7月31日，A股走势分化。截至09:38，沪指跌0.41%，深成指涨0.10%，创业板指涨0.83%。 盘面上，AI硬件股集体走强，中际旭创、新易盛再创历史新高，联特科技、天孚通信、太辰光等跟涨; 液冷服务器概念拉升，英维克涨停，冰轮环境、川环科技等跟涨。下跌方面，军工、有色金属等板块指 数跌幅居前跌幅居前。 展望后市，东方证券认为，当前A股市场呈现持续震荡攀升态势，量能配合较为充沛，市场赚钱效应吸 引增量资金入场，谨慎乐观情绪持续积聚，市场暂时没有转向风险，沪综指3600点附近震荡整固后仍有 潜力拓展上升空间。。 热门板块 1、广发证券：从轮动的角度目前最值得关注的是科创板 广发证券认为，从行业轮动经验来看，周期与金融往往是启动的引擎，而"低位策略+催化"是行业轮动 的重要因素。从7月以来，在指数向上突破的过程中，确实也遵循了这一规律。比如，最近三个月涨幅 靠后的周期风格率先启动，钢铁、建材、建筑、地产、煤炭等前期表现较差的方向在近期反内卷、水电 站建设、城市更新等主题提振下，表现出较强的超额收益。 2、国金证券：仍有"低位资产"值得挖掘 国金证券认为，市场整体接近前高，但当前估值扩张相对于基本面修复的"超 ...

格隆汇7月31日｜A股CPO概念股走强，生益电子涨超10%；中际旭创涨近6%，股价再创历史新高；剑 桥科技、东山精密、太辰光等大涨。 ...

AI硬件股开盘集体走强，中际旭创、新易盛、东山精密、胜宏科技、沪电股份均再创历史新高，联特 科技、天孚通信、太辰光等跟涨。 ...

通过天眼查大数据分析，深圳太辰光通信股份有限公司共对外投资了4家企业，参与招投标项目43次， 知识产权方面有商标信息10条，专利信息75条，此外企业还拥有行政许可43个。 资金流向方面，今日主力资金净流入8594.27万元，占比成交额3.26%。其中，超大单净流入9623.50万 元、占成交额3.65%，大单净流出1029.23万元、占成交额0.39%，中单净流出流出3078.20万元、占成交 额1.17%，小单净流出5516.06万元、占成交额2.09%。 太辰光最新一期业绩显示，截至2025一季报，公司营业总收入3.71亿元、同比增长65.96%，归属净利润 7936.96万元，同比增长149.99%，扣非净利润7821.03万元，同比增长200.50%，流动比率3.752、速动比 率3.011、资产负债率23.52%。 金融界消息 截至2025年7月29日收盘，太辰光（300570）报收于111.21元，上涨5.26%，换手率 12.53%，成交量24.08万手，成交金额26.35亿元。 来源：金融界 天眼查商业履历信息显示，深圳太辰光通信股份有限公司，成立于2000年，位于深圳市，是一家以从事 计算机 ...

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].

资金面上看，两市主力资金全天净流出377.02亿元，今日有10个行业主力资金净流入，煤炭行业主力资 金净流入规模居首，该行业今日上涨6.18%，全天净流入资金27.04亿元，其次是食品饮料行业，日涨幅 为1.73%，净流入资金为21.37亿元。 通信行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002017 | 东信和平 | 9.99 | 4.61 | 16235.67 | | 300394 | 天孚通信 | 0.73 | 5.15 | 11863.91 | | 300570 | 太辰光 | 11.20 | 17.86 | 10635.20 | | 600487 | 亨通光电 | 1.45 | 2.55 | 10426.07 | | 300921 | 南凌科技 | 6.28 | 24.12 | 7374.47 | | 002104 | 恒宝股份 | 6.25 | 40.34 | 7111.94 | | 301205 | 联特科技 | 1.59 | 17.42 | 6921.29 ...

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]