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]

Core Viewpoint - The CPO concept stocks in the A-share market experienced a collective decline, with several companies showing significant drops in their stock prices [1]. Group 1: Stock Performance - Yongding Co., Ltd. (600105) saw a decline of 6.53%, with a total market capitalization of 20.3 billion and a year-to-date increase of 182.25% [2]. - Changxin Bochuang (300548) dropped by 5.98%, with a market cap of 27.3 billion and a year-to-date increase of 102.19% [2]. - Guangku Technology (300620) fell by 5.39%, with a market cap of 24.6 billion and a year-to-date increase of 103.96% [2]. - Cambridge Technology (603083) decreased by 4.96%, with a market cap of 34.5 billion and a year-to-date increase of 147.37% [2]. - Taicheng Light (300570) declined by 4.84%, with a market cap of 20.8 billion and a year-to-date increase of 27.28% [2]. - Jepu Tech (688025) experienced a drop of 4.89%, with a market cap of 13.2 billion and a year-to-date increase of 194.80% [2]. - Tianfu Communication (300394) fell by 4.43%, with a market cap of 123 billion and a year-to-date increase of 144.51% [2]. - Sry New Materials (688102) decreased by 4.26%, with a market cap of 14.9 billion and a year-to-date increase of 120.63% [2]. - Juguang Technology (688167) saw a decline of 4.16%, with a market cap of 11.7 billion and a year-to-date increase of 103.55% [2]. - Lian Te Technology (301205) dropped by 3.71%, with a market cap of 13.6 billion and a year-to-date increase of 38.55% [2]. - Laimu Co., Ltd. (603633) decreased by 3.59%, with a market cap of 4.58 billion and a year-to-date increase of 31.69% [2]. - Zhongji Xuchuang (300308) fell by 3.47%, with a market cap of 502 billion and a year-to-date increase of 267.66% [2]. - Huilv Ecology (001267) saw a decline of 3.37%, with a market cap of 14.4 billion and a year-to-date increase of 141.49% [2].

Group 1 - The company Changxin Bochuang (SZ 300548) announced on October 31 that its shareholders Ding Yong and Jiang Rongzhi have completed their share reduction plan, reducing a total of 5.8 million shares, which accounts for 1.99% of the total shares [1] - For the year 2024, the company's revenue composition is entirely from the manufacturing of communication and related equipment, with a 100.0% share [1] - As of the report date, Changxin Bochuang has a market capitalization of 29.1 billion yuan [1]

证券代码：300548 证券简称：长芯博创 公告编号：2025-079 长芯博创科技股份有限公司 关于特定股东股份减持完成的公告 公司特定股东丁勇及其配偶JIANG RONGZHI（江蓉芝）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。 长芯博创科技股份有限公司（以下简称"公司"）于2025年9月26日在巨潮资 讯网（http://www.cninfo.com.cn）披露了《长芯博创科技股份有限公司关于特定 股东减持股份预披露公告》（公告编号：2025-071），公司股东丁勇及其配偶JIANG RONGZHI计划自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和大 宗交易方式减持公司股份不超过5,800,000股（占公司总股本的1.99%）。 公司于近日收到公司股东丁勇及其配偶 JIANG RONGZHI 出具的《关于股 份减持计划实施完成的告知函》，丁勇及其配偶 JIANG RONGZHI 本次减持计 划已实施完成。现将具体情况公告如下： 1、本公告中合计数与各明细数相加之和在尾数上如有差异，为四 ...

Core Points - Changxin Bochuang's stock price has dropped 5.03% to 100.72 CNY per share, with a total market capitalization of 29.32 billion CNY, and a cumulative decline of 8.65% over the past three days [1] - The company specializes in the research, production, and sales of integrated optoelectronic devices in the optical communication field, with 81.36% of its revenue coming from data communication, consumer and industrial interconnection markets, and 18.46% from the telecommunications market [1] Fund Holdings - Huatai Baoxing Fund holds 7,000 shares of Changxin Bochuang in its Huatai Baoxing Kerong A fund, representing 1.43% of the fund's net value, with a floating loss of approximately 37,400 CNY today and a total floating loss of 70,300 CNY over the past three days [2] - The Huatai Baoxing Kerong A fund was established on May 11, 2020, with a current scale of 3.65 million CNY, and has experienced a year-to-date loss of 0.26% [2] - The fund manager, Zhou Yongmei, has a tenure of 7 years and 270 days, with a best return of 43.59% during her tenure, while Chen Qiwei has a tenure of 2 years and 136 days with a best return of 19.71% [2]

Core Insights - Longxin Bochuang, established in July 2003 and listed on the Shenzhen Stock Exchange in October 2016, is a leading provider of integrated optoelectronic solutions, with self-developed AOC optoelectronic transceiver chips holding a significant global market share [1] Financial Performance - For Q3 2025, Longxin Bochuang reported revenue of 1.794 billion yuan, ranking 13th in the industry, with the top competitor, ZTE, generating 100.52 billion yuan [2] - The company's net profit for the same period was 418 million yuan, placing it 9th in the industry, while the industry leader, Zhongji Xuchuang, reported a net profit of 7.57 billion yuan [2] Profitability and Debt Management - As of Q3 2025, Longxin Bochuang's debt-to-asset ratio was 31.28%, down from 32.79% year-on-year, which is lower than the industry average of 38.12% [3] - The company's gross profit margin for Q3 2025 was 39.90%, significantly higher than the industry average of 30.08% [3] Management Compensation - The chairman, Zhuang Dan, has not seen a change in salary, while the general manager, Tang Jinkuan, received a salary increase of 713,500 yuan, bringing his total compensation to 2.0695 million yuan for 2024 [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders increased by 88.29% to 79,900, while the average number of shares held per shareholder decreased by 46.89% [5] Business Outlook - According to招商证券, Longxin Bochuang has a promising development outlook as a comprehensive optoelectronic solution provider, with significant growth in its core subsidiary, Longxin Sheng, driven by increased demand in the data communication sector [6] - Revenue projections for 2025 to 2027 are estimated at 2.74 billion yuan, 4.32 billion yuan, and 5.96 billion yuan, with corresponding net profits of 380 million yuan, 730 million yuan, and 1.09 billion yuan [6]