Core Viewpoint - The optical module (CPO) index experienced a 2% increase, with several constituent stocks showing strong performance [1] Group 1: Stock Performance - Cambridge Technology saw a rise of 6.07% [1] - Yuanjie Technology increased by 4.47% [1] - Ruijie Networks rose by 3.72% [1] - Zhongji Xuchuang experienced a 3.56% increase [1] - Shijia Photon grew by 3.28% [1]

Group 1 - The main point of the news is that the net outflow of capital in the Shanghai and Shenzhen markets reached 60.795 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 3.767 billion yuan [1] - A total of 182 stocks on the Sci-Tech Innovation Board saw net inflows, while 416 stocks experienced net outflows [1] - Among the stocks with significant net inflows, Han's Laser (寒武纪-U) led with a net inflow of 1.459 billion yuan, followed by Chipone (芯原股份) and Zhenray Technology (臻镭科技) with net inflows of 388.5 million yuan and 220 million yuan respectively [1] Group 2 - C Jianxin (C健信) had the highest net outflow among stocks listed for five days, with a net outflow of 65.0949 million yuan [2] - There are 37 stocks that have seen continuous net inflows for more than three trading days, with Aolaide (奥来德) leading at 11 consecutive days of net inflow [2] - The stock with the most extended net outflow is Dameng Data (达梦数据), which has seen 16 consecutive days of net outflow [2] Group 3 - The top stocks by net inflow include Han's Laser (寒武纪-U) with 1.459 billion yuan, Chipone (芯原股份) with 388.5 million yuan, and Zhenray Technology (臻镭科技) with 220 million yuan [3] - Other notable stocks with significant net inflows include Zhongxin International (中芯国际) with 191.2 million yuan and Huafeng Technology (华丰科技) with 179.4 million yuan [3] - Stocks with notable net outflows include Shijia Photon (仕佳光子) with 368 million yuan and Lankai Technology (澜起科技) with 364 million yuan [1][3]

证券代码：688313 证券简称：仕佳光子 公告编号：2025-058 河南仕佳光子科技股份有限公司 一、本次交易概述 河南仕佳光子科技股份有限公司（以下简称"公司"或"上市公司"）拟 通过发行股份及支付现金方式购买东莞福可喜玛通讯科技有限公司（以下简称 "福可喜玛"）股权并募集配套资金（以下简称"本次交易"）。本次交易完 成后，福可喜玛将成为上市公司的控股子公司。本次交易预计构成关联交易， 但不构成重大资产重组及重组上市。 二、本次交易进展情况 根据上海证券交易所相关规定，经公司申请，公司股票（证券简称：仕佳 光子，证券代码：688313）于 2025 年 6 月 30 日（星期一）开市起停牌，预计 停牌时间不超过 10 个交易日。具体内容详见公司分别于 2025 年 6 月 28 日、 2025 年 7 月 5 日在上海证券交易所网站（www.sse.com.cn）披露的《关于筹划 发行股份及支付现金购买资产并募集配套资金事项的停牌公告》（公告编号： 2025-029）和《关于筹划发行股份及支付现金购买资产并募集配套资金的停牌 进展公告》（公告编号：2025-030）。 2025 年 7 月 10 日，公 ...

证券代码：688313 证券简称：仕佳光子 公告编号：2025-057 河南仕佳光子科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易事项无法在规定期限内发出召开股东会通知 的专项说明 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 2025 年 7 月 10 日，河南仕佳光子科技股份有限公司（以下简称"公司" 或"上市公司"）召开第四届董事会第六次会议，审议通过《关于公司<发行股 份及支付现金购买资产并募集配套资金暨关联交易预案>及其摘要的议案》等相 关议案。 ● 自本次交易预案披露以来，公司及相关各方积极推进本次交易的相关工 作。截至本公告披露日，本次交易相关的尽调、审计、评估等工作尚未完成， 相关各方尚需就本次交易的交易方案、交易价格、业绩承诺等关键事项进行进 一步沟通。由于前述原因，公司预计无法在首次董事会决议公告日后的 6 个月 内发出召开审议本次交易相关事项的股东会通知。根据《上海证券交易所上市 公司自律监管指引第 6 号——重大资产重组》的相关规定，公司将继续推进本 ...

