证券代码： 300502 证券简称： 新易盛 公告编号： 2025-034 成都新易盛通信技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 成都新易盛通信技术股份有限公司（以下简称"公司"）股票交易价格连续 三个交易日（2025 年 7 月 15 日、2025 年 7 月 16 日、2025 年 7 月 17 日）收盘 价格涨幅偏离值累计达到 38.14%（超过 30%），根据深圳证券交易所相关规定， 属于股票交易异常波动情形。 二、公司关注及核实情况的说明 针对公司股价异常波动，公司董事会对公司控股股东、实际控制人及公司全 体董事、监事和高级管理人员就相关事项进行了核实，现就有关情况说明如下： 大影响的未公开重大信息； 重大变化； 项，也不存在处于筹划阶段的重大事项； 级管理人员不存在买卖公司股票的情形； 三、是否存在应披露而未披露信息的说明 公司董事会确认，除在指定媒体已公开披露的信息外，公司目前没有任何根 据《深圳证券交易所创业板股票上市规则》等有关规定应予以披露而未披露的事 项；董事会也未获悉公司有根据《 ...

Core Viewpoint - The article highlights the strong performance of the AI computing industry in the A-share market, driven by the resumption of H20 supply from Nvidia and the positive outlook for related sectors such as CPO and PCB [1][3][15]. Group 1: Market Performance - The A-share market has shown a bullish trend, with the Shanghai Composite Index rising by 0.37% and the ChiNext Index increasing by 1.75% [6]. - Key sectors leading the market include aerospace and military, communication equipment, electronic components, and biotechnology, while sectors like electricity and telecommunications have weakened [7][9]. Group 2: AI Computing Sector - The AI computing sector is experiencing high demand, with companies like Xinyiseng seeing a 40% increase in stock price over three days, reflecting strong market sentiment [3][16]. - The CPO sector is particularly favored, with significant capital inflow, amounting to over 320 billion yuan in the second half of 2024, representing 68% of total inflows in the optical module industry [34]. Group 3: Competitive Landscape - Chinese manufacturers hold a competitive edge in the global CPO market, with a market share of 38% compared to 29% for U.S. firms, and over 70% in the 800G segment [26]. - The gross profit margin for Chinese firms ranges from 30% to 35%, outperforming U.S. counterparts by 8-12 percentage points [27]. Group 4: Key Players and Supply Chain - Major Chinese companies like Zhongji Xuchuang and Xinyiseng are crucial suppliers for tech giants such as Nvidia, Meta, and Google, with significant market shares projected for 2025 [30]. - The article emphasizes the importance of technological breakthroughs and supply chain advantages that enable Chinese firms to maintain a competitive position in the AI computing landscape [29]. Group 5: Future Outlook - The resumption of H20 supply and the anticipated growth in AI-related sectors are expected to alleviate previous uncertainties, leading to clearer order visibility and shipment schedules for core suppliers [3][42]. - The overall positive macroeconomic environment, including expectations of interest rate cuts by the Federal Reserve, may shift investor focus towards AI technology as the next major investment opportunity [42].

证券代码： 300502 证券简称： 新易盛 公告编号： 2025-034 成都新易盛通信技术股份有限公司 3、公司目前的经营情况正常，近期公司经营情况及内外部经营环境未发生 重大变化； 4、公司控股股东和实际控制人不存在关于公司的应披露而未披露的重大事 项，也不存在处于筹划阶段的重大事项； 关于公司股价异动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 成都新易盛通信技术股份有限公司（以下简称"公司"）股票交易价格连续 三个交易日（2025 年 7 月 15 日、2025 年 7 月 16 日、2025 年 7 月 17 日）收盘 价格涨幅偏离值累计达到 38.14%（超过 30%），根据深圳证券交易所相关规定， 属于股票交易异常波动情形。 二、公司关注及核实情况的说明 针对公司股价异常波动，公司董事会对公司控股股东、实际控制人及公司全 体董事、监事和高级管理人员就相关事项进行了核实，现就有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产 ...

