证券日报网讯 新易盛（300502）11月17日在互动平台回答投资者提问时表示，大股东股份转让事宜已 完成，相关情况详见公司10月21日披露的公告。 ...

（文章来源：证券日报） 证券日报网讯新易盛11月17日在互动平台回答投资者提问时表示，目前3.2T产品处于预研阶段，商用时 间取决于市场及客户的需求情况。 ...

证券日报网讯新易盛（300502）11月17日在互动平台回答投资者提问时表示，公司一直与供应商保持良 好合作，通过多种方式优化采购成本，以保障供应链稳定和产品的市场竞争力。 ...

证券日报网讯新易盛（300502）11月17日在互动平台回答投资者提问时表示，公司生产经营情况良好， 订单执行与客户提货计划紧密相关。关于具体订单的交付安排，属于公司与客户之间的商业约定，不便 对外披露细节。 ...

证券日报网讯新易盛11月17日在互动平台回答投资者提问时表示，公司将在后续定期报告中披露股东人 数情况。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯新易盛11月17日在互动平台回答投资者提问时表示，公司1.6T光模块已进入规模化量产阶 段，泰国工厂二期产线持续释放产能，公司将全力保障客户交付。 ...

Core Viewpoint - The three leading companies in the optical module sector, namely NewEase (300502.SZ), Zhongji Xuchuang (300308.SZ), and Tianfu Communication (300394.SZ), reported significant revenue and net profit growth for the first three quarters of 2025, driven by the surge in AI computing demand. However, concerns regarding performance differentiation, high inventory levels, and valuation pressures have emerged following their quarterly reports [1][2][4]. Group 1: Financial Performance - Zhongji Xuchuang led the revenue with 25.005 billion yuan, a year-on-year increase of 44.43%, maintaining its industry leadership [2] - NewEase exhibited explosive growth with a revenue of 16.505 billion yuan, marking a staggering year-on-year increase of 221.70%, the highest among the three [2] - Tianfu Communication reported a revenue of 3.918 billion yuan, reflecting a year-on-year growth of 63.63%, which is moderate compared to its peers [2] - In terms of net profit, Zhongji Xuchuang achieved 7.132 billion yuan, a year-on-year increase of 90.05%, while NewEase's net profit surged to 6.327 billion yuan, up 284.37% [4] - Tianfu Communication's net profit reached 1.465 billion yuan, growing by 50.07% [4] - In Q3, Zhongji Xuchuang was the only company to report both revenue and net profit growth, with Q3 revenue of 10.216 billion yuan, a year-on-year increase of 56.83% and a quarter-on-quarter increase of 25.89% [4] Group 2: Profitability and R&D Investment - NewEase maintained a high gross margin of 47.25% for the first three quarters, with a net profit margin reaching a record high of 39.3% in Q3 [5] - Tianfu Communication had the highest gross margin at 51.87%, although it decreased from 57.22% in 2024, indicating pressure on profitability [5] - Zhongji Xuchuang's gross margin was 40.74%, showing a gradual improvement [5] - R&D investments for Zhongji Xuchuang reached 949.5 million yuan, a year-on-year increase of 27.41%, focusing on CPO technology and silicon photonics [7] - NewEase's R&D expenses were 501 million yuan, up 149.57%, significantly outpacing revenue growth [7] - Tianfu Communication had the highest R&D expense ratio at 5.11%, with 200 million yuan invested, a 15.82% increase [7] Group 3: Inventory and Asset Impairment - All three companies faced significant inventory increases, raising concerns about potential asset impairment losses [8] - As of Q3 2025, Zhongji Xuchuang's inventory reached 11.216 billion yuan, a year-on-year increase of 52.64%, while NewEase's inventory was 6.603 billion yuan, up 59.79% [8] - Tianfu Communication's inventory decreased slightly to 337 million yuan, but it remained at a historically high level [8] - NewEase reported asset impairment losses of 203 million yuan, a staggering year-on-year increase of 883.08% [11] - Zhongji Xuchuang's asset impairment losses were 66.3623 million yuan, while Tianfu Communication's losses were 33.1005 million yuan, reflecting a year-on-year increase of 238.76% [11] Group 4: Market Reaction and Future Outlook - Following the quarterly reports, the stock prices of the three companies fell sharply, with a combined market value loss exceeding 140 billion yuan [1][13] - The market correction was attributed to performance not meeting expectations and a return to valuation levels after previous highs [13] - Despite the short-term market reaction, many institutions remain optimistic about the long-term prospects of the optical module industry, citing sustained demand and supply shortages [14]

