Investment Rating - The communication industry is rated positively with a significant increase in fund holdings, indicating strong investor interest and confidence in growth potential [1][5][31]. Core Insights - The communication sector's fund holdings increased to 7.76% in Q3 2025, up by 3.90 percentage points, ranking it among the top five sectors [1][5][31]. - The sector's overall valuation is above historical averages, with a PE-TTM of 43x, positioned at the 67th percentile, suggesting room for growth despite high expectations [23][31]. - The AI industry chain remains a focal point, with key companies like ZhongJi InnoLight, Eoptolink Technology, and Suzhou Tfc Optical Communication leading in fund holdings [22][32]. Summary by Sections Fund Holdings Overview - In Q3 2025, the communication sector's fund holdings accounted for 7.76%, ranking fourth among 31 primary industries, with notable increases in holdings for electronic and power equipment sectors [1][5][31]. - The top three companies in fund holdings within the communication sector are ZhongJi InnoLight (RMB 1114.46 billion, +62.53%), Eoptolink Technology (RMB 1101.72 billion, +60.81%), and Suzhou Tfc Optical Communication (RMB 145.44 billion, +14.90%) [13][22][32]. Investment Recommendations - Key investment targets include: 1. Optical modules: ZhongJi InnoLight, Eoptolink Technology, and others 2. CPO/Silicon Photonics: Suzhou Tfc Optical Communication and others 3. PCB: Wus Printed Circuit and others 4. Terminal: ZTE 5. IDC/Liquid Cooling: Wangsu Science & Technology and others 6. Network: ZTE, Ruijie Networks, and others 7. High-speed Copper Cable: Zhaolong Interconnect 8. Operators: China Mobile, China Telecom, China Unicom 9. Military Communication: Guangzhou Haige Communications and others 10. U.S. stocks: Credo, MaxLinear, and others [22][30]. Valuation and Growth Potential - The communication sector's valuation is above historical averages, with expectations of sustained growth driven by AI infrastructure and new connectivity developments [23][31]. - The sector is expected to gradually absorb its valuation while maintaining significant growth potential [23][31].

10月31日盘中，以光模块为核心的算力硬件继续回调，三巨头继续大跌，光模块含量超51%的创业板人 工智能一度跌超3%。其中，天孚通信、新易盛领跌超7%，联特科技、光库科技、中际旭创、长芯博创 等多股跌超5%。上涨方面，AI应用表现活跃，深信服领涨超12%，蓝色光标涨超10%。 花旗分析称，新易盛股价波动很可能是一次性事件，净利润预计将在第四季度大幅增长，因此若股价下 跌或为一个买入的机会。花旗表示，管理层称客户订单交付延迟影响了业绩。但花旗预计新易盛第四季 度净利润增长将得益于1.6T产品的订单交付以及延迟订单收入的确认。 尽管短期股价出现回调，但机构对行业长期前景仍持乐观态度。国盛证券表示，在算力不断扩张，技术 迭代不断加快的背景下，光通信行业复苏节奏已显著提前。到2026年，整个光通信产业链将从"争订 单"全面进入"保交付"时代，交付能力取代订单获取能力，成为企业核心竞争力的关键指标，龙头企业 将凭借其供应链掌控力脱颖而出。 "光模块ETF"哪里找？建议重点关注全市场首只创业板人工智能ETF（159363）及场外联接（A类 023407、C类023408），标的指数重点布局光模块龙头"易中天"，光模块含量 ...

在光模块市场需求持续火热的背景下，龙头企业为何出现营收环比下降？招商证券研报分析，新易盛第 三季度营收环比下降，主要是部分下游客户提货节奏发生变化，导致收入确认节奏与生产节奏存在一定 错位。同时，光模块需求旺盛但部分关键物料扩产周期较长，带来采购压力。 国盛证券此前的研报则揭示出行业更深层逻辑：光模块不像面板、电子元器件这样的标准元器件是大宗 商品，而是典型的技术驱动型产品。其每一代新产品上市初期都因技术壁垒而享有溢价，随后随着量产 规模扩大、良率提升和成本优化，价格呈现渐进式、可预测的平滑下降。这种持续的技术演进使得产品 价格下降成为技术普及和成本优化的必然结果。 不过，尽管短期股价出现回调，但机构对行业长期前景仍持乐观态度。国盛证券在最新一期研报中预 测，在算力不断扩张，技术迭代不断加快的背景下，光通信行业复苏节奏已显著提前。到2026年，整个 光通信产业链将从"争订单"全面进入"保交付"时代，交付能力取代订单获取能力，成为企业核心竞争力 的关键指标，龙头企业将凭借其供应链掌控力脱颖而出。 第一上海证券同样认为，近期，Nvidia Rubin进展超预期，新架构下单芯片光模块配比倍增至1：5，此 外，谷歌T ...

