昨日基金共对17家公司进行调研，扎堆调研冰轮环境、山金国际、太辰光等。 证券时报·数据宝统计，8月20日共18家公司被机构调研，按调研机构类型看，基金参与17家公司的调研 活动，其中，10家以上基金扎堆调研公司共7家。冰轮环境最受关注，参与调研的基金达29家；山金国 际、太辰光等分别获27家、22家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有7家，创业板公司有9家，科创板公司有1 家。所属行业来看，基金调研的公司共涉及9个行业，所属通信、有色金属等行业个股最多，均有3只个 股上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有2家，其中总市值超千亿元的有牧原股 份等，总市值不足100亿元的有6家，分别是速达股份、骏鼎达、长海股份等。 业绩方面，基金调研公司中，15家公司已经公布了半年报，净利润同比增幅最高的是牧原股份、南极 光，净利润增长幅度为1169.77%、982.43%。公布上半年业绩预告的共有1家，业绩预告类型来看，预 增有1只。以净利润增幅中值来看，净利润增幅最高的是广电计量，预计净利润中值为9750.00万元，同 比增幅为22.34%。（数据宝） 8月20日 ...

Group 1: Business Structure and Financial Performance - The company's main products are passive optical devices, active optical devices, and optical sensing products, with passive optical devices accounting for over 90% of revenue [2][4] - The gross margin for Q1 2025 was high due to product structure, but it is not expected to be a norm; Q2 gross margin decreased compared to Q1 due to production line expansion [3][4] - The company has maintained a gross margin of around 30% in recent years and is confident in sustaining this level in the future [3] Group 2: Capacity and Production - The company is expanding capacity significantly by renting new factories domestically and utilizing a production base in Vietnam [4] - The capacity changes disclosed in the semi-annual report do not reflect the true situation due to the variety of products involved [4] Group 3: Market and Trade Impact - The impact of U.S. tariffs on the company is minimal, as the settlement model with major clients is based on FOB, allowing for effective communication and compliance to mitigate tariff effects [5] - The company is optimistic about future development, especially in the context of AI-driven global computing demand [6] Group 4: Research and Development - The company has significantly expanded MT connector capacity and possesses advanced cutting and testing technology, enhancing the competitiveness of its single-mode low-loss MT connectors [7] - Ongoing R&D efforts focus on CPO-related products, including flexible boards and high-core-count connectors, maintaining a leading position in the flexible board sector [8][10] - The company is developing new products such as hollow-core fibers and V-groove products, targeting market-leading technologies and customer needs [11] Group 5: Customer Relations and Market Strategy - The company has a high dependency on its largest customer but maintains a strong supply relationship, aiming to diversify its customer base and product applications [17] - The company emphasizes the use of capital to accelerate development and plans to disclose relevant matters in accordance with regulatory requirements [18] Group 6: Employee Incentives - The company adheres to a principle of shared benefits and plans to continue incentivizing employees who contribute significantly to its success [18]

Group 1 - The core point of the news is that Zhang Yinghua, a director of Taicheng Light, reduced her shareholding by 3,500 shares at an average price of 132.00 yuan, resulting in a transaction amount of 462,000 yuan, leaving her with 8.6185 million shares [1][2]. - Taicheng Light's main business includes research, design, production, sales, and technical consulting of optoelectronic devices and related equipment, as well as domestic trade and import-export business [1]. - As of June 30, 2025, Taicheng Light's revenue from optoelectronic products was 812 million yuan, accounting for 98.02% of total revenue, while other income was 14.9962 million yuan (1.81%) and optical sensing product revenue was 1.4411 million yuan (0.17%) [1]. Group 2 - As of the latest closing, Taicheng Light's total market capitalization is 28.255 billion yuan [3].

