群益证券(香港)研报指出，2025年新易盛预计实现归母净利润94-99亿元，同比增长231%-249%；其中 Q4预计归母净利润31-36亿元，同比增长160%-202%。业绩略超预期，给予"买进"建议。海外800G产品 市场份额预计快速提升，带动公司2025年业绩快速增长。泰国产能持续释放，北美客户交付受关税影响 较小，公司二季度业绩增长超预期也有部分原因在于关税影响下，下游需求端提前备货高速光模块，公 司泰国工厂借助暂时关税豁免的情况下提前出货北美市场。后续1.6T、AEC电缆模块等技术储备丰富， 公司已布局高速AEC电缆模块、高速LPO光模块以及CPO产品等领域，后续在市场演化和各类算力连接 方案竞争中有望持续维持行业龙头地位。 ...

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts leaving the communication equipment and precious metals sectors [1][2][3] Group 1: Stock Performance and Capital Outflow - Zhongji Xuchuang experienced a capital outflow of 1.647 billion, with a slight increase in stock price of 0.37% [2] - Xinyi Sheng saw a capital outflow of 1.169 billion, with a decline in stock price of 1.7% [2] - BlueFocus Media had a capital outflow of 1.067 billion, with a stock price increase of 2.48% [2] - Industrial Fulian faced a capital outflow of 1.022 billion, with a decrease in stock price of 0.32% [2] - Zijin Mining reported a capital outflow of 0.844 billion, with a stock price increase of 3.88% [2] - Western Materials had a capital outflow of 0.747 billion, with a notable stock price increase of 7.73% [2] Group 2: Sector Analysis - The communication equipment sector is facing significant capital outflows, with Zhongji Xuchuang and Xinyi Sheng leading the outflows [1][2] - The precious metals sector, including companies like Shandong Gold and Zijin Mining, is also experiencing notable capital outflows [1][3] - The automotive sector, represented by BYD, has a capital outflow of 0.396 billion, with a slight decrease in stock price of 0.25% [3]

2月3日早盘，A股主要指数集体上涨。截至午间收盘，上证指数报4031.07点，涨0.38%；深证成指涨0.93%，创业板指涨0.76%，科创综指涨0.94%。沪深 北三市半日成交16169亿元。昨日早盘新易盛（300502）成交额达275.32亿元，位居A股第一，今日新易盛半日成交213.58亿元，再度位居A股第一。 盘面上，商业航天板块午前冲高，航天发展、巨力索具等十余股涨停；光伏概念持续走强，双良节能（600481）开盘3分钟直线拉升涨停，钧达股份、福 斯特等股涨停；化工板块拉升，万丰股份4连板；贵金属板块持续走弱，四川黄金、招金黄金等连续3日跌停。 太空光伏概念拉升 近日，钧达股份宣布启动配股，拟将部分募资用于太空光伏电池相关产品的研发和生产。此外，钧达股份近期公告，拟现金出资3000万元，参股上海星翼 芯能16.67%股权，成为其二股东，双方将成立合资公司主营CPI膜、CPI膜与晶硅电池结合产品，以进军低轨与太空光伏。 中金公司研报认为，商业航天蓬勃发展背景下，太空光伏作为其电源系统升级的核心方向，在星座批量组网的牵引下正迈向技术路线升级与产业化交付的 新阶段。随着我国低轨星座进入密集部署期、单星功率 ...

银河证券指出，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"时期内，认为产业链向上游渗透的机遇较为充足，从"中国制造"向"中国智造"的转型有望 突出呈现在光通信板块上，基于此，不仅看好光通信板块，也看好光模块上游光器件产业链；CPO的高 速发展也将呈现较大供应链机遇，看好目前布局相关技术的相关公司。 每日经济新闻 2026年2月3日，A股三大指数集体高开，CPO光模块大反攻！创业板成长ETF（159967）上涨 1.6%，持仓股天孚通信涨超9%，中际旭创涨超2%，新易盛涨超1%。 消息面，光模块龙头"易中天"（中际旭创、新易盛、天孚通信）2025年年报业绩预告悉数出炉，受 益于全球算力基建加码带动高速光模块及器件需求高增，叠加自身降本增效落地，三家业绩均实现强劲 增长。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全 ...

来源：新浪基金∞工作室 2月3日，截止午间收盘，创业50ETF（159682）跌0.07%，报1.499元，成交额2.23亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘跌1.04%，中际旭创跌1.06%，新易盛跌4.13%，东方财富涨 0.27%，阳光电源跌0.17%，胜宏科技跌1.85%，汇川技术跌0.24%，迈瑞医疗涨0.49%，天孚通信涨 9.14%，亿纬锂能跌0.54%。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为49.56%，近一个月回报为1.23%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

[Table_Report] 相关报告 通信设备及服务《基金持仓占比涨幅位列第一， AI 算力产业链持续向好》2026.01.26 通信设备及服务《20 万颗"星海"压境，商业航 天格局优化》2026.01.12 通信设备及服务《AI 基建赋能，全新连接开启》 2025.11.04 通信设备及服务《基金持仓环比实现高增，AI 算 力产业链积极向好》2025.10.30 通信设备及服务《光模块需求上修，Anthropic 与 谷歌云达成百亿美元合作协议》2025.10.26 股票研究 /[Table_Date] 2026.02.03 光纤行业涨价趋势明确，关注 cpo 和光互联投资机会 通信设备及服务 [Table_Industry] 通信行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S08 ...

