9月4日，新易盛跌5.55%，截至发稿，报349.18元/股，成交194.78亿元，换手率6.28%，总市值3469.85 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。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 从基金十大重仓股角度 数据显示，达诚基金旗下1只基金重仓新易盛。达诚价值先锋灵活配置A（011030）二季度增持4220 股，持有股数1.28万股，占基金净值比例为6.56%，位居第一大重仓股。根据测算，今日浮亏损失约 26.32万元。 达诚价值先锋灵活配置A（011030）成立日期2021年5月19日，最新规模1221.06万。今年以来收益 33.83%，同类排名1735/8180；近一年收益41.07%，同类排名3259/7978；成立以来亏损16.56%。 达诚价值先锋灵活配置A（011030）基金经理为吴昊阳、陈染。 截至发稿，吴昊阳累计任职时间359天，现任基金资产总规模1.6亿元 ...

新易盛成交额达200亿元，现跌10.25%。 ...

Group 1 - Communication concept stocks experienced a decline in early trading, with New Yisheng dropping over 14%, Zhongji Xuchuang down over 13%, Tianfu Communication falling over 12%, and Guangxun Technology decreasing over 6% [1] - Multiple communication-related ETFs fell by more than 6% due to market influences [1] Group 2 - Several communication ETFs reported significant declines, with the main communication equipment ETF down 7.33% to 1.997, the main communication ETF down 7.04% to 2.417, and the main 5G communication ETF down 5.89% to 1.823 [2] - Analysts indicated that leading companies in servers and connectors are benefiting from AI demand and increased capital expenditures from domestic and international internet firms, with a positive outlook for the switch sector as it is expected to recover [2] - The acceleration of domestic large model iterations and applications is anticipated, suggesting a focus on sectors such as servers, IDC, switches, and connectors driven by domestic AI development, as well as servers and optical modules driven by overseas AI development [2]

Group 1 - The CPO concept stocks in the A-share market have experienced a significant decline, with several companies seeing drops exceeding 10% [1] - Notable declines include Shijia Photon down 10.69%, Tianfu Communication down 10.05%, and Taicheng Light down 9.71% [2] - Other companies such as Xinyi Sheng, Zhongji Xuchuang, and Tongfu Microelectronics also reported declines ranging from 5% to 9% [1][2] Group 2 - The total market capitalization of Shijia Photon is 33.8 billion, while Tianfu Communication has a market cap of 143.6 billion [2] - Year-to-date performance shows that Shijia Photon has increased by 349.85%, and Tianfu Communication has risen by 184.56% [2] - Companies like Xinyi Sheng and Zhongji Xuchuang have year-to-date increases of 307.30% and 217.84%, respectively [2]

Group 1 - The CPO concept stocks in the A-share market experienced a significant pullback, with several companies seeing declines of over 10% [1] - Notable declines include Shijia Photon down 10.69%, Tianfu Communication down 10.05%, and Taicheng Light down 9.71% [2] - Other companies such as Xinyi Sheng and Zhongji Xuchuang also faced declines exceeding 8% [1][2] Group 2 - The total market capitalization of Shijia Photon is 33.8 billion, while Tianfu Communication has a market cap of 143.6 billion [2] - Year-to-date performance shows Shijia Photon with a gain of 349.85%, and Tianfu Communication with a gain of 184.56% [2] - The overall trend indicates a mixed performance among CPO stocks, with some companies still showing strong year-to-date gains despite recent declines [1][2]

Group 1 - Semiconductor and computing concept stocks experienced a short-term decline on September 4, with Data Harbor nearing a limit down [1] - Cambrian fell over 7%, while Zhongji Xuchuang dropped more than 6% [1] - Other companies such as Xinyi Sheng, Yingweik, and Northern Huachuang also saw significant declines [1]

Group 1 - On September 3, among the 31 first-level industries, 17 industries received net financing inflows, with the power equipment industry leading at a net inflow of 3.338 billion [1] - Other industries with significant net financing inflows included communication, real estate, food and beverage, public utilities, and automotive, each exceeding 300 million [1] Group 2 - A total of 1,695 stocks received net financing inflows on September 3, with 89 stocks having inflows exceeding 50 million [1] - Among these, 17 stocks had net financing inflows over 200 million, with Zhongji Xuchuang leading at 1.748 billion [1] - Other notable stocks with high net inflows included Xinyi Sheng, Guoxuan High-Tech, Sunshine Power, Ningde Times, and Wolong Electric Drive, each exceeding 500 million [1]

