沃尔核材（002130.SZ）12月8日在投资者互动平台表示，公司四季度整体订单情况良好，具体业绩情况 请关注公司后续披露的公告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问三季度营收下降的消费电子线等传统业务，在四 季度是否出现好转？ ...

Investment Rating - The report maintains an "Overweight" investment rating for the electronic industry [1] Core Insights - Credo's revenue exceeded expectations, with a significant year-on-year increase of 272% to reach $268 million in FY26Q2, driven by the explosive demand for interconnect solutions in AI clusters [2] - Marvell's acquisition of Celestial AI for at least $3.25 billion marks a pivotal moment for CPO technology, transitioning from proof of concept to large-scale commercialization [4] - The industry is witnessing a shift towards CPO technology as major players like TSMC, NVIDIA, and AMD accelerate their investments and development efforts [8] Summary by Sections Credo's Performance - Credo's FY26Q2 revenue reached $268 million, a 272% increase year-on-year and a 20% increase quarter-on-quarter, significantly surpassing guidance [2] - The AEC segment is the fastest-growing business, with contributions from major cloud providers increasing [2] - The ZeroFlap series AEC is becoming the standard for interconnects within 7 meters, transitioning from 100G to 200G [2][3] Marvell's Acquisition - Marvell's acquisition of Celestial AI is a strategic move to enhance its position in the optical interconnect market, with the potential for 16Tbps bandwidth and improved energy efficiency [4] - This acquisition is expected to play a crucial role in breaking through bandwidth and memory barriers in data centers [4] Industry Trends - The CPO technology is being recognized as the next-generation optical foundation for AI data centers, with significant investments from leading semiconductor companies [8] - The transition from "pluggable" to "co-packaged" optical interconnects is seen as a definitive path to overcoming physical limits of Moore's Law [8]

（文章来源：证券日报） 证券日报网讯 12月5日，沃尔核材在互动平台回答投资者提问时表示，公司始终秉持开放的态度积极与 各类投资者保持沟通，关注产业链的发展动态，寻求有利于公司长远发展的合作机会。 ...

（文章来源：证券日报） 证券日报网讯 12月5日，沃尔核材在互动平台回答投资者提问时表示，根据相关行业研究数据显示， 2024年度公司直流充电枪的营业收入位居国内同行业首位；此外，公司属于行业内最早研发大功率液冷 充电枪的企业之一，公司的大功率液冷充电枪也已实现量产，该产品的最大充电电流为1000A，最大电 压等级为直流1500V。公司将持续完善液冷、风冷等大电流充电枪产品序列，巩固国标直流充电枪的市 场领先地位；同时，加大欧标、美标充电枪产品的市场布局，进一步拓展国际市场。 ...

证券日报网讯 12月5日，沃尔核材在互动平台回答投资者提问时表示，公司高度重视市值管理，将持续 提升经营业绩、增强可持续盈利能力作为公司核心目标，致力于以更好的业绩回馈投资者；同时，公司 也将在严格遵守信息披露相关法律法规的基础上，持续优化市值管理工作，向市场传递公司价值。 （编辑 楚丽君） ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：谷歌最近通过TPU集群实现了超越，据查TPU相对英伟 达GPU需要用更多的高速铜缆也就是贵公司的高速通信线，TPU这种分布式架构需要用更多铜缆实现机 架之间的连接，这无疑说明谷歌对铜缆的需求远超英伟达！而贵公司作为高速铜缆的国内外都领先的企 业，应该深度受益谷歌的发展。请问前面的分析或理解是否正确，公司拥有的业内最前沿的单通道 224G铜链接产品是否有供应谷歌了？ 沃尔核材（002130.SZ）12月5日在投资者互动平台表示，公司的高速通信线具有出色的高频性能、耐弯 折、低成本、高可靠性和完善的产业链配套等优势，处于产业链上游，通过国内外连接器行业领先客户 最终供应给国际、国内各大服务器厂商终端使用。 ...

