格隆汇1月27日｜A股市场CPO概念股普涨，其中，炬光科技涨超10%，可川科技10CM涨停，天孚通信 涨超8%，汇绿生态涨超6%，罗博特科、华天科技、中际旭创涨超5%，蘅东光、沃格光电、新易盛、光 库科技涨超4%。 ...

Group 1 - The A-share market saw a significant rise in CPO concept stocks, with notable increases in several companies' stock prices [1] - Key performers included Juguang Technology, which rose by 10.42%, and Kecuan Technology, which hit the daily limit with a 10% increase [2] - Other companies such as Tianfu Communication and Huilv Ecology also experienced substantial gains, with increases of 8.81% and 6.23% respectively [1][2] Group 2 - The total market capitalization for Juguang Technology is 18.8 billion, while Kecuan Technology has a market cap of 10.6 billion [2] - Year-to-date performance shows Kecuan Technology leading with a 78.86% increase, followed by Juguang Technology at 19.27% [2] - Other companies like Luobotek and Huatians Technology also reported strong year-to-date gains of 51.54% and 28.08% respectively [2]

1月27日，新易盛涨5%，截至发稿，报408.08元/股，成交80.54亿元，换手率2.28%，总市值4056.35亿 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 责任编辑：小浪快报 华西优选成长一年持有混合A（019281）成立日期2023年11月1日，最新规模1.42亿。今年以来收益 6.65%，同类排名3574/8861；近一年收益54.17%，同类排名1595/8126；成立以来收益49.39%。 华西优选成长一年持有混合A（019281）基金经理为李健伟、李宜泽。 截至发稿，李健伟累计任职时间9年5天，现任基金资产总规模1.42亿元，任职期间最佳基金回报 143.66%， 任职期间最差基金回报-3.31%。 李宜泽累计任职时间89天，现任基金资产总规模1.42亿元，任职期间最佳基金回报8.26%， 任职期间最 差基金回报8.1 ...

华泰紫金沪深300指数增强发起A（016867）成立日期2022年11月17日，最新规模1326.33万。今年以来 收益20.1%，同类排名2693/4257；近一年收益20.48%，同类排名2354/3998；成立以来收益25.25%。 华泰紫金沪深300指数增强发起A（016867）基金经理为。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 1月27日，新易盛涨5%，截至发稿，报408.08元/股，成交79.79亿元，换手率2.26%，总市值4056.35亿 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 ...

截至发稿，周昊累计任职时间2年13天，现任基金资产总规模6773.27万元，任职期间最佳基金回报 68.58%， 任职期间最差基金回报68.24%。 数据显示，东兴基金旗下1只基金重仓新易盛。东兴数字经济混合发起A（020440）四季度减持100股， 持有股数9000股，占基金净值比例为5.73%，位居第七大重仓股。根据测算，今日浮盈赚取约17.5万 元。 东兴数字经济混合发起A（020440）成立日期2024年1月16日，最新规模4455.82万。今年以来收益 3.5%，同类排名5630/8861；近一年收益49.66%，同类排名2002/8126；成立以来收益70.84%。 东兴数字经济混合发起A（020440）基金经理为周昊。 1月27日，新易盛涨5%，截至发稿，报408.08元/股，成交79.79亿元，换手率2.26%，总市值4056.35亿 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% ...

Core Insights - The AI computing sector, represented by optical modules CPO, optical communication, and PCB, is experiencing fluctuations while capital is accelerating its investment [1] - The largest communication ETF, Huaxia (515050), has seen a continuous net inflow of 243 million yuan over the past five days, with a total scale exceeding 8 billion yuan [1] - The ETF focuses on electronic (chips, PCBs, consumer electronics) and communication (optical modules, servers) hardware, with CPO and CPB concept stocks accounting for over 76% of its weight, the highest in the market [1] Industry Analysis - According to CITIC Securities, the explosive demand for AI computing is driving upgrades in the optical communication industry, with ongoing capital expansion from overseas cloud providers and TSMC, indicating strong demand for AI infrastructure [1] - There is a current short-term supply gap for high-speed optical chips and materials, but upstream manufacturers are actively expanding production, and the penetration rate of silicon photonics is expected to alleviate supply chain bottlenecks [1] - Technological advancements, particularly NPO with its low power consumption, high bandwidth, and maintainability advantages, are becoming a key transitional solution at the Scaleup level, with leading companies already positioning themselves to drive the industry towards more efficient optical interconnection architectures [1] - The development potential of domestic optical communication leading companies is viewed positively, maintaining a "stronger than the market" rating for the communication industry [1]

