截至2025年12月8日 09:46，中证人工智能主题指数(930713)强势上涨1.33%，成分股复旦微电(688385)上 涨4.83%，中科星图(688568)上涨4.18%，中际旭创(300308)上涨3.68%，光迅科技(002281)，新易盛 (300502)等个股跟涨。AI人工智能ETF(512930)上涨1.15%， 冲击3连涨。最新价报2.11元。 消息面上，OpenAI计划最快在下周初发布GPT-5.2更新，旨在缩小与谷歌公司Gemini 3之间的性能差 距。Gemini 3是上个月发布后登顶了性能排行榜，并获得了OpenAI首席执行官Sam Altman和马斯克高度 评价的竞争模型。GPT-5.2已准备就绪，代表了OpenAI在AI军备竞赛中对市场竞争做出的迅速、直接的 反应。近日，Altman宣布公司进入"红色警报 (code red)"状态，以快速应对来自谷歌Gemini 3和 Anthropic等竞争对手带来的日益增长的压力。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385； ...

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, particularly focusing on the isolation component in optical modules [4][10]. Core Insights - The global optical module industry is rapidly upgrading to 800G/1.6T due to AI computing demand, with optical isolators becoming a critical bottleneck due to a global shortage of Faraday rotators [1][19]. - The production of Faraday rotators is highly concentrated and faces significant technical barriers, leading to supply constraints that impact the expansion of optical module capacity [21][24]. - The demand for optical isolators is expected to surge as the usage of optical modules increases, particularly in high-speed applications, which will drive both the quantity and value of isolators [6][22]. Summary by Sections Section: Optical Isolators as Key Components - Optical isolators function as essential passive components in optical communication systems, allowing light to transmit in one direction while blocking reverse reflections, thus protecting laser sources and enhancing system reliability [2][20]. - The core technology of optical isolators relies on the Faraday effect, with the Faraday rotator being a critical component that is currently in short supply globally [21][23]. Section: Supply Chain Challenges - The production of Faraday rotators is dominated by a few companies in the US and Japan, creating a monopolistic supply chain that poses risks for the optical isolator market [23][24]. - Domestic companies are striving to achieve self-sufficiency in the production of Faraday rotators, but the overall localization rate remains low, indicating a significant opportunity for growth in this area [23][24]. Section: Market Demand and Growth Potential - The transition of optical modules to higher capacities (800G/1.6T) is expected to increase the demand for optical isolators significantly, with each module requiring multiple isolators depending on the number of channels [6][22]. - The report highlights that the mismatch between the rapid increase in demand for isolators and the slow expansion of production capacity will lead to price increases and heightened value for isolators in the market [6][22]. Section: Recommended Companies - The report recommends focusing on leading companies in the optical communication sector, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which are well-positioned to benefit from the growing demand for optical isolators [7][8][24].

受访人士表示，金融权重股带动A股上涨，市场本身存在技术性反弹需求，但增量资金入场意愿有限， 赚钱效应并不广泛。本周市场震荡，投资者对算力、存力、电力等AI（人工智能）基建类股票重拾信 心。预计A股将维持震荡格局，板块分化轮动，防御与高股息品种更具吸引力。 A股放量上涨 今日，沪指收涨0.7%报3902.81点，创业板指收涨1.36%报3109.3点，深证成指收涨1.08%。沪深300、上 证50、北证50收涨。 量能放大，日成交额增至1.74万亿元，上个交易日成交额为1.56万亿元。杠杆资金热度不减，截至12月4 日，沪深京两融余额增至2.48万亿元。 盘面上，非银行金融、通信设备、输变电设备、电子器件、虚拟机器人大涨，银行、半导体、石油天然 气、Chiplet概念、煤炭、航空机场收跌。 板块收涨居多，31个申万一级行业中，银行板块微跌；非银金融板块午后拉升，大涨3.5%，中银证 券、瑞达期货涨停；有色金属板块涨近3%，精艺股份、宁波韵升、西部材料、闽发铝业涨停。机械设 备、国防军工、电力设备、基础化工、计算机、汽车、通信等板块涨幅均超过1%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主 ...