Group 1 - Foreign investment is increasingly favoring A-shares, with Citigroup upgrading the ratings for Chinese and South Korean markets to "overweight" and predicting a 7% return for the MSCI Asia (excluding Japan) index by mid-2026 [1][2] - As of mid-July, South Korean investors have traded over $540 million in Hong Kong and A-shares, making China the second-largest overseas investment destination for them after the US [2] - Northbound capital has increased its holdings in A-shares, with a total of 123.066 billion shares held by the end of Q2 2024, reflecting an increase of 6.75 billion shares [2] Group 2 - The AI computing power sector is experiencing significant growth, with companies like Mankun Technology, Dongshan Precision, and others seeing stock price surges [3] - NVIDIA's resumption of sales to China and the introduction of new compliant GPUs are expected to boost domestic data center construction and related demand [4] - The global 800G optical module market is projected to exceed $12 billion by 2025, with a compound annual growth rate of 67% [5] Group 3 - The industry is currently in a three-phase climb: demand explosion, technological breakthroughs, and performance realization, with companies that possess technological synergy and capacity advantages set to benefit first [7] - CITIC Securities forecasts that the PE valuation levels for first-tier and second-tier PCB companies are expected to rise to 25-35x and 15-25x, respectively, supporting current valuation levels [8] Group 4 - The hardware sector for computing power is benefiting from government policies promoting the construction of "computing power network national hubs," which favor local companies with high-density servers and liquid cooling technology [9] - Major players in the server and integration segment, such as Inspur Information and Zhongke Shuguang, are capitalizing on the surge in AI server demand, with Inspur's H20 order volume increasing by 300% in Q1 2025 [10][11] Group 5 - The data center and infrastructure sector is evolving towards "high power, low energy consumption" due to the explosive demand for AI computing power, with policies driving the adoption of liquid cooling technologies [17] - Companies like Shuguang Shuchuang and Yingweike are leading in liquid cooling solutions, with significant growth in their business expected by 2025 [19][20]

Group 1 - The core viewpoint of the article highlights the emergence of "performance stocks" in the A-share market as over 1500 companies have released their half-year performance forecasts, with more than 460 companies expecting profit increases [1] - The companies with the highest expected net profits are China Shenhua (estimated at 23.6-25.6 billion), Zijin Mining (estimated at 23.2 billion), and Guotai Haitong (estimated at 15.283-15.957 billion) [1] - Notable stocks in the PCB and CPO sectors, such as Shengyi Technology and NewEase, have seen significant price increases due to strong performance, with Shengyi Technology expecting a net profit increase of 432.01% [1] Group 2 - In the dual innovation board (Science and Technology Innovation Board and Growth Enterprise Market), companies are not required to disclose half-year performance forecasts, which may present greater "arbitrage" opportunities for high-growth stocks that have not yet reported [3] - Among the stocks in the dual innovation board, 10 companies have reported a year-on-year net profit growth exceeding 10 times, with Changxin Bochuang leading at over 3226 times [3] - The average stock price increase for the 12 identified high-growth stocks is nearly 72%, significantly outperforming major indices, with Shijia Photon leading with a year-to-date increase of over 187% [3][4] Group 3 - Analysts suggest that stocks with high growth in the first quarter and institutional attention may see further price appreciation if they release positive signals in their subsequent half-year reports [4] - The case of NewEase, which saw its stock price soar after releasing a positive half-year performance forecast, exemplifies the potential for significant returns in this segment [4]

