融资客的行为一直备受市场关注，投资者寄望能从中捕捉到投资机会。证券时报·数据宝统计，5月8日 共有3663只个股获融资资金买入，其中买入金额居前的个股有新易盛，买入额为14.25亿元；中际旭创 买入额为10.53亿元；胜宏科技买入额为8.07亿元。（数据宝） 5月8日融资买入占成交额居前个股 | 证券代码 | 证券简称 | 融资买入额（万元） | 成交金额（万元) | 融资买入占比（%) | 涨跌幅(%) | | --- | --- | --- | --- | --- | --- | | 688603 | 天承科技 | 1574.93 | 5496.82 | 28.65 | 1.47 | | 688633 | 星球石墨 | 883.19 | 3098.32 | 28.51 | 2.39 | | 001326 | 联域股份 | 1526.66 | 5422.43 | 28.15 | 2.34 | | 688338 | 赛科希德 | 529.11 | 1913.82 | 27.65 | 0.88 | | 301042 | 安联锐视 | 1097.25 | 4062.88 | 27.01 | 1.99 | | 68 ...

2025 年 5 月 8 日 行业研究 业绩实现高增长，光模块、北斗导航、AI 供应链景气度较高 ——通信行业 2024 年年报及 2025 年一季报总结 通信行业 增持（维持） 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：林仕霄 执业证书编号：S0930522090003 021-52523818 linshixiao@ebscn.com 分析师：朱宇澍 执业证书编号：S0930522050001 021-52523821 zhuyushu@ebscn.com 分析师：王之含 执业证书编号：S0930524070008 021-52523691 wangzhihan@ebscn.com 行业与沪深 300 指数对比图 -14% -1% 12% 25% 38% 05/24 07/24 11/24 02/25 通信行业 沪深300 资料来源：Wind 要点 2025 年一季度通信行业整体业绩实现高增长，其中光模块、北斗导航、AI 供应链 表现亮眼。2024 年通信全行业（A 股）170 家公司实现归母净利润 2082.91 ...

行业板块方面，申万一级行业有21个上涨，通信和国防军工行业涨幅居前，均超2.5%。电力设备、银 行、机械设备和传媒行业涨幅均在1%及以上。10个下跌行业中，美容护理行业跌幅居首，跌0.96%；有 色金属、钢铁、石油石化和交通运输等行业微跌。 从资金流向来看，申万一级有11个行业主力资金净流入，通信行业净流入24.33亿元，居首；电力设 备、传媒和商贸零售行业净流入金额居前，均超10亿元。 今日11个行业主力资金净流入。 据证券时报·数据宝统计，今日沪深两市主力资金净流出18.78亿元，其中创业板净流出3.97亿元，沪深 300成份股净流入30.07亿元。 20个主力资金净流出的行业中，基础化工行业净流出金额居首，达27.42亿元；计算机行业净流出14.45 亿元；还有农林牧渔、纺织服饰、机械设备和国防军工等行业主力资金净流出金额居前。 化工龙头遭资金大幅净流出 从个股来看，今日近70股主力资金净流入超1亿元，其中10股净流入超4亿元。 宁德时代今日上涨2.5%，主力资金净流入7.9亿元，居首。公司近日公告回购进展，截至2025年4月30 日，公司通过深圳证券交易所股票交易系统以集中竞价交易方式累计回购公司股份 ...

