Group 1 - The CPO concept stocks in the A-share market opened lower collectively, with significant declines observed in several companies [1] - Guangku Technology and Tianfu Communication both dropped over 5%, while Zhongji Xuchuang and Cambridge Technology fell over 4% [1] - Other companies such as Jingwang Electronics, Zhongfu Circuit, Guangxun Technology, Shijia Photon, and Changxin Bochuang experienced declines exceeding 3% [1] Group 2 - Guangku Technology reported a decline of 5.56%, with a total market value of 31.9 billion and a year-to-date increase of 164.25% [2] - Tianfu Communication saw a decrease of 5.04%, with a market capitalization of 140.1 billion and a year-to-date increase of 178.51% [2] - Zhongji Xuchuang experienced a drop of 4.21%, with a market value of 462.2 billion and a year-to-date increase of 238.17% [2]

Group 1 - CPO concept stocks experienced significant declines, with Guangku Technology falling over 10% [1] - Other companies such as Changfei Optical Fiber, Tianfu Communication, Cambridge Technology, and Lingyun Optical also saw declines exceeding 5% [1]

Core Viewpoint - The market is experiencing a significant divergence 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), with the latter showing substantial gains while the former declines [1][3][8]. Group 1: Market Performance - As of September 23, the Shanghai Composite Index has risen by 14.02% year-to-date, with technology sectors like SW Communication and SW Electronics seeing gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [1][2]. - The performance of individual stocks reflects this trend, with tech stocks like Cambrian (688256.SH) doubling in price, while major liquor stocks like Kweichow Moutai (600519.SH) have seen a decline of 3.16% [3][5]. Group 2: Sector Analysis - The "new stocks" or "small stocks" have shown remarkable growth, with companies like Xinji Technology (300502.SZ) and Zhongji Xuchuang (300308.SZ) experiencing year-to-date increases of 329% and 253% respectively, driven by the AI computing wave [3][5]. - In contrast, the "old stocks" have struggled, with 16 out of 21 major liquor stocks experiencing declines, and several blue-chip stocks like Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) also showing negative performance [4][5]. Group 3: Investment Perspectives - The divide between "old stocks" and "new stocks" has sparked debates within the investment community, with traditional investors advocating for value investing based on cash flow and safety margins, while tech investors focus on growth potential and disruptive technologies [6][7]. - Current market dynamics suggest that the tech sector is seen as a trend-driven investment, supported by policies favoring AI and computing power, while traditional value investment strategies are becoming less effective, leading to extreme sector divergence [8].

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - The demand for AI computing power is driving the growth of the optical communication industry, with significant advancements in silicon photonics technology, which is becoming the mainstream solution for 1.6T high-speed optical modules [4] - The partnership between OpenAI and NVIDIA aims to deploy at least 10GW of AI data centers, which is expected to double NVIDIA's GPU shipments in 2025, indicating a strong market demand for AI infrastructure [3][4] - The introduction of NVIDIA's Rubin CPX GPU is anticipated to enhance AI application inference and increase demand for liquid cooling solutions, thereby benefiting the liquid cooling sector [5][6] Summary by Sections Industry Overview - The optical communication network is undergoing continuous upgrades, with a focus on new technologies such as OCS, hollow-core fibers, thin-film lithium niobate, and CPO, which are gaining attention and maturity [4] Market Opportunities - The competitive advantages of leading companies in the optical module sector are expected to strengthen, with rising demand for CW lasers and certain passive components [4] - The launch of the Rubin CPX GPU is projected to create additional liquid cooling demand, as it significantly increases processing capabilities and total power consumption [5][6] Recommended Stocks - Strong recommendations for leading companies in the optical module and liquid cooling sectors include: Zhongji Xuchuang, Xinyi Sheng, Yingweike, Tianfu Communication, and Yuanjie Technology [6]

