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]

格隆汇1月13日丨锐捷网络(301165.SZ)在投资者互动平台表示，公司与AMD存在业务合作。2025年6 月，在AMD行业生态合作伙伴大会上，公司与AMD正式宣布升级为战略EPYC生态合作伙伴。其中在 云桌面领域，公司基于AMD EPYC™ 处理器打造的锐捷RG-CS7015云桌面服务器，已广泛应用于教 育、医疗等交互场景。后续公司将持续投入，与AMD在EPYC生态中紧密协作，为更广泛的行业场景提 供领先的联合解决方案。 ...

Group 1 - The CPO concept stocks in the A-share market experienced a widespread decline, with significant drops in several companies [1] - Jingwang Electronics saw a decrease of 4%, while Ruijie Networks, Changxin Bochuang, Hengdongguang, Zhongji Xuchuang, and Xinyi Sheng all fell by over 3% [1] Group 2 - The market capitalization of Jingwang Electronics is 72.8 billion, with a year-to-date increase of 1.15% [2] - Ruijie Networks has a market capitalization of 65.3 billion, with a year-to-date decline of 7.49% [2] - Changxin Bochuang's market capitalization stands at 38.5 billion, with a year-to-date decrease of 7.11% [2] - Zhongji Xuchuang has a market capitalization of 640.1 billion, with a year-to-date decline of 5.57% [2] - Xinyi Sheng's market capitalization is 395.1 billion, with a year-to-date decrease of 7.76% [2]

Group 1 - The core point of the article highlights that Ruijie Networks experienced a decline of 5.26% in stock price, reaching 85.25 yuan per share, with a trading volume of 493 million yuan and a turnover rate of 0.71%, resulting in a total market capitalization of 67.812 billion yuan [1] - Ruijie Networks, established on October 28, 2003, and listed on November 21, 2022, specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions. The revenue composition is as follows: network equipment 87.85%, others 6.12%, network security products 3.19%, and cloud desktop solutions 2.84% [1] Group 2 - From the perspective of the top ten circulating shareholders, E Fund's ETF (159915) reduced its holdings by 351,300 shares in the third quarter, now holding 2.1188 million shares, which accounts for 2.22% of the circulating shares. The estimated floating loss today is approximately 10.0217 million yuan [2] - E Fund's ETF (159915) was established on September 20, 2011, with a current scale of 110.2 billion yuan. Year-to-date returns are 2.86%, ranking 1406 out of 5488 in its category; over the past year, returns are 65.9%, ranking 530 out of 4193; and since inception, returns are 275.83% [2] Group 3 - The fund managers of E Fund's ETF (159915) are Cheng Xi and Liu Shurong. Cheng Xi has a tenure of 9 years and 247 days, with a total fund asset size of 250.121 billion yuan, achieving a best return of 131.04% and a worst return of -67.89% during his tenure [3] - Liu Shurong has a tenure of 8 years and 175 days, managing a total fund asset size of 139.916 billion yuan, with a best return of 194.12% and a worst return of -48.01% during his tenure [3]

周二（12月30日），创业板人工智能指数反弹1%，成份股大面积飘红。AI应用涨幅居前，蓝色光标领 涨7%，易点天下、汉得信息涨超3%。算力方面，协创数据涨超5%，光模块CPO龙头中际旭创涨超 2%，润泽科技、北京君正、锐捷网络等多股涨超1%。 热门ETF方面，流动性突出的创业板人工智能ETF（159363）场内收涨1.12%，收盘价达0.993元创历史 新高，全天成交超5亿元，资金单日净申购3600万份。 2025年复盘看，光模块CPO、AI应用接连发力，双线布局算力+AI应用的创业板人工智能指数持续领 跑。截至12月30日，创业板人工智能指数年内涨幅高达107.21%，已翻倍增长有余，大幅领跑人工智 能、CS人工智、科创AI等同类AI主题类指数！ | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | 年化波动率 | | | --- | --- | --- | --- | --- | --- | | | | | 【区间景日】 文年刊 [[×同居日] 2025-12-30 | [起始交易日期] 本年初 [截止交易日期] 2025-12-30 | | | | | | [車位] %1 | [周期] 周 | | ...