Core Viewpoint - The company reported significant revenue and profit growth in 2024 and Q1 2025, driven by increased demand for 800G products and effective cost management [1][4]. Financial Performance - In 2024, the company achieved revenue of 8.65 billion, a year-on-year increase of 179%, with a net profit of 2.84 billion, up 312% [1]. - For Q1 2025, revenue reached 4.05 billion, reflecting a year-on-year growth of 264% and a quarter-on-quarter increase of 15%. Net profit was 1.57 billion, up 385% year-on-year and 32% quarter-on-quarter [1]. Product Demand and Inventory - The increase in revenue and gross margin in Q4 2024 and Q1 2025 was primarily driven by the ramp-up of 800G product shipments, while 400G products are expected to remain stable [2]. - Inventory increased by 1.33 billion in Q1 2025, a 32% quarter-on-quarter rise, indicating higher material preparation and customer virtual warehouse stock [2]. Cost Management and Profitability - The gross margin improved to 48.2% in Q4 2024 and 48.7% in Q1 2025, with net margins at 33.9% and 38.8%, respectively, showing significant year-on-year increases [3]. - The company maintained a positive trend in cost management, with reductions in sales, management, and R&D expense ratios [3]. Research and Development - R&D investment reached 403 million in 2024, accounting for 4.66% of revenue, an increase from the previous year. The number of R&D personnel grew by 65.75% to 605 [3]. - The company has successfully validated several new technology products, including 1.6T optical modules and high-speed AEC cable modules, which are now in small-scale production [3]. Future Outlook - The company expects continued revenue growth driven by the acceleration of 800G product shipments, particularly in H2 2025 [2]. - The diversified production layout, including the new factory in Thailand, is anticipated to mitigate tariff impacts and enhance overseas influence [2][4]. - Profit forecasts for 2024-2026 project net profits of 6.55 billion, 7.97 billion, and 9.11 billion, with corresponding year-on-year growth rates of 131%, 22%, and 14% [4].

两市全天特大单净流入62.76亿元，其中21股特大单净流入超2亿元，沃尔核材特大单净流入8.08亿元， 特大单净流入资金居首。 沪指今日收盘上涨0.28%。资金面上看，沪深两市全天特大单净流入62.76亿元，共计2145股特大单净流 入，2468股特大单净流出。 从申万一级行业来看，今日有16个行业特大单资金净流入，通信特大单净流入规模居首，净流入资金 22.00亿元，该行业指数今日上涨2.60%，其次是电力设备，今日上涨1.62%，净流入资金为16.51亿元， 净流入资金居前的还有传媒、商贸零售等行业。 特大单资金净流出的行业共有15个，净流出资金最多的是基础化工，特大单净流出资金17.27亿元，其 次是有色金属，特大单净流出资金4.80亿元，净流出资金居前的还有房地产、纺织服饰等行业。 具体到个股来看，21股特大单净流入超2亿元，沃尔核材特大单净流入8.08亿元，净流入资金规模居 首；新易盛特大单净流入资金6.27亿元，位列第二；净流入资金居前的还有东华软件、宁德时代、跨境 通等。特大单净流出股中，红宝丽特大单净流出资金5.72亿元，净流出资金最多；软通动力、常山药业 特大单净流出资金分别为4.20亿元、 ...

截至今日收盘，上证指数收盘上涨9.33点，涨幅为0.28%，报收3352.0点，成交额5016.11亿元；深证成 指收盘上涨93.53点，涨幅为0.93%，报收10197.66点，成交额7917.91亿元；创业板指收盘上涨32.94 点，涨幅为1.65%，报收2029.45点，成交额3758.18亿元。 盘面上看，航天航空、交运设备、通信设备、通用设备、光伏设备等板块领涨，黄金珠宝等相关概念板 块跌幅居前。两市成交约1.3万亿，较昨日缩量约1800亿元。市场涨多跌少，上涨家数超3800家，仅有 1300余家收绿。 光通信板块毫无疑问是今日市场最亮眼的板块，通信ETF（515880）开盘一路上涨，最终收涨3.90%； 创业板人工智能ETF国泰收涨2.39%。光通信龙头标的，新易盛全天成交额超100亿位列市场第一，中际 旭创全天成交额近100亿，位列市场第二。 | 成交金额排名 | | | | | | --- | --- | --- | --- | --- | | 300502.SZ | 300308.SZ | 300750.SZ | 302132.SZ | 002475.SZ | | 新易盛 | 中际旭创 | ...