Market Overview - The A-share market experienced a rebound on July 17, with the Shanghai Composite Index fluctuating around the 3500-point mark, and the ChiNext Index showing stronger performance. The market saw nearly 3500 stocks in the green, with a total trading volume of 1.5 trillion yuan, an increase of 973.3 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 1.43%, and the ChiNext Index gained 1.76% [1][2]. Reasons for Index Rebound - The rebound in the index is attributed to three main factors: 1. China released better-than-expected economic data, prompting foreign institutions like Morgan Stanley, Goldman Sachs, and UBS to raise their GDP growth forecasts for China in 2025. 2. Positive signals emerged from US-China trade relations, with significant changes in US export policies for AI chips, including the resumption of sales of Nvidia's H20 chip and AMD's plans to restore exports of MI308 chips to China. 3. The ongoing strong performance of mid-year reports, particularly in the computing power and innovative pharmaceuticals sectors, with many companies in these areas reporting positive earnings forecasts [2]. Hot Sectors 1. **Computing Power Hardware Sector** - The computing power hardware sector saw a collective surge, with PCB and CPO sectors leading the gains. Stocks like Cambridge Technology and Dongshan Precision hit the daily limit, while others like Xinyisheng and Shenghong Technology reached new highs. The positive sentiment is driven by recent earnings forecasts and Nvidia's resumption of H20 chip sales to China, which is expected to boost investment opportunities in the industry chain [4][5]. 2. **Innovative Pharmaceuticals Sector** - The innovative pharmaceuticals sector continued its strong performance, with stocks such as Weikang Pharmaceutical and Chengdu Xian Dao hitting the daily limit. The sector's strength is attributed to a series of favorable policy releases and consistent earnings growth among several companies, indicating a high level of industry prosperity. The National Medical Insurance Bureau's push for payment reform is expected to provide more opportunities for high-priced innovative drugs and medical devices [6][7]. 3. **Robotics Sector** - The robotics sector experienced renewed strength, with stocks like Zhongdali De achieving significant gains. The momentum is supported by Nvidia's CEO highlighting the upcoming wave of AI in robotics at a recent conference, indicating a pivotal moment for the commercialization of humanoid robots [8][9]. Institutional Perspectives 1. **Ping An Securities** - Ping An Securities suggests that while there are external uncertainties, domestic policy support and positive changes in industrial upgrades are likely to sustain a strong market trend. They recommend focusing on three main lines: technology growth sectors, industries benefiting from "anti-involution" policies, and financial sectors with high dividend advantages [10]. 2. **Caixin Securities** - Caixin Securities notes that the market is entering a new bullish phase, with no significant macro risks expected before August. They anticipate continued upward momentum in the index, supported by improved investor sentiment and increased capital inflow [11]. 3. **Huaxi Securities** - Huaxi Securities highlights a recovery in market risk appetite, driven by the return of financing and capital inflows. They believe that while the market may experience some consolidation, the long-term outlook remains positive due to ongoing policy support for the capital market [12].

Core Insights - The China Securities Artificial Intelligence Industry Index (931071) has shown a strong increase of 1.71% as of July 17, 2025, with notable gains in constituent stocks such as Xinyi Sheng (300502) up 7.98% and Tuowei Information (002261) up 6.72% [1][2] - The Artificial Intelligence ETF (515980) has also risen by 1.74%, achieving a five-day consecutive increase, with a trading volume of 1.40 billion yuan [1][2] - The index has demonstrated a 40.06% increase in net value over the past year, ranking in the top 17.63% among 2,915 index equity funds [1][2] Industry Overview - The index is constructed from 50 representative listed companies that provide foundational resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 52.07% of the index [2][3] - The upcoming World Artificial Intelligence Conference from July 26 to July 28, 2025, in Shanghai will showcase over 3,000 cutting-edge exhibits, including numerous AI models and products, marking the largest scale in history [2][3] Market Trends - Dongwu Securities indicates that AI applications have achieved significant cost reductions and rapid penetration, suggesting the industry is entering a fast growth phase [3] - Guojin Securities highlights strong momentum in AI hardware for smart driving and robotics, as well as software applications in education, finance, and enterprise services [3][5] - The Huafu Artificial Intelligence ETF (515980) is positioned as a small broad-based fund that captures opportunities in both computing infrastructure and application innovation within the AI sector [5][6]

Group 1 - The core viewpoint of the news highlights the positive impact of NVIDIA and AMD's resumption of AI chip supply to China, which is expected to drive demand for domestic data center construction and boost the performance of companies in the optical module sector, particularly the "three musketeers" of optical modules: NewEase, Zhongji Xuchuang, and Tianfu Communication [3][4] - NewEase is identified as a supplier of NVIDIA's 800G LPO optical modules, with the demand for H20 chip inference computing power expected to drive procurement of low-power optical modules [3] - Zhongji Xuchuang is noted as a core supplier of NVIDIA's 1.6T/800G optical modules, with the recovery of H20 chip supply anticipated to increase domestic AI server demand and subsequently enhance orders for high-speed optical modules [3] - Tianfu Communication provides optical engines and CPO components for NVIDIA, with the H20 chip's server clusters requiring more efficient optical interconnect solutions [3] Group 2 - The "three musketeers" of optical modules—Zhongji Xuchuang, NewEase, and Tianfu Communication—are components of the dual-innovation leading ETF (588330), with respective weightings of 5.22%, 5.08%, and 1.50%, totaling over 10% [4] - The dual-innovation leading ETF (588330) offers a lower investment threshold compared to direct investments in the Sci-Tech Innovation Board and the Growth Enterprise Market, allowing investors to start with less than 100 yuan based on the current price [4][7] - The investment strategy focuses on AI as a key theme, with expectations for continued integration of AI capabilities across various industries, driving investment opportunities in AI computing power, applications, and terminals [6]