Core Viewpoint - The optical module (CPO) index experienced a 2% increase, with several constituent stocks showing strong performance [1] Group 1: Stock Performance - Cambridge Technology saw a rise of 6.07% [1] - Yuanjie Technology increased by 4.47% [1] - Ruijie Networks rose by 3.72% [1] - Zhongji Xuchuang experienced a 3.56% increase [1] - Shijia Photon grew by 3.28% [1]

Group 1: Key Insights on Xingfu Electronics - The company is backed by Xingfa Group, a leading player in the phosphate chemical and fine chemical industry, ensuring strong supply chain support [8] - It focuses on semiconductor applications, with a complete wet electronic chemical product system, including 60,000 tons of electronic-grade phosphoric acid and 100,000 tons of electronic-grade sulfuric acid, leading the domestic market [8] - The company aims to become a world-class electronic materials enterprise, with ongoing internationalization and diversification strategies [8] Group 2: Key Insights on JD Industrial - JD Industrial is a leading provider of industrial supply chain technology and services in China, with a projected revenue of 20.398 billion yuan and an adjusted net profit of 909 million yuan for 2024 [10] - The company has established a comprehensive digital infrastructure for supply chain management, covering 80 product categories and serving over 11,100 key enterprise clients [10] - The industrial supply chain market in China is vast, with a size of 11.4 trillion yuan in 2024, and JD Industrial holds a market share of 4.1% in the industrial supply chain technology and services market [10] Group 3: Insights on the Coal Industry - The coal industry is experiencing a restructuring due to stricter safety regulations, with a cumulative coal production of 4.402 billion tons from January to November, showing a year-on-year increase of 1.4% [14] - The demand for coal remains stable, with a projected increase in coal consumption in the chemical industry, and the overall coal demand is expected to grow slightly [14] - Investment recommendations include stable high-dividend stocks like China Shenhua and Shaanxi Coal, as well as growth stocks such as TBEA and Huaihe Energy [14] Group 4: Insights on MEMS Sensor Industry - The company is a leading player in high-performance MEMS inertial sensors, with a revenue and net profit CAGR exceeding 38% from 2019 to 2024 [15] - The MEMS technology market is expanding, with applications in consumer electronics, automotive, industrial, and aerospace sectors [16] - The company is actively pursuing new market opportunities, including partnerships in autonomous driving and low-altitude aviation [16] Group 5: Insights on Automotive Industry - The automotive market is seeing a shift towards intelligent and high-end vehicles, with a focus on new energy vehicles and the potential for significant growth in the second-hand car market [24] - Recent data indicates a 9% month-on-month increase in retail sales of passenger vehicles, despite a year-on-year decline [26] - Investment recommendations include companies with strong alpha potential and those benefiting from the ongoing reforms in state-owned enterprises [27]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][10]. Core Insights - The company is a leading provider of ICT infrastructure and solutions, focusing on network equipment, cloud desktops, and network security services. It ranks among the top three in the network equipment and cloud desktop sectors. The data center switch business is a core growth engine, having established stable supply and cooperation relationships with cloud vendors [6][8]. - For the first three quarters of 2025, the company achieved a revenue of 10.68 billion RMB, a year-on-year increase of 27.5%, and a net profit attributable to shareholders of 680 million RMB, up 65.3% year-on-year [6][33]. Financial Data and Profit Forecast - The company’s projected total revenue for 2025-2027 is as follows: - 2025: 15.147 billion RMB - 2026: 18.134 billion RMB - 2027: 21.416 billion RMB - The net profit attributable to shareholders for the same period is projected to be: - 2025: 977 million RMB - 2026: 1.401 billion RMB - 2027: 1.845 billion RMB - The company’s earnings per share (EPS) is expected to grow from 1.23 RMB in 2025 to 2.32 RMB in 2027 [7][9]. Market Dynamics - The global data center switch market is expected to grow significantly, driven by increased capital expenditures from cloud vendors. The market size is projected to reach 36.7 billion USD in 2025 and 42.8 billion USD in 2026, with a year-on-year growth rate of approximately 16.4% [8][63]. - The company has a competitive edge in the white-box switch market, having won bids for next-generation switch products from major cloud vendors like ByteDance, Alibaba, and Tencent [8][11]. Business Model and Technological Positioning - The company has developed a robust business model through JDM (Joint Design Manufacturing) partnerships with leading cloud vendors, enhancing its delivery capabilities and market penetration [10][11]. - The company is well-positioned to benefit from the ongoing transition towards AI-driven data center networks, with significant technological reserves in LPO (Linear Photonic Optimization), NPO (Next-Generation Photonic Optimization), and CPO (Co-Packaged Optics) technologies [8][11]. Competitive Landscape - The report highlights that the market may underestimate the penetration potential of Ethernet switches in Scale-up networks, which are increasingly being adopted by cloud vendors. This shift is expected to create new market opportunities [11][12]. - The company has established significant barriers to entry in the switch industry, particularly in the domestic market, where the complexity of system optimization necessitates deep collaboration with equipment manufacturers [11][12].

