Investment Strategy Overview - The report anticipates a volatile market in February due to previous regulatory signals and significant ETF outflows, with market activity expected to decline before the Spring Festival and improve post-holiday as policy catalysts emerge [3][4] - The focus remains on cyclical price increases, particularly in sectors like semiconductors and AI, which are expected to maintain a positive trend [3][4] - The liquidity situation is mixed, with increased inflows from retail investors countered by significant ETF sell-offs, leading to a challenging funding environment before the Spring Festival [3][4] Key Stock Recommendations - **Jianghuai Automobile (江淮汽车)**: Positioned as the only domestic ultra-luxury brand, with the S800 model outperforming competitors like Mercedes-Benz. The company plans to launch 6-7 high-end models, indicating substantial growth potential [5][8] - **Luxshare Precision (立讯精密)**: A key player in the Apple supply chain, with strong growth prospects in consumer electronics and automotive sectors. The company is expected to achieve rapid earnings growth over the next few years [5][11] - **Sinyi Technology (生益科技)**: As a leading manufacturer of CCL, the company is well-positioned for long-term growth with a focus on high-end product upgrades and strong market demand [5][15] - **Tianqi Lithium (天赐材料)**: The largest manufacturer of electrolytes with a market share of approximately 40%. The company is expected to see significant profit recovery due to improved supply-demand dynamics in the lithium industry [5][20] - **Li Ning (李宁)**: The company is accelerating its product and channel expansion, with new product launches expected to drive a turnaround in performance [5][20] - **Zhongji Xuchuang (中际旭创)**: A leader in optical modules, benefiting from strong overseas demand. The company is expanding its production capacity to meet increasing market needs [5][27] - **Xinyi Technology (新易盛)**: The company is experiencing continuous growth in high-speed products, with a strong outlook for 2026 [5][27] - **Foshan Plastics (佛塑科技)**: The acquisition of a key supplier is expected to enhance performance significantly, with a focus on the tightening supply-demand situation in the industry [5][27] - **Century Huatong (世纪华通)**: The company is leveraging its partnership with Tencent to enhance its game development and distribution capabilities, indicating strong future growth potential [5][27] - **Tencent Holdings (腾讯控股)**: The company has a solid foundation with a rich game product pipeline and is accelerating its AI application ecosystem [6][27] Market Trends and Expectations - The report highlights a trend of price increases spreading from cyclical sectors like oil and food to technology sectors, particularly AI and semiconductors, which are expected to continue benefiting from policy support [3][4] - The upcoming Two Sessions in March are anticipated to catalyze policy developments that could positively impact market performance [3][4] - The report emphasizes the importance of sector rotation as a key characteristic of the market in February, with a focus on cyclical price increases and technology sectors [3][4]

Core Viewpoint - The company is expected to achieve a net profit attributable to shareholders of 9.4-9.9 billion yuan in 2025, representing a year-on-year growth of 231%-249%, with a slight overperformance compared to expectations, leading to a "buy" recommendation [1] Group 1: Financial Performance - The company anticipates a net profit of 3.1-3.6 billion yuan in Q4 2025, reflecting a year-on-year increase of 160%-202% [1] - The expected net profit for 2025 is projected to be 9.477 billion yuan, with year-on-year growth rates of 234%, 32%, and 21% for the years 2025, 2026, and 2027 respectively [3] - Earnings per share (EPS) are forecasted to be 9.54, 12.59, and 15.23 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44, 33, and 28 times [3] Group 2: Market and Product Development - The company is expected to significantly increase its market share in the overseas 800G product market, driven by rising global data center expenditures and demand for computing power [2] - The company’s Thai factory is operational, with the first phase launched in H1 2023 and the second phase expected to enhance product delivery capabilities, particularly for North American cloud vendors [2] - The company has a strong R&D investment, with expenses reaching 501 million yuan in the first three quarters of 2025, a 150% year-on-year increase, leading to a rich reserve of new technology products [3] - The company has launched 1.6T optical module products and is expanding into high-speed AEC cable modules and other areas, positioning itself to maintain its industry leadership [3]

A股复盘 | 参与历史 / 2026.02.02 先来一张图片护眼！ | 上证指数 | 深证成指 | 创业板指 | 中证A500 | 中证全指 | A股平均股价 | | --- | --- | --- | --- | --- | --- | | 4017.04 | 13830.1 | 3264.44 | 5742.39 | 6094.1 | 28.77 | | -2.45% | -2.65% | -2.45% | -2.64% | -2.64% | -2.67% | | 大盘指数 | | | | | | | 沪深300 | 中证500 | 中证1000 | 中证2000 | 微营服 | 科创100 | | 4604.37 | 8047.84 | 7991.94 | 3389.52 | 3701.57 | 1584.25 | | -2.17% | -3.85% | -3.19% | -2.17% | -0.89% | -4.54% | | 50指数 | | | | | | | 上证50 | 创业板50 | 北证50 | 科创50 | 深证50 | 富时中国A50 | | 2999.66 | 3432.21 | ...

导语：窗口期末尾，冰火两重天。 作者：市值风云 App：迷宫 2025 年报业绩预告开箱（六）：百亿巨亏连环爆，AI 与创新药继续领跑 本研报基于截至 2026 年 2 月 2 日 A 股上市公司发布的业绩预告公告，筛选出值得关 注的标的。 一、业绩增速亮眼标的 1、新易盛（300502.SZ） 核心原因摘要： • 受益于全球算力投资持续增长，800G、1.6T 等高速率光模块需求快速提升 • 公司产品结构高端化，800G 营收占比达 65%-70%，毛利率稳定在 48%-50% • 1.6T产品通过英伟达GB200平台认证并规模化量产，在英伟达供应链占比超30%， 零售价格较上市初期上涨 70%至 2000 美元以上，毛利率超 50% • 泰国工厂产能释放，交付周期从 12 周压缩至 8 周，规模效应进一步摊薄成本 亮点分析： 业绩超市场一致预期（机构预测均值约 90-92 亿元），Q4 单季净利润环比增长 29%- 50%，增长加速度明显；扣非净利润与净利润高度吻合，盈利质量高；海外营收占比 94.47%，客户基本盘稳固；资产负债率仅 31.99%，财务风险极低。 2、寒武纪（688256.SH） 公司简 ...

