新易盛在互动易回复称，公司表示生产经营情况正常，在手订单充足，结合当前客户需求指引及订单情 况，预计行业将持续保持高景气度。 ...

Market Performance - The market opened high and continued to rise, with the Shanghai Composite Index increasing by 1.41%, the Shenzhen Component Index by 2.17%, and the ChiNext Index by 2.98% [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.25 trillion yuan, an increase of 103.8 billion yuan compared to the previous trading day [2] Sector Performance - The AI application sector saw a collective surge, with stocks such as Ingrity Media, Rongxin Culture, Chinese Online, Haikan Co., and Zhangyue Technology hitting the daily limit [3] - The chemical sector remained active, with stocks like Runtu Co. and Hongyang Co. achieving consecutive limit-ups [4] - The photovoltaic concept also performed well, with GCL-Poly Energy achieving four consecutive limit-ups [4] - The computing hardware sector strengthened collectively, with Tianfu Communication hitting a 20% limit-up and reaching a historical high [5] - The commercial aerospace sector rose, with stocks like Zhongchao Holdings and Dinggu Creative hitting the daily limit [6] Declining Stocks - Oil and gas stocks showed weak performance, with Tongyuan Petroleum and Qianeng Huanxin experiencing fluctuations and declines [7] Individual Stock Highlights - Zhongji Xuchuang had the highest trading volume at nearly 20.6 billion yuan, followed by Xinyi Sheng and Tianfu Communication [8] - Notable individual stock performances include: - Zhongji Xuchuang: Current price 565.99, up 4.81%, trading volume 20.566 billion yuan [9] - Xinyi Sheng: Current price 390.15, up 7.17%, trading volume 18.316 billion yuan [9] - Tianfu Communication: Current price 297.90, up 17.76%, trading volume 16.568 billion yuan [9] - BlueFocus Communication: Current price 19.92, up 5.01%, trading volume 13.017 billion yuan [9]

通信设备 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 净利润高速增长，硅光产品批量出货 ——新易盛(300502)公司点评报告 证券研究报告-公司点评报告 买入(维持) 市场数据(2026-02-06) | 收盘价(元) | 364.06 | | --- | --- | | 一年内最高/最低(元) | 472.00/65.64 | | 沪深 300 指数 | 4,643.60 | | 市净率(倍) | 24.91 | | 流通市值(亿元) | 3,223.46 | | 基础数据(2025-09-30) | | | 每股净资产(元) | 14.61 | | 每股经营现金流(元) | 4.67 | | 毛利率(%) | 47.25 | | 净资产收益率_摊薄(%) | 43.56 | | 资产负债率(%) | 31.99 | | 总股本/流通股(万股) | 99,400.93/88,541.91 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -39% 34% 106% ...

Group 1 - The current funding situation in the A-share market is abundant, with performance improvement and industrial trends providing opportunities for low-cost positioning despite short-term volatility [1] - The core driving forces behind the current market rally and the revaluation of Chinese assets are the reconstruction of international order and the trend of industrial innovation in China, which are expected to continue supporting Chinese asset performance through 2026 [1] - The top five sectors with net inflows include semiconductors, domestic software, military industry, photovoltaics, and large finance [1] Group 2 - In the U.S. stock market, major companies are reporting mixed earnings, with market focus on AI and capital expenditure expectations [3] - Meta's advertising business and AI investments have positively impacted market confidence, leading to a post-market increase of over 10% [3] - The metal mining sector shows strong performance, benefiting from rising commodity prices and capacity release, with approximately 66% of companies in the sector reporting positive earnings forecasts [3] Group 3 - As of now, over half of the annual earnings forecasts for 2025 have been disclosed, with high growth areas primarily in the automotive sector, where over 50% of companies are reporting positive forecasts [5] - The high-end manufacturing sector, particularly in renewable energy-related power equipment, is showing signs of bottoming out, with expectations of gradual recovery in early 2026 [5] - The renewable energy supply chain is undergoing a rebalancing after a period of rapid expansion and adjustment, with inventory digestion nearing completion [5] Group 4 - The overall market trend is strong in the short term, although there is a lack of significant new capital entering the market [7] - The number of stocks that rose significantly outnumbered those that fell, indicating a positive market sentiment [8] - The Shanghai Composite Index is attempting to break through, with expectations of a protective market environment as institutional funds may reduce positions ahead of the holiday [11]

