在业绩与政策双轮驱动下，AI算力板块再度站上风口。 8月27日，国产算力龙头寒武纪盘中股价一度超越贵州茅台，成为市场热议的焦点。 在经历了大幅上涨后，作为AI产业"卖铲人"的算力赛道能否持续高景气度？基金经理普遍认为，"卖铲人"的长周期逻辑依然稳固，但AI行情可能进一步向云计算、 应用、端侧等扩散。 牛市还没上车？ 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 算力板块冲高回落 8月27日，算力板块仍然领涨市场，但盘中明显出现冲高回落的趋势。 其中，国产算力龙头寒武纪一度涨约10%，股价最高报1464.98元/股，一度超过贵州茅台。不过截至收盘，寒武纪涨幅回落至3.24%，股价报收1372.10元/股，全天 振幅9.33%，最新总市值5740亿元。 8月26日晚间，寒武纪发布半年报显示，上半年营业收入28.81亿元，同比增长4347.82%；归属于母公司所有者的净利润10.38亿元，上年同期净亏损5.3亿元，同比扭 亏为盈。 海外算力龙头新易盛也在盘中一度大涨15%，最高触及324.42元/股，创下历史新高。不过，新易盛同样在下午有所回落，截至收盘上涨9.32%， ...

8月28日，新易盛盘中上涨6.38%，截至10:24，报327.99元/股，成交95.8亿元，换手率3.4%，总市值 3259.29亿元。 截至6月30日，新易盛股东户数9.8万，人均流通股9016股。 2025年1月-6月，新易盛实现营业收入104.37亿元，同比增长282.64%；归属净利润39.42亿元，同比增长 355.68%。 资料显示，成都新易盛通信技术股份有限公司位于中国(四川)自由贸易试验区成都市双流区黄甲街道物 联大道510号，公司是一家专注于研发、生产和销售多种类的高性能光模块和光器件的公司，产品广泛 应用于数据中心、电信网络、安全监控以及智能电网等ICT行业。公司拥有3000多种产品，已服务于来 自全球60多个国家和地区的超过300个客户，目前拥有1100多名员工。 ...

Core Insights - The CSI Artificial Intelligence Theme Index (930713) has seen a strong increase of 4.49% as of August 28, 2025, with notable gains in constituent stocks such as Fudan Microelectronics (688385) up by 10.99% and Rockchip (603893) up by 9.59% [3] - The AI Artificial Intelligence ETF (512930) has risen by 4.30%, reaching a latest price of 2.06 yuan, and has accumulated a weekly increase of 12.20% as of August 27, 2025, ranking in the top 25% among comparable funds [3] - The AI Artificial Intelligence ETF has a trading volume of 2.43 billion yuan with a turnover rate of 8.81% [3] Liquidity and Scale - The average daily trading volume of the AI Artificial Intelligence ETF over the past week is 3.07 billion yuan [3] - The latest scale of the AI Artificial Intelligence ETF has reached 2.702 billion yuan, marking a one-year high [3] Fee Structure and Tracking Accuracy - The management fee for the AI Artificial Intelligence ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3] - As of August 27, 2025, the tracking error for the AI Artificial Intelligence ETF over the past month is 0.006%, indicating the highest tracking accuracy among comparable funds [3] Index Composition - The CSI Artificial Intelligence Theme Index includes 50 listed companies that provide foundational resources, technology, and application support for artificial intelligence [4] - As of July 31, 2025, the top ten weighted stocks in the index account for 55.52% of the total index weight, with companies like Zhongji Xuchuang (300308) and Xinyi Technology (300502) leading the list [4]

今日（8月28日）创业板指、科创综指携手涨超2%，覆盖科创板+创业板高成长龙头的双创龙头ETF （588330）展现高弹性优势，场内价格现涨4%，再创三年多以来的阶段新高！ 成份股方面，天孚通信冲击20CM涨停，中芯国际涨超12%，中际旭创涨逾9%，新易盛涨超8%。 值得关注的是，光模块三巨头荣登A股成交榜前四！截至发稿，新易盛、中际旭创、天孚通信实时成交 额分别为116亿元、100亿元、69.76亿元，高居A股成交榜前四。 | 序号 | 代理 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 300502 | 新易盛 | 333.30 | 24.97 | 8.10% | 116.20亿 | 305,35% | | 2 | 300308 | 中原旭创 | 355.33 | 30.23 | 9.30% | 100.74亿 | 188.85%- | | B | 000063 | 中兴通讯 | 46.49 | 2.39 | 5.42% | 72.60亿 | 17.34% | | 4 | ...

Group 1 - The CPO concept stocks in A-shares continue to show strong performance, with Tianfu Communication approaching a 20% limit-up, reaching a historical high [1] - Dekeli increased by over 15%, also hitting a historical high, while Woge Optoelectronics, Changfei Fiber, and Hengtong Optoelectronics saw a 10% limit-up, with Changfei Fiber reaching a historical high [1] - Year-to-date cumulative gains are significant, with Shijia Photon up over 430%, Xinyi Sheng up over 300%, Changxin Bochuang up over 200%, and Zhongji Xuchuang up over 180% [1] Group 2 - Tianfu Communication has a market capitalization of 138.9 billion and a year-to-date increase of 175.39% [2] - Dekeli has a market capitalization of 18.5 billion and a year-to-date increase of 67.34% [2] - Woge Optoelectronics has a market capitalization of 7.702 billion and a year-to-date increase of 35.93% [2] - Changfei Fiber has a market capitalization of 62.9 billion and a year-to-date increase of 178.68% [2] - Hengtong Optoelectronics has a market capitalization of 51.1 billion and a year-to-date increase of 22.22% [2] - Changxin Bochuang has a market capitalization of 42.8 billion and a year-to-date increase of 216.91% [2] - Zhongji Xuchuang has a market capitalization of 39.37 billion and a year-to-date increase of 188.07% [2] - Xinyi Sheng has a market capitalization of 330.4 billion and a year-to-date increase of 304.32% [2] - Other notable companies include Laimu Co. with a market capitalization of 5.062 billion and a year-to-date increase of 45.56%, and Guangku Technology with a market capitalization of 24.1 billion and a year-to-date increase of 99.13% [2]