每经AI快讯，2月3日，新易盛成交额达200亿元，现跌3.40%。 （文章来源：每日经济新闻） ...

责任编辑：小浪快报 红塔红土信息产业精选股票发起式A（015734）成立日期2023年3月8日，最新规模2529.53万。今年以来 收益3.25%，同类排名2291/5562；近一年收益58.81%，同类排名629/4285；成立以来收益113.07%。 红塔红土信息产业精选股票发起式A（015734）基金经理为赵耀。 截至发稿，赵耀累计任职时间10年277天，现任基金资产总规模20.65亿元，任职期间最佳基金回报 107.78%， 任职期间最差基金回报-13.33%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月3日，新易盛跌5.09%，截至发稿，报416.66元/股，成交172.69亿元，换手率4.44%，总市值4141.64 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售 ...

2020-2025年中国光电子器件产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：中兴通讯（000063）,烽火通信（600498）,亨通光电（600487）,长飞光纤（601869）,紫光股 份（000938）,特发信息（000070）,光迅科技（002281）,新易盛（300502）,中际旭创（300308）,华工 科技（000988） 相关报告：智研咨询发布的《2026-2032年中国光电子器件行业市场调查研究及未来趋势预测报告》 根据国家统计局数据显示：2025年12月中国光电子器件产量为1733亿只(片、套)，同比下降0.6%；2025 年1-12月中国光电子器件累计产量为19233.9亿只(片、套)，累计增长8.8%。 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q4 2025, after nearly a year of upward trend, the A - share market started to move sideways and fluctuate, with wide - based indices showing mixed performance. Large and mid - cap value indices significantly outperformed growth indices, and the active equity fund scale and share decreased while the issuance quantity and scale slightly increased [3][8]. - The average stock position of equity funds slightly shrank, and the Hong Kong stock position also declined. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [3]. - The performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, while pharmaceutical theme funds performed the worst [3]. - Among the top 20 fund companies in terms of active equity fund scale, the scale changes compared to Q3 were mixed, with some companies' rankings changing [3]. - In Q4, the active equity fund most heavily held by FOF in terms of holding ratio and quantity was "Fuguo Steady Growth" [3]. 3. Summary by Related Catalogs 3.1 Fund Market Overview - **Performance Review**: In Q4 2025, the A - share market moved sideways and fluctuated after a year - long upward trend. Only the Shanghai Composite Index rose by 2.22% among wide - based indices, while others like the Shenzhen Component Index and the ChiNext Index declined. In terms of style, large and mid - cap value indices outperformed growth indices. The Hang Seng Index and related Hong Kong stock indices also declined [8]. - **Industry Index Performance**: Except for 9 industries such as medicine and beauty care, the remaining 22 industries in the Shenwan 31 - industry index achieved positive returns in Q4. Resources and military industries performed well, while the pharmaceutical industry was weak overall. The top 5 industries in terms of increase were non - ferrous metals (16.25%), petroleum and petrochemicals (15.31%), communication (13.61%), national defense and military industry (13.1%), and light industry manufacturing (7.53%) [11]. - **Equity Fund Performance**: In Q4 2025, ordinary stock - type funds, partial - stock hybrid funds, and flexible allocation funds declined by 1.94%, 1.60%, and 0.04% respectively, while balanced hybrid funds rose by 0.87%. In terms of risk, balanced hybrid funds with lower stock positions had the best drawdown performance, and flexible allocation funds showed better risk - return performance in the long - term [31]. - **Scale and Share**: By the end of Q4 2025, the total scale of active equity funds was 3.81 trillion yuan, a slight decrease of 4.53pct compared to the previous quarter, and the total share was 2.56 trillion shares, a decrease of 2.91pct. Among them, partial - stock hybrid funds had the largest scale, and balanced hybrid funds had the smallest scale [34]. - **Newly Issued Fund Situation**: In Q4, the number and scale of newly issued active equity funds slightly increased. A total of 100 funds were newly issued, with a total scale of 441.67 billion yuan, an increase of 4.72 billion yuan compared to the previous quarter. Partial - stock hybrid funds had the largest newly issued scale [36]. 3.2 Fund Holding Characteristics - **Stock/Hong Kong Stock Position**: In Q4 2025, the equity fund position slightly shrank, with the average stock position at 88.05%, a decrease of 0.88 percentage points compared to the end of the previous quarter. The Hong Kong stock position also decreased, with the average investment market value of Hong Kong stocks accounting for 11.62% of the net value, a decrease of 1.85 percentage points compared to the previous quarter [43]. - **Heavy - Holding Stock Sector Allocation**: In Q4, technology was the most heavily held sector by active equity funds. Except for cyclical, manufacturing, and financial sectors, the proportion of other sectors decreased. