Group 1 - CPO concept stocks experienced a mid-session surge followed by a decline, indicating volatility in the market [1] - Tianfu Communication (300394) and Dekeli (688205) saw declines exceeding 5%, reflecting negative sentiment towards these stocks [1] - Other companies such as Taicheng Light (300570), Xinyi Sheng (300502), Zhongji Xuchuang (300308), Liante Technology (301205), Yuanjie Technology (688498), and Shengyi Electronics (688183) also followed the downward trend [1]

Group 1 - The communication sector experienced a net outflow of over 1.33 billion yuan, indicating a significant withdrawal of funds [1][2] - The semiconductor, electronics, and basic chemicals sectors saw net inflows, with semiconductor leading at 1.31 billion yuan [2] - Notable stocks with significant net inflows include Zhongyida, with a net inflow of 0.36 billion yuan, and SMIC, with 0.31 billion yuan [3] Group 2 - The top stock with the highest net outflow was Tianfu Communication, with a net outflow of 0.29 billion yuan [4] - Other stocks with considerable net outflows include Xinyi Sheng and Qiangli New Materials, with outflows of 0.25 billion yuan and 0.25 billion yuan respectively [4] - The overall trend indicates a shift in investor sentiment, favoring sectors like semiconductors while pulling back from communications and machinery [1][2]

Investment Rating - The report maintains a "Buy" rating for key companies in the computing power and optical communication sectors, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [4][10]. Core Insights - The CPO (Co-Packaged Optics) technology is rapidly advancing, with leading companies like Nvidia and Broadcom making significant strides in technology iteration and industrialization, transitioning from validation to large-scale commercialization [1][20]. - The shift towards CPO in the scale-up segment indicates a growing penetration of optical technology within data centers, particularly in cabinet interconnections, which is expected to enhance computing power and communication bandwidth [2][22]. - The trend of large-scale computing clusters is evident, with major CSPs (Cloud Service Providers) building clusters with tens of thousands to millions of GPUs, indicating a robust demand for computing power [3][22]. Summary by Sections Investment Strategy - The report emphasizes the importance of CPO technology in enhancing interconnectivity and supporting the construction of larger computing clusters, recommending companies like Zhongji Xuchuang and Xinyi Sheng as key players in the optical module industry [7][24]. Market Trends - The optical communication market is expected to expand as CPO solutions transition from inter-cabinet to intra-cabinet applications, with a notable increase in market understanding and recognition of CPO among traditional optical module manufacturers [7][22]. Key Companies and Recommendations - Recommended companies include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others in the optical communication and computing power sectors, highlighting their potential for growth and market share acquisition [8][24].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report maintains a positive outlook on the AI industry as a key investment theme for the year, anticipating 2025 to be a pivotal year for AI infrastructure and applications in China [3][20]. - The report highlights significant growth in the global Ethernet switch market, with a 32.3% year-on-year increase in Q1 2025, driven by strong demand from data centers as cloud service providers build infrastructure for the AI era [1][11]. - The report emphasizes the importance of monitoring AI industry dynamics and investment opportunities, particularly in the context of the "AI + overseas expansion + satellite" strategy [3][20]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations for optical modules and devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [4][23]. - For switch server PCBs, recommended stocks are: Hudian Co., ZTE, and Unisplendour [4][23]. - Low valuation and high dividend opportunities in cloud and computing resources are identified in China Mobile, China Telecom, and China Unicom [4][23]. - AIDC and cooling solutions highlight key recommendations for Yingweike and Runze Technology [4][23]. - AIGC applications and edge computing power focus on recommended stocks like Guohua Communication and Meige Intelligent [4][23]. 2. Marine Wind and Cable & Intelligent Driving - Key recommendations for marine wind and cable include: Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][24]. - The report suggests focusing on leading companies in the overseas expansion and intelligent driving sectors [5][24]. 3. Satellite Internet and Low-altitude Economy - The report notes accelerated development in low-orbit satellites and the low-altitude economy, recommending companies like Huace Navigation and Haige Communication [6][25][26]. 4. Industry Performance Review - The communication sector rose by 1.43% during the week of June 16-20, outperforming the CSI 300 index by 1.89 percentage points [27]. - The report highlights the performance of individual stocks within the communication sector, noting significant gains for companies like Chutianlong and Dongxin Peace [29]. 5. Key Stock Recommendations - Specific stock recommendations include Zhongji Xuchuang (buy), Tianfu Communication (overweight), and Hudian Co. (overweight) [10][23]. - The report also emphasizes the importance of monitoring the performance of stocks in the AI and digital economy sectors for potential investment opportunities [21][22].

