证券代码：300394 证券简称：天孚通信 公告编号：2025-042 苏州天孚光通信股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 苏州天孚光通信股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召 开第五届董事会第六次会议及第五届监事会第六次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第一个归属期归属条件成就的议案》，认为 2023 年限制性股票激励计划首次授予第一个归属期归属条件已经成就，同意按照规定 为符合条件的激励对象办理第二类限制性股票归属相关事宜；2025 年 5 月，公 司办理完成了 2023 年限制性股票激励计划首次授予第一个归属期股份归属的登 记工作，归属股票数量 1,324,904 股。具体内容详见刊登在巨潮资讯网 （www.cninfo.com.cn）的相关公告（公告编号：2025-004、2025-011）。 2025 年 4 月 17 日，公司召开第五届董事会第六次会议、第五届监事会第六 次会议及 2025 年 5 月 12 日召开 2024 ...

Core Viewpoint - The article discusses the recent surge in A-share stocks related to AI computing power, particularly focusing on the "Yi Zhong Tian" stocks, which have seen significant price increases, raising concerns about potential bubbles in the market [2][5][45]. Group 1: Industry Trends - The rapid development of AI is expected to increase the demand for optical modules, which are crucial for data transmission efficiency [6][10]. - The competition in AI computing power is not only about GPU capabilities but also about the efficiency of data transmission, highlighting the importance of optical modules [8][9]. - The market for 800G and 1.6T optical modules is projected to grow significantly, with the overall market size expected to exceed $22 billion by 2030 [15][16]. Group 2: Company Performance - Companies like Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication have reported substantial revenue growth in the first half of 2025, with Xinyi Sheng's revenue increasing by 282.64% year-on-year [14]. - The sales volume of optical modules for Zhongji Xuchuang and Xinyi Sheng also saw significant increases, with year-on-year growth rates of 45.96% and 112.53%, respectively [21]. - The introduction of 800G optical modules has positively impacted the financial performance of these companies, with increased revenue and profit margins [13][15]. Group 3: Valuation Insights - Analysts have adjusted their ratings for several optical module stocks, with Xinyi Sheng and Tianfu Communication downgraded to "reduce" due to high valuations [5][30]. - The expected net profits for 2026 for Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication are projected to grow by 45.98%, 47.17%, and 37.05%, respectively [30]. - The current market environment suggests that a price-to-earnings ratio of 30-40 times is reasonable for these stocks, with potential for higher valuations if market liquidity improves [33][35]. Group 4: Investment Strategies - For investors already holding these high-performing stocks, a strategy of locking in profits through gradual selling is recommended [38][40]. - New investors are advised to wait for significant price corrections before entering the market, as chasing high prices can lead to losses [42][44]. - The article emphasizes the importance of understanding industry trends and company fundamentals before making investment decisions, rather than reacting to market movements [42][43].

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with 7 out of the 28 sectors rising, led by the media and communication sectors, which increased by 2.23% and 1.99% respectively [1] - The textile and apparel, and comprehensive sectors experienced the largest declines, down by 1.45% and 1.30% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 28.778 billion yuan, with 5 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow, with 3.916 billion yuan, and a daily increase of 1.60% [1] - The computer sector followed with a net inflow of 2.545 billion yuan and a daily increase of 1.55% [1] - A total of 26 sectors experienced net capital outflows, with the electronics sector leading at 16.241 billion yuan, followed by the machinery equipment sector with 2.832 billion yuan [1] Communication Sector Performance - The communication sector rose by 1.99% with a net inflow of 629 million yuan, comprising 125 stocks, of which 54 rose and 71 fell [2] - The top net inflow stocks in the communication sector included NewEase with 1.266 billion yuan, followed by ZTE Corporation and Cambridge Technology with 922 million yuan and 625 million yuan respectively [2] - The sector also had 6 stocks with net outflows exceeding 100 million yuan, led by Data Port with 485 million yuan, followed by Tianfu Communication and Zhongji Xuchuang with 352 million yuan and 315 million yuan respectively [3] Top Gainers in Communication Sector - NewEase: +6.02%, turnover rate 6.37%, net inflow 1.266 billion yuan [2] - ZTE Corporation: +4.16%, turnover rate 6.60%, net inflow 922 million yuan [2] - Cambridge Technology: +10.00%, turnover rate 14.71%, net inflow 625 million yuan [2] Top Losers in Communication Sector - Data Port: -2.78%, turnover rate 18.21%, net outflow 484.588 million yuan [3] - Tianfu Communication: -0.06%, turnover rate 4.09%, net outflow 351.699 million yuan [3] - Zhongji Xuchuang: +2.62%, turnover rate 4.57%, net outflow 314.628 million yuan [3]