截至8月19日收盘，铜缆高速连接概念上涨1.84%，位居概念板块涨幅第7，板块内，31股上涨，兆龙互 连、汇绿生态、金田股份等涨幅居前，分别上涨11.46%、8.54%、7.02%。跌幅居前的有鼎通科技、胜 蓝股份、新亚电子等，分别下跌6.15%、5.19%、4.07%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 2.62 | 兵装重组概念 | -1.86 | | 动物疫苗 | 2.47 | PEEK材料 | -1.35 | | 禽流感 | 2.45 | 中船系 | -1.32 | | F5G概念 | 1.88 | 互联网保险 | -1.11 | | 华为海思概念股 | 1.87 | 中芯国际概念 | -0.82 | | 乳业 | 1.85 | 光刻胶 | -0.74 | | 铜缆高速连接 | 1.84 | 国家大基金持股 | -0.70 | | 智能音箱 | 1.82 | 脑机接口 | -0.64 | | 华为欧拉 | 1.82 | BC电池 | -0.63 | | 共封装光学(CPO) ...

Group 1 - As of August 19, the F5G concept index rose by 1.88%, ranking fourth among concept sectors, with 27 stocks increasing in value, including Cambridge Technology which hit the daily limit, and notable gainers such as Dongtian Micro (up 11.75%), Dekoli (up 8.55%), and Gongjin Co. (up 6.70%) [1][2] - The F5G concept sector saw a net inflow of 1.052 billion yuan from main funds today, with 18 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow. The top net inflow was from Zhongji Xuchuang at 528 million yuan, followed by Hengtong Optic-Electric (294 million yuan), Yihua Co. (238 million yuan), and Taicheng Light (235 million yuan) [2][3] - The stocks with the highest net inflow ratios included Yihua Co. (15.91%), Shanghai Port Group (14.76%), and Chuling Information (13.58%) [3] Group 2 - The top performers in the F5G concept included Zhongji Xuchuang (up 5.96%), Hengtong Optic-Electric (up 3.55%), and Yihua Co. (up 5.60%), with significant trading volumes and turnover rates [3][4] - Notable declines were observed in stocks such as TeFa Information (down 5.57%), XinYa Electronics (down 4.07%), and Sichuan Jiuzhou (down 1.60%), indicating a mixed performance within the sector [5]

Group 1 - The CPO concept stocks in the A-share market continue to rise, with Cambridge Technology hitting the daily limit, and Dekoli and Liantech rising over 9% [1] - Tianfu Communication increased by over 8%, while Jiulian Technology and Taicheng Light rose over 4% [1] - Other companies such as Guangku Technology, Juguang Technology, Hengtong Optic-Electric, and Xinyi Sheng saw increases of over 3% [1] Group 2 - Cambridge Technology (stock code: 603083) experienced a 9.99% increase, with a total market value of 17.4 billion and a year-to-date increase of 60.43% [2] - Dekoli (stock code: 688205) rose by 9.96%, with a market value of 14.4 billion and a year-to-date increase of 30.79% [2] - Liantech (stock code: 301205) saw a 9.22% increase, with a market value of 14.7 billion and a year-to-date increase of 50.12% [2] - Tianfu Communication (stock code: 300394) increased by 8.67%, with a market value of 93.8 billion and a year-to-date increase of 86.02% [2] - Jiulian Technology (stock code: 688609) rose by 4.99%, with a market value of 6.105 billion and a year-to-date increase of 15.19% [2] - Taicheng Light (stock code: 300570) increased by 4.60%, with a market value of 28.6 billion and a year-to-date increase of 75.00% [2] - Guangku Technology (stock code: 300620) rose by 3.98%, with a market value of 25.1 billion and a year-to-date increase of 108.02% [2] - Juguang Technology (stock code: 688167) increased by 3.86%, with a market value of 10.7 billion and a year-to-date increase of 86.81% [2] - Hengtong Optic-Electric (stock code: 600487) rose by 3.05%, with a market value of 45.8 billion and a year-to-date increase of 9.48% [2] - Xinyi Sheng (stock code: 300502) increased by 3.00%, with a market value of 250 billion and a year-to-date increase of 206.03% [2]