公司点评 报告信息 文中报告节选自天风证券（维权）研究所已公开发布研究报告，具体报告内容及相关风险提示等详见完整版报告。 证券研究报告：《算力浪潮驱动业绩跃升，1.6T 开启增长新篇章》 对外发布时间：2026年02月02日 报告发布机构：天风证券股份有限公司 本报告分析师： 王奕红 SAC 执业证书编号：S1110517090004 余芳沁 SAC 执业证书编号：S1110521080006 唐海清 SAC 执业证书编号：S1110517030002 公司点评 报告信息 文中报告节选自天风证券（维权）研究所已公开发布研究报告，具体报告内容及相关风险提示等详见完整版报告。 证券研究报告(以下统称"本报告")署名分析师在此声明:我们具有中国证券业协会授予的证券投资咨 询执业资格或相当的专业胜任能力,本报告所表述的所有观点均准确地反映了我们对标的证券和发行人的 个人看法。我们所得报酬的任何部分不曾与,不与,也将不会与本报告中的具体投资建议或观点有直接或 间接联系。除非另有规定,本报告中的所有材料版权均属天风证券股份有限公司(已获中国证监会许可的 证券投资咨询业务资格】及其附属机构(以下统称"天风证券")。未经天风 ...

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

结合2024年报及1H25中报，已发布业绩预告的相关公司海外业务占比均较高，推测若忽略会对损益影 响，则相关公司利润水平有望更进一步，展望十五五开局首年，在上游器件供给紧张，需求端持续高景 气的背景下，相关公司具备更进一步业绩释放的基础。 智通财经APP获悉，中国银河证券发布研报称，截至2026年1月31日，中际旭创等光模块龙头标的相继 发布2025年度业绩预告，相关公司业绩普遍预增逾五成，但汇兑损益一定程度影响业绩释放节奏。当下 时点光通信仍处于相对低估的水平，在需求端持续放量的基础上，产能的紧缺仍将是2026年制约光通信 发展的主要瓶颈，在我国光模块厂商全球市占率居首并仍在持续提升的基础上，"十五五"期间内，产业 链向上游渗透的机遇较为充足。 中国银河证券主要观点如下： 光模块龙头标的业绩预告超预期，汇兑损益一定程度影响业绩释放节奏 发布业绩预期公告的相关公司业绩普遍增长超50%，龙头标的如中际旭创、新易盛等业绩实现超预期增 长，其中新易盛2025年预计将实现归属于上市公司股东的净利润94-99亿元，同增231.24%-248.86%，利 润增幅领先；中际旭创预计将实现归属于上市公司股东的净利润98-11 ...

近期，多家光模块龙头企业发布了2025年的业绩预告。数据显示，相关公司的净利润出现了大幅增长。 其中，中际旭创和新易盛的表现尤为突出。 这背后，是800G等高速光模块订单的持续释放。同时，下一代1.6T技术也已开始商用部署，推动行业 技术迭代不断加快。 行业分析认为，光模块行业的高景气与全球AI发展的宏大叙事紧密相连。海内外云厂商的高额资本开 支、中国市场的需求回归、技术升级带来的"量价齐升"，以及AI需求从训练侧向推理侧的延伸，共同构 成了行业持续增长的坚实基础。 高增下的分化 光模块是数据传输的关键部件，它像连接数据中心各个服务器的"高速公路"。随着AI大模型训练、自动 驾驶、云计算等应用对算力需求的爆炸式增长，光模块企业成了直接受益者。 中际旭创的业绩预告显示，公司2025年预计实现归母净利润98亿元至118亿元，增长率高达89.50%至 128.17%。扣除股权激励费用前，公司光模块业务实现合并净利润约108亿元至131亿元，同比增长 90.81%至131.44%。 新易盛的表现则更胜一筹。其预计2025年实现归属于上市公司股东的净利润为94亿元至99亿元，同比增 长231.24%至248.86%；扣 ...

Q：新易盛的核心产品在目前的市场竞争中处于什么地位？ 新易盛作为光通信行业的龙头企业，其核心产品光模块正处于全球AI算力需求驱动的变革中心。随着 数据中心向400G、800G甚至1.6T高速互连升级，新易盛凭借在CPO（光电共封装技术）等先进领域的 布局，已成功跻身公募基金重仓股的前列。截至2025年三季度末，新易盛已跃升至公募基金第四大重仓 股，持股市值超千亿元。其竞争壁垒在于能够快速响应海外厂商追加订单的需求，并将在2026年光通信 产业链进入"保交付"时代后，凭借供应链掌控力进一步巩固其领先市场份额。 ...

新易盛正处于产品迭代的关键交接期，目前正加速从800G向更高速率的1.6T产品渗透。公司明确表 示，预计1.6T产品在2025年第四季度至2026年将进入持续放量的阶段。此外，在备受行业关注的硅光技 术领域，新易盛也展现了较强的技术储备，称其在硅光芯片设计方面具备充足的研发实力，并预估2026 年硅光产品在公司业务中的占比将呈现明显的提升趋势。这些新产品的放量被视为公司未来保持高增长 质量和高利润水平的核心驱动力。 Q：新易盛目前在1.6T光模块产品的研发和量产进度上有什么最新规划？ ...