Core Insights - The new "new three items" in China's economy are robotics, artificial intelligence (AI), and innovative pharmaceuticals, which are now driving high-quality economic development [1][2] - The market for these sectors is experiencing significant growth, with A-share companies in robotics and AI seeing substantial increases in market capitalization [2][3] - China's position in these sectors is evolving from "catching up" to "leading," particularly in robotics, while AI is in a competitive position and innovative pharmaceuticals are gaining international recognition [3][4] Robotics Sector - The humanoid robotics field is viewed as a potential game-changer, with leading A-share companies like Huichuan Technology exceeding a market cap of 200 billion and significant first-day gains for companies like Sanxie Electric [2][3] - The robotics industry is advancing rapidly, with China entering the global first tier, although high-end components still require imports [3] Artificial Intelligence Sector - Several companies in the AI sector have market capitalizations exceeding 100 billion, with strong demand for AI computing chips and infrastructure leading to impressive performance [2][3] - China has strong competitiveness in application areas like computer vision and speech recognition, but still faces challenges in foundational chips and ecosystem development [3] Innovative Pharmaceuticals Sector - Companies like Hengrui Medicine are approaching a market cap of 500 billion, with others like WuXi AppTec and Innovent Biologics also exceeding 100 billion [2] - The innovative pharmaceutical sector is experiencing explosive growth in international transactions, indicating improved R&D capabilities, though challenges remain in target discovery and basic research translation [3] Market Dynamics - The shift from traditional growth drivers to technology-intensive, high-value-added production is essential for overcoming the challenges of traditional industries [1][3] - The advantages of a large-scale market, strong engineering capabilities, and an improving policy environment are critical for these sectors [3] Policy Recommendations - There is a need for policies that promote data openness, optimize review processes, and increase investment in computing infrastructure [3] - Focus on interdisciplinary talent development and encourage long-term capital investment in foundational research is essential for sustaining growth [3]

Core Viewpoint - The article emphasizes that the new "new three items" for China's economy are robotics, artificial intelligence (AI), and innovative pharmaceuticals, which are now driving high-quality economic growth, surpassing traditional sectors like finance and real estate [1][2]. Group 1: Robotics - The robotics sector, particularly humanoid robots, is seen as the next potential world-changing technology after computers, smartphones, and electric vehicles. Leading companies like Huichuan Technology have a market capitalization exceeding 200 billion, with some stocks experiencing significant price increases [2]. - China is making rapid progress in robotics, moving from "catching up" to "leading" on a global scale, with a complete industrial chain and the largest market, although high-end components still rely on imports [2][3]. Group 2: Artificial Intelligence - The AI sector has several companies with market capitalizations over 100 billion, focusing on AI computing chips and infrastructure. Companies like Cambricon and Industrial Fulian are experiencing explosive growth in orders and performance [2]. - China is competitive in application-level AI, particularly in computer vision and speech recognition, but still lags in foundational chips and ecosystem frameworks [3]. Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector is witnessing significant growth, with companies like Hengrui Medicine nearing a market cap of 500 billion. The business model is shifting from "burning money" to "making money," gaining global market recognition [2]. - China's innovative drugs are moving from "following" to "keeping pace," with explosive growth in overseas transactions, although challenges remain in target discovery and basic research translation [3]. Group 4: Advantages and Challenges - China's advantages include a large-scale market providing scenario dividends, strong engineering and industrialization capabilities, and a continuously improving policy environment. However, there are risks of being "choked" if key segments are controlled by external entities [3]. - The article suggests that policy improvements are needed to create an open data ecosystem, optimize review processes, and increase investment in foundational research [4].

Core Viewpoint - Tianfu Communication's stock has experienced significant fluctuations, with a year-to-date increase of 177.70% but a recent decline in the last few trading days [1] Company Overview - Tianfu Communication, established on July 20, 2005, and listed on February 17, 2015, specializes in the research, design, high-precision manufacturing, and sales of optical passive devices [1] - The company's main business revenue composition is 98.91% from optical communication components and 1.09% from other sources [1] Financial Performance - For the first half of 2025, Tianfu Communication achieved operating revenue of 2.456 billion yuan, representing a year-on-year growth of 57.84%, and a net profit attributable to shareholders of 899 million yuan, up 37.46% year-on-year [2] - Cumulatively, the company has distributed 2.172 billion yuan in dividends since its A-share listing, with 1.536 billion yuan distributed over the past three years [3] Shareholder Information - As of September 19, 2025, the number of shareholders increased by 25.13% to 137,800, while the average circulating shares per person decreased by 20.08% to 5,632 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.97 million shares, an increase of 8.39 million shares from the previous period [3]

