Group 1 - The CPO concept stocks in the A-share market experienced a widespread decline, with Tian Tong Co., Ltd. (600330) nearing the limit down, and Cambridge Technology (603083) dropping over 5% [1] - Other companies such as Xin Yi Sheng (300502) and Lian Te Technology fell more than 4%, while Yong Ding Co., Ltd. (600105), Jie Pu Te, and Guang Ku Technology (300620) saw declines exceeding 3% [1] Group 2 - Cambridge Technology (603083) recently released a performance forecast, expecting a net profit attributable to shareholders for the fiscal year 2025 to be between 252 million yuan and 278 million yuan, representing a year-on-year increase of 51.19% to 66.79% [2] - For the first three quarters of 2025, Cambridge Technology's net profit attributable to shareholders was reported at 259 million yuan, indicating that the estimated net profit for Q4 2025 is expected to be between -7 million yuan and 19 million yuan, which is below analysts' consensus forecast of 139 million yuan [2]

Group 1 - The A-share market saw a decline in CPO concept stocks, with Tian Tong Co. nearing the limit down, Cambridge Technology dropping over 5%, and several other companies experiencing declines of more than 3% [1] - Cambridge Technology recently released a performance forecast, expecting a net profit attributable to shareholders of 252 million to 278 million yuan for the fiscal year 2025, representing a year-on-year increase of 51.19% to 66.79% [1] - For the first three quarters of 2025, Cambridge Technology's net profit attributable to shareholders was 259 million yuan, indicating that the expected net profit for Q4 2025 is projected to be between -7 million to 19 million yuan, which is below analysts' consensus forecast of 139 million yuan [1] Group 2 - Tian Tong Co. experienced a decline of 9.67% with a total market value of 14.2 billion yuan and a year-to-date decline of 12.49% [2] - Cambridge Technology's stock fell by 5.32%, with a total market value of 39 billion yuan and a year-to-date decline of 17.70% [2] - New Yi Sheng's stock dropped by 4.25%, with a total market value of 383.7 billion yuan and a year-to-date decline of 10.41% [2]

Core Viewpoint - Guangku Technology has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Group 1: Financial Performance - As of September 30, Guangku Technology achieved a revenue of 998 million yuan, representing a year-on-year growth of 35.11% [2]. - The net profit attributable to the parent company reached 115 million yuan, marking a substantial increase of 106.61% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 191 million yuan, with 82.71 million yuan distributed over the past three years [3]. Group 2: Shareholder and Market Activity - As of January 16, Guangku Technology's stock price increased by 1.94%, with a trading volume of 2.711 billion yuan [1]. - The company recorded a net financing purchase of 15.48 million yuan on January 16, with a total financing balance of 1.481 billion yuan, accounting for 3.93% of its market capitalization [1]. - The number of shareholders increased to 56,000, a rise of 47.33%, while the average number of circulating shares per person decreased by 32.13% to 4,409 shares [2]. Group 3: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include new entrants such as China Aviation Opportunity Leading Mixed Fund and Debon Xinxing Value Fund, indicating increased institutional interest [3]. - Hong Kong Central Clearing Limited, one of the top shareholders, reduced its holdings by 142,500 shares [3].

Core Insights - A total of 43 companies listed on the ChiNext board have released their performance forecasts for 2025, with 22 companies expecting profit increases, representing 51.16% of the total [1] - The overall proportion of companies forecasting positive performance (including profit increases and profit warnings) stands at 55.81% [1] Performance Forecast Summary - Among the companies forecasting profit increases, 9 are expected to see net profit growth exceeding 100%, while 6 companies anticipate growth between 50% and 100% [1] - The company with the highest expected net profit growth is Huisheng Biological, with a median increase of 1355.24% for 2025 [1] - Other notable companies include Zhongtai Co., expecting a median net profit increase of 677.22%, and Chenguang Biological, with a forecasted increase of 301.38% [1] Companies with Significant Profit Increases - The following companies are highlighted for their substantial expected profit increases: - Huisheng Biological (Code: 300871) - 1355.24% increase, latest closing price: 25.52, year-to-date change: 23.11%, industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1] - Zhongtai Co. (Code: 300435) - 677.22% increase, latest closing price: 29.14, year-to-date change: 31.14%, industry: Public Utilities [1] - Chenguang Biological (Code: 300138) - 301.38% increase, latest closing price: 13.78, year-to-date change: 11.04%, industry: Agriculture, Forestry, Animal Husbandry, and Fishery [1] - Lakala (Code: 300773) - 222.00% increase, latest closing price: 32.08, year-to-date change: 12.64%, industry: Non-banking Financial [1] - Other companies with notable increases include Guokai Technology, Chuanjin Nuo, and Jinli Yong, with expected increases ranging from 144.00% to 158.44% [1]

