Group 1 - The company Zhaolong Interconnect is located in Shilin Industrial Zone, Xinshi Town, Deqing County, Zhejiang Province [2]

Group 1: Data Center Short-Distance Transmission Solutions - AOC (Active Optical Cable) is defined as an integrated optical fiber cable with built-in optical transceiver modules at both ends, functioning as a complete product of optical modules, fiber, and connectors, primarily used for interconnection between racks with a transmission distance of up to 100 meters [1][20]. - DAC (Direct Attach Copper) is a passive copper cable without built-in chips, designed for physical connections using copper conductors to transmit electrical signals, mainly used for connections within cabinets, with a very short transmission distance of up to 3 meters due to high-frequency signal attenuation [1][20]. - ACC (Active Copper Cable) integrates a signal driver (Redriver chip) at the receiving end to amplify and equalize the signal, providing a balanced solution in terms of performance, cost, and power consumption [1][20]. - AEC (Active Electrical Cable) is a high-performance active copper cable that integrates a retimer chip at both ends, allowing for more precise signal compensation and extending the transmission distance to 10 meters, filling the gap between DAC and AOC [1][20]. Group 2: AEC Supply Landscape - Major overseas manufacturers in the AEC market include Credo, Amphenol, Broadcom, Molex, and Marvell, with Credo being the global leader and standard setter, supplying to Microsoft and Amazon [4][13]. - Amphenol is recognized as a leading global connector manufacturer and a primary supplier of copper cables to NVIDIA [5][14]. - Domestic leading manufacturers include Wolong Nuclear Materials, which ranks first in domestic revenue for high-speed communication cables and supplies AEC materials to Amphenol, Molex, and TE Connectivity [6][15]. - Other notable domestic players include Shenyu Co., a leader in high-frequency RF coaxial cables supplying AEC materials to Amphenol, and Zhaolong Interconnect, which focuses on high-speed interconnection in data centers [6][16][17]. - Changxin Bochuang is developing a full-stack optoelectronic interconnection solution, supplying AOC, AEC, and MPO through its subsidiary [6][18]. - Xinya Electronics specializes in high-frequency and high-speed data cables, collaborating with Amphenol to develop a new structure copper cable that overcomes traditional manufacturing dependencies [6][19].

Group 1: Superhard Materials Sector - The superhard materials sector experienced a significant surge, with the sector index rising over 6% during trading. Notable stocks included Sifangda, which rose by 19.84%, and Huanghe Xuanfeng, which hit the daily limit [2][3] - Superhard materials, including synthetic diamonds and cubic boron nitride, are critical for high-end manufacturing and advanced technologies in China. They are considered strategic materials essential for national technological progress and industrial security [2] - The market potential for synthetic diamonds is expected to grow significantly, with projections indicating a billion-level growth space by 2025, driven by applications in cutting-edge fields such as nuclear fusion and 6G cooling technologies [2] Group 2: Copper Cable High-Speed Connection Sector - The copper cable high-speed connection sector also saw substantial movement, with Xinke Materials hitting the daily limit and Zhaolong Interconnect rising over 14% [4] - Credo, a leading company in the active copper cable (AEC) sector, reported earnings that exceeded market expectations, with a revenue increase of 272% year-over-year for Q2 of FY2026, reaching $268 million [4][5] - The demand for high-speed data storage in AI systems is increasing, with projections indicating a 45% compound annual growth rate for global AEC sales from 2024 to 2028, highlighting the sector's growth potential [5]

Group 1 - The company currently has a saturated order status and is rapidly advancing the procurement and commissioning of new equipment [2] - The company is actively expanding its workforce in production operations, technical research and development, and quality control to strengthen capacity support [2] - The company's production capacity is in a continuous ramp-up phase [2]

Core Viewpoint - The company, Zhaolong Interconnect (300913), has been deeply engaged in the high-speed transmission field for over a decade, focusing on high-speed cables and connection products that are widely used in AI data centers and cloud computing both domestically and internationally [1] Group 1 - The company emphasizes its commitment to exploring development opportunities and potential collaborations in the fields of artificial intelligence and AI computing power [1]

Core Viewpoint - The A-share market saw a significant rally in computing hardware stocks towards the end of trading, indicating strong investor interest and potential growth in this sector [1] Group 1: Stock Performance - Filin Kesi reached the daily limit up with a 20% increase [1] - Saiwei Electronics surged over 17% [1] - Other companies such as Zhaolong Interconnect, TeFa Information, Shenyu Co., and Dekeli also experienced notable gains [1]