一、证券市场回顾 南财金融终端数据显示，昨日（10月30日，下同）上证综指日内下跌0.73%，收于3986.9点，最高4025.7点；深证成指日内下跌1.16%，收于13532.13点，最 高13700.25点；创业板指日内下跌1.84%，收于3263.02点，最高3331.86点。 二、融资融券情况 昨日沪深两市的融资融券余额为24911.76亿元，其中融资余额24732.7亿元，融券余额179.06亿元。两市融资融券余额较前一交易日减少75.56亿元。分市场来 看，沪市两融余额为12657.39亿元，相较前一交易日减少39.35亿元；深市两融余额12254.37亿元，相较前一交易日减少36.21亿元。 两市共有3456只个股有融资资金买入，其中新易盛、中际旭创、阳光电源排名前三，买入金额分别53.65亿元、46.23亿元、36.47亿元。融资买入额前10个股 详情见下表： | 代码 | 股票名称 | 融资买入额(亿元 | | --- | --- | --- | | 300502.SZ | 新易盛 | 53.65 | | 300308.SZ | 中际旭创 | 46.23 | | 300274.SZ | 阳光 ...

我们预计公司未来出货将以800G 和1.6T 为主，预计1.6T 产品在今年q4和明年将逐季度放量，预计公司 硅光产品出货占比将大幅度提升。 投资建议：考虑到总体需求量，公司客户结构和产品变化，结合公司长期以来在研发、供应链、保交付 等多方面的优势，我Q们3认的为小插曲，不改变公司长期发展大趋势。我们上调公司业绩指引，我们 预2计02公5-司2027 年归母净利润为95.2、188.2、272.2 亿元，对应PE 为42.4、21.5、14.8 倍，维持"买 入"评级。 风险提示：AI 发展不及预期；竞争加剧；地缘政治影响。 事件：公司发布2025 年三季报，单季度实现收入60.7 亿元，同比增长152.5%，环比Q2 下降5%。单季 度实现归母净利润23.8 亿元，同比增长205.4%，环比增长0.6%。 环比暂歇系受个别客户偶然影响，利润率依旧保持稳定优秀。公司三季度受到个别客户自身提货节奏的 调整影响，导致总体收入没能延续此前持续环比高速增长的态势，目前Q4 已恢复正常状态。公司三季 度实现毛利率47%，保持高水平；实现净利率39.3%，创下单季度历史新高。我们认为主要是800G 产品 出货量和销售占比 ...

Market Overview - The Shanghai Composite Index fell by 0.73% to close at 3986.9 points, with a daily high of 4025.7 points [1] - The Shenzhen Component Index decreased by 1.16% to 13532.13 points, reaching a maximum of 13700.25 points [1] - The ChiNext Index dropped by 1.84% to 3263.02 points, with a peak of 3331.86 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 24911.76 billion yuan, with a financing balance of 24732.7 billion yuan and a securities lending balance of 179.06 billion yuan, reflecting a decrease of 75.56 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 12657.39 billion yuan, down by 39.35 billion yuan, while the Shenzhen market's balance was 12254.37 billion yuan, decreasing by 36.21 billion yuan [2] - A total of 3456 stocks had financing funds for purchase, with the top three being Xinyi Technology (53.65 billion yuan), Zhongji Xuchuang (46.23 billion yuan), and Sunshine Power (36.47 billion yuan) [2] Fund Issuance - Four new funds were issued yesterday, including two mixed funds and two stock funds, all launched on October 30, 2025 [3][4] Top Trading Activities - The top ten net buying amounts on the Dragon and Tiger List included Jiangte Electric (27681.86 million yuan), Tianji Shares (20137.13 million yuan), and Guodun Quantum (16408.1 million yuan) [5] - The highest price increase was seen in Jiangte Electric with a rise of 9.98%, followed by Tianji Shares with a 10.0% increase [5]