Market Overview - The A-share market experienced a downward trend last week, with major indices declining: CSI 300 down 1.33%, CSI 500 down 2.68%, CSI 1000 down 2.46%, ChiNext 50 down 3.68%, and Sci-Tech 50 down 5.76% [1] - The average daily trading volume in the A-share market was around 2.4 trillion yuan, indicating a decrease in market investment enthusiasm [1] - The market showed rapid rotation characteristics, with commercial aerospace and space photovoltaic sectors being notably active [1] Investment Recommendations - It is suggested to control positions and focus on sectors supported by policies and improving economic conditions, emphasizing the need to select structural opportunities amid rapid market rotations [1] - The ChiNext 50 index, which includes high-weighted assets, is recommended for attention due to its performance supported by earnings [1] ChiNext 50 Index Insights - The ChiNext 50 index serves as a direct financing platform for growth-oriented innovative enterprises in the "three innovations and four new" sectors [1] - The index focuses on four key sectors: information technology, new energy, financial technology, and pharmaceuticals, showcasing a pure technology growth attribute [1] Sector Analysis Technology, AI, and Communication - Information technology accounts for approximately 54% of the ChiNext 50 index, with active segments including optical modules, AI applications, and computing hardware [3] - Despite recent market fluctuations, leading companies in the optical communication sector are expected to benefit from global AI capital expenditure expansion and the mass production of 1.6T optical modules [4] New Energy Photovoltaics - The photovoltaic sector showed structural performance driven by technological iterations and policy support, with significant progress in space photovoltaic technology [4] - The export market for photovoltaic components saw a 58% year-on-year increase in January 2026 to "Belt and Road" countries, with accelerated bidding for large projects in the Middle East and North Africa [4] Pharmaceuticals and Biotech - The innovative drug and CXO sectors are experiencing dual recovery in performance and sentiment, with active License-out transactions indicating global recognition of domestic innovation [5] - The CXO sector is seeing a significant increase in new orders, particularly in clinical CRO and CDMO segments, benefiting from the global trend of regionalized capacity transfer [5] ChiNext 50 ETF Overview - The ChiNext 50 ETF (code: 159949) tracks the ChiNext 50 index, focusing on high-quality leading companies in five major technology sectors: new energy vehicles, biomedicine, electronics, photovoltaics, and internet finance [6] - The ETF has a substantial liquidity with an average daily trading volume of 1.513 billion yuan over the past year, ranking among the top ETFs on the Shenzhen Stock Exchange [6]

今日盘间，硬科技板块迎来强势反弹，这一波上涨主要受多重政策利好催化。双创50ETF（588380）盘 中涨幅一度达到3.78%，截至当前的最新涨幅为3.67%。标的指数成分股中，天孚通信、芯原股份涨超 15%，新易盛、晶合集成涨超6%。 研究机构指出，AI应用落地催生算力需求爆发，光模块、PCB等产业链迎"业绩+估值"双击。随着中长 期资金加速入市，成长板块估值修复空间广阔。而双创50ETF（588380）作为覆盖双创板块的核心工 具，聚焦创业板和科创板的核心资产，精准捕捉人工智能、高端制造等新质生产力核心领域，具备长期 配置价值。 （文章来源：每日经济新闻） 消息面上，2月6日，工信部发布《国家算力互联互通节点建设工作方案》，明确加快算力基础设施建 设；上海亦提出"十五五"期间瞄准智能终端、商业航天等新赛道，全力培育万亿级产业增量，政策红利 持续向科技创新领域倾斜。 ...

Core Viewpoint - The article highlights the significant growth in the AI computing sector, driven by advancements in domestic models and government initiatives aimed at enhancing computing resource efficiency and service levels [3][4]. Group 1: Market Performance - Major indices saw an increase, with AI computing and application sectors leading the gains [1]. - Cloud computing ETFs (159890) and software leader ETFs (159899) both rose over 3% during trading [1]. - Notable stock performances included 360 Technology hitting the daily limit, and Oriental Guoxin rising over 18% [1]. Group 2: Government Initiatives - A recent government notification aims to promote the "1+M+N" national computing interconnection node system, which is expected to enhance the quality of the computing industry and improve the efficiency of public computing resource usage [3]. - The total number of operational computing center racks in the country has increased from 5.2 million to 12.5 million over the past five years, with an annual growth rate of 30% [3]. Group 3: Model Development and Investment - The period leading up to the Spring Festival has seen a surge in the release of domestic AI models, including significant updates from companies like DeepSeek, Alibaba, and Baidu [4]. - ByteDance plans to invest 160 billion yuan in capital expenditures by 2026, while Alibaba is advancing a 3-year plan for 380 billion yuan in AI infrastructure [4]. - The acceleration in model iteration is expected to drive rapid growth in demand for inference-side computing power, with 2026 anticipated to be a pivotal year for domestic super node deployment [5]. Group 4: Industry Outlook - The rapid iteration of domestic models is likely to significantly increase demand for inference-side computing power, benefiting the domestic computing industry [5]. - The cloud computing ETF (159890) tracks major players in the AI infrastructure and application sectors, while the software leader ETF (159899) focuses on key software development companies, both expected to benefit from the ongoing industry trends [5].

