenue of 1.51 billion yuan, representing an 83.3% year-on-year increase and a 60.0% quarter-on-quarter increase, with a net profit of 560 million yuan, up 49.6% year-on-year and 66.3% quarter-on-quarter [1]. Product and Market Development - The company’s revenue from optical active devices reached 1.57 billion yuan in the first half of 2025, marking a 91.0% year-on-year increase and an 87.6% quarter-on-quarter increase, primarily driven by high growth in overseas computing interconnect demand [1]. - The company is expanding its overseas production capabilities with the operational launch of its Singapore headquarters and Thailand production base, which is expected to enhance global resource allocation and international talent capabilities [2]. R&D and Future Outlook - The company is increasing its R&D investment, which rose by 12.0% year-on-year to 130 million yuan in the first half of 2025, focusing on cutting-edge technologies such as silicon photonics and CPO [2]. - The company is well-positioned to benefit from the ongoing surge in AI computing demand, with significant capital expenditures expected from major cloud providers for AI data center construction and accelerator procurement [3]. Profit Forecast and Investment Rating - The company's net profit forecasts for 2025, 2026, and 2027 have been revised upward to 2.35 billion yuan, 3.22 billion yuan, and 4.03 billion yuan, respectively, reflecting the anticipated benefits from new products and demand [3]. - The company maintains a "buy" rating, with projected price-to-earnings ratios of 60, 43, and 35 for 2025, 2026, and 2027, respectively, based on the closing price on August 28, 2025 [3].

Group 1: Stock Performance - On August 28, optical communication concept stocks surged, with Changfei Fiber reaching the daily limit, and Tianfu Communication and Dekeli rising over 10% [1] - Changfei Fiber (601869.SS) closed at 82.95, up 10.00%, with a market cap of 33.706 billion [2] - Tianfu Communication (300394.SZ) closed at 169.99, up 13.32%, with a market cap of 131.887 billion [2] - Dekeli (688205.SS) closed at 113.50, up 12.37%, with a market cap of 17.965 billion [2] - Other notable stocks include Dongtianwei (301183.SZ) up 10.70% and Zhongji Xuchuang (300308.SZ) up 5.81% [2] Group 2: Industry Developments - Nvidia reported a significant increase in its network business, with an annualized revenue of approximately $29 billion, reflecting a 50% quarter-over-quarter growth and a 100% year-over-year growth [3] - The CFO of Nvidia projected that AI infrastructure spending could reach $3 trillion to $4 trillion by 2030, with potential H20 revenue of $2 billion to $5 billion in Q3 [3] - Nvidia introduced the new Spectrum-XGS Ethernet technology aimed at connecting multiple geographically dispersed data centers into a unified AI super factory [3] Group 3: Technological Advancements - Hollow-core fiber, which uses air as the guiding medium, can enhance data transmission speed by nearly 50% and extend transmission distance by 1.5 times without increasing latency [5] - The demand for optical fiber in data centers is accelerating due to AI-driven interconnect needs, with major companies like Microsoft investing in hollow-core fiber technology [5] - The global DCI market is expected to grow from $1 billion in 2023 to $3 billion by 2028, driven by the explosion of AI computing demand and energy constraints [5]

明日主题前瞻 1、算力 | 据上证报，多家CPO概念上市公司业绩大幅增长。英伟达2026财年第二季度营收为467.4亿美元，同比增长56%；净利润为264.2亿美元，同比增长 59%。中际旭创发布2025年半年度报告，2025年上半年实现净利润39.95亿元，同比增长69.40%。此外高盛将中际旭创的12个月目标价上调至人民币392元， 新易盛目标价上调至人民币398元。天孚通信上半年净利润8.99亿元，同比增长37%；剑桥科技上半年公司归母净利润1.21亿元，同比增长51.12%。 点评：国信证券表示，全球算力景气度延续，随着英伟达GB系列高密度算力机柜加速出货，全球高端算力景气度进一步提升。当前AIGC浪潮下，全球服务 器出货量持续增长，咨询机构IDC预计2028年全球人工智能服务器市场规模有望达到2,227亿美元，其中生成式人工智能服务器占比将从2025年的29.6%提升 至2028年的37.7%。从需求端来看，模型迭代加速背景下训练端需求仍维持高位，推理侧需求随着应用的渗透逐步提升。 2、光通信 | 据科技日报，利用先进的薄膜铌酸锂光子材料，基于全新架构，我国学者研发出全球首款基于光电融合集成技术的自 ...