Industry Overview - The patch panel industry is a critical component industry connecting communication, power, and automation equipment, with a market size of approximately 5.791 billion yuan in 2024, representing a year-on-year growth of 6.53% [1][6] - The growth is primarily driven by new infrastructure and digitalization trends, particularly the deployment of 5G networks, data center construction, and the advancement of the industrial internet, creating a stable market increment for patch panel products [1][6] Industry Chain - The upstream of the patch panel industry chain includes raw materials such as copper, steel, stainless steel, engineering plastics, and optical fibers, while the midstream involves the production and manufacturing of patch panels [4] - Downstream applications include data centers, equipment rooms, and floor management rooms, connecting horizontal cables (like twisted pairs and optical fibers) to network devices, facilitating quick connections and supporting fault diagnosis and line changes [4] - Rising copper prices, projected to reach 82,800 yuan per ton by November 2025, pose significant cost pressures on the patch panel industry, as key raw materials are highly dependent on copper [4][5] Market Size - The patch panel industry in China is expected to reach a market size of approximately 5.791 billion yuan in 2024, with a year-on-year growth of 6.53%, benefiting from the new infrastructure and digitalization wave [6][7] Key Companies Performance - Zhejiang Zhaolong Interconnect focuses on high-density wiring solutions, with its SG Matrix series supporting 144 cores, catering to the dynamic expansion needs of data centers. The company reported a revenue of 1.518 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.28% [7] - Shenzhen Zhishang Technology, established in 2009, offers a range of products including MTP/MPO optical fiber jumpers and has reported a revenue of 749 million yuan in the first three quarters of 2025, a year-on-year increase of 3.24% [7] Technological Trends - The industry is witnessing a shift towards intelligent patch panels that integrate high-precision sensors and IoT modules for real-time monitoring and enhanced operational efficiency [9] - The demand for high-speed and fiber-based solutions is accelerating technological iterations, with companies like Zhaolong Interconnect producing 400Gbps high-speed cable components and preparing for 800Gbps capabilities [10] - Prefabricated delivery and modular assembly are becoming mainstream, reducing on-site construction time and error rates, while environmental pressures are driving the adoption of green manufacturing practices [11]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Guangku Technology, which saw a stock price increase of 5.01% to 148.72 CNY per share, with a total market capitalization of 37.058 billion CNY [1] - Guangku Technology, established on November 9, 2000, specializes in the design, research and development, production, sales, and service of optical fiber devices, with its main business revenue composition being 46.91% from optical communication devices, 42.54% from fiber laser devices, 8.68% from lidar light source modules and devices, and 1.87% from other sources [1] Group 2 - Zhonghai Fund has a significant holding in Guangku Technology through its Zhonghai Information Industry Mixed A Fund (000166), which held 20,700 shares as of the third quarter, accounting for 3.67% of the fund's net value, making it the ninth largest holding [2] - The Zhonghai Information Industry Mixed A Fund has a total scale of 65.6878 million CNY and has achieved a year-to-date return of 5.31%, ranking 2639 out of 8838 in its category, with a one-year return of 48.54%, ranking 2474 out of 8089 [2]

Core Viewpoint - The CPO concept stocks in the A-share market experienced significant gains, indicating a positive market sentiment towards this sector [1] Company Performance - Benchuan Intelligent surged over 15% [1] - Guangxun Technology hit the daily limit with a 10% increase [1] - Fenghuo Communication approached the daily limit with a near 10% rise [1] - Ruijie Network increased by 8% [1] - Dekeli and Guangku Technology both rose over 7% [1] - Zhili Fang and Hengtong Light gained over 6% [1] - Changxin Bochuang and Huilv Ecology saw increases of over 5% [1]