Market Overview - The CPO concept has experienced a collective pullback for the second consecutive day, with notable declines in several companies including Tianfu Communication, which fell over 4%, and others like Guangku Technology, Dekeli, Xinyi Sheng, Lian Te Technology, Zhongji Xuchuang, and Changfei Fiber, all dropping over 3% [1]. Company Performance - Zhongji Xuchuang reported Q3 2025 revenue of 10.216 billion, a year-on-year increase of 56.83%, and a net profit of 3.137 billion, up 124.98% year-on-year. For the first three quarters, revenue reached 25.005 billion, growing 44.43%, with net profit at 7.132 billion, a 90.05% increase [2]. - Xinyi Sheng disclosed Q3 2025 revenue of 6.068 billion, marking a year-on-year growth of 152.53%, but a quarter-on-quarter decline of 5%. The net profit was 2.385 billion, up 205.38% year-on-year, with a slight quarter-on-quarter increase of 0.63%. For the first three quarters, revenue totaled 16.505 billion, a 221.70% increase, and net profit was 6.327 billion, up 284.37% [3]. Analyst Insights - Citigroup noted that Xinyi Sheng's Q3 net profit fell short of investor expectations, predicting a negative market reaction. However, this may be a one-time event, with expectations for significant net profit growth in Q4 due to the delivery of 1.6T product orders and the recognition of delayed order revenues. Citigroup maintains a buy rating on the stock [3].

消息面上，中际旭创昨晚公布业绩显示，2025年第三季度营收102.16亿元，同比增长56.83%；净利润为 31.37亿元，同比增长124.98%。前三季度营收250.05亿元，同比增长44.43%；净利润71.32亿元，同比增 长90.05%。 此前，新易盛公布业绩显示，2025年第三季度营收60.68亿元，同比增长152.53%，环比下滑5%；净利 润23.85亿元，同比增长205.38%，环比微增0.63%。前三季度营收165.05亿元，同比增长221.70%；净利 润63.27亿元，同比增长284.37%。 格隆汇10月31日｜CPO概念连续第二日集体回调，其中，天孚通信跌超4%，光库科技、德科立、新易 盛、联特科技、中际旭创、长飞光纤跌超3%。 花旗称，新易盛三季度净利润低于投资者预期，预计股价将出现负面反应，但很可能是一次性事件，净 利润预计将在第四季度大幅增长，因此若股价下跌或为一个买入的机会。花旗表示，管理层称客户订单 交付延迟影响了业绩。但花旗预计新易盛第四季度净利润增长将得益于1.6T产品的订单交付以及延迟订 单收入的确认。维持买入评级。 | 代码 | 名称 | | 涨幅% ↑ | 总市值 ...

Group 1 - Communication concept stocks declined in early trading, with New Yisheng and Tianfu Communication dropping over 5%, and Zhongji Xuchuang and Industrial Fulian falling over 4% [1] - 5G and communication-related ETFs fell approximately 3% [1] Group 2 - Specific ETF performance includes: - Wang Communication ETF at 2.769, down 0.100 or 3.49% - Main Communication Equipment ETF at 2.189, down 0.079 or 3.48% - Main 5G50 ETF at 2.203, down 0.069 or 3.04% - 5G ETF Main at 1.761, down 0.053 or 2.92% - Main 5G Communication ETF at 2.156, down 0.065 or 2.93% [2] Group 3 - Some brokerages indicate that AI may represent the largest industrial opportunity since cloud computing, with hardware growth driven by GPUs and ASICs expected to become a second growth engine next year [2] - The North American computing industry chain is anticipated to maintain high growth rates in the coming quarters, supported by the resonance of cloud revenue growth and capital expenditure from North American cloud companies [2]

（文章来源：每日经济新闻） 每经AI快讯，10月31日，算力硬件股多股下挫，中际旭创、新易盛、胜宏科技跌超4%，天孚通信、剑 桥科技、生益电子跟跌。 ...