Core Viewpoint - The AI sector, particularly the ChiNext AI index, is experiencing significant growth, driven by strong performance in the optical module segment and increasing demand for computing power [1][4]. Group 1: Market Performance - The ChiNext AI index has risen over 68% year-to-date, outperforming other AI indices such as the Sci-Tech Innovation Board AI and CS AI indices, which have increased by 56.19% and 51.52% respectively [4][5]. - Optical module stocks are leading the charge, with Tianfu Communication rising over 11% and other stocks like Changxin Bochuang and Jinxin Nuo also seeing gains of over 7% [1][4]. Group 2: Earnings Reports - Among the 25 disclosed mid-year earnings of ChiNext AI index constituents, 11 companies exceeded expectations, with notable performances from Xinyi Technology and Ruijie Networks, which reported net profit growth rates of 355% and 194% respectively [2][3]. - The earnings growth is attributed to the booming demand for AI and computing power, with companies like Zhongji Xuchuang and Tai Chen Guang also reporting significant revenue and profit increases [2][3]. Group 3: Investment Opportunities - The market is advised to focus on the ChiNext AI ETF (159363), which has a significant allocation towards optical modules, capturing the ongoing AI theme effectively [6]. - The ETF has seen a recent surge in trading volume, with a daily average exceeding 300 million yuan and total assets surpassing 3.7 billion yuan, indicating strong investor interest [6][4].

Group 1 - The CPO concept has shown strong performance, with Tianfu Communication rising over 10% [1] - Changfei Optical Fiber has achieved a remarkable performance with three consecutive days of gains, reaching a historical high [1] - Other companies such as Dongtian Micro, Dekeli, Xinyi Sheng, and Zhongji Xuchuang have also experienced significant increases [1]

Group 1 - CPO concept stocks have surged again, with Changfei Optical Fiber hitting the daily limit [1] - Tianfu Communication has increased by over 9% [1] - Companies such as Shijia Photonics, Xinyi Sheng, Zhongji Xuchuang, and Huafeng Technology have all seen significant gains [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by the increasing demand for high-end optical modules due to AI applications [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 10.437 billion yuan, a year-on-year increase of 282.6%, and a net profit attributable to shareholders of 3.942 billion yuan, up 355.7% [1]. - For Q2 2025, the company recorded revenue of 6.385 billion yuan, representing a year-on-year growth of 295.4% and a quarter-on-quarter increase of 57.6% [1]. - The sales volume of optical modules reached 6.95 million units in the first half of the year, a year-on-year increase of 112.5%, with overseas sales accounting for 5.57 million units [1]. Cost Management and Profitability - The company demonstrated excellent cost control, with a sales expense ratio of 0.81%, down 0.31 percentage points from the previous year, and a management expense ratio of 1.20%, down 0.76 percentage points [2]. - The gross margin for optical modules was 47.48%, an increase of 4.12 percentage points year-on-year, attributed to the rising proportion of high-end optical module revenue [2]. Research and Development - The company invested 334 million yuan in R&D in the first half of 2025, a year-on-year increase of 157.6%, with multiple breakthroughs in new products and technologies [2]. - The company successfully launched new optical module products, including 1.6T/800G single-wave 200G optical modules, and expanded its product range to include various high-speed optical modules [2]. Investment Outlook - Given the sustained high demand for high-end optical modules driven by AI, the company has adjusted its profit forecasts for 2025-2027, expecting net profits of 8.728 billion yuan, 13.019 billion yuan, and 15.706 billion yuan, respectively [3]. - The company is well-positioned in the data communication optical module sector, maintaining strong ties with leading overseas manufacturers while focusing on new customer acquisition [3].

长江商报消息 ●长江商报记者 潘瑞冬 AI产业发展加速，主营光模块的新易盛（300502.SZ）实现业绩暴涨。 半年报显示，2025年上半年，新易盛国外市场实现营业收入98.6亿元，同比增长354.36%，营收占比达 94.47%。 营收净利双双高增 AI时代来临，全球算力投资持续增长，数据中心建设如火如荼，市场需求旺盛，新易盛抓住了市场机 遇，实现了经营业绩超高速增长。 根据半年报，2025年上半年，新易盛实现营业收入104.37亿元，同比增长282.64%；归母净利润39.42亿 元，同比增长355.68%；扣非净利润39.34亿元，同比增长354.93%。公司称，这些核心盈利指标增速均 大幅领先行业平均水平。 长江商报记者注意到，这三个业绩指标均已超过了2024年全年水平。2024年全年，新易盛的营业收入、 归母净利润和扣非净利润分别为86.47亿元、28.38亿元、28.3亿元。值得一提的是，这三个指标在2024 年已实现大幅增长，同比增速分别为179.15%、312.26%、317.59%。 业绩大幅增长，新易盛的造血能力也显著改善，2025年上半年，公司的经营活动现金净流量为9.53亿 元，由20 ...