根据调研日期截止日统计，近10日（8月15日至8月28日），海外机构对201家上市公司进行调研，其 中，天孚通信最受关注，被59家海外机构密集调研。 证券时报·数据宝统计显示，近10日共有496家公司获机构调研，调研机构类型显示，证券公司调研达 482家，占比最多；基金公司调研425家，位列其后；海外机构共对201家上市公司进行走访。 海外机构调研榜单中，天孚通信参与调研的海外机构达到59家，最受关注；其次是新易盛，参与调研的 海外机构共有44家。 从股价表现看，获海外机构调研股近10日平均上涨9.99%。其中，股价上涨的有剑桥科技、天融信等， 表现最好的是剑桥科技，累计涨幅为77.85%。股价下跌的有47只，跌幅最大的是星云股份，累计跌幅 为15.38%。 从业绩来看，近日获海外机构关注个股中，有162只公布了中期业绩（含快报），净利润增幅居前的有 索通发展、新易盛。 公布中期业绩预告的个股有6只，业绩预告类型来看，预增4只，预降2只。以业绩预告净利润增幅中值 统计，净利润增幅最高的是纳睿雷达，中期净利润同比增长幅度为860.00%。（数据宝） 近10日海外机构调研股 | 证券代码 | 证券简称 | 海外机 ...

截至8月28日收盘，先进封装概念上涨3.93%，位居概念板块涨幅第9，板块内，126股上涨，天孚通信 20%涨停，深南电路、沃格光电、大港股份等涨停，寒武纪、芯碁微装、上海新阳等涨幅居前，分别上 涨15.73%、14.26%、13.10%。跌幅居前的有*ST元成、兴业股份、*ST华微等，分别下跌4.18%、 2.68%、2.06%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 铜缆高速连接 | 5.61 | 转基因 | -1.81 | | 共封装光学(CPO) | 5.13 | 阿尔茨海默概念 | -1.07 | | F5G概念 | 5.12 | 重组蛋白 | -1.01 | | 光刻机 | 5.12 | 粮食概念 | -1.01 | | 国家大基金持股 | 4.40 | 猴痘概念 | -0.91 | | 光纤概念 | 4.26 | 动物疫苗 | -0.89 | | 6G概念 | 4.26 | 禽流感 | -0.89 | | 太赫兹 | 4.20 | 玉米 | -0.88 | | 先进封装 | 3.93 ...

Market Performance - The optical fiber concept index rose by 4.26%, ranking 6th among concept sectors, with 69 stocks increasing in value [1] - Notable gainers included Tianfu Communication, which hit a 20% limit up, along with Changfei Fiber, Xingwang Yuda, and Teifa Information, all reaching their daily limit [1] - The top gainers in the sector were Changxin Bochuang, Guangku Technology, and Yunzhu Technology, with increases of 18.84%, 12.21%, and 11.37% respectively [1] Fund Flow - The optical fiber sector saw a net inflow of 2.909 billion yuan, with 36 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflow [1] - Tianfu Communication led the net inflow with 700 million yuan, followed by Hengtong Optic-Electric, Teifa Information, and Yunnan Zhiye with net inflows of 615 million yuan, 477 million yuan, and 287 million yuan respectively [1] - The top stocks by net inflow ratio included Xingwang Yuda, Changfei Fiber, and Teifa Information, with ratios of 28.93%, 28.85%, and 25.21% respectively [2] Stock Performance - Tianfu Communication had a daily increase of 20% with a turnover rate of 8.58% and a net inflow of 700.39 million yuan [2] - Hengtong Optic-Electric increased by 8.52% with a turnover rate of 10.09% and a net inflow of 615.30 million yuan [2] - Teifa Information rose by 9.96% with a turnover rate of 17.95% and a net inflow of 477.33 million yuan [2] Additional Insights - The optical fiber sector's performance was part of a broader trend, with other sectors like copper cable high-speed connections and co-packaged optics also showing significant gains [1] - The overall market sentiment appears positive, as indicated by the substantial net inflows into the optical fiber sector, suggesting strong investor interest [1][2]

