Core Viewpoint - The article emphasizes the role of the securities industry in supporting the real economy and fostering new productive forces through innovative financial services, particularly focusing on technology-driven small and medium-sized enterprises (SMEs) [2][4]. Group 1: Strategic Direction and Implementation - The securities industry is aligning with national strategies by focusing on "specialized and innovative" small giants and hard-tech enterprises, providing comprehensive financial services throughout their lifecycle [2][4]. - The company has established a three-in-one collaborative service model of "investment research + investment + investment banking" to support technology finance [3][4]. - High-quality party building and governance mechanisms are being implemented to ensure the execution of strategic plans, including the integration of the "Five Major Articles" into the company's strategic framework [3][4]. Group 2: Achievements and Impact - As of mid-2025, the company has completed 124 recommended listing projects and supported nearly 130 billion yuan in equity financing for enterprises in the Beijing-Tianjin-Hebei region [4]. - The company successfully assisted the "specialized and innovative" small giant enterprise Shuguang Shuchuang in listing on the Beijing Stock Exchange, achieving the fastest approval time of 72 days for a Beijing enterprise in 2022 [4]. Group 3: Investment Focus and Methodology - The alternative investment subsidiary, Shizheng Zefu, has invested in over 10 companies in sectors such as pharmaceuticals and new energy, focusing on small and medium-sized enterprises and technology innovation [5][6]. - Shizheng Zefu has established a systematic service model for new third board investments, addressing financing challenges for small tech enterprises and investing in over 70 startups [5][6]. - The company employs a tiered nurturing and empowerment system, providing tailored investment strategies and post-investment management to support the growth of early-stage technology companies [6][7]. Group 4: Future Plans and Sustainability - The company aims to create a sustainable technology finance service model through a three-tier project management framework, ensuring continuous project reserves and effective support for technology enterprises [7].

Core Insights - The article emphasizes the role of securities firms in supporting technology-based SMEs, highlighting their strategic responsibility in fostering new productive forces [1][2] Group 1: Strategic Direction and Governance - The company focuses on a "technology-oriented investment banking" strategy, targeting national-level specialized and innovative "little giant" enterprises [2] - A comprehensive financial service model is established, integrating research, investment, and investment banking to support the entire lifecycle of enterprises [2] - The company has implemented a governance mechanism that includes a dynamic decision-making process and integrates financial strategies into its five-year plan [2] Group 2: Investment and Support for SMEs - As of mid-2025, the company has completed 124 recommended listing projects and supported 101 listed companies, with 32 of them being innovative layer enterprises [3] - The company has facilitated nearly 13 billion yuan in equity financing for enterprises in the Beijing-Tianjin-Hebei region [3] - The alternative investment subsidiary plays a crucial role in supporting startups, with over 10 companies listed on the Beijing Stock Exchange in 2023 [4] Group 3: Investment Strategy and Market Focus - The investment strategy focuses on high-end manufacturing, fine chemicals, and new-generation information technology, prioritizing specialized and innovative "little giant" enterprises [4] - The company has invested in 12 startups, with 11 of them certified as specialized and innovative or high-tech enterprises [4] - A systematic service model is established for new three-board investments, addressing financing challenges for small and micro technology enterprises [5][6] Group 4: Capital Market Services - The company has developed a tiered nurturing and empowerment system for early-stage technology enterprises, employing a gradual investment strategy [5] - A "listing acceleration plan" is initiated for companies with potential for listing on the Beijing Stock Exchange, providing comprehensive support [6] - The company has created a project management model to ensure sustainable development in technology financial services, focusing on a rolling reserve of projects [6]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected growth exceeding the benchmark index by over 10% [39]. Core Insights - North American optical communication manufacturers have released positive earnings guidance for the upcoming quarter, with Coherent reporting Q1 2026 revenue of $1.58 billion, a 17% year-over-year increase, driven primarily by data center optical communication [14][17]. - Lumentum's Q1 2026 revenue reached $530 million, up 58% year-over-year, with strong demand for 800G and 1.6T high-speed optical modules, leading to anticipated price increases starting in 2026 [15][17]. - Fabrinet reported Q1 2026 revenue of $980 million, a 22% year-over-year increase, with significant growth in the telecom optical communication sector, particularly driven by DCI [16][17]. - The North American AI market demand is expected to grow, with NVIDIA's GB300 shipments boosting demand for 1.6T optical modules, suggesting a strong revenue increase for leading optical module manufacturers in Q4 [17]. - The launch of the ScaleX640 by Zhongke Shuguang at the Wuzhen Internet Conference showcases advancements in domestic ultra-node technology, with a design that significantly enhances cabinet density and cooling efficiency [18]. Summary by Sections Industry Trends - North American optical communication companies are experiencing robust order growth, particularly in the data center segment, with a focus on 800G and 1.6T technologies [14][17]. - The supply of optical chips remains a bottleneck, prompting companies to expand production capacity to meet future demand [14][17]. Company Performance - Coherent's data center business is expected to accelerate growth, with a projected 10% quarter-over-quarter increase in the next quarter [14]. - Lumentum anticipates a 20% quarter-over-quarter revenue growth in the upcoming quarter, excluding certain orders [15]. - Fabrinet expects Q2 revenue to reach approximately $1.1 billion, driven by growth across various segments including traditional telecom and DCI [16]. Market Overview - The overall market saw an increase during the week of November 3-7, 2025, with the Shanghai Composite Index rising by 1.08% and the communication index increasing by 0.92% [19]. - The optical module sector led the weekly gains with a 4.37% increase, indicating strong investor interest [19]. Recommended Companies - Key companies to watch include those in the optical module sector such as Zhongji Xuchuang and Tianfu Communication, as well as domestic ultra-node manufacturers like ZTE and Unisoc [19].

