格隆汇8月1日｜A股市场CPO概念股集体回调，其中，景旺电子(603228)跌超7%，剑桥科技跌6%，汇绿 生态跌超4%，中际旭创(300308)、新易盛(300502)、联特科技、光迅科技(002281)、太辰光(300570)跌超 3%。 | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 603228 | 畳旺电子 | 1 | -7.33 | 582亿 | 127.01 | | 603083 | 剑桥科技 | 1 | -6.06 | 137亿 | 26.18 | | 001267 | 汇绿生态 | 1 | -4.80 | 107亿 | 80.40 | | 300308 | 中际旭创 | 1 | -3.88 | 2324 乙 | 70.03 | | 300502 | 新易盛 | 1 | -3.84 | 1808亿 | 121.28 | | 301205 | 联特科技 | 1 | -3.79 | 125亿 | 28.01 | | 002281 | 光迅科技 | | -3.70 | 404亿 | -3.5 ...

格隆汇8月1日｜A股市场CPO概念股集体回调，其中，景旺电子跌超7%，剑桥科技跌6%，汇绿生态跌 超4%，中际旭创、新易盛、联特科技、光迅科技、太辰光跌超3%。 ...

公司2025年半年度报告预约披露时间为8月15日。在投资者互动平台上，公司表示持续保持对高密度连 接器的研发投入，推动产品技术创新迭代。 7月31日主力资金净流出12148.57万元，占流通市值的0.55%。 风险提示：以上信息仅供参考，不构成投资建议。股市有风险，投资需谨慎。 截至2025年7月31日收盘，太辰光股价报114.02元，较前一交易日下跌4.29元，跌幅3.63%。当日成交量 为298571手，成交金额达35.45亿元。 太辰光属于通信设备行业，公司是全球最大的光密集连接产品制造商之一，专注于高密度连接器的研发 和生产。 ...

（文章来源：每日经济新闻） 每经AI快讯，7月31日，PCB概念午后走低，仕佳光子跌近10%，长芯博创、太辰光、鹏鼎控股、亨通 光电等跟跌。 ...

Group 1 - The core viewpoint highlights the strong performance of leading optical module companies and the significant rise in the AI sector on the ChiNext board, driven by increasing demand for computing power and supportive policies [1][3][4] - Notable stock movements include Zhongji Xuchuang rising over 6%, Xinyisheng up over 4%, and Liantech increasing by over 7%, indicating a bullish trend in the optical module market [1][3] - The largest and most liquid ETF tracking the ChiNext AI index saw a 2% increase at opening, reaching a new high with a real-time transaction volume exceeding 46 million yuan [1][3] Group 2 - The demand for optical modules is expected to surge due to the growing need for massive computing power in large model training, with a persistent global computing power gap [3][4] - Goldman Sachs projects that the sales volume of 800G optical modules will reach 19.9 million and 33.5 million units in 2025 and 2026, respectively, with market values expected to hit 12.73 billion and 19.37 billion USD, reflecting strong growth trajectories [4] - The communication sector has seen significant accumulation by public funds, with optical modules identified as a core allocation direction, indicating a favorable investment environment [4][5] Group 3 - The A-share computing power industry is viewed as a rare growth sector, with expectations that the commercialization of AI will enhance the valuation of leading companies in this space [4][5] - The first ETF tracking the ChiNext AI index is highlighted as a key investment opportunity, with over 60% of its portfolio focused on computing infrastructure and more than 30% on AI applications [5][6]

Industry Overview - The capital market's attention towards the computing power industry chain has increased with the release of Nvidia's GB300, particularly in the optical module (CPO) sector [1] - Optical modules serve as hardware devices that convert electrical signals to optical signals and vice versa, acting as a "translator" between electronic devices and fiber optic networks [1] - CPO (Co-Packaged Optics) technology integrates optical modules' core components with computing chips on the same substrate, reducing signal transmission distance [1][2] Market Dynamics - The optical communication industry consists of upstream raw materials like optical/electrical chips and PCBs, midstream optical devices, and downstream systems targeting telecom operators, cloud service providers, and data center manufacturers [4] - The CPO industry chain has a pyramid structure with uneven technology barriers and value distribution, where silicon photonic chips are crucial for optical conversion efficiency [7] - The market for optical modules is expected to grow significantly, reaching $22.4 billion by 2029, driven by high demand from cloud computing service providers and telecom operators for high-speed data modules [9] Company Analysis 1. **Tianfu Communication** - A leading provider of optical device solutions and advanced packaging services, Tianfu is an official technical partner of Nvidia's CPO switch, with products entering small batch production [16] - Revenue is projected to grow from 873 million yuan in 2020 to 3.252 billion yuan in 2024, with a compound annual growth rate (CAGR) of 38.91% [18] 2. **Taicheng Light** - One of the largest manufacturers of high-density optical connection products, Taicheng focuses on CPO and has seen significant demand for MPO connectors due to data center construction [22] - Revenue is expected to increase from 574 million yuan in 2020 to 1.378 billion yuan in 2024, with a CAGR of 24.49% [24] 3. **Yuanjie Technology** - Specializes in the research, design, production, and sales of optical chips, with products used in fiber access, 4G/5G networks, and data centers [27] - The optical chip market in China is projected to grow from $555 million in 2015 to $2.997 billion by 2026, supported by rapid internet development and new infrastructure demands [31]