| 代码 | 名称 | . | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 603083 | 剑桥科技 | 1 | 9.99 | 174亿 | 60.43 | | 688205 | 德科立 | � | 9.96 | 144亿 | 30.79 | | 301205 | 联特科技 | | 9.22 | 147亿 | 50.12 | | 300394 | 天孚通信 | 策 | 8.67 | 938亿 | 86.02 | | 688609 | 九联科技 | 美 | 4.99 | 61.05亿 | 15.19 | | 300570 | 太辰光 | 美 | 4.60 | 286亿 | 75.00 | | 300620 | 光库科技 | 1 | 3.98 | 251亿 | 108.02 | | 688167 | 炬光科技 | 1 | 3.86 | 107亿 | 86.81 | | 600487 | 草通光电 | 事 | 3.05 | 458亿 | 9.48 | | 300502 | 新易盛 | 4 | 3.00 | 2500亿 | 206. ...

民生证券8月18日发布研报称，给予太辰光（300570.SZ，最新价：121.89元）推荐评级。评级理由主要 包括：1）持续推进国内外扩产，有效满足AI需求高增长；2）前沿领域重点布局，公司有望充分把握 AI发展机遇。风险提示：AI领域发展进度及需求不及预期，行业竞争加剧，CPO等新技术发展不及预 期。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][12]. Core Insights - The company reported significant growth in its 2025 semi-annual results, with revenue reaching 828 million yuan, a year-on-year increase of 62.5%, and a net profit attributable to shareholders of 173 million yuan, up 118.0% year-on-year [3][4]. - The demand for AI-driven products has significantly boosted the company's performance, particularly in integrated passive components like MTP/MPO, which have seen substantial demand growth [4][5]. - The company has effectively expanded its production capacity both domestically and internationally to meet the rising demand for AI-related products, including the establishment of a production base in Vietnam [4][5]. Revenue Breakdown - The company's revenue from exports in the first half of 2025 was 681 million yuan, a 71.2% increase year-on-year, accounting for 82.2% of total revenue, with North America being the largest contributor [4]. - Domestic sales reached 148 million yuan, growing 31.6% year-on-year, representing 17.8% of total revenue [4]. Financial Projections - The company is projected to achieve net profits of 410 million yuan, 631 million yuan, and 876 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE multiples of 66x, 43x, and 31x [5][7]. - Revenue forecasts for the same period are 2,001 million yuan in 2025, 2,930 million yuan in 2026, and 3,929 million yuan in 2027, reflecting growth rates of 45.2%, 46.5%, and 34.1% [7][10]. R&D Focus - The company has maintained a strong focus on R&D, with R&D expense ratios of 6.3%, 5.1%, and 5.1% for the years 2023, 2024, and the first half of 2025, respectively [5]. - The development of proprietary products, such as MPO connectors and optical flexible boards, has positioned the company to capitalize on the growing demand in data centers and AI computing [5].

业绩同比大幅增长，行业需求旺盛。公司公告半年度报告，2025 年上半年营收8.28 亿元，同比增长 62.49%；实现归母净利润1.73 亿元，同比增长118.02%。其中，营收同比大幅增长源于AI 数据中心投入 旺盛，带动订单大幅增长。而净利润增长远高于营收同比增长，主要源于部分关键器件如MT 插芯等实 现了自主研发，替代外购带来了显著的毛利率上升。 重点推动高密度产品，高端开始规模化应用。公司在上半年重点推动了高密度连接产品，其中包括光柔 性版、MDC 连接器等产品已经在数据中心规模化应用，有效适配CPO 技术升级浪潮，带动订单稳定集 成。在基于光纤 Shuffle 的光柔性板层面，公司为多个客户定制化研发光柔性板产品；针对 CPO 技术方 向，公司与国内外多个厂商合作开发基于光柔性板的无源布纤方案；同时，公司聚焦光波导产品的升级 工作，以有效适配高速光模块的需求。 催化剂：CPO 技术加速落地；公司产能持续扩张。 风险提示：行业需求低于预期，行业竞争恶。 本报告导读： 上调盈利预测和目标价，维持增持评级；业绩同比大幅增长，行业需求旺盛；重点推动高密度产品，高 端开始规模化应用。 投资要点： 上调盈利预测 ...