12月5日，A股CPO光模块板块强势爆发。 截至收盘，致尚科技、长光华芯20cm涨停，东田微、斯瑞新材、长盈通、乾照光电、炬光科技等跟 涨。"易中天"三巨头齐涨，天孚通信大涨超6%，中际旭创、新易盛小幅上涨。 | 代码 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | | 301486 致尚科技 | 91.85 +15.31 +20.00% | | | | 688048 长光华芯 | 128.82 +21.47 +20.00% | | | | 301183 东田微 | 136.78 +20.02 +17.15% | | | | 688102 斯瑞新材 | 25.75 +3.15 +13.94% | | | | 300102 乾昭光电 | 23.88 +2.92 +13.93% | | | | 688143 长盈通 | 41.37 +4.81 +13.16% | | | | 688167 炬光科技 | 144.99 +15.43 +11.91% | | | | 600105 永鼎股份 | 17.12 +1.56 +10.03% | | | | 603052 可川科技 | ...

12月5日，A股CPO光模块板块强势爆发。 截至收盘，致尚科技、长光华芯20cm涨停，东田微、斯瑞新材、长盈通、乾照光电、炬光科技等跟 涨。"易中天"三巨头齐涨，天孚通信大涨超6%，中际旭创、新易盛小幅上涨。 | 代码 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | | 301486 致尚科技 | 91.85 +15.31 +20.00% | | | | 688048 长光华芯 | 128.82 +21.47 +20.00% | | | | 301183 东田微 | 136.78 +20.02 +17.15% | | | | 688102 斯瑞新材 | 25.75 +3.15 +13.94% | | | | 300102 乾昭光电 | 23.88 +2.92 +13.93% | | | | 688143 长盈通 | 41.37 +4.81 +13.16% | | | | 688167 炬光科技 | 144.99 +15.43 +11.91% | | | | 600105 永鼎股份 | 17.12 +1.56 +10.03% | | | | 603052 可川科技 | ...

新易盛成交额达100亿元，现涨1.24%。 ...

截至12月4日，市场融资余额合计2.47万亿元，较前一交易日增加13.00亿元，其中，沪市融资余额 12476.16亿元，较前一交易日增加6.27亿元；深市融资余额12113.57亿元，较前一交易日增加6.82亿元； 北交所融资余额75.15亿元，较前一交易日减少894.86万元。 证券时报·数据宝统计显示，具体到个股，12月4日共有1812只股获融资净买入，净买入金额在千万元以 上的有340只，其中15只融资净买入额超亿元。三花智控融资净买入额居首，当日净买入7.79亿元，其 次是天孚通信、贵州茅台，融资净买入金额分别为5.64亿元、4.25亿元，融资净买入金额居前的还有新 易盛、中国铝业、寒武纪-U等。 12月4日融资客净买入金额排名 | 代码 | 简称 | 12月4日涨跌幅 | 融资净买入额（万 | 最新融资余额（万 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 元） | 元） | （%） | 业 | | 002050 | 三花智 | 7.51 | 77861.20 | 716439.98 | 4.34 ...

Core Viewpoint - The article discusses the performance of the ChiNext Artificial Intelligence ETF managed by Huaxia Fund Management, highlighting its recent market activity and returns since inception [1]. Group 1: ETF Performance - The ChiNext Artificial Intelligence ETF (159381) opened with a gain of 0.53%, priced at 1.695 yuan [1]. - Since its inception on March 14, 2025, the fund has achieved a return of 68.77%, with a monthly return of 3.20% [1]. Group 2: Top Holdings - Key stocks in the ETF include: - Zhongji Xuchuang, which opened up by 0.75% - Xinyi Sheng, which increased by 1.98% - Tianfu Communication, which rose by 3.14% - Xiechuang Data, which gained 0.55% - Ruantong Power, which went up by 0.87% - Allwinner Technology remained unchanged at 0.00% - Shenxinfu increased by 0.10% - Beijing Junzheng rose by 0.61% - Zhongke Chuangda increased by 0.31% - Jingjiawei decreased by 0.39% [1].

高盛将新易盛目标价上调逾11%至502元人民币，称看好其在800G与1.6T光模块出货量的提升，以及硅 光产品贡献的持续增加。公司1.6T产品已在2025年下半年开始放量。预计2026年800G与1.6T光模块出货 将加速，受益于人工智能ASIC（专用集成电路）服务器对光模块需求的提升，以及结构向高速及硅光 产品升级。预计新易盛明年800G光模块收入将增长53%，1.6T光模块2026年快速放量并在2027年增长 141%。 ...