Core Insights - Approximately 130 A-share companies have disclosed their performance forecasts for 2025, with around 70 companies expecting positive results, including profit increases and turnaround from losses [2][4]. Company Performance Highlights - **Zhongke Lanyun**: Expected net profit of 1.4 billion to 1.43 billion yuan, a year-on-year increase of 366.51% to 376.51%, driven by strategic investments in high-growth areas like GPU and advanced packaging [4][5]. - **Chuanhua Zhili**: Forecasted net profit of 540 million to 700 million yuan, with a growth rate of 256.07% to 361.57%, supported by optimized marketing strategies and asset structure in logistics and chemical businesses [5]. - **Bai'ao Saitou**: Anticipated net profit of 135 million yuan, reflecting a 303.57% increase, attributed to favorable market conditions [4]. - **Kangchen Pharmaceutical**: Expected net profit of 145 million to 175 million yuan, with a growth of 243% to 315%, due to the absence of goodwill impairment losses in the reporting period [5]. - **Guangku Technology**: Projected net profit of 169 million to 182 million yuan, a growth of 152% to 172%, driven by product innovation and cost control [7]. - **Lixun Precision**: Forecasted net profit of 16.518 billion to 17.186 billion yuan, with a growth of 23.59% to 28.59%, supported by innovations in manufacturing and AI integration [6]. - **Daotong Technology**: Expected net profit of 900 million to 930 million yuan, with a growth of 40.42% to 45.10%, driven by AI-driven services [6]. - **Aibisen**: Anticipated net profit of 240 million to 290 million yuan, reflecting a growth of 105.32% to 148.09%, due to increased R&D investment [7]. - **Chaohongji**: Expected net profit of 436 million to 533 million yuan, with a growth of 125% to 175%, supported by a focus on brand optimization and digital transformation [9]. - **WuXi AppTec**: Forecasted net profit of 19.151 billion yuan, with a growth of approximately 102.65%, including gains from divesting joint ventures [9]. - **Hui Sheng Biological**: Expected net profit of 23.5 million to 27.1 million yuan, indicating a turnaround, driven by market expansion and improved production efficiency [9]. Industry Performance Insights - The electronics, semiconductor, pharmaceutical, and machinery sectors are showing strong performance among listed companies [3].

中信证券股份有限公司 关于珠海光库科技股份有限公司 2025 年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）根据《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》对珠海光库科技股份有限公 司（以下简称"光库科技"、"公司"）进行了 2025 年度持续督导培训，报告如下： 一、本次持续督导培训的基本情况 （一）保荐人：中信证券股份有限公司 （二）保荐代表人：胡彦威、黄子真 二、上市公司的配合情况 保荐人本次持续督导培训的工作过程中，公司积极予以配合，保证了培训工作 的有序进行，达到了良好效果。 1 三、本次持续督导培训的结论 保荐人按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的 有关要求，对公司进行了持续督导培训。 中信证券认为：通过本次培训，公司董事、高级管理人员及相关管理人员对《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规及上市公司募集资金使用及募投项目 建设相关规定有了更全面的了解。本次持续督导培训总体上提高了公司及其董事、 高级管理人员和 ...

Group 1 - Multiple A-share listed companies have disclosed their 2025 performance forecasts, with many reporting significant profit growth, including Shenzhen Zhongke Lanyun Technology Co., Ltd., Whirlpool (China) Co., Ltd., and others, expecting net profits to increase by over 100% year-on-year [1][2] - Zhongke Lanyun expects a net profit of approximately 1.4 billion to 1.43 billion yuan for 2025, representing a year-on-year growth of 366.51% to 376.51% [1] - Whirlpool anticipates a net profit of around 505 million yuan for 2025, with a year-on-year increase of about 150%, driven by technological innovation and increased orders [1] Group 2 - Tianqi Materials, a leader in electrolyte production, forecasts a net profit of 1.1 billion to 1.6 billion yuan for 2025, reflecting a year-on-year growth of 127.31% to 230.63%, attributed to rising demand in the new energy vehicle and energy storage markets [2] - Guangku Technology expects a net profit of 169 million to 182 million yuan for 2025, with a year-on-year increase of 152% to 172%, driven by technological innovation and cost control measures [2] Group 3 - Analysts indicate that the performance changes of listed companies reflect industry prosperity and development trends, particularly in sectors like information technology and healthcare, showcasing a deepening of technology-driven industrial transformation [3] - In a market characterized by structural differentiation, company performance is becoming a key metric for investors to distinguish between genuine growth and speculative themes, with emerging industries shifting from being policy-driven to being driven by both policy and market forces [3]