成都新易盛通信技术股份有限公司 关于高级管理人员、监事减持计划实施完毕的公告 公司高级管理人员陈巍先生、王诚先生，监事张智强先生保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 成都新易盛通信技术股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 3 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于高级管理人 员、监事减持计划的预披露公告》（公告编号：2025-008），公司高级管理人员 陈巍先生计划在发布减持预披露公告之日起十五个交易日后的三个月内以集中 竞价交易方式减持本公司股份不超过 47,000 股，（占公司总股本比例 0.007%）， 高级管理人员王诚先生计划在发布减持预披露公告之日起十五个交易日后的三 个月内以集中竞价交易方式减持本公司股份不超过 19,000 股（占公司总股本比 例 0.003%），监事张智强先生计划在发布减持预披露公告之日起十五个交易日 后的三个月内以集中竞价交易方式减持本公司股份不超过 15,000 股（占公司总 股本比例 0.002%）。 ...

Core Insights - The article highlights the performance predictions of A-share listed companies for the year 2025, with a focus on revenue and net profit growth rates, indicating significant potential for investment opportunities in certain sectors [1][8]. Revenue Growth Predictions - As of June 15, 2025, 45 companies are predicted to have a revenue growth rate exceeding 100%, with 6 companies forecasting over 2000% growth [3][4]. - Notable companies with high revenue growth predictions include Guosheng Jinkong (138,760.34%), Haichuang Pharmaceutical (32,475.84%), and Zhongliang Capital (4,776.55%) [4][5]. Net Profit Growth Predictions - A total of 33 companies are expected to see net profit growth rates exceeding 1000%, with Tianyi Medical leading at 13,595.25% [8][9]. - Tianyi Medical's significant growth is attributed to strategic acquisitions and expansions in its business operations [9][10]. Industry Distribution - The top three industries with the highest number of companies predicting revenue growth are Defense and Military (28.9%), Pharmaceutical and Biological (15.6%), and Non-Bank Financial (11.1%) [6]. - For net profit growth, the leading sectors are Computer (24.2%), Pharmaceutical and Biological (18.2%), and Electronics (12.1%) [12]. Regional Distribution - Companies predicting significant revenue growth are primarily located in Beijing and Shanghai, each with 7 companies (15.6%), followed by Sichuan with 6 companies (13.3%) [7]. - For net profit growth, Beijing also leads with 7 companies (21.2%), while Jiangsu and Zhejiang each have 4 companies (12.1%) [13]. Declining Predictions - 176 companies are forecasting negative revenue growth, with 20 companies expecting declines over 15% [16][17]. - The sectors most affected by negative predictions include Electric Power Equipment, Real Estate, and Coal, each with 4 companies (20%) [18]. Summary of Companies with Significant Declines - Companies such as Baili Tianheng and Daren Tang are projected to experience substantial declines in both revenue and net profit, with Baili Tianheng predicting a revenue drop of -60.35% and a net profit drop of -103.46% [21][22].

Group 1 - The AIGC, Kimi, optical module CPO, and ChatGPT AI concepts are experiencing a short-term pullback, with the ChiNext AI ETF (159381) dropping over 1.7% as of 10:44 AM, led by declines in stocks such as Zhongwen Online, Wanxing Technology, Chuangyi Information, and Dongtu Technology, with Xinyisheng falling over 2% [1] - Open Source Securities suggests that the short-term pullback may present a low-position layout opportunity, as the acceleration of AI large model iterations is enhancing reasoning performance and optimizing reasoning costs, which is expected to boost the practicality of AIGC technology and accelerate its application in industries like education, coding, and gaming [1] - The demand for reasoning computing power is anticipated to increase as user engagement rises, alongside the ongoing implementation of AI video calls and AI online gaming, which will drive the demand for AIDC resources and edge computing resources in major cities, thereby stimulating the domestic AI computing power industry chain [1] Group 2 - The ChiNext AI ETF (159381) tracks the ChiNext AI Index, selecting AI-focused companies listed on the ChiNext board, with a daily price fluctuation limit of ±20% [2] - The fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, making its overall fee rate the lowest among comparable funds [2] - The index covers the entire AI industry chain, focusing on hardware, software, and applications, with a significant emphasis on leading companies in communication equipment and optical modules, where the optical module CPO concept stocks account for over 26.6% of the index [2] - The top five constituent stocks include leading optical module companies Xinyisheng, Zhongji Xuchuang, and Tianfu Communication, along with other industry leaders such as Beijing Junzheng, Quanzhi Technology, Softcom Power, Guanghuan New Network, Wangsu Technology, and Shenxinfeng [2]

