（原标题：光模块"三剑客"崛起：AI算力革命下的确定性赛道？） 触顶还是盘整？今天来聊聊A股一度炙手可热的大明星，"易中天"。当然我们不是要讲"三国"，而是A股光通信板块出现的"三剑客"——新易盛、 中际旭创、天孚通信，来看看他们为何股价经历狂飙之后，今年却出现震荡下行的势头。 执行统筹： 祝乃娟 监制：洪晓文 曾婷芳 编辑：洪晓文 这三家到底什么来头？先来看下，他们的主营业务都是光模块。光模块这个东西，主要是实现光电信号的相互转换，包括了光电子器件、功能电 路和光接口，是光通信产业链上游核心环节。听着是不是有点复杂？我们不妨把它理解为网络信号的翻译器和加速器，能够提高海量数据的传递 和处理速率。 说到这大家可能心里有数了，什么业务需要海量高效的数据处理？AI大模型啊！光模块的主要下游客户是阿里、腾讯这样的云计算厂商以及通信 运营商，它们的AI大模型应用的训练及推理，都要依赖光模块来进行。所以，在我国人工智能迅猛发展的背景下，算力需求成倍增长，光模块这 样的底层硬件就站上了"风口"，板块上相关的公司也就成为市场追逐的焦点。 当然，光模块"三剑客"不断兑现的业绩，也是市场关注的焦点。作为英伟达的核心供应商，中际 ...

Market Overview - The Shanghai Composite Index rose by 0.13% on September 10, with 13 sectors experiencing gains, led by the communication and electronics sectors, which increased by 3.49% and 1.78% respectively [1] - The power equipment and comprehensive sectors saw the largest declines, with decreases of 1.18% and 1.09% respectively [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 5.62 billion yuan, with 9 sectors seeing net inflows [1] - The communication sector had the highest net inflow of main funds, totaling 9.07 billion yuan, while the electronics sector followed with a net inflow of 7.51 billion yuan [1] Communication Sector Performance - The communication sector's stocks showed a strong performance, with 100 out of 125 stocks rising, including 6 hitting the daily limit, while 23 stocks declined, with 1 hitting the lower limit [2] - The top three stocks by net inflow in the communication sector were China Unicom, with a net inflow of 1.535 billion yuan, followed by Zhongji Xuchuang and Xinyi Sheng, with net inflows of 1.409 billion yuan and 1.278 billion yuan respectively [2] Communication Sector Fund Inflow and Outflow - The top inflow stocks in the communication sector included China Unicom (5.30% increase), Zhongji Xuchuang (7.16% increase), and Xinyi Sheng (6.23% increase) [2] - The top outflow stocks included Hengbao Co. (-1.57% decrease), Guangxun Technology (1.33% increase), and Yongding Co. (-1.39% decrease) [3]

Group 1 - The core viewpoint is that the surge in stock prices of companies Xin Yiseng, Zhongji Xuchuang, and Tianfu Communication, collectively referred to as "Yizhongtian," is driven by the rising demand for computing power in the artificial intelligence (AI) sector, particularly through the adoption of CPO (Co-Packaged Optics) technology [1][4][8] - Xin Yiseng's stock price has increased over five times, Zhongji Xuchuang over four times, and Tianfu Communication over three times since April 2025 [1] - CPO technology is crucial for achieving breakthroughs in optical communication modules, enabling lower power consumption, smaller size, and faster transmission, thus serving as the "highway of computing power" in the AI era [1][3] Group 2 - The demand for computing power is surging due to the rapid development of AI technology, with data centers requiring higher transmission efficiency as traditional copper transmission approaches physical limits [3][6] - According to Yole, the CPO market is projected to grow from $46 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate of 137% [3] - In the first half of 2025, Xin Yiseng reported revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit of 3.942 billion yuan, up 355.68% [3] Group 3 - The explosive demand for computing power is supported by strong policy backing for AI development in China, with the State Council's action plan aiming for deep integration of AI across six key sectors by 2027 [7][8] - The Chinese large model industry has established a complete structure from foundational layers to application layers, with domestic open-source models rapidly developing and narrowing the performance gap with international counterparts [7][8] - China is building a full-chain advantage in the AI field, with significant positions in the global optical module market and ongoing advancements in both hardware and software [8]