Core Viewpoint - The merger between Zhongke Shuguang and Haiguang Information is a significant event in China's technology industry expected to occur by 2025 [1] Group 1: Merger Details - Zhongke Shuguang will be absorbed by Haiguang Information through a share swap, resulting in the indirect control of Shuguang Data Innovation (Beijing) Co., Ltd. being transferred from Zhongke Shuguang to Haiguang Information [1] - As of November 11, 2025, Shuguang Data Innovation is the only company in Beijing with a market capitalization exceeding 10 billion yuan listed on the Beijing Stock Exchange [1] Group 2: Impact on Shuguang Data Innovation - Shuguang Data Innovation has stated that the merger constitutes an indirect acquisition, requiring Haiguang Information to fulfill a comprehensive tender offer obligation [1] - The tender offer is legally mandated and does not aim to terminate the listing status of Shuguang Data Innovation, ensuring that the company's independent operational status remains unaffected post-merger [1]

曙光数据基础设施创新技术（北京）股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：920808 证券简称：曙光数创 公告编号：2025-092 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 10 日 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 参会单位及人员：通过网络方式参加公司 2025 年三季度报告业绩说明会的 投资者 上市公司接待人员：董事长任京暘先生，董事、总经理何继盛先生，财务总 监、董事会秘书崔鹏洋先生，保荐代表人张善国先生 三、 投资者关系活动主要内容 问题 1：目前大部分新建数据中心都采用冷板液冷，预计浸没相变液冷技术 会在什么时间成为主流散热技术？客户在选择数据中心液冷方案时，主要考虑成 本造价方面还是规划周期因素？ 回答：数据中心选择的冷却方式与单机柜功率有较大相关 ...

Core Insights - As of November 10, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.913 billion yuan, a decrease of 41.6066 million yuan from the previous trading day, marking a continuous decline for five consecutive trading days [1] - The stocks with the highest margin financing balances included Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with latest financing balances of 415 million yuan, 335 million yuan, and 289 million yuan respectively [1] - A total of 124 stocks on the BSE had net margin purchases on November 10, with 33 stocks having net purchases exceeding one million yuan, led by Better Energy with a net purchase of 35.2015 million yuan [1] Margin Financing Overview - The margin financing balance on November 10 was 7.912 billion yuan, down by 41.7603 million yuan from the previous day [1] - The securities lending balance was 662,200 yuan, an increase of 15,370 yuan from the previous day [1] Sector Performance - The sectors with the highest concentration of stocks with net margin purchases exceeding one million yuan were power equipment, machinery, and electronics, with 9, 5, and 4 stocks respectively [2] - On average, stocks with net margin purchases exceeding one million yuan rose by 0.06% on November 10, with notable gainers including Knight Dairy, Huifeng Diamond, and Runpu Food, which increased by 6.43%, 5.23%, and 4.28% respectively [2] Active Stocks - The average turnover rate for stocks with net margin purchases exceeding one million yuan was 3.60% on November 10, with the highest turnover rates seen in Huifeng Diamond, Knight Dairy, and Tianhong Lithium, at 20.43%, 16.25%, and 10.60% respectively [2] - The average daily turnover rate for BSE stocks was 3.81% [2] Notable Stocks with Increased Financing Balances - Better Energy had a financing balance of 289.41 million yuan, with an increase of 35.2015 million yuan, despite a price drop of 1.79% [3] - Other notable stocks with increased financing balances included Tongli Co. and Vision Intelligence, with financing balances of 198 million yuan and 39.11 million yuan respectively [3]