Core Viewpoint - The company plans to acquire equity in Fokexima through a combination of issuing shares and cash payment, which is expected to constitute a related party transaction but does not qualify as a major asset restructuring or a restructuring listing [1] Group 1 - The company's stock will resume trading on July 11, 2025 [1] - As of December 30, due to incomplete due diligence, auditing, and evaluation, the company is unable to convene a shareholder meeting within the stipulated timeframe [1] - The company will continue to advance the transaction and negotiate details, with a board meeting planned for further review [1] Group 2 - The transaction requires multiple processes to be completed, and there is uncertainty regarding its final implementation [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report emphasizes that 2026 will be a critical year for the commercial release of GPUs and the large-scale deployment of CSP ASICs, leading to a surge in demand for interconnect solutions in data centers. Copper cables are highlighted as the optimal solution for short-distance, low-cost interconnects, while the demand for optical modules is expected to rise significantly due to the increasing GPU deployment [5][54]. Summary by Sections 1. Nvidia - The report details the upgrades in high-bandwidth, low-latency interconnects for Nvidia's Rubin, with a focus on the sixth-generation NVLink and the configuration of NVSwitch chips to achieve a symmetrical bandwidth of 129.6TB/s [10][12]. - The optical module demand ratio for the Rubin NVL144 configuration is projected to reach 1:12 under full CPX configuration, indicating a significant increase in the need for optical components as server clusters expand [16][18]. 2. Google - Google's TPU architecture is discussed, highlighting the use of a 3D Torus topology for high-bandwidth interconnects, with each TPU chip providing a bandwidth of 4.8TB/s [20][23]. - The report outlines the multi-layer network structure supporting the TPU scale-out, which includes 9216 TPU chips and utilizes a combination of TOR and Leaf/Spine switches to manage traffic efficiently [29][30]. 3. Amazon - Amazon's Trainium3 network architecture is characterized by high-density interconnects and flexible scaling capabilities, utilizing PCIe 6.0 technology for efficient communication between chips [32][33]. - The dual-network division (ENA for north-south traffic and EFA for east-west traffic) is designed to support the scaling of AI cluster communications, enhancing overall network performance [35][36]. 4. Meta - Meta's Minerva cabinet is designed for high-speed interconnects, achieving a symmetrical bandwidth of 204.8Tbps through the integration of Tomahawk5 switches and copper backplane technology [37][39]. - The DSF (Disaggregated Scheduled Fabric) network architecture is introduced to address bandwidth bottlenecks and congestion in large-scale AI training environments, featuring a layered design for improved resource utilization [43][48]. 5. Investment Recommendations - The report suggests focusing on the core sectors of optical and copper interconnects, as both are expected to experience significant growth driven by the increasing demand for data center interconnect solutions [54].

Market Overview - The A-share market showed mixed results on December 26, with the Shanghai Composite Index closing at 3963.68 points, up 0.1%, and the Shenzhen Component Index at 13603.89 points, up 0.54% [1] - Total trading volume in the A-share market reached 21812.64 billion yuan, an increase of 2372.04 billion yuan compared to the previous trading day [1] Capital Flow - The main capital outflow in the A-share market was 242.43 billion yuan, with an opening net outflow of 96.61 billion yuan and a closing net outflow of 6.56 billion yuan [2] - The CSI 300 index experienced a net outflow of 54.39 billion yuan, while the ChiNext saw a net outflow of 133.96 billion yuan and the STAR Market had a net outflow of 20.89 billion yuan [4] Sector Performance - The non-ferrous metals sector led with a net inflow of 183.35 billion yuan, marking a 2.35% increase [6] - Other sectors with net inflows included non-bank financials (40.67 billion yuan), power equipment (16.91 billion yuan), steel (8.29 billion yuan), and agriculture, forestry, animal husbandry, and fishery (2.00 billion yuan) [7] Individual Stock Activity - The stock with the highest net inflow was Sungrow Power Supply, attracting 23.72 billion yuan [8] - Institutions showed significant interest in several stocks, with notable net purchases in Aerospace Development (48.18 million yuan) and Demingli (20.50 million yuan) [10][11] Institutional Focus - Recent institutional ratings highlighted several stocks, including Jiu Mining Energy with a target price of 16.27 yuan, indicating a potential upside of 21.15% from its closing price [13]