Market Performance - The communication equipment sector rose by 3.51% on September 10, with Meilixin leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers - Meilixin (301307) closed at 30.85, up 11.94% with a trading volume of 272,100 shares and a turnover of 828 million yuan [1] - Rihai Intelligent (002313) closed at 12.42, up 10.01% with a trading volume of 335,800 shares and a turnover of 406 million yuan [1] - Dongfang Communication (600776) closed at 12.67, up 9.98% with a trading volume of 389,300 shares and a turnover of 488 million yuan [1] Market Capital Flow - The communication equipment sector saw a net inflow of 4.801 billion yuan from institutional investors, while retail investors experienced a net outflow of 3.489 billion yuan [2][3] - The top stocks by net inflow from institutional investors included Zhongji Xuchuang (300308) with 1.254 billion yuan and Xinyi Sheng (300502) with 1.083 billion yuan [3] Individual Stock Performance - Zhongji Xuchuang (300308) had a net inflow of 1.254 billion yuan from institutional investors, but a net outflow of 718 million yuan from retail investors [3] - Xinyi Sheng (300502) experienced a net inflow of 1.083 billion yuan from institutional investors, with a net outflow of 382 million yuan from retail investors [3] - Dongfang Communication (600776) had a net inflow of 186 million yuan from institutional investors, but a significant net outflow of 1 billion yuan from retail investors [3]

Group 1 - The core viewpoint of the report indicates that the three major indices of the Hong Kong stock market closed higher, with the Hang Seng Index rising by 1.19%, the Hang Seng China Enterprises Index by 1.32%, and the Hang Seng Tech Index by 1.3% [2] - The total market turnover increased to HKD 294.033 billion, with the total short-selling amount on the main board reaching HKD 46.815 billion, accounting for 17.611% of the total turnover of short-sellable stocks [2] - Southbound funds continued to flow strongly into the Hong Kong stock market, with a net inflow of HKD 10.231 billion through the Stock Connect [3] Group 2 - In the healthcare sector, the National Medical Products Administration of China has drafted a compliance guideline for online sales of prescription drugs, leading to significant stock price increases for companies like Alibaba Health, Dingdang Health, and JD Health [4] - The international gold price has been rising, resulting in a surge in gold stocks, with notable increases for companies like Chifeng Jilong Gold and Shandong Gold [4] - Real estate stocks continued to rise due to the optimization of purchase restrictions in first-tier cities, with Shimao Group and Country Garden seeing substantial gains [4] Group 3 - Apple concept stocks faced pressure, with declines observed in companies such as FIH Mobile and GoerTek [5] - The US stock market saw all three major indices close higher, with the Nasdaq up by 0.37%, S&P 500 by 0.27%, and Dow Jones by 0.43% [5] - The report highlights a slight improvement in small business confidence in the US, with the index rising from 100.3 in July to 100.8 in August, although the actual business environment remains challenging [5][6] Group 4 - The report notes a significant increase in the usage of large models in the software and internet sector, with a week-on-week growth of 8% in token usage, reflecting strong demand [8][9] - Alibaba's recent launch of a trillion-parameter model has surpassed benchmarks set by competitors, indicating a robust growth trajectory for its cloud business [10] - The report suggests that the demand for large models is expected to continue growing, with companies that integrate cloud services, chips, and large models positioned favorably in the market [12]

Group 1 - The computing sector has emerged as a leader, with Industrial Fulian reaching a market value of 1.07 trillion yuan and stocks like New Yisheng and Zhongji Xuchuang rising over 6% [1] - The most notable development is the approval of a private placement plan by Cambricon Technologies, which is seen as a catalyst for the recovery of the technology sector [1] - Cambricon's stock had previously dropped over 18% since its peak on August 28, primarily due to a reduction in its weight in the STAR 50 Index from 15% to 10%, effective after market close on September 12 [1] Group 2 - The recent recovery of the technology sector has sparked discussions about whether the main theme of the A-share market is shifting, with technology stocks responding positively [3] - Fangzheng Securities' chief economist Yan Xiang noted that growth remains the primary direction for the market, based on historical shifts in market themes [2][6] - Historical examples of theme shifts include transitions from technology to cyclical sectors in 2000 and from consumer to resource sectors in 2007, driven by changes in economic conditions [4][5] Group 3 - The current market environment suggests that growth-oriented sectors, particularly technology, are likely to continue leading the market, with a focus on internal opportunities within the technology growth sector [6]

