Market Overview - On August 13, the communication equipment sector rose by 6.06% compared to the previous trading day, with Guangku Technology leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in Communication Equipment Sector - Guangku Technology (300620) closed at 79.30, up 20.01% with a trading volume of 281,600 shares and a transaction value of 2.204 billion [1] - Xinyi Technology (300502) closed at 236.56, up 15.45% with a trading volume of 601,100 shares and a transaction value of 13.529 billion [1] - Dingtong Technology (688668) closed at 115.36, up 13.10% with a trading volume of 111,200 shares [1] - Other notable gainers include Zhongji Xuchuang (300308) up 11.66%, Jiexun Feihong (300213) up 10.79%, and Tefa Information (000070) up 10.02% [1] Market Capital Flow - The communication equipment sector saw a net inflow of 2.48 billion from institutional investors, while retail investors experienced a net outflow of 6.38 billion [2] - The top stocks by net inflow from institutional investors include Tianfu Communication (300394) with a net inflow of 619 million, and ZTE Corporation (000063) with a net inflow of 313 million [3] Underperformers in Communication Equipment Sector - Dayhai Intelligent (002313) closed at 12.81, down 5.67% with a trading volume of 907,500 shares and a transaction value of 1.187 billion [2] - ST Gaohong (000851) closed at 1.90, down 5.00% with a trading volume of 13,900 shares [2] - Other underperformers include Cheng Tian Wei Ye (300689) down 4.73% and ST Lu Tong (300555) down 1.67% [2]

Group 1 - The copper cable high-speed connection concept has shown strong fluctuations, with notable stock performances observed on August 13 [1] - Jin Tian Co., Ltd. reached the daily limit increase, while Shenglan Co., Ltd. and Dingdao Technology both rose over 10% [1] - Other companies such as Bo Wei Alloy and Changxin Bochuang also experienced significant gains, indicating a positive trend in the sector [1] Group 2 - The stock performance data shows Shenglan Co., Ltd. with a rise of 12.28% and Dingdao Technology with an increase of 11.05% [2] - Bo Wei Alloy and other companies like Xin Ya Electronics and Changxin Bochuang also reported gains, with increases around 10% [2] - The overall market sentiment appears to be favorable for companies involved in the copper cable high-speed connection sector [2]

注：统计区间为2025.1.1-2025.8.12，创业板人工智能指数基日为2018.12.28，发布日期为2024.7.11。创 业板人工智能指数2020-2024年年度涨跌幅分别为：20.1%、17.57%、-34.52%、47.83%、38.44%，指数 成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。 把握算力+应用核心机会，建议重点关注全市场首只的创业板人工智能ETF华宝（159363）及场外联接 （A类023407、C类023408），标的指数约七成仓位布局算力，三成仓位布局AI应用，高效地捕捉AI主 题行情，并且重点布局光模块龙头"易中天"，兼顾IDC算力租赁、云计算等热门赛道。 13日早盘，资金拥抱AI牛市，光模块等AI硬件端持续逼空，光模块含量超41%的创业板人工智能继续上 涨创新高！截至发稿，新易盛大涨超14%再创上市新高，中际旭创、天孚通信猛涨超5%，光库科技斩 获两个20CM涨停，首都在线、长芯博创、太辰光、联特科技、铜牛信息等多股跟涨超3%。 热门ETF方面，同标的指数规模最大、流动性突出的创业板人工智能ETF（159363）场内涨幅持续扩大 超5%，大幅领跑 ...