5月8日，沪指盘中震荡上扬，创业板指涨近2%，场内超3800股飘红。截至收盘，沪指涨0.28%报3352 点，深证成指涨0.93%报10197.66点，创业板指涨1.65%报2029.45点。 盘面上看，军工、汽车、银行、建筑、保险、酿酒等板块拉升，大飞机、商业航天、CPO概念等活跃。 不含当日上市新股，今日可交易A股中，上涨个股有3839只，占比71.24%。统计显示，涨停个股中，主 板有92只，北交所1只，创业板9只，科创板3只。以所属行业来看，上榜个股居前的行业有机械设备、 建筑装饰、国防军工行业，上榜个股分别有18只、12只、11只。 东莞证券认为，短期市场或将继续呈现震荡格局，但风险偏好已显现边际改善迹象，整体指数层面的风 险仍处于可控范围之内。随着业绩验证期结束，前期压制小盘成长股表现的因素逐渐消退，科技领域后 续景气度线索逐步得到强化，成长性板块有望获得市场青睐。 东兴证券表示，随着行情趋于活跃，投资者可提升一定仓位，参与结构性行情。大科技板块仍是首选， 重点关注机器人、人工智能、智能驾驶等方向；其次是消费方向，重点关注以家电、消费电子、汽车为 代表的政策红利方向，同时，政策和外部事件催化较多的 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company experienced significant revenue and profit growth due to increased demand for 800G products from major clients, with a revenue of 8.65 billion yuan in 2024, representing a year-on-year increase of 179%, and a net profit of 2.84 billion yuan, up 312% year-on-year [6][12] - The gross margin improved significantly, reaching 48.2% in Q4 2024 and 48.7% in Q1 2025, with net profit margins of 33.9% and 38.8% respectively [12][12] - The company is expanding its production capacity overseas, particularly in Thailand, which is expected to mitigate tariff impacts and enhance its market presence [12][12] - Research and development investments are growing rapidly, with a focus on new technology solutions, including 1.6T optical modules and high-speed AEC cable modules [12][12] Summary by Sections Revenue and Profit Growth - In Q1 2025, the company achieved a revenue of 4.05 billion yuan, a year-on-year increase of 264% and a quarter-on-quarter increase of 15% [6][12] - The net profit for Q1 2025 was 1.57 billion yuan, reflecting a year-on-year growth of 385% and a quarter-on-quarter growth of 32% [6][12] Margin Improvement - The gross margin for Q4 2024 and Q1 2025 was 48.2% and 48.7%, respectively, showing a year-on-year increase of 11.4 percentage points and 6.7 percentage points [12][12] - The net profit margin also improved, reaching 33.9% in Q4 2024 and 38.8% in Q1 2025 [12][12] Production Capacity and Tariff Impact - The company has commenced production at its first factory in Thailand, with the second phase expected to start in March 2025 [12][12] - Revenue from the Thailand subsidiary was approximately 1.2 billion USD for the first nine months of 2024, accounting for about 6% of total revenue [12][12] Research and Development - R&D expenditure reached 403 million yuan in 2024, accounting for 4.66% of revenue, an increase from the previous year [12][12] - The number of R&D personnel grew by 65.75% to 605 [12][12] Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 6.55 billion yuan, 7.97 billion yuan, and 9.11 billion yuan, respectively, with corresponding year-on-year growth rates of 131%, 22%, and 14% [12][12]

丨证券研究报告丨 行业研究丨专题报告丨通信设备Ⅲ [Table_Title] 通信行业 24 年&25 年 Q1 业绩&持仓综述：基 本面稳步向好，AI 驱动高景气延续 报告要点 [Table_Summary] 2024 年 AI 大模型等深入推进，行业整体收入增长提速；2025 年 Q1，得益于数据中心通信需 求持续增长，行业盈利能力显著提升。分子板块来看，光器件、企业通信、物联网的营收及业 绩表现更佳。当前电信业务板块估值仍处低位，行业整体性价比较高。展望后续，AI 与算力主 线持续带动板块景气上行，通信板块有望维持高景气。 分析师及联系人 [Table_Author] 于海宁 黄天佑 祖圣腾 温筱婷 刘泽龙 SAC：S0490517110002 SAC：S0490522050005 SAC：S0490523030001 SAC：S0490524100002 SAC：S0490525040002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业 242]年&25 年 ...