Group 1: Apple Product Launch - Apple held its major product launch event themed "Forward to the Future," introducing new AirPods, Apple Watch, and the iPhone Air, which is touted as the "thinnest iPhone ever" [1] Group 2: Nvidia's New Chip Release - Nvidia released the new Rubin CPX chip system, designed for AI video generation and large-scale context processing tasks, boasting AI performance over twice that of the Vera Rubin NVL144 platform and 7.5 times that of the GB300 NVL72 system [1] Group 3: AI ETF Performance - As of September 10, 2025, the CSI Artificial Intelligence Industry Index rose by 3.72%, with notable gains from stocks like Zhongji Xuchuang (up 8.16%) and Data Port (up 7.55%) [2] - The AI ETF (515980) increased by 3.63%, with a cumulative rise of 33.33% over the past month [2] Group 4: AI ETF Liquidity and Scale - The AI ETF experienced a turnover of 10.26% during trading, with a transaction volume of 668 million yuan, indicating active market participation [4] - The latest scale of the AI ETF reached 6.339 billion yuan, with net inflows totaling 1.789 billion yuan over the last ten trading days [4] Group 5: Policy Developments in AI - Hangzhou's draft action plan for accelerating the development of the AI terminal industry aims for a scale of 300 billion yuan by 2027, focusing on ten key areas including smart drones and robots [4] Group 6: Market Outlook for AI Industry - Analysts from CITIC Securities noted that the rapid iteration of AI technology and the growing demand for large model training and inference are driving new opportunities in computing infrastructure and cloud services [6] - Huatai Securities highlighted that the continuous iteration of AI large models is increasing demand for computing power, benefiting the underlying hardware supply chain [7] - Guotai Junan Securities indicated that with accelerated domestic computing power construction and increased policy support, leading companies in the AI industry chain are expected to see both performance and valuation improvements [7]

9月10日，此前经历多日回调的CPO板块迎来强势反弹，盘中表现活跃。 截至发稿，嘉元科技20CM涨停，万亿市值巨头工业富联强势涨停，最新市值为1.07万亿元；龙头股中 际旭创涨超7%，新易盛涨超6%，天孚通信涨近5%，板块人气显著回升。 | 代码 | 名称 | 现价 | 张跌 | 涨幅� | | --- | --- | --- | --- | --- | | 688388 | 嘉元科技 | 34.20 | | +5.70 +20.00% | | 300476 | 胜宏科技 | 294.82 | | +35.32 +13.66% | | 002384 | 东山精密 | 72.22 | | +6.57 +10.01% | | 601138 | 工业富联 | 53.67 | | +4.88 +10.00% | | 603228 | 景旺申子 | 57.00 | | +5.18 +10.00% | | 603328 | 依顿电子 | 11.90 | +1.08 | +9.98% | | 600103 | 青山纸业 | 3.45 | +0.31 | +9.87% | | 600601 | 方正科技 | 66"6 | + ...

创业板人工智能ETF华夏（159381）跟踪创业板人工智能指数（970070.CNI），精准布局AI产业链龙 头，聚焦高景气AI算力【光模块CPO权重占比超50%，其中前三大权重股为新易盛（20.3%）、中际旭 创（18.8%）、天孚通信（6.5%）】+AI中游软件+应用，高效地捕捉AI主题行情，目前该ETF场内综合 费率仅0.20%，位居同类最低。 9月10日，AI算力方向再度强势领涨市场，热门ETF中，同类费率最低的创业板人工智能ETF华夏 （159381）午盘一度涨超5%。截至13：16，权重股新易盛、中际旭创涨超9%，天孚通信涨超5%。 消息面上，甲骨文第一季度业绩公布，财报显示，公司截至第一财季末的"剩余履约义务"（即已签约但 未交付的合同收入）同比暴增359%，达到4550亿美元。这一数字远超市场预期。有分析指出，创纪录 的订单金额，不仅刷新了软件行业历史最高签约纪录，更标志着其商业模式正朝着数据中心运营商方向 进行根本性转型。尽管面临毛利率压力，但远期每股收益目标很可能实现大幅提升。 值得注意的是，近期花旗上调了中际旭创、新易盛、天孚通信的目标价，对这三家企业均维持 "买入 （Buy）" 评级， ...

Group 1 - The A-share market is experiencing a fluctuating upward trend, with the Shanghai Composite Index rising by 0.22% to close at 3815 points. The computer, electronics, and communication sectors are leading in gains, with the AI ETF (515070) increasing by over 4% during the day [1] - Recent favorable policies for China's artificial intelligence industry have been announced, including the "Artificial Intelligence Industry Innovation Development Action Plan" which aims to achieve a core industry scale exceeding 2 trillion yuan by 2027 and establish 20 national-level AI innovation application pilot zones [1] - Research from securities firms indicates that the AI industry is in a rapid development phase, with CITIC Securities noting accelerated iteration of AI technology and growing demand for large model training and inference, leading to new opportunities in computing infrastructure, cloud computing services, and data services [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Cambricon Technologies, and others [2]