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 铜缆高速连接 | 5.61 | 转基因 | -1.81 | | 共封装光学(CPO) | 5.13 | 阿尔茨海默概念 | -1.07 | | F5G概念 | 5.12 | 重组蛋白 | -1.01 | | 光刻机 | 5.12 | 粮食概念 | -1.01 | | 国家大基金持股 | 4.40 | 猴痘概念 | -0.91 | | 光纤概念 | 4.26 | 动物疫苗 | -0.89 | | 6G概念 | 4.26 | 禽流感 | -0.89 | | 太赫兹 | 4.20 | 玉米 | -0.88 | | 先进封装 | 3.93 | 辅助生殖 | -0.78 | | 中芯国际概念 | 3.86 | 大豆 | -0.76 | 资金面上看，今日共封装光学(CPO)概念板块获主力资金净流入74.43亿元，其中，61股获主力资金净流 入，18股主力资金净流入超亿元，净流入资金居首的是工业富联，今日主力资金净流入12.26亿元，净 流入资金居前的还有新易盛、东山精密、天孚通信等，主力资金分别净流 ...

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交48.04亿元，其中，买入成交额为29.52亿 元，卖出成交额为18.52亿元，合计净买入11.00亿元。 具体来看，今日上榜的营业部中，共有5家机构专用席位现身，即买三、买四、卖二、卖三、卖四、卖 五，合计买入金额4.07亿元，卖出金额9.88亿元，合计净卖出5.81亿元，深股通为第一大买入营业部及 第一大卖出营业部，买入金额为21.23亿元，卖出金额为8.53亿元，合计净买入12.70亿元。 天孚通信今日涨停，全天换手率8.58%，成交额113.92亿元，振幅16.34%。龙虎榜数据显示，机构净卖 出5.81亿元，深股通净买入12.70亿元，营业部席位合计净买入4.10亿元。 深交所公开信息显示，当日该股因日收盘价涨幅达20.00%上榜，机构专用席位净卖出5.81亿元，深股通 净买入12.70亿元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 深股通专用 | 212282.58 | 85268.78 | | 买二 | 国泰海 ...

沪指8月28日上涨1.14%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为通信、电子，涨幅 分别为7.14%、5.53%。通信行业位居今日涨幅榜首位。跌幅居前的行业为煤炭、农林牧渔，跌幅分别 为0.81%、0.73%。 资金面上看，两市主力资金全天净流出443.43亿元，今日有5个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨5.53%，全天净流入资金105.53亿元，其次是通信行业，日涨幅为 7.14%，净流入资金为49.98亿元。 主力资金净流出的行业有26个，计算机行业主力资金净流出规模居首，全天净流出资金110.07亿元，其 次是医药生物行业，净流出资金为78.92亿元，净流出资金较多的还有电力设备、机械设备、汽车等行 业。 通信行业今日上涨7.14%，全天主力资金净流入49.98亿元，该行业所属的个股共125只，今日上涨的有 104只，涨停的有5只；下跌的有20只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有51只，其中，净流入资金超亿元的有15只，净流入资金居首的是中兴通讯，今日净流入资金 13.52亿元，紧随其后的是新易盛、天孚通信，净流入资金分 ...

8月28日，A股主要指数早盘小幅震荡，尾盘拉升冲高。全天成交额3万亿元，较前一交易日缩量1969亿元。 市场热点方面，CPO概念爆发，铜缆高速连接、光通信模块活跃，芯片、半导体板块走高，寒武纪涨超15%登顶A股新股王。 焦点股方面，天普股份一字涨停晋级5连板；算力产业链持续领涨，万通发展、领益智造、特发信息等反包涨停；此外，医疗股济民健康11天7板，零售股国光连锁14天7板。 | 代码 | 名称 | 价格 | 行长师 | 儿大儿板 张骨分析 | 换手容 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | | 802522 | 天普股份 | 42.90 | +10.00% | 5连板 中景六英松入千+汽车零部 | 0.05% | 315.747 | | 600246 | 万通发展 | 13.52 | +10.01% | 6天4板 PCle5.0芯片+科技转型+国产 | 17.06% | 42.45 7 | | 201888 | 长飞光纤 | 82.95 | +10.00% | 4天3板 空芯光纤+光纤光缆+半年报 | 1.48% | 4.8417. | | 0 ...