Core Viewpoint - The performance reports of two leading companies in the optical module industry, Zhongji Xuchuang and Xinyi Sheng, demonstrate significant net profit growth, countering earlier market skepticism about a "computing power bubble" [4]. Financial Performance - Zhongji Xuchuang achieved a revenue of 14.789 billion yuan, a year-on-year increase of 36.95%, with a net profit of 3.995 billion yuan, up 69.4% [6]. - Xinyi Sheng reported a revenue of 10.437 billion yuan, with a staggering year-on-year growth rate of 282.64%, and a net profit of 3.942 billion yuan, reflecting a 355.68% increase [6][9]. Growth Dynamics - Zhongji Xuchuang's growth is attributed to a steady increase in volume and price, focusing on high-end products [7]. - Xinyi Sheng's rapid growth stems from an increase in the proportion of high-speed optical modules, improved cost control, and aggressive market expansion [8]. Profitability and Cost Structure - Zhongji Xuchuang's comprehensive gross margin was 39.33%, with the optical module business gross margin around 40% [11]. - Xinyi Sheng's point-to-point optical module gross margin was 47.48%, up 4.12 percentage points year-on-year [12]. - Zhongji Xuchuang's sales expenses were 1.01 billion yuan, up 13.36%, while management expenses decreased by 5.17% to 291 million yuan [13]. Cash Flow - Both companies reported positive operating cash flow, with Zhongji Xuchuang's net operating cash flow reaching 3.218 billion yuan, a 232.45% increase [15]. - Xinyi Sheng's operating cash flow improved significantly to 953 million yuan, a 427.67% increase from the previous year [15]. Market Trends - The demand for optical modules is driven by the rapid growth of AI data centers, with the data communication market becoming the core growth driver for the industry [16]. - Both companies noted that increased capital expenditure by key customers in computing power infrastructure is a primary reason for their performance improvement [17]. International Expansion - Zhongji Xuchuang has established overseas production capacity in Thailand, with over 70,000 square meters of factory space dedicated to high-end optical modules [20]. - Xinyi Sheng's first phase of its Thailand factory began operations in the first half of 2023, with plans for further expansion [21]. Future Outlook - The global market for Ethernet optical modules is expected to continue growing, with sales projected to exceed $30 billion by 2030, particularly in AI clusters [21].

Group 1 - FTSE Russell announced quarterly adjustments to several indices, including the FTSE China A50 Index, which will take effect after the market closes on September 19, 2025 [2] - The FTSE China A50 Index will include new stocks: BeiGene, NewEase, WuXi AppTec, and Zhongji Innolight, while excluding China National Nuclear Power, China United Network Communications, NARI Technology Development, and Wanhua Chemical Group [2][3] - The adjustments reflect market trends, with the newly included companies aligning with recent hot sectors, particularly in innovative pharmaceuticals and AI optical modules [4] Group 2 - BeiGene and WuXi AppTec are leaders in the innovative drug sector, with BeiGene's stock reaching a historical high of 346 CNY per share on September 2, 2023, and a year-to-date increase of 102.51% [4] - The AI optical module companies, NewEase and Zhongji Innolight, have seen significant stock performance, with Zhongji Innolight's stock price at 426.19 CNY per share and a year-to-date increase of 246.45% [4] - Financial results for the first half of the year show substantial growth for both AI leaders, with Zhongji Innolight reporting revenue of 14.789 billion CNY (up 36.95%) and net profit of 3.995 billion CNY (up 69.4%), while NewEase reported revenue of 10.437 billion CNY (up 282.64%) and net profit of 3.942 billion CNY (up 355.68%) [5]

Core Insights - FTSE Russell announced quarterly review changes for several indices including FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after market close on September 19, 2025 [1] - The most notable change is the inclusion of four stocks in the FTSE China A50 Index: BeiGene Ltd (百济神州-U), Xinyisheng (新易盛), WuXi AppTec (药明康德), and Zhongji Xuchuang (中际旭创), while excluding China National Nuclear Power, China Unicom, GD Power Development, and Wanhua Chemical [1] - According to Wind statistics, the newly included stocks have all seen significant price increases, with gains exceeding 100% year-to-date as of September 3, 2023 [1][2] Stock Performance - Xinyisheng (新易盛) has increased by 349.64% year-to-date [2] - Zhongji Xuchuang (中际旭创) has increased by 246.45% year-to-date [2] - WuXi AppTec (药明康德) has increased by 105.82% year-to-date [2] - BeiGene Ltd (百济神州-U) has increased by 102.51% year-to-date [2] Backup Stocks - The backup stock list for the FTSE China A50 Index includes Minsheng Bank, Luoyang Molybdenum, Tonghuashun, SAIC Motor, and Seres [2] - These backup stocks will be considered for inclusion if any of the current constituents are removed before the next quarterly review [2]