Market Overview - The A-share market showed mixed performance on December 26, with the Shanghai Composite Index closing at 3963.68 points, up 0.1%, and the Shenzhen Component Index at 13603.89 points, up 0.54% [1] - Total market turnover reached 21812.64 billion, an increase of 2372.04 billion compared to the previous trading day [1] Capital Flow - The main capital in the A-share market experienced a net outflow of 242.43 billion, with an opening net outflow of 96.61 billion and a closing net outflow of 6.56 billion [2] - The CSI 300 index saw a net outflow of 54.39 billion, while the ChiNext index had a net outflow of 133.96 billion and the STAR Market a net outflow of 20.89 billion [4] Sector Performance - The non-ferrous metals sector led with a net inflow of 183.35 billion, showing a rise of 2.35% [6][7] - Other sectors with net inflows included non-bank financials (40.67 billion) and electric power equipment (16.91 billion) [7] - The electronics sector faced the largest net outflow at -173.32 billion, followed by machinery equipment at -86.84 billion and pharmaceuticals at -39.51 billion [7] Notable Stocks - Yangguang Electric Power saw the highest net inflow of 23.72 billion [8] - Institutional buying was noted in several stocks, including Aerospace Development with a net purchase of 481.76 million [11][12]

Market Overview - The communication equipment sector experienced a decline of 0.68% on December 26, with Shijia Photon leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Notable gainers in the communication equipment sector included: - Tongyu Communication (002792) with a closing price of 42.00, up 10.01% [1] - Changjiang Communication (600345) at 36.00, up 9.99% [1] - Yongding Co. (600105) at 25.88, up 9.99% [1] - Conversely, significant decliners included: - Shijia Photon (688313) at 91.19, down 5.46% [2] - Wanlong Optoelectronics (300710) at 65.62, down 5.37% [2] - Lian Te Technology (301205) at 169.40, down 5.04% [2] Capital Flow - The communication equipment sector saw a net outflow of 5.757 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.965 billion yuan [2] - The capital flow for key stocks included: - Yongding Co. (600105) with a net inflow of 5.93 billion yuan from institutional investors [3] - Fenghuo Communication (600498) with a net inflow of 4.48 billion yuan [3] - Tongyu Communication (002792) with a net inflow of 1.55 billion yuan [3]

Group 1 - The top-performing stock is Shengwei New Materials, which surged from 6 to 104, a 15-fold increase, driven by its acquisition by Zhiyuan Robotics, transforming it from a chemical company to a player in the robotics sector [1] - Tianpu Co., Ltd. started at 12 and skyrocketed to 155, marking a 12-fold increase, capitalizing on the trends in automotive intelligence and AI chips [1] - Yushun Electronics rose from 3.5 to nearly 30, an increase of over 8 times, due to a significant restructuring that shifted its focus to data center services [1] Group 2 - Shenghong Technology's stock price jumped from 42 to 309, a rise of over 7 times, benefiting from the booming demand in high-end PCB and automotive electronics [1] - Filinger's stock increased from 4.7 to 32, with a growth of over 6 times, following a change in actual control that sparked market optimism about its future [1] - Dingtai High-Tech's stock surged from 21 to 138, a rise of over 550%, as it specializes in precision components for semiconductor equipment amid an industry expansion [1] Group 3 - Yazhen Home's stock rose from 6 to 40, nearly a 7-fold increase, as the company plans to transition from furniture to mining, creating significant market speculation [2] - Shijia Photonics' stock increased from 16 to 94, approximately a 6-fold rise, driven by the global upgrade of data centers and a surge in demand for optical modules [2] - Haixia Innovation's stock started at 2.8 and peaked at 17, translating to a 6-fold increase, supported by the entry of state-owned capital, enhancing its credibility [2] - Pinming Technology's stock climbed from 24 to 144, nearly a 500% increase, primarily catalyzed by an investment from the AI "national team," which acted as a strong price booster [2]