ZHONGJI INNOLIGHT(SZ:300308) Xin Lang Cai Jing·2025-09-03 06:52Group 1 - The core viewpoint is that the optical module CPO has rebounded strongly, leading the market, with significant gains in related stocks such as Yuanjie Technology and Zhongji Xuchuang [1] - The 5G communication index, which includes optical modules and optical communications, has seen a year-to-date increase of 66.6% and a one-year increase of 115.88% [1] - The optical module industry is transitioning from rapid earnings growth to a phase of valuation enhancement, with leading companies moving from "profit realization" to "value reassessment" [1] Group 2 - The first reason for valuation enhancement is the formation of an AI closed loop, where the computing power industry is evolving into a "computing power investment → commercial monetization → reinvestment" cycle, transforming related businesses into growth engines [2] - The second reason is that new capital is favoring high prosperity and high elasticity industries, with A-share market sentiment improving and daily trading volume exceeding 2 trillion [2] - The third reason is continuous innovation creating barriers for leading companies, as ongoing technological upgrades enhance market space and reshape business models, giving early movers a competitive edge [2] Group 3 - The 5G communication index focuses on key players in the AI computing power hardware and 6G industry, covering over 92% of the electronic, communication, and computer sectors [3] - The current market logic indicates that demand for computing devices in AI infrastructure is rapidly growing, with 5G communication being a significant beneficiary of the abundant capital in the A-share market [4] - The global monetary easing cycle and the ongoing AI-driven industrial cycle are boosting confidence in Chinese AI companies, suggesting that 5G communication may still have growth potential [4]