8月12日，长芯博创大宗交易成交56.28万股，成交额4130.95万元，占当日总成交额的2.35%，成交价 73.4元，较市场收盘价92.58元折价20.72%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交会额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-12 | 300548 | 长芯博创 | 73.40 | 2.80 | 205.52 | 东方财富证券股份 | 华泰证券股份有限 | | | | | | | | 有限公司拉萨东环 | 公司嘉兴纺工路证 | | | | | | | | 路第二证券营业部 | 券营业部 | | 2025-08-12 | 300548 | 长芯博创 | 73.40 | 2.80 | 205.52 机构专用 | | 华泰证券股份有限 | | | | | | | | | 公司嘉兴纺工路证 | | | | | | | | | 券营业部 | | 2025-08-12 | 30 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and strategic developments of 博创科技 (BoChuang Technology) in the AI industry, particularly focusing on its acquisition of 长鑫盛 (Changxin Sheng) and its impact on the fiber optic and copper wire communication sectors [1][2]. Key Points and Arguments - **Acquisition Impact**: The acquisition of 长鑫盛 has significantly strengthened 博创科技's position in the consumer AOC (Active Optical Cable) and MPO (Multi-fiber Push On) structured cabling markets, with major clients including Meta, Google, and ByteDance [1][2]. - **Market Leadership**: 长鑫盛 is a leader in the domestic consumer AOC market and has enhanced its supply chain efficiency by acquiring the German chip company Cityline, which has lowered LC chip costs [1][4]. - **MPO Business Growth**: The MPO structured cabling business is a key driver of 博创科技's revenue growth, catering to the high-density and flexible networking needs of modern data centers [1][5]. - **Profit Margins**: The direct delivery of MPO connectors to cloud vendors like Google has resulted in high profit margins, with gross margins reaching 60% and net margins at 40% in overseas markets [1][9]. - **Financial Performance**: 长鑫盛's net profit margin improved significantly, reaching 18% in the first half of 2024 and projected to rise to 23%-26% in the second half, largely due to increased revenue from Google [1][10]. - **Revenue Projections**: It is anticipated that revenue from Google will reach 1.4 billion yuan by 2025, accounting for 40% of total revenue [1][10]. Additional Important Insights - **Future Growth Areas**: 博创科技 plans to focus on high-margin, high-value markets such as medical devices and industrial machine vision, while also expanding its MPO structured cabling solutions to meet the growing demand from data center construction [6][7]. - **Production and Supply Chain**: 长鑫盛's unique production model allows it to control the assembly of MPO connectors, avoiding middlemen and enhancing profitability [8][9]. - **Market Dynamics**: The difference in labor costs between domestic and overseas markets influences 长鑫盛's business model, allowing for premium pricing in international markets due to labor savings from pre-installation methods [9]. - **Market Outlook**: The DAC (Direct Attach Copper) and AEC (Active Electrical Cable) markets are expected to grow significantly, with AEC projected to grow at 45% annually [3][11]. - **Valuation Expectations**: 博创科技's profit is expected to exceed 800 million yuan in 2025, potentially reaching around 1.4 billion yuan in 2026, with a market valuation target of over 30 billion yuan based on a conservative estimate [3][12]. Conclusion - The conference call highlights 博创科技's strategic acquisitions and market positioning, showcasing its growth potential in the fiber optic communication industry and the promising financial outlook driven by key partnerships and innovative product offerings [1][12][13].

8月5日，上证指数早盘高开高走，午后持续上扬，再度站上3600点；深证成指早盘冲高回落，午后震荡 上扬；创业板指早盘冲高回落，午后探底回升；科创50指数早盘窄幅震荡，午后震荡回升。截至收盘， 上证指数报3617.60点，涨0.96%，成交额6563.83亿元；深证成指报11106.96点，涨0.59%，成交额 9396.98亿元；创业板指报2343.38点，涨0.39%，成交额4784.81亿元；科创50指数报1053.65点，涨 0.4%，成交额268.02亿元。沪深两市合计成交15960.81亿元，成交额较上一交易日增加975.3亿元。 银行、保险等行业走强 *ST亚振5连板 盘面上来看，行业板块、概念涨多跌少。其中，银行、保险、钢铁、传媒、通信、证券、汽车、房地产 等行业涨幅靠前；PEEK材料、铜缆高速连接、人脑工程、空间站、3D玻璃、复合集流体、液冷、轮毂 电机、汽车热管理等概念走势活跃。玻璃玻纤、珠宝首饰、生物制品等行业跌幅居前；重组蛋白、肝 炎、智谱AI、创新药、财税数字化等概念走势较弱。涨停个股主要集中在机械设备、汽车、通信、化 工、医药生物等行业。 个股涨跌情况，截至收盘，沪深两市合计3767 ...

机构表示，PEEK材料凭借其优异的性能，广泛应用于多个领域，未来有望成为人形机器人减重的重要材料，带动千亿级市场空间。 通信设备板块、液冷服务器概念亦走强，长芯博创（300548.SZ）涨超13%创历史新高，奕东电子（301123.SZ）涨超10%，长飞光纤（601869.SH）涨10%， 太辰光（300570.SZ）、兆龙互连（300913.SZ）大涨。 民生证券认为，近期海外巨头微软/谷歌/Meta/亚马逊相继披露财报，2025Q2各家CAPEX持续高企，四家单季度CAPEX合计约950亿美元，同比增长67%，环 比增长24%，并且均对未来CAPEX表达了乐观预期。此外，受AI需求驱动，微软和谷歌的云业务增速也迎来进一步提升。 银行、证券板块表现不俗，浦发银行（600000.SH）、信达证券（601059.SH）、红塔证券（601236.SH）、东兴证券（601198.SH）大涨。 消息面，近日，国务院常务会议部署实施个人消费贷款贴息政策与服务业经营主体贷款贴息政策，一方面对于贷款结构性贴息有利于提振消费、小微企业， 另一方面显示出政策导向上对银行息差的呵护态度，预计后续更多结构性货币政策工具有望出台。 ...