Core Viewpoint - NVIDIA is a leading global computer technology company focused on GPU and AI computing, providing hardware, software, and solutions [1] Group 1: Industrial Fulian - Industrial Fulian provides AI server and GPU accelerator card assembly services for NVIDIA [1] - The company was listed on the Shanghai Stock Exchange in June 2018 and specializes in high-end smart manufacturing and industrial internet solutions [1] - In the past year, Industrial Fulian achieved a revenue of 609.135 billion, a year-on-year increase of 27.88%, with a five-year compound annual growth rate (CAGR) of 8.98% [3] Group 2: Ruikeda - Ruikeda specializes in the development of RF blind-mate connectors for 5G, becoming the preferred solution for 5G base station AAU connectors [5] - The company was listed on the Shanghai Stock Exchange in July 2021 and focuses on connector products [5] - In 2024, Ruikeda's total revenue reached 2.415 billion, a year-on-year increase of 55.29%, with a five-year CAGR of 41.03% [6] Group 3: Wolong Materials - Wolong Materials is a leading domestic company engaged in the research and manufacturing of polymer radiation-modified new materials, supplying high-density copper cables to NVIDIA [7] - The company was listed on the Shenzhen Stock Exchange in April 2007 [7] - In 2024, Wolong Materials achieved a total revenue of 6.927 billion, a year-on-year increase of 21.03%, with a five-year CAGR of 14.04% [10] Group 4: Huitian Technology - Huitian Technology is one of the largest and most technically advanced PCB manufacturers in China, with a high market share in AI server motherboards [14] - The company was listed on the Shenzhen Stock Exchange in August 2010 [14] - In 2024, Huitian Technology's total revenue was 13.342 billion, a year-on-year increase of 49.26%, with a five-year CAGR of 15.64% [16] Group 5: Yingweike - Yingweike is a leading provider of precision temperature control energy-saving equipment, with over 50% market share in MLCP cold plates, compatible with NVIDIA's GB300 high-pressure circulation system [18] - The company was listed on the Shenzhen Stock Exchange in December 2016 [18] - In 2024, Yingweike achieved a total revenue of 4.589 billion, a year-on-year increase of 30.04%, with a five-year CAGR of 28.12% [21] Group 6: Zhongji Xuchuang - Zhongji Xuchuang is a global leader in optical module solutions and an important supplier of NVIDIA's 800G optical modules [22] - The company was listed on the Shenzhen Stock Exchange in April 2012 [24] - In 2024, Zhongji Xuchuang's total revenue reached 23.862 billion, a year-on-year increase of 122.64%, with a five-year CAGR of 35.64% [24] Group 7: Tianfu Communication - Tianfu Communication is a leader in the optical fiber connection niche market and an important supplier of NVIDIA's 800G optical modules [27] - The company was listed on the Shenzhen Stock Exchange in February 2015 [27] - In 2024, Tianfu Communication achieved a total revenue of 3.252 billion, a year-on-year increase of 67.74%, with a five-year CAGR of 38.91% [30] Group 8: Shenghong Technology - Shenghong Technology is among the top 100 PCB manufacturers globally, having launched several AI server-related products, with some already in mass supply to NVIDIA [31] - The company was listed on the Shenzhen Stock Exchange in June 2015 [33] - In 2024, Shenghong Technology's total revenue was 10.731 billion, a year-on-year increase of 35.31%, with a five-year CAGR of 17.66% [35]

证券日报网讯天孚通信（300394）9月22日在互动平台回答投资者提问时表示，截至2025年09月19日收 盘，公司股东户数为137755户(合并信用账户)。 ...