Core Viewpoint - The A-share CPO concept stocks have collectively risen, with Tianfu Communication surging 17% to reach a historical high, indicating strong market interest in AI-related investments and the potential for growth in the optical module sector [1] Group 1: Stock Performance - Tianfu Communication's stock price increased by 17%, reaching a historical high [1] - New Yisheng rose over 7%, while Zhongji Xuchuang increased by over 5% [1] - Various AI ETFs, including those from Fuguo, Huaxia, Guotai, Hu'an, Huabao, Dacheng, and Southern, all saw gains exceeding 6% [1] Group 2: ETF Performance - Fuguo's AI ETF increased by 6.69% with a year-to-date return of 13.79% and an estimated scale of 35.19 billion [2] - Huaxia's AI ETF rose by 6.56% with a year-to-date return of 13.74% and an estimated scale of 17.74 billion [2] - Guotai's AI ETF saw a 6.59% increase with a year-to-date return of 13.88% and an estimated scale of 7.28 billion [2] Group 3: Market Dynamics - The optical module sector is experiencing a concentrated chip structure that requires time for optimization and self-correction [3] - Despite being a traditionally slow season, the demand for optical modules shows strong certainty and profitability growth, attracting significant investment [3] - The current concentration of chips indicates a large amount of short-term floating profit, which may lead to increased stock price volatility [3] Group 4: CPO Technology Outlook - There is a notable expectation gap regarding the rapid replacement of pluggable optical modules by CPO technology, primarily due to misinterpretations of developments by companies like Nvidia [4] - The industry fundamentals suggest that CPO and pluggable modules will coexist, with pluggable modules remaining the mainstream demand for the next few years [4] - Leading optical module manufacturers are not excluded from the CPO ecosystem and have established strong barriers in core areas like silicon photonics [4] Group 5: Future Demand Projections - Confidence in future demand for optical modules is increasing, with major CSPs like Amazon, Google, Microsoft, and Meta projected to spend a total of $660 billion on capital expenditures by 2026, a 60% year-on-year increase [5] - The demand for optical modules is expected to maintain a rapid upward trend due to the anticipated growth in AI-related capital investments and the ongoing evolution of chip technology [5] - The overall total cost of ownership (TCO) indicates that optical modules will remain competitive for an extended period, supporting continued growth in related companies' performance [5]

Group 1 - The last week before the Spring Festival saw a rally in sectors such as non-ferrous metals, communications, and media, with the Shanghai Composite Index returning above 4100 points and stabilizing above the 5-day moving average [1] - Major stocks leading the index rebound include Zhongji Xuchuang (300308), Zijin Mining (601899), Xinyi Sheng (300502), and China Merchants Bank [1] - Multiple institutions recommend a "hold through the holiday" strategy, suggesting that the recent global narrative changes impacting market sentiment may be stabilizing, creating a favorable environment for market recovery [1] Group 2 - The current market is experiencing rapid structural rotation, making it risky to chase single industry themes; investors are advised to anchor to broad indices like the CSI 300 [2] - The CSI 300 Index consists of 300 representative securities from the Shanghai and Shenzhen markets, covering major sectors such as technology, cyclical, finance, and consumer [2] - As of now, there are over 30 ETFs related to the CSI 300 Index, with the lowest management fee for the Huaxia CSI 300 ETF at 0.15% per year [2]

Core Viewpoint - The company has become the first globally to release linear pluggable optical modules (LPO) and has successfully implemented this technology into engineering and productization [1] Group 1: Product Development - The company has developed both LPO and NPO, which are linear solutions that connect closely with switching chips on the same PCB, resulting in reduced power consumption, lower latency, and increased port density [1] - The company is collaborating closely with leading global cloud providers on related products [1] Group 2: Technological Advancements - The company has gradually built a technical system that covers various interconnection forms, including traditional pluggable optical modules, LPO, NPO, and CPO [1] - The company continues to accumulate core patents and technological reserves while maintaining deep cooperation with customers [1] Group 3: Competitive Positioning - The company is laying out an industrial ecosystem to establish long-term competitiveness in the field of high-speed optical interconnection [1]