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].

证券代码：301165 证券简称：锐捷网络 公告编号：2025-047 锐捷网络股份有限公司 关于变更 2025 年度审计签字注册会计师及质量控制复核人 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 希格玛会计师事务所（特殊普通合伙）作为公司 2025 年度的审计机构，原 委派林红为项目合伙人、刘波君为签字注册会计师，杨学伟为项目质量控制复核 人，为公司 2025 年度财务报表及内部控制提供审计服务。鉴于刘波君及杨学伟 的工作调整，公司 2025 年度财务报表及内部控制审计签字注册会计师由刘波君 变更为陈玉萍，项目质量控制复核人由杨学伟变更为高靖杰。项目合伙人无变化。 二、本次变更人员的基本情况 （一）基本信息 签字注册会计师：陈玉萍，1997 年成为注册会计师，1994 年起从事上市公 司审计，2024 年开始在希格玛会计师事务所（特殊普通合伙）执业，最近五年 签署和复核了片仔癀、恺英网络、福蓉科技等多家上市公司审计报告。具有丰富 1 的证券业务从业经历和较强的专业胜任能力。 记载、误导性陈述或重大遗漏。 锐捷网络股份有限公司（以下简称"锐捷网络"或"公司"）于 2025 年 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The development and testing industry in China is experiencing rapid technological advancements, particularly in areas such as AI, which is driving innovation and industry transformation [1][6] - Key players like Ruijie Networks and Huawei are adopting collaborative models such as JDM (Joint Design Manufacturing) to enhance product quality and delivery capabilities [5][30] - The industry is evolving towards a comprehensive ecosystem that integrates basic research, engineering development, application exploration, and industrial cultivation [6][24] Summary by Sections Industry Overview - The report aims to analyze the evolution, key technologies, application fields, and future trends of the development and testing industry in China [3] Key Players Analysis - Ruijie Networks utilizes a unique JDM model that emphasizes deep collaboration with clients, optimizing BOM costs and ensuring timely product delivery [5][30] - Huawei's development and testing processes are characterized by cross-departmental collaboration and a comprehensive engineering approach, ensuring product stability and global competitiveness [14][17] Future Development Trends - The development and testing landscape is becoming increasingly diversified, with various technological routes such as superconducting qubits and ion traps being explored [6][24] - The industry is expected to drive transformations across multiple sectors, although it still faces several challenges [6][24] Product Line Analysis - Huawei's product lines, including routers and switches, emphasize protocol consistency, performance, and security compliance, ensuring high-quality end-to-end delivery [19][21] - ZTE's development and testing systems have evolved through stages of standardization, agility, and digital transformation, supporting high-quality delivery and continuous innovation [24][27] Lifecycle Model Analysis - The report compares various software development models, highlighting their core philosophies, advantages, and applicable scenarios, providing a systematic reference for model selection and project management [35] AI-Driven Process Analysis - The integration of quantum hardware and software tools is being emphasized to support the design and execution of quantum algorithms, fostering the development of a leading application ecosystem in the industry [36]

Core Insights - The optical module industry is experiencing a "volume and price increase" development phase due to multiple factors on both supply and demand sides [3] - The leading companies in the optical module sector are actively expanding production to meet the growing demand driven by robust capital expenditure from global cloud providers [3] - The A-share optical module manufacturers are expected to benefit from the ongoing growth in computing power investments and technological advancements [3] Market Performance - On the morning of the 22nd, the optical module CPO remained active, with the ChiNext AI index rising over 2%, led by Changxin Bochuang with a gain of over 12% [1] - The largest and most liquid ChiNext AI ETF (159363) opened high and rose nearly 3%, approaching historical highs with real-time transaction volume exceeding 150 million yuan [1] Investment Opportunities - The first ChiNext AI ETF (159363) is recommended for investment, focusing on leading optical module companies, with over 56% of its holdings in optical modules [4] - The ETF has a significant allocation of over 70% in computing power and over 20% in AI applications, effectively capturing the AI thematic market [4] - As of December 18, the ChiNext AI ETF Huabao (159363) had a scale exceeding 3.7 billion yuan, ranking first among seven ETFs tracking the ChiNext AI index [4]

Market Overview - A-shares experienced a collective rise with nearly 4,500 stocks closing in the green, and the total trading volume in Shanghai and Shenzhen reached 1.73 trillion yuan, an increase of 704 billion yuan from the previous day [1][19][20] - The Shanghai Composite Index has shown three consecutive days of gains, recovering the 10-day and 20-day moving averages, with a key resistance level at approximately 3,912 points [1][19] Economic Indicators - Recent economic data from the US, including November's non-farm payrolls and CPI, along with Japan's central bank raising its target interest rate by 25 basis points to 0.75%, have alleviated external uncertainties for the A-share market [20] - The US CPI data has boosted market confidence, leading to increased expectations for a rate cut by the Federal Reserve in January [20][29] Sector Performance - The chemical sector continues to perform strongly, with the Chemical ETF (516020) rising by 1.75% and attracting over 2 billion yuan in net inflows over the past five trading days [4][20][25] - Key stocks in the chemical sector, such as Zangge Mining and Hangyang Co., saw significant gains, with Zangge Mining increasing by 6.56% [4][23] Investment Trends - The market is shifting focus from external factors to internal dynamics, with a notable interest in sectors benefiting from the "anti-involution" trend, particularly in chemicals and non-ferrous metals [20][22] - The Hong Kong market is also seeing a rebound, with the Hong Kong Internet ETF (513770) experiencing a net inflow of 13.3 billion yuan over the past ten days, indicating strong investor interest [20][30] Future Outlook - Analysts from Zhongyin Securities believe that the A-share market remains in an upward channel, with a transition from policy-driven momentum to profit-driven growth expected [22] - The chemical industry is anticipated to see a marginal improvement in its economic outlook, with supply-demand dynamics expected to stabilize [25][26] - The Hong Kong market is positioned for a rebound, with a focus on technology growth stocks as the market prepares for a potential upward trend [30][31]

Core Viewpoint - The AI industry chain is experiencing a surge in investment sentiment, particularly in optical module stocks, leading to significant gains in related companies and ETFs [1][4][7]. Group 1: Market Performance - Optical module stocks, particularly leading companies like LianTe Technology and XinYiSheng, saw substantial price increases, with LianTe Technology hitting a 20% limit up and XinYiSheng rising over 9% to a new closing high [1][2][7]. - The ChiNext AI ETF (159363) also performed well, rising 5% with a trading volume of 779 million yuan and a net subscription of 162 million units in a single day [2][8]. Group 2: Industry Drivers - The demand for 800G and 1.6T optical modules is expected to grow significantly, driven by the needs of high-performance GPUs from companies like Moer Thread and Muxi Co., which are essential for AI training and inference scenarios [4][9]. - LightCounting predicts that the global optical module market could exceed $37 billion by 2029, with 800G module shipments expected to reach 18-19 million units by 2025, doubling year-on-year [4][9]. Group 3: Future Outlook - The optical module and related supply chain are anticipated to enter a new growth phase, with significant infrastructure investments expected to continue, particularly in North America [10]. - The ChiNext AI ETF is highlighted as a key investment vehicle, focusing on leading optical module companies, with over 70% of its portfolio allocated to computing power and over 20% to AI applications [10].