Market Overview - The market experienced fluctuations, with the Shenzhen Component Index turning positive before declining again. As of the morning close, the Shanghai Composite Index fell by 0.43%, the Shenzhen Component Index decreased by 0.35%, and the ChiNext Index dropped by 0.8% [1] Sector Performance - There was rapid rotation of market hotspots, with over 2900 stocks declining. The Fujian sector saw a resurgence, with stocks like Xiamen Construction and Pingtan Development hitting the daily limit [2] - The AI application concept gained momentum, with multiple stocks such as 360 Technology reaching the daily limit [2] - The military industry sector continued its strong performance, with Aerospace Development achieving two consecutive limit-ups [2] - The lithium mining concept was active, with Dazhong Mining achieving three consecutive limit-ups [2] Stock Performance - The half-day trading volume for the Shanghai and Shenzhen markets reached 1.27 trillion yuan, an increase of 32.9 billion yuan compared to the previous trading day [4] - In terms of individual stock performance, CATL had a trading volume exceeding 13.6 billion yuan, leading the market, followed by Zhongji Xuchuang, Xinyi Sheng, and Ganfeng Lithium with high trading volumes [4] Notable Stocks - CATL (300750) saw a decline of 4.13%, with a latest price of 387.41 yuan and a trading volume of 13.64 billion yuan [5] - Zhongji Xuchuang (300308) increased by 2.17%, with a latest price of 472.87 yuan and a trading volume of 9.37 billion yuan [5] - New Yi Sheng (300502) decreased by 0.27%, with a latest price of 309.75 yuan and a trading volume of 6.97 billion yuan [5] - Mingqi Weiye (002460) rose by 6.55%, with a latest price of 73.40 yuan and a trading volume of 6.84 billion yuan [5] - Huayou Cobalt (603799) increased by 4.66%, with a latest price of 68.67 yuan and a trading volume of 6.55 billion yuan [5]

上周有2只新股发行,详情见下表： | 股票代码 | 股票简称 | 中购日期 | | --- | --- | --- | | 001233.SZ | 海安集团 | 20251114 | | 920124.BJ | 南特科技 | 20251111 | 三、融资融券情况 沪深两市的融资融券余额为24848.66亿元，其中融资余额24668.62亿元，融券余额180.04亿元。两市融 资融券余额较前一周减少8.73亿元。分市场来看，沪市两融余额为12654.61亿元，相较前一周减少37.1 亿元；深市两融余额12194.06亿元，相较前一周增加28.38亿元。 上周两市共有3463只个股有融资资金买入，共有182只个股买入金额超10亿元，其中阳光电源、中际旭 创、新易盛排名前三，买入金额分别124.22亿元、118.0亿元、93.21亿元。融资买入额前10个股详情见 下表： | 代码 | 股票名称 | 融资买入额(亿元) | 所属申万行业 | | --- | --- | --- | --- | | 300274.SZ | 阳光电源 | 124.22 | 电力设备 | | 300308.SZ | 中际旭创 | 118. ...

□本报记者 张韵 截至11月14日，数据显示，今年以来，全市场已有19只公募基金实现业绩翻倍。值得注意的是，在近年 来的主被动产品博弈中，虽然被动产品一度占上风，但此番业绩翻倍的基金却全部是主动产品。这在一 定程度上反映出主动投资型基金依然有其独特的捕捉超额收益的优势。 从这19只基金的业绩表现来看，多数净值曲线都是从二季度开始陡然拉升。亮眼业绩背后，或离不开基 金经理们对光模块、PCB、创新药、存储等强势板块的重仓。同时，许多基金的持仓集中度较一季度末 有明显提升，在二、三季度末，均有半数以上基金前十大重仓股市值占基金资产净值比重超过60%。 不过在11月14日，光模块、PCB、存储板块出现较大幅度回调，多只前期人气股单日跌超4%，部分存 储板块标的更是单日跌超9%。这也使得10余只原本已在今年翻倍的公募基金，回报率降至100%以下。 冠军基重仓光通信板块 2025年半年报披露的数据显示，该基金二季度末仅持有20只个股，前十大重仓股几乎全是市场热门股， 集中于光通信、PCB、云计算三大领域。其中，含"光"量尤高。光模块三巨头（新易盛、中际旭创、天 孚通信）为前三大重仓股，合计占基金资产净值的比重接近30%。 ...