每经AI快讯，12月10日，CPO板块探底回升，长飞光纤、特发信息午后拉升涨停，新易盛涨3%、中际 旭创涨2%创历史新高。 每经AI快讯，12月10日，CPO板块探底回升，长飞光纤、特发信息午后拉升涨停，新易盛涨3%、中际 旭创涨2%创历史新高。 ...

Core Viewpoint - The CPO sector is experiencing significant growth, with leading companies achieving record highs in stock prices and market capitalization, indicating strong investor confidence and market momentum [1][3]. Group 1: Company Performance - Xinyisheng, a leading company in the CPO concept, saw its stock price rise over 4% in the afternoon, reaching a historical high and pushing its market capitalization beyond 430 billion yuan [1]. - The entire CPO sector showed robust performance, with several companies hitting their daily price limits, including Changfei Fiber, Tefa Information, and Lian Technology, which rose by over 9% [3]. - Notable stock performances include: - Lianwei Microelectronics: +10.01% at 33.18 yuan - Changfei Fiber: +10.00% at 98.43 yuan - Tefa Information: +10.00% at 14.85 yuan - Zhongci Electronics: +10.00% at 71.84 yuan - Lian Technology: +9.06% at 146.04 yuan [4].

Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.22%, while the Shenzhen Component Index and the ChiNext Index are up by 0.34% and 0.06% respectively [1] - The ChiNext Growth ETF (159967) has increased by 0.47%, with a latest price of 0.646 yuan and a trading volume of 319 million yuan, indicating a turnover rate of 9.21% [1] - The component stock Feili Hua leads the gains with a rise of 7.14%, followed by Changxin Bochuang at 6.33%, Xinyi Sheng at 3.57%, Guangxi Media at 2.88%, and Guangku Technology at 2.87% [1] Group 2 - The ChiNext Growth ETF (159967) has shown a significant performance advantage over the ChiNext Index, with an excess return of nearly 9 percentage points in recent periods [1] - Recent data indicates that the ChiNext Growth ETF has a year-to-date return of 18.72% and an annualized return of 17.61%, with a maximum drawdown of -4.65% [2] - The ChiNext Index has a year-to-date return of 9.76% and a maximum drawdown of -3.21% [2] Group 3 - The latest price-to-earnings ratio (PE-TTM) for the ChiNext Growth ETF is 40.33, which is below the 42.89% percentile of the last 10 years, indicating a moderate valuation [4] - This valuation suggests that the ETF is priced lower than 57.11% of the time over the past decade, making it a potential buy on dips [4]

Group 1 - The CPO sector experienced a rebound after hitting a low, with notable stocks such as Changfei Fiber and TeFa Information reaching their daily limit up [2] - New Yisheng saw a 3% increase, while Zhongji Xuchuang rose by 2%, achieving a historical high [2]

Core Viewpoint - The AI computing power industry is experiencing a high growth cycle, driven by explosive demand for computing power, while facing supply bottlenecks in the optical module industry [2][9]. Group 1: Market Performance - The AI-focused ETF, Huabao (159363), has seen a significant increase, with a year-to-date growth of 104.85%, outperforming other AI-themed indices [2][9]. - The ETF's latest scale exceeds 3.3 billion, with an average daily trading volume of over 600 million in the past month, ranking first among seven ETFs tracking the ChiNext AI index [10]. Group 2: Industry Insights - The release of the H200 chip, a mainstream training chip in the U.S., is expected to positively impact the sales of NVIDIA products, benefiting the traditional overseas computing power supply chain [8][9]. - Major optical module manufacturers are actively pursuing a dual production expansion strategy in mainland China and Thailand to address the supply-demand gap, with a concentrated release of production capacity expected in the first quarter of next year [2][9]. Group 3: Investment Opportunities - The focus should be on the first ChiNext AI ETF (159363) and its associated funds, which have a significant allocation to optical modules, currently exceeding 56% [3][10]. - The ETF's portfolio is heavily weighted towards computing power, with over 70% allocated to this sector and more than 20% to AI applications, effectively capturing the AI market trends [10].

CPO概念龙头新易盛午后涨超3%，创出历史新高，总市值突破4300亿元。 ...

Group 1 - The core viewpoint of the article highlights that the leading company in the CPO concept, Xinyisheng (300502), experienced a significant increase of over 3% in its stock price, reaching a historical high [1] - The total market capitalization of Xinyisheng has surpassed 430 billion yuan [1]

