Zheng Quan Shi Bao·2025-09-21 23:10Core Viewpoint - The technology sector has seen a significant rise in the second half of the year, with two "doubling funds" emerging and several products increasing by over 90% [1][2]. Group 1: Market Performance - The CPO (Optical Module) sector, led by companies like Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication, has shown remarkable stock performance, with increases of 175%, 189%, and 136% respectively from July 1 to the present [2][3]. - Two funds, Chang'an Xinrui Technology Pioneer and Yongying Technology Smart Selection, have achieved returns of 101.49% and 101.13% respectively since July 1, contributing to the emergence of multiple funds with over 90% gains [2]. Group 2: Fund Manager Strategies - Fund managers displayed varied investment strategies in the first half of the year, with some maintaining positions in the optical module sector while others exited early and re-entered later [4]. - The fund "Zhonghang Opportunity Navigation," established in 2023, has consistently held the "easy Zhongtian" stocks in its top ten holdings, resulting in a 97% increase in the second half of the year [4]. Group 3: Industry Outlook - The optical module industry has shown strong performance due to technological upgrades and the transfer of production capacity from Western manufacturers to China, leading to significant profit growth for leading companies [3][6]. - The CPO sector is expected to enter a critical validation and initial mass production phase between 2025 and 2026, with full penetration anticipated after 2029 [3]. Group 4: Valuation and Future Trends - Despite the recent surge in stock prices, some fund managers have indicated potential risks due to high price-to-earnings ratios and market volatility [6][7]. - Long-term growth in the optical module sector is expected to remain robust, with head companies showing strong earnings capabilities and valuations aligning with future growth potential [7].