Group 1 - The company Changxin Bochuang (300548.SZ) announced that its board members and executives plan to reduce their shareholdings [1] - The total number of shares to be reduced is not more than 137,800 shares, which accounts for 0.05% of the company's total share capital [1] - The reduction will take place within three months after the announcement, starting fifteen trading days from the date of disclosure [1]

Group 1 - The core point of the article is that Changxin Bochuang plans to reduce its shareholding by key executives, which may indicate a shift in management strategy or confidence in the company's future performance [1] - The total shareholding of the board and senior management amounts to approximately 320,000 shares, representing 0.11% of the total share capital [1] - The planned reduction in shareholding is up to 140,000 shares, which is 0.05% of the total share capital, to be executed within three months after the announcement [1] Group 2 - For the year 2024, Changxin Bochuang's revenue composition is entirely from the manufacturing of communication and related equipment, indicating a focused business model [1] - As of the report, Changxin Bochuang has a market capitalization of 31.3 billion yuan [1]

Core Viewpoint - Longxin Bochuang (300548.SZ) announced that its directors and senior management plan to reduce their shareholdings in the company within three months after a 15-trading-day period following the announcement [1] Group 1: Shareholding Details - The total shares held by the directors and senior management amount to 315,000 shares, representing 0.11% of the company's total share capital [1] - The planned reduction in shareholdings will not exceed 137,811 shares, which is 0.05% of the company's total share capital [1]

Core Viewpoint - Changxin Bochuang (300548.SZ) announced that its board members and senior management plan to reduce their shareholdings in the company within three months after a 15-trading-day period following the announcement [1] Summary by Sections - **Shareholding Details** - The total shares held by the board and senior management amount to 315,000 shares, representing 0.11% of the total share capital of the company [1] - **Planned Reduction** - The aforementioned directors and senior management intend to reduce their holdings by no more than 137,811 shares, which accounts for 0.05% of the total share capital [1]

证券代码：300548 证券简称：长芯博创 公告编号：2025-080 长芯博创科技股份有限公司 关于董事及高级管理人员减持股份预披露公告 公司董事及总经理汤金宽先生、副总经理周蓉蓉女士、财务总监PEH KOK THYE（彭国泰）先生向本公司保证提供的信息内容真实、准确和完整，并且没 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。 特别提示： 长芯博创科技股份有限公司（以下简称"公司"）董事及总经理汤金宽先生、 副总经理周蓉蓉女士、财务总监 PEH KOK THYE 先生合计持有公司股份 315,000 股，占公司总股本的比例为 0.11%，上述董事及高级管理人员计划自本公告披露 之日起十五个交易日后的三个月内分别以集中竞价方式减持公司股份数量不超 过 137,811 股，占公司总股本比例的 0.05%。 长芯博创科技股份公司于近日收到公司董事及总经理汤金宽先生、副总经理 周蓉蓉女士、财务总监 PEH KOK THYE 先生出具的《关于股份减持计划的告知 函》，现将有关情况公告如下： 二、本次减持计划的主要内容 1、减持原因：自身资金需求 2、股份来源： ...

Core Insights - The communication equipment sector experienced a rise of 0.86% on November 19, with LianTe Technology leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - LianTe Technology (301205) saw a significant increase of 14.48%, closing at 117.00 with a trading volume of 174,200 shares and a turnover of 2.027 billion [1] - Other notable performers included Changxin Bochuang (300548) with a 4.97% increase, closing at 104.77, and Guangku Technology (300620) with a 3.50% increase, closing at 105.61 [1] - Conversely, Huayuan Communication (000586) experienced a decline of 9.99%, closing at 13.69, with a trading volume of 252,200 shares and a turnover of 353 million [2] Capital Flow - The communication equipment sector saw a net inflow of 1.437 billion from institutional investors, while retail investors experienced a net outflow of 872 million [2][3] - Major stocks like Xinyi Technology (300502) had a net inflow of 978 million from institutional investors, while it faced a net outflow of 382 million from retail investors [3] - LianTe Technology (301205) had a net inflow of 238 million from institutional investors, but also saw a net outflow of 185 million from retail investors [3]