Core Viewpoint - The Gigabit Layer 3 switch is a high-performance network device that integrates Layer 2 MAC address switching and Layer 3 IP routing functions, with port speeds reaching gigabit and above, widely used in the core and aggregation layers of local area networks (LANs) [1] Industry Overview - The Gigabit Layer 3 switch market is expected to reach a scale of 22.66 billion yuan in 2024, significantly higher than the overall switch industry growth rate, driven by digital transformation and supportive policies in China [1][12] - The industry has a clear division of labor in its supply chain, with domestic manufacturers gradually achieving self-replacement in core components, focusing on technological upgrades such as 400G ports and silicon photonics integration [1][9] Industry Policies - Recent policies in China, including the "Action Plan for High-Quality Development of Computing Power Infrastructure" and the "Implementation Opinions on Promoting the Construction of a National Integrated Computing Network," have created favorable conditions for the Gigabit Layer 3 switch industry, driving demand in data centers, enterprise networks, and industrial internet [8][9] Industry Chain - The industry chain consists of upstream core components and materials, midstream equipment R&D and manufacturing, and downstream applications in various sectors such as data centers, enterprise networks, and government services [9][10] - The demand for Gigabit Layer 3 switches is driven by the digital transformation of various industries, with data centers being the largest and most technology-driven segment [10][11] Current Development Status - The overall switch market in China is projected to reach 42.36 billion yuan in 2024, with the Gigabit Layer 3 switch segment benefiting from the "East Data West Computing" initiative and the increasing demand for high-reliability, low-latency networking equipment [12][13] Future Development Trends - The Gigabit Layer 3 switch industry is expected to evolve towards intelligent and high-speed technology, localized market scenarios, and green safety development [13] - Key trends include the integration of AI and SDN/NFV technologies for intelligent traffic management, a focus on domestic manufacturers gaining market share, and an emphasis on green and secure product features [14][15]

Core Viewpoint - Ruijie Networks has shown significant stock performance with a year-to-date increase of 64.57%, indicating strong market interest and potential growth in the telecommunications sector [2]. Financial Performance - For the period from January to September 2025, Ruijie Networks achieved a revenue of 10.68 billion yuan, representing a year-on-year growth of 27.50% [3]. - The net profit attributable to shareholders for the same period was 680 million yuan, reflecting a substantial increase of 65.26% year-on-year [3]. Stock Market Activity - As of December 26, Ruijie Networks' stock price rose by 2.02% to 84.16 yuan per share, with a trading volume of 464 million yuan and a turnover rate of 0.71% [1]. - The stock has experienced a 6.79% increase over the last five trading days and a 13.65% increase over the last 20 days, although it has seen a decline of 12.10% over the past 60 days [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 34,200, a rise of 34.36% from the previous period, while the average number of shares held per shareholder decreased by 25.57% to 2,788 shares [3]. - The top circulating shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.24 million shares, with significant changes in other major shareholders noted [4]. Business Overview - Ruijie Networks, established on October 28, 2003, specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions, with network equipment accounting for 87.85% of its revenue [2]. - The company operates within the telecommunications industry, specifically in the communication equipment sector, and is associated with various concepts including optical communication and data centers [2].