Group 1 - Baidu Intelligent Cloud has set an ambitious AI-related revenue growth target of 200% by 2026, up from the previous target of 100%, aiming to become the leader in the AI cloud market [1] - According to IDC, the global AI cloud market is expected to exceed $400 billion by 2030, indicating significant growth potential in the sector [2] - In 2025, major Chinese cloud providers are projected to secure a total of 341 contracts related to large models, with a total bid amount of approximately 2.7 billion yuan [2] Group 2 - Baidu Intelligent Cloud has secured 109 projects with a total bid amount of about 900 million yuan, maintaining its position as the leader in both project count and bid amount for two consecutive years [2] - Citic Securities reports that the demand for AI computing power is expanding, leading to a positive outlook for the optical module industry and opportunities across the supply chain [2] - Citic Securities also notes that Amazon's recent 15% price increase for its AI computing service EC2 marks a break from the long-standing trend of decreasing cloud service prices, reflecting tight supply conditions [2] Group 3 - Citic Securities suggests monitoring cloud service providers for potential price increases and continues to recommend the AI computing sector and AI applications [3] - The AI computing sector is experiencing a period of adjustment, which Citic Securities views as an opportunity for investors [4] - Key Hong Kong stocks related to the AI computing sector include Changfei Optical Fiber, Cambridge Technology, Hongteng Precision, and Huiju Technology [5]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [4][18]. Core Insights - The communication industry saw a significant increase in fund holdings, with a market value share of 10.18% in Q4 2025, reflecting a quarter-on-quarter increase of 3.30 percentage points, ranking first among all sectors [2][6]. - The industry is expected to continue benefiting from developments in AI infrastructure and new connectivity, maintaining a high growth outlook despite current valuations being above historical averages [19]. - Key stocks in the communication sector are focused on the AI industry chain, with major holdings including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which ranked as the top three in fund holdings by market value [9][19]. Summary by Sections Fund Holdings Overview - As of Q4 2025, the communication sector's fund holdings ranked among the top five sectors, alongside electronics, power equipment, non-ferrous metals, and non-bank financials [6]. - The top three stocks by fund holdings in the communication sector are Zhongji Xuchuang (¥162.18 billion, +45.51% QoQ), Xinyi Sheng (¥124.66 billion, +13.14% QoQ), and Tianfu Communication (¥19.45 billion, +0.73% QoQ) [9][19]. Investment Recommendations - The report recommends maintaining an "Overweight" rating for the communication industry, highlighting specific stocks for investment: 1. Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Guangxun Technology, Huagong Technology 2. CPO/Silicon Photonics: Tianfu Communication, Shijia Photonics, Yuanjie Technology, Guangku Technology, Changguang Huaxin, Taicheng Light 3. PCB: Hudian Co., Shenzhen South Circuit 4. End-side: Guanghe Tong, ZTE Corporation 5. IDC/Liquid Cooling: Wangsu Technology, Aofei Data, Guanghuan New Network 6. Network Side: ZTE Corporation, Ruijie Networks, Unisplendour, Fenghuo Communication, Feiling Kesi 7. High-speed Copper Cables: Zhaolong Interconnect 8. Operators: China Mobile, China Telecom, China Unicom 9. Military Communication-related stocks: Haige Communication, Qiyi Er, Changying Tong 10. US stocks: Credo (CRDO), MaxLinear (MXL), Arista Networks (ANET), VNET Group (VNET), Coherent (COHR), Lumentum (LITE), Broadcom (AVGO), Marvell (MRVL), AXT (AXTI) [18]. Valuation Insights - The overall valuation of the communication sector is above the historical average, with a PE-TTM of 50x, placing it in the 86th percentile over the past decade. The sector is expected to maintain significant growth potential as it benefits from AI infrastructure and new connectivity developments [19].

