KAIYUAN SECURITIES·2026-01-21 15:27Group 1: Industry Insights - The silicon photonics industry is experiencing clear trends, with accelerated development in CPO (Co-Packaged Optics) technology. NVIDIA's recent announcements at CES 2026 highlight advancements in supercomputing and optical devices, indicating a growing demand for CPO and related technologies [6][11][12] - The Vera Rubin cabinet features significant technological advancements, including 20 trillion transistors and enhanced memory capacities, which are expected to drive demand for CPO, optical modules, and liquid cooling solutions [6][11][12] - The CPO industry is evolving rapidly, with potential growth in demand for silicon photonics components, including optical engines and related manufacturing processes. Key sectors benefiting from this trend include optical interconnects and passive components [13][14] Group 2: Company Updates - Ji Hong Co., Ltd. (吉宏股份) - Ji Hong Co., Ltd. forecasts a 50%-60% year-on-year increase in net profit for 2025, with expected net profit ranging from 273 to 291 million yuan. The Q4 2025 net profit is projected to be between 57 to 75 million yuan, reflecting strong performance [7][16] - The company's growth is driven by its dual strategy of packaging and cross-border social e-commerce, leveraging AI technology to enhance operational efficiency and expand market reach [17][18] Group 3: Company Updates - Beautiful Pastoral Medical Health (美丽田园医疗健康) - Beautiful Pastoral Medical Health anticipates a net profit growth of no less than 34% for 2025, with expected revenue of at least 3 billion yuan, reflecting a strong resilience and growth potential [8][20] - The company is focusing on a dual growth strategy of internal development and external acquisitions, successfully integrating brands to enhance its market position and operational capabilities [21][22] Group 4: Company Updates - Poly Developments (保利发展) - Poly Developments expects a slight decline in revenue for 2025, with net profit significantly impacted by impairment provisions. However, the company maintains a leading sales position and continues to optimize its land reserve structure [9][25][26] - The company projects a net profit of 1.03 billion yuan for 2025, down 79.5% year-on-year, primarily due to increased impairment losses. Despite this, the company remains optimistic about future performance as low-cost project completions are expected to drive recovery [25][26][27]