Group 1 - The CPO concept stocks in the A-share market experienced a collective decline, with notable drops in several companies [1] - Shijia Photon fell over 6%, while Dekeli and Jingwang Electronics dropped over 5% [1] - Other companies such as Xinyi Sheng, Kecuan Technology, Zhongji Xuchuang, and others also saw declines exceeding 4% [1] Group 2 - Specific stock performance includes: - Shijia Photon (688313) down 6.18% with a market cap of 31.8 billion and a year-to-date increase of 324% [2] - Dekeli (688205) down 5.49% with a market cap of 14 billion and a year-to-date increase of 27.22% [2] - Jingwang Electronics (603228) down 5.18% with a market cap of 68.6 billion and a year-to-date increase of 156.57% [2] - Xinyi Sheng (300502) down 4.94% with a market cap of 330.5 billion and a year-to-date increase of 304.38% [2] - Kecuan Technology (603052) down 4.92% with a market cap of 6.755 billion and a year-to-date increase of 41.61% [2] - Zhongji Xuchuang (300308) down 4.48% with a market cap of 520.1 billion and a year-to-date increase of 280.91% [2]

Core Viewpoint - A-shares showed mixed performance on November 7, with the ChiNext index slightly rebounding, while sectors like computers and home appliances lagged, and basic chemicals, power equipment, and oil and petrochemicals led the gains [1] Group 1: Market Performance - The three major A-share indices exhibited varied results, with the ChiNext index turning slightly positive [1] - The computer and home appliance sectors were among the biggest decliners, while basic chemicals, power equipment, and oil and petrochemicals saw significant gains [1] Group 2: Sector Highlights - Concept sectors such as lithium battery electrolyte, power batteries, and photovoltaics remained active in the afternoon trading session [1] - The cloud computing 50 ETF (516630) experienced a narrowing decline, currently down nearly 1%, with leading stocks including Shenzhou Information, Deepin Technology, and others [1] Group 3: Communication Sector Insights - CITIC Securities noted that by Q3 2025, the communication sector's revenue and net profit growth rates are expected to improve both year-on-year and quarter-on-quarter [1] - The AI computing power sector is showing strong performance, with public funds and northbound capital's holdings in the communication industry reaching historical highs of 6.87% and 2.82%, respectively [1] Group 4: Valuation Metrics - The current TTM PE for the communication sector is 43.41, positioned at the 96.53 percentile over the past five years and 67.26 percentile over the past ten years [1] - Despite adjustments following the third-quarter reports, the AI computing power sector continues to be recommended, focusing on core companies in both the North American and domestic computing power supply chains [1]