Market Overview - The communication equipment sector experienced a decline of 0.27% on November 27, with Meilixin leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers - Tongyu Communication (002792) saw a significant increase of 10.03%, closing at 21.62 with a trading volume of 576,300 shares and a transaction value of 1.207 billion [1] - LianTe Technology (301205) rose by 9.98%, closing at 134.73 with a trading volume of 196,100 shares and a transaction value of 2.507 billion [1] - Other notable gainers include Taicheng Light (300570) up 7.51%, Guanghetong (300638) up 7.09%, and Cambridge Technology (603083) up 5.95% [1] Underperformers - Meilixin (301307) experienced a significant drop of 11.70%, closing at 35.86 with a trading volume of 257,600 shares and a transaction value of 963 million [2] - Shida Group (600734) fell by 9.92%, closing at 5.54 with a trading volume of 3,512,400 shares and a transaction value of 76.67 million [2] - Other notable decliners include Ruisi Kanda (603803) down 6.35% and Changxin Bochuang (300548) down 3.84% [2] Capital Flow - The communication equipment sector saw a net outflow of 2.31 billion from institutional investors, while retail investors contributed a net inflow of 1.647 billion [2][3] - Notable net inflows from retail investors were observed in companies like Cambridge Technology and Guanghetong, while significant outflows were noted in Meilixin and Taicheng Light [3] Individual Stock Capital Flow - ZTE Corporation (000063) had a net inflow of 787 million from institutional investors, while retail investors saw a net outflow of 337 million [3] - Taicheng Light (300570) had a net inflow of 319 million from institutional investors, with retail investors experiencing a net outflow of 174 million [3] - Cambridge Technology (603083) recorded a net inflow of 238 million from institutional investors and a net inflow of 159 million from retail investors [3]

Core Viewpoint - Zhaolong Interconnect's stock has shown a mixed performance in recent trading, with a slight increase of 2.03% on November 26, 2023, while the company has experienced a year-to-date stock price increase of 4.05% and a significant decline over the past 60 days [1][2]. Financial Performance - For the period from January to September 2025, Zhaolong Interconnect achieved a revenue of 1.518 billion yuan, representing a year-on-year growth of 13.28%. The net profit attributable to shareholders was 138 million yuan, marking a substantial increase of 53.82% compared to the previous year [2]. - Cumulatively, since its A-share listing, Zhaolong Interconnect has distributed a total of 113 million yuan in dividends, with 82.34 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhaolong Interconnect reached 38,100, an increase of 8.59% from the previous period. The average number of circulating shares per shareholder decreased by 7.49% to 6,721 shares [2]. - Among the top ten circulating shareholders, notable changes include an increase in holdings by the Southern CSI 1000 ETF, which now holds 854,000 shares, and a decrease in holdings by Hong Kong Central Clearing Limited, which now holds 790,900 shares [3]. Business Overview - Zhaolong Interconnect, established on August 21, 1995, and listed on December 7, 2020, is located in Deqing County, Huzhou City, Zhejiang Province. The company specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products [1]. - The revenue composition of Zhaolong Interconnect includes: 43.60% from data communication cables of category 6 and below, 20.81% from category 6A and above, 18.04% from specialized cables, 11.62% from connection products, and 5.94% from other sources [1]. Market Position - Zhaolong Interconnect operates within the communication equipment industry, specifically in the segment of communication cables and supporting products. The company is associated with various concept sectors, including switches, machine vision, high-speed connectors, big data, and robotics [1].

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing growth in its business segments, particularly in high-speed cables and optical products, benefiting from the depreciation of the RMB and expanding its overseas market presence [2][3]. Company Overview - Zhejiang Zhaolong Interconnect was established on August 21, 1995, and went public on December 7, 2020. The company specializes in the design, manufacturing, and sales of data cables, special cables, and connection products [7]. - The revenue composition includes: 43.60% from category 6 and below data communication cables, 20.81% from category 6A and above, 18.04% from special cables, 11.62% from connection products, and 5.94% from other sources [7]. - As of September 30, 2025, the company reported a revenue of 1.518 billion yuan, a year-on-year increase of 13.28%, and a net profit attributable to shareholders of 138 million yuan, up 53.82% year-on-year [7]. Market Performance - On November 25, the stock price increased by 2.35%, with a trading volume of 261 million yuan and a turnover rate of 2.08%, bringing the total market capitalization to 15.251 billion yuan [1]. - The company has a significant overseas revenue share of 61.93%, benefiting from the depreciation of the RMB [3]. Product and Technology Development - The company has established itself as a core partner in the active cable (AEC) sector for leading international interconnect solution providers, leveraging its technological expertise in high-speed cable [2]. - Its optical products include fiber optic jumpers, MPO/MTP pre-terminated connectors, and LC fiber optic connectors, primarily serving high-end projects in finance, education, healthcare, and exhibitions, while also expanding into overseas markets [2]. - The company is one of the few in China capable of designing and manufacturing data cables exceeding category 6, 7, and even category 8, meeting the new data transmission demands of the 5G era [2]. Shareholder and Dividend Information - Since its A-share listing, the company has distributed a total of 113 million yuan in dividends, with 82.34 million yuan distributed over the past three years [8]. - As of September 30, 2025, the number of shareholders increased to 38,100, with an average of 6,721 shares held per person, a decrease of 7.49% from the previous period [7].

证券日报网讯 11月24日晚间，兆龙互连发布公告称，公司分别于2025年10月28日、2025年11月14日召 开了第三届董事会第十三次会议及2025年第三次临时股东大会，审议通过了《关于变更公司注册资本及 修订的议案》。近日，公司已办理完成了工商变更登记及《公司章程》备案手续，并取得了浙江省市场 监督管理局换发的《营业执照》。 （文章来源：证券日报） ...