Investment Rating - The report maintains a positive outlook on the optical module sector, indicating that the actual performance PE of leading companies is significantly lower than the consensus expected PE, suggesting room for upward valuation adjustments [3][6]. Core Insights - The current AI-driven market for optical modules shows a rapid amplification effect similar to the "Davis Double Play" seen in the consumer electronics sector, alongside attributes of "profit exceeding expectations and valuation mismatch" observed in the renewable energy sector, indicating both explosive growth potential and sustainability [3][6]. - The report highlights that the leading companies in the optical module market, such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, have experienced substantial rebounds in their stock prices, with respective increases of 481%, 607%, and 305% from their year-to-date lows [6]. - The anticipated performance PE for these companies from 2025 to 2027 is projected at 52/36/30x for Zhongji Xuchuang, 44/29/24x for Xinyi Technology, and 69/50/39x for Tianfu Communication, reflecting a significant growth trajectory [6]. Summary by Sections Vertical Analysis - The report discusses the varying performance of leading companies in different market cycles, noting that the AI model training has led to a surge in computing power demand, significantly elevating the valuations of these companies [8]. - The actual performance PE of leading companies is currently underestimated compared to their expected performance PE, with Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication showing potential increases of 167%, 129%, and 103% respectively [8]. Horizontal Analysis - The report compares the optical module sector with consumer electronics and renewable energy sectors, emphasizing that the current market dynamics are driven by AI computing demand, which is distinct from the product-driven cycles seen in consumer electronics and policy-driven cycles in renewable energy [8]. - The optical module sector is characterized by a robust technological advantage and manufacturing capability, positioning it for sustained growth compared to its peers [8]. Investment Recommendations - The report recommends a reevaluation of leading optical module companies, highlighting the need for market participants to recognize the significant upside potential in their valuations as the demand for optical modules continues to rise due to increased ASIC usage and ongoing technological advancements [3][6].

Core Viewpoint - The article discusses the significant divergence in stock market performance between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors) in 2023, highlighting a shift in investor sentiment and market dynamics [2][9]. Group 1: Market Performance Overview - As of September 23, 2023, the Shanghai Composite Index has risen by 14.02%, with technology sectors like SW Communication and SW Electronics showing remarkable gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [2][3]. - The article notes that many traditional blue-chip stocks have underperformed, with 16 out of 21 stocks in the SW liquor sector experiencing price declines this year, including a 3.16% drop in Kweichow Moutai [5][6]. Group 2: Individual Stock Performance - Notable "new stocks" include Cambricon Technologies (688256.SH), which has seen a price increase of 105.22%, and other companies in the AI sector like NewEase (300502.SZ) and Zhongji Xuchuang (300308.SZ), with annual gains of 329% and 253% respectively [4][6]. - In contrast, several "old stocks" such as Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) have reported declines of 12.68% and 6.96% respectively, despite some of these companies showing double-digit profit growth in the first half of the year [5][6]. Group 3: Investment Philosophy and Market Sentiment - The article highlights a growing divide between "old stock" investors, who favor value investing based on stable cash flows and dividends, and "new stock" investors, who are more focused on growth potential in technology sectors [9][10]. - The current market sentiment is characterized by a trend-driven investment approach, with younger investors and quantitative funds favoring short-term trends, leading to extreme sector divergence [10].

Group 1 - The CPO and PCB sectors, which are part of the computing hardware industry, experienced a decline in stock prices [1] - Guangku Technology saw a drop of over 10% in its stock price [1] - Jingwang Electronics approached the limit down, indicating significant selling pressure [1] Group 2 - Tianfu Communication's stock fell by over 6% [1] - Shenghong Technology and Simi Electronics both experienced declines of over 5% [1] - Multiple stocks, including Zhongji Xuchuang and Xinyi Sheng, dropped by over 4% [1]

Group 1 - The core viewpoint of the news is that the optical module (CPO) index experienced a decline of over 2% during trading, indicating a negative trend in the sector [1] - Major component stocks in the optical module sector saw significant drops, with Guangku Technology falling by 5.56%, Tianfu Communication by 5.04%, Zhongji Xuchuang by 4.21%, Cambridge Technology by 4.07%, and Ruijie Network by 2.51% [1]