Quantitative Models and Construction Model Name: Market Size Factor Model - **Construction Idea**: The model analyzes the performance of market size factors under different monetary policy cycles, focusing on the advantage of small-cap stocks during a loose monetary environment [9][11][68] - **Construction Process**: 1. Define monetary policy cycles based on the trends of 1-year and 10-year government bond yields. If both yields decline simultaneously, it indicates a loose monetary policy period; if both rise, it indicates a tight monetary policy period. Contradictory signals are ignored, and the previous period's judgment is retained [9]. 2. Divide market size factors into deciles and calculate the long-short net value performance under loose and tight monetary cycles [9][15]. 3. Empirical results show that during loose monetary cycles, the net value of small-cap portfolios outperforms large-cap portfolios, while the opposite is true during tight monetary cycles [9][15]. - **Evaluation**: The model effectively captures the relationship between monetary policy cycles and market size factor performance, highlighting the advantage of small-cap stocks in a loose monetary environment [9][11][68]. --- Quantitative Factors and Construction Factor Name: "Specialized, Refined, Distinctive, and Innovative" (专精特新) Factor - **Construction Idea**: The factor identifies small and medium-sized enterprises with significant competitive advantages in niche markets, characterized by high innovation and quality [12][16][69]. - **Construction Process**: 1. Select companies listed on the Beijing Stock Exchange (BSE) with high proportions of high-tech enterprises and strategic emerging industries [12][16]. 2. Focus on companies categorized as "national-level specialized, refined, distinctive, and innovative small giants" [12][16]. 3. Analyze industry distribution, emphasizing sectors like advanced manufacturing, green energy, and digital economy [12][16][69]. - **Evaluation**: The factor aligns closely with national policies supporting high-quality SMEs, reflecting strong growth potential and policy-driven advantages [12][16][69]. --- Backtesting Results of Models and Factors Market Size Factor Model - **Annualized Return**: Small-cap portfolios outperform large-cap portfolios during loose monetary cycles [9][15]. - **Performance Trend**: Net value of small-cap portfolios shows a steady upward trend under loose monetary conditions [9][15]. "Specialized, Refined, Distinctive, and Innovative" Factor - **Proportion in BSE 50 Index**: Approximately 66% of the BSE 50 Index constituents are categorized as "specialized, refined, distinctive, and innovative" enterprises, significantly higher than other indices [32][69]. - **Sector Concentration**: The factor is highly concentrated in industries like machinery, chemicals, and computing, accounting for nearly 60% of the index weight [29][30][69]. --- Performance Metrics of Related Funds Fund Name: 中加专精特新量化选股A - **Annualized Return (2025)**: 75.56% [56][57]. - **Maximum Drawdown (2025)**: 12.77%, lower than the average of similar funds (15.38%) [56][57]. - **Recovery Days**: 18 days [56][57]. Fund Name: 中加中证A500指数增强A - **Annualized Return (2025)**: 33.50%, higher than the average of similar funds (23.88%) [64][67]. - **Maximum Drawdown**: 11.45%, better than the benchmark index (11.89%) [67]. - **Performance Ranking**: Ranked 14th among 68 similar funds [64][67]. Fund Name: 中加中证500指数增强A - **Annualized Return (2024-2025)**: 33.84%, exceeding the benchmark index by 5.70% [63]. - **Maximum Drawdown**: 11.60%, lower than the benchmark index (16.48%) [63]. - **Sharpe Ratio**: 1.64, higher than the benchmark index (1.30) [63]. - **Calmar Ratio**: 2.94, outperforming the benchmark index (2.00) [63].

Key Insights - The report highlights significant year-on-year revenue growth in Q3, driven by advancements in the semiconductor and AR/VR testing sectors, particularly for companies like Maolai Optics and Junsheng Electronics [4][7] - Companies such as Amazon and Yudong Network have shown resilience in their revenue streams, with Amazon's Q3 revenue reaching $180.2 billion, a 13% increase year-on-year, and Yudong Network's revenue growing by 84.04% in the same period [21][27] - The report indicates a structural shift in the secondary market, with new infrastructure sectors experiencing a favorable market environment despite overall market pressure [18] Group 1: Company Performance - Maolai Optics reported a revenue of 503 million yuan in the first three quarters of 2025, a 34.05% increase year-on-year, with a net profit of 46 million yuan, up 86.57% [4] - Junsheng Electronics achieved a revenue of approximately 154.97 billion yuan in Q3 2025, reflecting a 10.25% year-on-year increase, with a net profit of about 4.13 billion yuan, up 35.4% [7] - Concept Electronics reported a net profit increase of 173.46% year-on-year, with a revenue of 315 million yuan in the first three quarters of 2025 [12] Group 2: Industry Trends - The semiconductor sector is experiencing robust growth, with Maolai Optics reporting that 58.80% of its revenue comes from this field [5] - The report notes a significant increase in new business orders for Junsheng Electronics, with a total of 714 billion yuan in new orders accumulated in the first three quarters of 2025 [9] - The e-commerce sector, particularly Amazon, continues to show resilience, with various revenue streams exceeding expectations, including a 24% increase in advertising service revenue [23][24] Group 3: Future Outlook - Forecasts for Maolai Optics suggest revenues of 673 million yuan, 871 million yuan, and 1.07 billion yuan for 2025-2027, with corresponding net profits of 63 million yuan, 97 million yuan, and 139 million yuan [6] - Junsheng Electronics is expected to achieve revenues of 625.64 billion yuan, 673.16 billion yuan, and 726.56 billion yuan from 2025 to 2027, with net profits projected at 15.39 billion yuan, 18.54 billion yuan, and 21.65 billion yuan [11] - Amazon's revenue is projected to reach $711 billion, $800 billion, and $900 billion for 2025-2027, with net profits of $76.5 billion, $87.9 billion, and $108.9 billion [26]