Group 1 - CPO concept stocks continue to decline, with Tai Chen Guang (300570) dropping over 8% [1] - Changxin Bochuang (300548) fell more than 7% [1] - Shijia Guangzi decreased by over 6% [1] - Other companies such as Xinyi Sheng (300502), Tianfu Communication (300394), and Zhongji Xuchuang (300308) also experienced declines [1]

Group 1 - The core viewpoint highlights a significant rebound in the optical module sector and AI applications, with notable stock performances from companies like Guangku Technology and Lian Te Technology [1] - The AI application sector is showing active performance, with stocks such as Tuoer Si and Han De Information experiencing gains [1] - The market sentiment for the AI-focused ETF (159363) improved after a three-day decline, indicating a recovery in trading activity with a total transaction volume of 160 million yuan [1] Group 2 - The outlook for the optical module sector suggests a dual increase in performance and valuation, making it a key area for investment focus [3] - Multiple companies in the computing power industry are reporting strong earnings forecasts, reflecting sustained high demand for AI computing power [3] - The A-share computing power industry is viewed as a rare growth sector, with expectations for a shift in valuation systems towards growth stocks as AI commercialization progresses [3] Group 3 - Citic Securities reports that Nvidia's resumption of H20 sales and advancements in next-generation systems are boosting confidence in the domestic AI industry chain [4] - The AI industry chain is expected to accelerate due to supportive policies and ongoing innovations in AI applications [4] - The first ETF tracking the entrepreneurial board AI index is recommended for investment, focusing on core opportunities in AI computing power [4]

Investment Rating - The industry investment rating is "Overweight" as the report anticipates that the interconnection bandwidth demand will experience rapid growth due to the "multiplier effect" [4][90]. Core Insights - The report identifies four major trends in the AI computing interconnection sector: 1. Computing hardware demand is shifting from being anchored to cloud vendors' CapEx to being anchored to the number of tokens processed. 2. The landscape of computing chips is evolving from reliance on GPUs to a coexistence of GPUs and ASICs. 3. Technological iterations are transitioning from product-level upgrades (like optical modules, PCBs, switches, and network cards) to overall upgrades at the network architecture level. 4. The focus of network interconnection upgrades is expanding from Scale Out to Scale Up, enhancing both types of networks and increasing single-chip bandwidth [5][81][85]. Summary by Sections Section 1: Market Trends - The demand for computing power is increasingly linked to the number of tokens processed rather than just cloud vendor capital expenditures [5][81]. - The growth of AI models has led to a significant increase in the demand for high-bandwidth, low-latency interconnections, particularly in the context of large-scale AI training [21][25]. Section 2: Product Innovations - New products like Sora and GB200 are driving demand for multimodal inference, with Sora requiring significantly more inference computing power compared to previous models [27][35]. - The report highlights that the performance of new interconnection technologies, such as GB200, is substantially superior to older models, enhancing overall computational efficiency [75][76]. Section 3: Capital Expenditure Trends - Capital expenditures from major cloud service providers (CSPs) are expected to continue increasing, with a notable shift towards AI computing capabilities [35][37]. - The report estimates that the ratio of NVIDIA's data center revenue from cloud vendors to the capital expenditures of five major cloud vendors has increased from 5% in Q1 2023 to approximately 30% by the second half of 2024 [37][38]. Section 4: Investment Opportunities - The report suggests that various interconnection methods, including optical, copper, and PCB connections, are likely to benefit from the anticipated growth in interconnection demand. Key companies identified include: - Optical interconnection: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yuanjie Technology, Changguang Huaxin, Changxin Bochuang, Shijia Photon, Zhizhi Technology, Taicheng Light. - Copper interconnection: Zhaolong Interconnection, Zhongji Xuchuang, Hongteng Precision. - PCB: Shenghong Technology, Jingwang Electronics, Hudian Co., Shengyi Technology [4][90].

Group 1: Market Overview - The A-share market showed mixed performance on July 22, with the Shanghai Composite Index in the red while the Shenzhen Component and ChiNext Index were in the green [1] - Market focus remained on concepts related to the Yarlung Tsangpo River Hydropower Station, optical modules, and major infrastructure projects in the western region [2] Group 2: Yarlung Tsangpo River Hydropower Station - Stocks related to the Yarlung Tsangpo River Hydropower Station continued to be active, with nearly 20 stocks hitting the daily limit up [4] - The investment for the Yarlung Tsangpo River Hydropower Station is approximately 1.2 trillion yuan, significantly higher than other major projects like the Three Gorges Project and the Hong Kong-Zhuhai-Macao Bridge [4] Group 3: Company Performance - China Power Construction Corporation (中国电建) saw its stock price reach 6.15 yuan per share, with a total market capitalization of 1059.41 billion yuan [6] - The company reported a new contract amount of 686.699 billion yuan for the first half of 2025, a year-on-year increase of 5.83%, with the energy and power sector contracts increasing by 12.27% [6] Group 4: Stock Performance Highlights - A total of 42 bank stocks were in the red, with Xiamen Bank dropping over 4% and several others declining by more than 2% [8] - The stock of Upwind New Materials (上纬新材) opened high at 47.85 yuan per share and achieved a 20% limit up, marking its 10th consecutive limit up, setting a new record in the A-share market [12]