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [48]. - **Heavy - Holding Stock Industry Allocation**: The electronics industry was still the largest heavily - held industry by equity funds, but the allocation ratio decreased, and non - ferrous metals were significantly increased. The concentration of the top five industries slightly decreased from 58.58% in Q3 to 58.40% [50]. - **Individual Stock Level**: The top 10 individual stocks in terms of heavy - holding market value accounted for by equity funds were Zhongji Innolight, Xinyisheng, CATL, Tencent Holdings, Zijin Mining, Alibaba - W, Cambricon - U, Luxshare Precision, SMIC, and Kweichow Moutai. The market value proportion of Zhongji Innolight, Xinyisheng, and Ping An of China increased significantly, while that of Industrial Fuxing, Alibaba - W, and EVE Energy decreased relatively more [52]. - **Heavy - Holding Stock Market Value and Concentration**: The market value style of equity fund holdings continued to strengthen towards mid - and large - cap stocks. The concentration of the top 50, 100, and 200 heavy - holding stocks slightly decreased, but basically continued the previous trend [61]. 3.3 Fund Company Analysis - **Scale Ranking**: In Q4 2025, the scale changes of the top 20 fund companies in terms of active equity fund scale compared to Q3 were mixed. The top 5 institutions were E Fund, China Europe Asset Management, GF Fund, Fuguo Fund, and Huatai - PineBridge Fund. Among the companies ranked 6 - 20, the equity scale of Yongying Fund further increased, and its ranking rose by 2 places [64]. - **TOP20 Fund Company Heavy - Holding Industries**: The first - largest heavily - held industries of the top 20 fund companies were mainly electronics and medicine and biology. Dacheng Fund's first - largest heavily - held industry was non - ferrous metals, showing certain differences [65]. - **TOP20 Fund Company Heavy - Holding Stocks**: In Q4, the average concentration of the top three heavy - holding stocks of the top 20 fund companies in terms of active equity fund scale was 14.27%, and the concentration of the top five heavy - holding stocks was 21.04%, slightly increasing compared to the previous quarter. Xingquan Fund had the highest concentration of the top three heavy - holding stocks [67]. 3.4 Theme Fund Analysis - **Fund Performance**: In Q4, the performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, with a quarterly increase of 10.10%, followed by financial and manufacturing theme funds. Pharmaceutical theme funds had the worst performance, with a quarterly decline of 13.15% [71]. - **Pharmaceutical and Consumption Themes**: In pharmaceutical theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were chemical preparations and other biological products. The sub - sectors with a relatively large increase in heavy - holding proportion were medical R & D outsourcing and traditional Chinese medicine. In consumption theme funds, the sub - sectors with a relatively high market value proportion were liquor and agriculture, forestry, animal husbandry, and fishery. The sub - sectors with a relatively large increase in heavy - holding proportion were food processing and social services [75]. - **Technology and New Energy Themes**: In technology theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were artificial intelligence and consumer electronics industries. The sub - sectors with a relatively large increase in heavy - holding proportion were optical modules and IDC. In new energy theme funds, the sub - sectors with a relatively high market value proportion were energy storage and solid - state batteries. The sub - sectors with a relatively large increase in heavy - holding proportion were resource stocks and solid - state batteries [79]. 3.5 FOF Holding Analysis - **High - Holding - Ratio Funds**: In Q4 2025, the active equity fund with the highest holding ratio among FOF heavy - holding funds was "Fuguo Steady Growth", with a fund manager of Fan Yan. The fund's holding market value accounted for 2.53% of the total market value of all heavy - holding funds, an increase of 0.13% compared to the previous quarter [81]. - **High - Holding - Quantity Funds**: In Q4 2025, the active equity fund most heavily held by FOF in terms of quantity was still "Fuguo Steady Growth", followed by "Bodaojiu Hang" and "China Europe Dividend Premium Selection" [83]. - **Ratio/Quantity Changes**: In Q4 2025, the active equity funds with the largest increase in holding ratio and quantity among FOF heavy - holding funds were "Huatai - PineBridge Extended Growth Theme" and "China Europe Dividend Premium Selection" respectively [85]. - **New - Generation Fund Managers**: Among the active equity funds managed by new - generation fund managers with less than 3 years of management experience, the fund with the highest holding ratio among FOF heavy - holding funds in Q4 was "Rongtong Industrial Trend Selection", with a fund manager of Li Jin. The fund's holding market value accounted for 0.70% of the total market value of all heavy - holding funds, a quarter - on - quarter increase of 0.37% [87]. - **Holding Own Funds**: Different FOF institutions such as E Fund, China Europe Asset Management, Invesco Great Wall, Fuguo Fund, Huatai - PineBridge Fund, and Xingzheng Global Fund had different situations in holding their own equity funds, with different scales and top - held funds [89][91][94][96][98].