Core Viewpoint - The company is positioned to lead the domestic market in direct current (DC) charging gun revenue in 2024, with a focus on high-power liquid-cooled charging technology and international market expansion [1]. Group 1: Business Highlights - The company is one of the earliest developers of high-power liquid-cooled charging guns, which have already entered mass production [1]. - The maximum charging current of the company's liquid-cooled charging gun is 1000A, with a maximum voltage level of DC 1500V [1]. Group 2: Market Position and Future Outlook - The company aims to strengthen its market leadership in national standard DC charging guns by continuously improving its product lineup, including liquid-cooled and air-cooled high-current charging guns [1]. - The company plans to increase its market presence for European and American standard charging guns, further expanding its international market reach [1].

格隆汇12月4日丨沃尔核材(002130.SZ)在投资者互动平台表示，公司的高速通信线主要应用于数据中心 场景，是传输高速通信信号的铜缆产品，该类线缆采用高速平行对结构设计，具备较高测试频率，高达 几十G赫兹，能够充分满足数据中心场景下的高速信号传输需求。公司高速通信线的盈利性较好，目 前，单通道224G高速通信线仍然是大规模量产的最高单通道速率产品，且公司已完成下一代单通道 448G高速通信线样品的开发工作，已交给重点客户验证中。 ...

Core Insights - The rise of high-speed copper cables is driven by increasing AI computing power demands and the need for efficient interconnects in server clusters [1][2] - NVIDIA's introduction of the GB200 cabinet, utilizing 5000 NVLink copper cables, highlights the cost-effectiveness of copper over optical modules, saving six times the cost [1] Industry Overview - The high-speed copper cable market is experiencing rapid growth due to the urgent demand for high-speed interconnects in AI data centers [2] - The main connection solutions in AI data center networks include optical modules with fiber, active optical cables (AOC), and direct attach copper (DAC) cables [4][5] Company Positioning - Wolong Materials has successfully captured a significant market share, achieving 24.9% in the global high-speed copper cable market, making it the second-largest globally and the largest in China [3][4] - The company has a strong technological foundation, having expanded into high-speed communication products through the acquisition of Le Ting Zhi Lian in 2013 [8] Competitive Landscape - The global copper cable connector market is highly concentrated, with major players like Amphenol and Molex holding significant market shares of approximately 40% and 20%, respectively [10] - Wolong Materials is positioned as a key supplier of core wire materials to downstream connector manufacturers, which assemble complete high-speed copper cable connectors for end users [9] Technological Advantages - Wolong Materials is a pioneer in mass-producing 224G communication lines, which are currently the most advanced products in the market, and is developing 448G samples for key clients [12] - The company has a competitive edge due to its access to specialized production equipment, particularly the Rosen Tai foaming machine, which is critical for high-speed copper cable production [15][17] Production Capacity and Expansion - Wolong Materials is aggressively expanding its production capacity to meet the surging demand driven by AI, with significant capital expenditures planned [18][21] - The company has secured multiple industrial land plots for production expansion and is increasing its manufacturing equipment, including foaming and winding machines [17][18] Future Outlook - The demand for high-speed copper cables is expected to grow further as AI hardware continues to evolve, positioning Wolong Materials favorably in the market [21] - The company's strategic focus on technology, equipment control, and global capacity expansion is likely to strengthen its competitive position in the high-speed copper cable market [21]

截至2025年12月4日 10:24，中证500质量成长指数下跌0.16%。成分股金诚信领涨，双环传动、长城证券跟涨；沃尔核材领跌，水晶光电、蓝晓科技跟跌。 500质量成长ETF(560500)下修调整。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体 的投资建议，投资方向、基金具体持仓可能发生变化，投资需谨慎） 消息方面，美东时间12月4日，美国铝业公司大涨6.37%，凯撒铝业涨5.89%，麦克莫兰铜金涨3.63%。国际铜价北京时间12月3日再创新高，LME铜涨2.7%， 沪铜期货主力合约站上9万元/吨大关。伦敦金属交易所（LME）的数据显示，其追踪的仓库的铜提货申请量激增50,575吨，达到56,875吨。这是按吨数计， 2013年以来的最大增幅。 随着美联储12月降息预期升温，中信期货分析指出，由于原料端延续偏紧局面，并逐步往冶炼端传导，铜铝锡再度出现供应扰动担忧。中短期，宏观面预期 正面+供应扰动担忧，有色再度出现向上驱动。另一方面，叠加AI投资浪潮带动的实物需求释放，铜铝锡等金属凭借在电子产业链中的基础地位也成为不可 或缺的关键资源。 中金公司 ...