Group 1 - The core viewpoint of the news is the performance and market position of Changxin Bochuang Technology Co., Ltd., which has seen a stock price increase of 5.02% to 104.82 CNY per share, with a total market capitalization of 30.514 billion CNY [1] - The company, established on July 8, 2003, specializes in the research, production, and sales of integrated optoelectronic devices in the optical communication field, with main business revenue composition being 81.36% from data communication, consumer and industrial interconnection markets, 18.46% from the telecommunications market, and 0.18% from other sources [1] - The stock has a trading volume of 6.51 billion CNY and a turnover rate of 2.35% [1] Group 2 - From the perspective of fund holdings, Huashang Fund has a significant position in Changxin Bochuang, with its Huashang Advantage Industry Mixed A Fund increasing its holdings by 62,900 shares in the third quarter, bringing the total to 1.5831 million shares, which constitutes 2.85% of the fund's net value [2] - The fund has achieved a year-to-date return of 80.65%, ranking 125 out of 8,138 in its category, and a one-year return of 77.5%, ranking 200 out of 8,055 [2] - The fund manager, Zhang Mingxin, has been in position for 261 days, with the fund's total asset size at 9.603 billion CNY and a best return of 86.29% during his tenure [3]

Core Viewpoint - The strength of optical module CPO and other computing hardware is highlighted, with significant gains in related stocks and ETFs, indicating a bullish trend in the AI and computing sectors [1][3]. Group 1: Stock Performance - LianTe Technology led the gains with over 13% increase, followed by Changxin Bochuang with over 5%, and several other stocks like Guangku Technology, Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication rising over 2% [1]. - The AI-focused ETF (159363) that contains over 54% optical module CPO saw an increase of nearly 2%, achieving a transaction volume exceeding 100 million CNY [1]. Group 2: Market Trends - The demand for 800G optical modules is expected to continue its rapid growth, with significant increases projected for 1.6T shipments and the commencement of 3.2T optical module development [3]. - The market is advised to focus on the first AI ETF tracking the ChiNext AI Index, which has a substantial allocation towards optical module leaders, capturing the AI theme effectively [3].

Core Viewpoint - The company Longxin Bochuang (300548.SZ) is undergoing a share reduction plan initiated by its shareholders, which may impact its stock performance and investor sentiment [1] Shareholder Reduction Plans - Shareholder Dongfang Communication Co., Ltd. plans to reduce its holdings by up to 2,911,000 shares, representing 1.00% of the company's total share capital, from October 28, 2025, to January 27, 2026 [1] - Shareholders Ding Yong and his spouse Jiang Rongzhi have already completed a reduction of 5,800,000 shares, accounting for 1.99% of the total share capital, between October 28 and October 30, 2025 [1] - The company will continue to monitor shareholders to ensure compliance with reduction regulations and timely information disclosure [1]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1] Core Insights - The communication industry is experiencing sustained high demand, driven by advancements in AI and the development of intelligent computing centers [2][3] - Major cloud service providers (CSPs) are significantly increasing their capital expenditures (Capex) to enhance AI capabilities, with projections indicating a combined Capex of $361 billion from major overseas players by 2025, and over 360 billion yuan from domestic firms [2] - The emergence of silicon photonic modules is set to revolutionize optical communication, offering lower costs, reduced power consumption, and higher integration [4][67] Summary by Sections AI Data Center Interconnection Development Trends - The AI arms race has entered a new phase, with rapid iterations in intelligent computing center interconnection technologies [2][16] - The demand for AI capabilities is driving CSPs to invest heavily in their infrastructure, leading to increased Capex and a focus on self-developed ASIC chips [32] Development of Optical Modules/Silicon Photonic Modules - Silicon photonic modules are expected to capture a larger market share, growing from 34% in 2023 to 52% by 2029, driven by their advantages in cost and performance [55][67] - The market for silicon photonic modules is projected to reach $10.3 billion by 2029, with a CAGR of 45% over the past five years [4] Cutting-edge Optical Communication Technologies - New technologies such as Co-Packaged Optics (CPO), Optical Circuit Switching (OCS), and Optical Input/Output (OIO) are anticipated to play significant roles in the future of optical communication [5][96] - The global market for OCS is expected to exceed $1.6 billion, while the DCI market could reach $28.4 billion by 2029 [5] Major CSPs and Their Developments - Google, AWS, and Meta are leading the development of self-researched ASIC chips, with significant advancements in their respective architectures [3][32] - CSPs are increasingly focusing on high-density optical connections and innovative interconnection solutions to meet the growing demands of AI applications [21][106]