以下文章来源于妙投APP ，作者董必政 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 最近，"易中天"又躁动了。 如果说，美股的AI盛宴是在围猎英伟达、谷歌；那么，A股的AI狂欢就集中在两个代号里：一个是 炒芯片的"纪联海"（寒武纪、工业富联、海光信息），另一个则是炒连接的"易中天"（新易盛、中 际旭创、天孚通信）。 中际旭创在11月27日刷新历史高价，天孚通信紧随其后，在12月8日创出新高。截至12月8日，中际 旭创、天孚通信、新易盛的市值分别为6333亿、1842亿和4021亿。 光模块的性能直接决定了数据传输的效率和稳定性。一旦数据传输跟不上，就像高速路上堵了车， 算力再强也白搭。 正因为"算力"与"运力"的搭档，GPU、光模块缺一不可。 但在欢呼声中，资本市场的质疑也没停过。 此前，多少人盯着这个赛道，看到光模块企业有40-60倍、甚至超80倍的PE（市盈率）直呼"泡 沫"，毕竟通信行业的历史估值均值常年趴在15-20倍。 也有观点认为，要想支撑这种估值，企业净利润得维持三位数增长，在成熟制造业里，这简直是天 方夜谭。 出品 | 妙投APP 作者 | ...

Quantitative Models and Construction Methods Model 1: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - **Model Name**: Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient - **Model Construction Idea**: The model aims to allocate carbon quotas based on the deviation of a company's carbon emission intensity from the industry average, incentivizing companies to reduce emissions. - **Model Construction Process**: - The carbon emission intensity deviation (X) is calculated as the difference between a company's unit product carbon emission and the industry average, divided by the industry average: $$ X = \frac{I - BP}{BP} $$ where \( I \) is the company's unit product carbon emission, and \( BP \) is the industry average. - The carbon emission intensity coefficient (α) is determined based on the deviation (X): $$ \alpha = \begin{cases} -3\% & \text{if } X \leq -20\% \\ 15\% \times X & \text{if } -20\% < X \leq 20\% \\ +3\% & \text{if } X > 20\% \end{cases} $$ - The quota amount (A) is calculated as: $$ A = E \times (1 + \alpha) $$ where \( E \) is the company's verified emissions for the year. - **Model Evaluation**: This model ensures that differences in emission control levels among companies are reflected in their quota allocations, providing positive incentives for emission reduction while maintaining overall quota stability.[8][9][11] Model Backtesting Results - **Carbon Emission Intensity Deviation and Carbon Emission Intensity Coefficient**: - The model's implementation is expected to significantly expand the coverage of the national carbon market, enhancing the price discovery function of carbon prices and reflecting marginal abatement costs more clearly.[12][13] Quantitative Factors and Construction Methods Factor 1: National Certified Voluntary Emission Reduction (CCER) Methodology - **Factor Name**: National Certified Voluntary Emission Reduction (CCER) Methodology - **Factor Construction Idea**: The factor aims to provide a quantifiable method for voluntary emission reduction projects, converting emission reductions into tradable environmental credits. - **Factor Construction Process**: - The methodology includes three key scenarios: offshore oilfield associated gas recovery, onshore gas field test gas recovery, and onshore oilfield low-gas-volume associated gas recovery. - Each scenario has specific mechanisms for emission reduction, monitoring, and accounting requirements. - For example, the offshore oilfield associated gas recovery scenario involves recovering gas that would otherwise be flared, converting it into usable products, and reducing methane emissions. - **Factor Evaluation**: This methodology provides clear technical specifications and market incentives for methane emission reduction projects in the oil and gas industry, supporting the achievement of methane control targets.[14][15] Factor Backtesting Results - **National Certified Voluntary Emission Reduction (CCER) Methodology**: - The implementation of this methodology is expected to lead to the initiation of more associated gas recovery projects, contributing to the achievement of China's dual carbon goals and supporting the green and low-carbon transition of the oil and gas industry.[14][15]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector saw a 3.65% increase in the 49th week of 2025, ranking 3rd among major industries, and a 70.43% increase since the beginning of the year, ranking 2nd [2][4]. - AWS launched the Trainium 3 chip, significantly enhancing performance and energy efficiency, while DeepSeek V3.2 made breakthroughs in inference capabilities and cost reduction for long sequences [2][5][6]. - The collaboration between AWS and NVIDIA is expected to accelerate the integration of self-developed chips with the NVIDIA ecosystem, clarifying the ASIC penetration logic [7]. Summary by Sections Market Performance - The communication sector's performance in the 49th week of 2025 was a 3.65% increase, with a year-to-date increase of 70.43% [2][4]. - Top gainers in the sector included Tianfu Communication (+25.8%), Tongyu Communication (+23.9%), and Meige Intelligent (+13.7%), while the largest declines were seen in Online and Offline (-11.8%), Data Port (-10.8%), and Kesi Technology (-8.6%) [4]. Technological Developments - AWS's Trainium 3 chip offers a 4.4x performance increase and a 40% improvement in energy efficiency, reducing training costs for clients by up to 50% [5]. - DeepSeek V3.2, the first open-source model to integrate "deep thinking" and "tool invocation," surpassed GPT-5 in inference benchmarks, significantly lowering costs for long sequence tasks [6]. Investment Recommendations - Recommended companies include China Mobile, China Telecom, and China Unicom in the operator category; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication in optical modules; and AI applications such as Boshi Jie, Heertai, and Tuobang Co. [7].