近日，公募基金2025年四季度报告已经披露完毕，基金重仓股也随之浮出水面。公募基金作为A股市场主要的机构投资者之一，其持股动向备受市场关注。 （按照基金披露规则，公募基金季报只会披露前10大重仓股数据，中报和年报才会披露全部的持仓数据。） 根据公募基金四季报中披露的前10大重仓股数据（本文仅统计公募基金的A股持仓数据）统计发现，2025年末，公募基金共重仓持有2976家A股公司，持股 总市值约为33572亿元，相比三季度末减少约4292亿元。 从基金2025年末的重仓股所属行业分布来看，持股总市值最高的行业是电子行业，持股总市值约为6897亿元，远高于其他行业；但相比三季度末持股市值减 少了1000多亿元。 电力设备（新能源为主）、通信2个行业，基金持股市值也分别超3700亿元、3400亿元。此外，公募基金对有色金属、非银金融、食品饮料、医药生物等4个 行业的持股也均超2000亿元。 | 排序 | 行业名称 (申万一级) | 持有该行业 的公司数 | 2025年末 持股市值 | 三季度 持股市值 | | --- | --- | --- | --- | --- | | | | | (亿元) | (亿元) | | ...

Investment Rating - The communication sector is rated as "Overweight" [8] Core Insights - The communication sector saw a decline of 2.12% in the index, while the Shanghai Composite Index rose by 0.84% and the Shenzhen Component Index increased by 1.11% [11] - In Q4 2025, the proportion of communication stocks in the top ten holdings of public funds increased to 8.75%, up by 0.91 percentage points from the previous quarter [12] - The overweight ratio for the communication sector reached 5.25%, an increase of 1.89 percentage points compared to Q3 2025 [12] - Key areas of investment interest include AI computing power chains (such as optical modules, liquid cooling, copper connections, and switches) and commercial aerospace (rockets, satellites, and terminals) [11][12] Summary by Sections Market Performance - The communication index decreased by 2.12%, while the broader market indices showed positive growth [11] - Public funds increased their holdings in liquid cooling, optical chips, data centers, and commercial aerospace, while reducing exposure to fiber optic cables and communication equipment [12] Valuation Metrics - As of January 23, 2026, the TTM P/E ratio for the communication sector was 50.01x, which is at the 83.1% historical percentile since early 2011 [12] Key Companies and Dynamics - The report highlights a primary investment theme in the communication industry focusing on AI computing power chains, with recommended stocks including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [3] - The top five stocks by market value increase in Q4 2025 were Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yingwei Ke, and Yuanjie Technology, with respective increases of 51.3%, 17.8%, 21.0%, 33.6%, and 49.6% [21] - The report emphasizes the importance of commercial aerospace as a secondary investment theme [3] Recommended Stocks - The report recommends several stocks with a "Buy" rating, including: - Aofei Data (300738 CH) with a target price of 31.17 [43] - Wol Network (002130 CH) with a target price of 43.21 [43] - Ruijie Network (301165 CH) with a target price of 102.51 [43] - China Mobile (600941 CH) with a target price of 126.20 [43] - Xinyi Sheng (300502 CH) with a target price of 476.71 [43] - Tianfu Communication (300394 CH) with a target price of 211.92 [43] - Wan Guo Data (9698 HK) with a target price of 45.83 [43] - Zhongji Xuchuang (300308 CH) with a target price of 626.68 [43] - Hengtong Optic-Electric (600487 CH) with a target price of 25.73 [43]