Group 1 - The A-share TMT sector shows a mixed performance, with PCB, optical module, and computing hardware stocks being active, as evidenced by the 1.46% increase in the 5G Communication ETF (515050) and significant gains in stocks like Huadian Co., Ltd. (002463) up over 9% [1] - The acceleration of AI commercialization by global tech giants and high capital expenditure growth is noted, with the recent removal of AI diffusion rules leading to a surge in sovereign AI demand, providing strong support for computing infrastructure [1] - PCB, a key component for AI servers, is expected to see a rise in both volume and price, particularly HDI PCBs, which offer advantages such as high-density interconnection and excellent thermal performance, with several domestic manufacturers speeding up product development [1] Group 2 - The创业板人工智能ETF华夏 (159381) tracks the entrepreneurial board AI index, focusing on AI-centric companies, with a daily price fluctuation limit of ±20% and a low management fee rate of 0.15% [2] - The industry distribution shows that optical module CPO concept stocks account for over 26.6% of the index, indicating a high "light" content in the AI category [2] - The top five constituent stocks include leading optical module companies such as Xinyi Technology (300502) and Zhongji Xuchuang (300308), along with major chip design firms and cloud computing industry leaders [2]

| 600919 | 江苏银 | -0.60 | 7833.41 | 300941.88 | 1.41 | 银行 | | --- | --- | --- | --- | --- | --- | --- | | | 行 | | | | | | | 600026 | 中远海 | 3.15 | 7824.80 | 59470.27 | 1.53 | 交通运 | | | 能 | | | | | 输 | | 601916 | 浙商银 行 | 0.00 | 7611.14 | 1 1 1148.04 | 1.50 | 银行 | | 300199 | 翰宇药 | 0.98 | 7347.50 | 113128.94 | 9.12 | 医药生 | | | 业 | | | | | 物 | | 600926 | 杭州银 行 | -1.02 | 7116.24 | 192758.49 | 1.64 | 银行 | | 600363 | 联创光 电 | -3.86 | 7100.86 | 191595.04 | 6.93 | 电子 | | 300761 | 立华股 | 1.70 | 7081.16 | 31426.86 | 2.60 ...

继续看好科技-年内二次科技行情节奏与方向 20250617 摘要 海外市场对中国科技行业有着重要影响。今年二三月份海外市场没有上涨，四 月份由于关税问题又出现了一波下跌，使得筹码消化非常充分。然而，自媒体 Q&A 今年科技板块的表现如何？未来趋势如何？ 稳定币和 Web 3.0 是全球范围内的系统级创新，多国积极推动相关计划， 稳定币具备支付功能，改变跨境支付方式，人民币及港币稳定币有望产 生巨大生态影响。 光模块产业正处于爆发式增长阶段，海外市场需求显著增加，英伟达 GD200、GD300 订单持续上升，新易盛、中际旭创、天孚通信、沪电 股份等公司值得关注。 科技板块在经历充分调整后，机构配置较低，且中国科技行业业绩趋势 优于其他领域，在传统经济和消费承压背景下，资金有望向科技板块集 中。 海外市场对中国科技行业影响显著，关税问题消化后，巨头持续投资算 力并走向 AGI 路线，新易盛、旭创等公司预计明年行业需求增长 50%， 推动股价和估值提升。 海外算力资源公司未来预期乐观，800G 和 1.6T 需求预计明年大幅增长， 市场规模至少增长 50%，多模态模型和大模型训练将推动估值提升，二 季度业绩将突出。 ...