沪指8月5日上涨0.96%，申万所属行业中，今日上涨的有31个，涨幅居前的行业为综合、银行，涨幅分 别为1.98%、1.59%。通信行业今日上涨1.25%。 资金面上看，两市主力资金全天净流出116.76亿元，今日有10个行业主力资金净流入，通信行业主力资 金净流入规模居首，该行业今日上涨1.25%，全天净流入资金24.85亿元，其次是非银金融行业，日涨幅 为1.23%，净流入资金为15.67亿元。 主力资金净流出的行业有21个，医药生物行业主力资金净流出规模居首，全天净流出资金53.36亿元， 其次是计算机行业，净流出资金为31.02亿元，净流出资金较多的还有国防军工、机械设备、电子等行 业。 通信行业今日上涨1.25%，全天主力资金净流入24.85亿元，该行业所属的个股共125只，今日上涨的有 98只，涨停的有6只；下跌的有23只。以资金流向数据进行统计，该行业资金净流入的个股有63只，其 中，净流入资金超亿元的有11只，净流入资金居首的是东信和平，今日净流入资金5.70亿元，紧随其后 的是中际旭创、长芯博创，净流入资金分别为4.58亿元、2.84亿元。通信行业资金净流出个股中，资金 净流出超5000万元 ...

Core Insights - The copper cable high-speed connection concept has seen a rise of 2.60%, ranking fourth among concept sectors in terms of growth [1] - Within this sector, 39 stocks increased in value, with Changfei Optical Fiber hitting the daily limit, and stocks like Changxin Bochuang, Yidong Electronics, and Xinke Materials showing significant gains of 13.44%, 10.31%, and 8.06% respectively [1][2] - Conversely, Mingpu Optoelectronics and New Asia Electronics experienced declines of 2.48% and 1.36% respectively [1][5] Market Performance - The copper cable high-speed connection sector attracted a net inflow of 1.553 billion yuan, with 32 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows [2] - Xinke Materials led the net inflow with 346 million yuan, followed by Changxin Bochuang, Taicheng Light, and Zhongtian Technology with net inflows of 284 million yuan, 189 million yuan, and 167 million yuan respectively [2][3] Fund Flow Ratios - Xinke Materials, Shenglan Co., and Baosheng Co. had the highest net inflow ratios at 23.54%, 13.01%, and 10.57% respectively [3][4] - The trading volume and turnover rates for leading stocks in the copper cable high-speed connection sector indicate strong investor interest, with Xinke Materials showing a turnover rate of 21.29% [3][4]

Market Performance - The communication equipment sector rose by 1.88% on August 5, with Cheng Tian Wei Ye leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Top Gainers - Cheng Tian Wei Ye (300689) closed at 56.72, up 19.99% with a trading volume of 81,900 shares and a transaction value of 418 million yuan [1] - Changxin Bochuang (300548) closed at 95.40, up 13.44% with a trading volume of 428,100 shares [1] - Dongxin Heping (002017) closed at 27.16, up 10.00% with a trading volume of 1,210,700 shares and a transaction value of 3.101 billion yuan [1] Other Notable Performers - Changfei Optical Fiber (601869) and Rihai Intelligent (002313) both saw increases of 10.00% and 9.98% respectively [1] - The overall trading volume and transaction values for other companies in the sector also showed significant activity, with several companies exceeding 1 billion yuan in transaction value [1] Fund Flow Analysis - The communication equipment sector experienced a net inflow of 2.68 billion yuan from institutional investors, while retail investors saw a net outflow of 2.55 billion yuan [2][3] - Major stocks like Dongxin Heping and Changxin Bochuang attracted significant net inflows from institutional investors, indicating strong interest [3] Summary of Individual Stock Performance - Dongxin Heping had a net inflow of 482 million yuan from institutional investors, representing 15.54% of its trading volume [3] - Changxin Bochuang also saw a net inflow of 304 million yuan, accounting for 7.79% of its trading volume [3] - In contrast, several stocks experienced net outflows from retail investors, highlighting a divergence in investment behavior between institutional and retail participants [3]