Core Viewpoint - The article emphasizes the emergence of a new paradigm in China's economy, termed the "new new three samples," which includes robotics, artificial intelligence (AI), and innovative pharmaceuticals, as key drivers for high-quality economic development and a shift from traditional growth models to technology-led advancements [1][4][29]. Robotics Sector - The robotics sector has seen significant market capitalization growth, with companies like Huichuan Technology exceeding 200 billion yuan and several stocks doubling in price within the year [2][13]. - The market for industrial robots in China is projected to reach 302,000 units in 2024, maintaining its position as the largest industrial robot market globally [30]. - Key challenges include reliance on imported high-end servo motors and precision components, which need to be addressed to enhance domestic capabilities [33]. Artificial Intelligence Sector - The AI sector is characterized by a large number of high-value companies, with six firms exceeding a market cap of 100 billion yuan, including Cambricon and Hikvision [19]. - The demand for AI capabilities has surged, particularly in large model applications, leading to significant revenue growth for companies like Industrial Fulian and Cambricon, with year-on-year increases of 35.58% and 4347.82%, respectively [20]. - The sector is supported by national policies aimed at integrating AI into various industries, with a comprehensive action plan released to enhance AI's role in economic development [22]. Innovative Pharmaceuticals Sector - The innovative pharmaceuticals sector is represented by major players like Heng Rui Medicine, which is nearing a market cap of 500 billion yuan, and BeiGene, which recently achieved profitability [24][28]. - Recent policy measures have been introduced to support the development of innovative drugs, including streamlined approval processes and enhanced reimbursement mechanisms [27]. - The sector is witnessing a shift from loss-making to profitability, with companies like BeiGene demonstrating the commercial viability of innovative drug models [28]. Strategic Importance - The "new new three samples" signify a transition from scale-driven manufacturing to technology-driven innovation, crucial for enhancing China's global competitiveness and economic resilience [7][9][31]. - The collaboration among robotics, AI, and innovative pharmaceuticals creates a synergistic effect that strengthens overall productivity and fosters new business models [8][31]. - Addressing the "bottleneck" issues in these sectors is essential for sustaining growth and achieving leadership in global technology competition [32][33]. Policy Recommendations - To enhance competitiveness, policies should focus on data openness, regulatory reforms, and infrastructure development to support AI and innovative pharmaceuticals [35][38]. - Establishing a robust talent pipeline and fostering interdisciplinary education will be critical for sustaining innovation in these sectors [37][38]. - Encouraging public-private partnerships and international collaboration will further strengthen China's position in the global market [39].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **optical module industry** and its relationship with **AI infrastructure** and **cloud service providers** [2][5][19]. Core Insights and Arguments - **AI Demand Surge**: The demand for AI applications is accelerating, with significant increases in processing volumes, such as Google's Gemini token processing exceeding **980 trillion** in February 2025, doubling since May [3]. This surge is driving capital expenditures among cloud service providers [2]. - **Cloud Providers' Capital Expenditure**: Major cloud providers like Google, Amazon, Microsoft, and Meta are projected to spend approximately **$100 billion** in a single quarter, with annual expenditures expected to exceed **$400-600 billion** [2][5]. NVIDIA anticipates total capital expenditures reaching **$3-4 trillion** with a growth rate of **30-40%** [2][5]. - **Expansion of Optical Module Applications**: The application of optical modules is expanding to include **in-cabinet interconnects** and **data center interconnects (DCI)**, with in-cabinet communication needs expected to surpass external cabinet traffic [2][6]. This shift is anticipated to drive the optical module industry into a new growth cycle [2]. - **NVIDIA's Spectrum XGS Platform**: This platform utilizes Ethernet protocols, reducing customer adaptation difficulties and shifting interconnect authority from traditional equipment vendors to NVIDIA, creating new market opportunities for leading domestic optical module companies [2][7]. - **NVIDIA's RUMBA CPS Cabinets**: These cabinets feature a total bandwidth of approximately **230T**, significantly increasing the demand for optical modules due to the doubling of GPU and network card quantities and speeds [8][9]. Additional Important Insights - **CPC Connection Solutions**: The CPC (Copper Cable) connection solution is expected to be adopted in NVIDIA's next-generation switches by the second half of **2026**, enhancing system performance by reducing signal interference [4][10][11]. - **Performance of Leading Domestic Companies**: Domestic optical module leaders such as **Xuchuang**, **Xinyi**, and **Tianfu** are expected to report strong third-quarter performances, with Xuchuang projecting revenues between **3.3 to 3.5 billion** and an annual estimate of **12 billion** [17][18]. These companies are also making significant technological advancements and market expansions [18]. - **Future Trends in the Optical Module Industry**: The industry outlook is optimistic, with expectations of continued growth driven by increasing computational demands and technological breakthroughs. Leading companies are projected to expand market share and improve performance significantly in the coming years [19]. Conclusion - The optical module industry is poised for substantial growth, driven by the increasing demand for AI infrastructure and the strategic investments of major cloud service providers. Leading domestic companies are well-positioned to capitalize on these trends, indicating a robust future for the industry.

每经AI快讯，9月23日，CPO等算力硬件股盘初活跃，中际旭创涨超8%，新易盛涨超7%，天孚通信涨 超6%，胜宏科技、景旺电子、源杰科技跟涨。 每日经济新闻 ...

证券代码：300394 证券简称：天孚通信 公告编号：2025-041 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）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"）2025 年第一次临时股东大会现场会议于 2025 年 9 月 22 日（星期一）下午 14:30， 在苏州高新区长江路 695 号公司会议室以现场投票与网络投票相结合的方式召 开。本次会议通知已于 2025 年 8 月 26 日在中国证监会指定信息披露网站公告。 本次会议由公司董事会召集，公司董事长邹支农先生主持。本次会议的召开符合 《中华人民共和国公司法》、《上市公司股东会规则》及《公司章程》等有关法 律、行政法规、部门规章、规范性文件的规定。 公司 2025 年第一次临时股东大会通过深圳证券交易所交易系统进行网络投 票 的 具 体 时 间 为 2025 年 9 月 22 日 上 午 9:15-9:25 ， 9:30-11:30 ， 下 午 13:00-15:00；通过深圳证券交易所互联网系统进行网络投票的具体时间为 2025 年 9 月 22 日 9:15-15:00 期间的任 ...