Group 1 - The core viewpoint of the news is the significant changes in the top holdings of various funds managed by Ruiyuan Fund, particularly the entry of Xinyi Technology into the top holdings of Ruiyuan Growth Value and the exit of Guanghui Energy [1][2] - Ruiyuan Growth Value experienced some net redemptions in Q2, but still maintained over 14.4 billion shares by the end of the quarter [2] - The fund reduced its holdings in China Mobile, Ningde Times, Tencent Holdings, and Maiwei Shares, with notable reductions in China Mobile and Maiwei Shares [2] Group 2 - Ruiyuan Balanced Value Three-Year Holding Fund saw significant changes in its top holdings, with new entries including Luxshare Precision, Hangzhou Bank, China Taiping, and Shenneng Power, while China Mobile and Shanxi Fenjiu exited the top ten [3] - The fund increased its allocation in banking, insurance, and electric power sectors while reducing exposure to consumer services, liquor, and pharmaceutical sectors [3] Group 3 - The Ruiyuan Hong Kong Stock Connect Core Value Mixed Fund experienced a significant increase in shares, with a growth of approximately 100% compared to the end of Q1 [6] - The top holdings included Pop Mart, Xiaomi Group, Zijin Mining, and others, while Alibaba, Shenzhou International, Shanxi Fenjiu, and others exited the top ten [6] - The fund manager emphasized the need for a nuanced understanding of the new consumption sector, highlighting the varying development stages and internal ROE models of sub-industries [6] Group 4 - The innovation drug sector emerged as a hotspot, with successful clinical progress in PD1/VGFR targets in China, raising concerns for multinational corporations (MNCs) about potential revenue declines due to patent expirations [7] - Uncertainties regarding tariffs have eased slightly, but concerns about the financial decoupling between China and the U.S. continue to suppress valuations in the technology sector [7] - The technology sector is currently at a relatively low valuation, and if advancements in AI research can close the gap with the U.S. industry, significant investment opportunities may arise in the second half of the year [7]

Core Viewpoint - Nvidia has become the first company in history to exceed a market capitalization of $4 trillion, positively impacting its A-share counterparts, particularly in the CPO (Co-Packaged Optics) sector, which has seen a significant resurgence since June, with a nearly 24% increase in the index [1] Group 1: Company Performance - The A-share CPO sector has seen a surge in stock prices, with seven stocks rising over 50% since June, led by Xinyi Technology, which has achieved a 92.36% increase [2] - Xinyi Technology, a leading provider of optical module solutions, has over 3,000 products and serves more than 300 clients across over 60 countries [2][4] - The company has experienced a rapid increase in patent applications, particularly in 2024, with over half being invention patents, indicating strong technological innovation capabilities [6] Group 2: Financial Outlook - Xinyi Technology's mid-year performance forecast for 2025 indicates a projected net profit of 3.691 billion to 4.191 billion yuan, representing a year-on-year growth of 326.84% to 384.66% [6] - The company's gross margin reached 48.7% and net margin 38.8% in the first quarter of 2025, both at record highs and leading in the industry [6] - Global demand for 800G optical modules is expected to reach 18 to 22 million units in 2025, with Xinyi Technology positioned as a key supplier for North American cloud vendors [6][7] Group 3: Market Dynamics - Xinyi Technology has successfully launched a single-wave 200G 1.6T optical module, positioning itself for leadership in next-generation high-speed optical modules [7] - The company is well-positioned to benefit from the anticipated large-scale deployment of ASIC chips by major tech firms in 2026, which will require more optical modules compared to GPUs [7] Group 4: Risks and Challenges - Despite positive market sentiment, there are concerns regarding stock price volatility due to increased short-term financing and leverage [8] - The stock has experienced significant fluctuations, with a drop of over 50% from January to April 2023, highlighting potential risks associated with external factors [9][11] - Ongoing trade tensions and uncertainties regarding tariffs may impact the optical module industry, necessitating caution among investors [11]