2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司，通过下单给上游的激光设备公司Lumentum，再经 Lumentum指定模组/组装厂的方式，跳过中间层下单，从而压缩中国模组厂的毛利。 CSP是指大型云服务提供商（Cloud Service Provider），如谷歌、亚马逊、微软、Meta等科技巨头。 这一网络"小作文"，引发市场对光模块龙头企业的担忧，2月11日收盘，中际旭创、新易盛、光库科技等光模块概念股的股价均有不同程度下跌。其 中，"被点名"的中际旭创下跌4.28%。 就此，有投资者问在互动易向中际旭创提问，请董秘尽快出来辟谣。 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司，通过下单给上游的激光设备公司Lumentum，再经 Lumentum指定模组/组装厂的方式，跳过中间层下单，从而压缩中国模组厂的毛利。 CSP是指大型云服务提供商（Cloud Service Provider），如谷歌、亚马逊、微软、Meta等科技巨头。 这一网络"小作文"，引发市场对光模块龙头企业的担忧，2月11日收盘，中际旭创、新易盛、光库科 ...

Group 1 - The core concern raised by investors is that CSPs (Cloud Service Providers) may bypass the company by placing orders directly with upstream suppliers like Lumentum, which could undermine the company's position in the supply chain [2][3] - Following the news, shares of major optical module companies, including the company in question, experienced declines, with the company’s stock dropping by 4.28% [3] - The company responded to investor concerns by clarifying that its business model remains unchanged, stating that CSPs directly place orders with them after rigorous qualification processes, and there is no scenario where CSPs would bypass them [4]

有投资者问，近日有新闻说CSP绕过公司，通过下单给Lumentum上游，再经Lumentum指定模组/组装厂的方式，跳过中间层下单，请董秘尽快出来 辟谣，给投资者以信心。 中际旭创在互动平台表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开发和设计，需要光模块厂商拥有高效的研发技 术能力和成熟的制造工艺、充足的产能和大规模制造与交付能力，且经过CSP客户严格的产品送测、资格认证和审厂后才能成为CSP客户供应链上的 合格供应商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给CSP客户，这个商业模式并没有改变。 不存在所谓的CSP客户下订单给 上游光芯片厂，跳过公司等中间层再转单给光芯片指定的模组/组装厂生产的情形。 小财注： 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司（如中际旭创），通过下单给上游的激光设 备公司Lumentum，再经Lumentum指定模组/组装厂的方式，跳过中间层下单，从而压缩中国模组厂的毛利。CSP是指大型云服务提供商（Cloud Service Provider），如谷歌、亚马逊、微软、Meta等科技巨头。 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-02-11 | 300308 | 中际旭创 | 531.91 | 2.20 | | 1,170.2 华泰证券股份有限 | 金融街证券股份有 | | | | | | | | 公司泰州分公司 | 限公司上海浦东新 | | | | | | | | | 区花园石桥路证券 | | | | | | | | | 营业部 | 2月11日，中际旭创大宗交易成交2.2万股，成交额1170.2万元，占当日总成交额的0.06%，成交价531.91元，较市场收盘价 531.91元持平。 ...

A股三大指数今日涨跌不一，截止收盘，沪指涨0.09%，收报4131.99点；深证成指跌0.35%，收报14160.93点；创业板指跌1.08%，收报3284.74点。 沪深京三市成交额20012亿，较昨日缩量1237亿。 行业板块涨跌互现，玻璃玻纤、能源金属、小金属、贵金属、化纤行业涨幅居前，文化传媒、教育、旅游酒店、航天航空板块跌幅居前。 ↑点击上面图片 加雪球核心交流群 ↑ 个股方面，上涨股票数量超过2000只，60只股票涨停。玻璃玻纤板块大涨，国际复材20cm涨停，宏和科技、再升科技、中材科技、中国巨石、山东 玻纤涨停。能源金属板块走强，格林美涨停。 01 有色金属表现活跃！ 今日受相关期货价格提振，有色金属、稀有金属板块领涨市场。东方钽业、中钨高新、章源钨业涨停，厦门钨业涨7.54%，金钼股份涨7.09%，雅化 集团涨5.47%，华友钴业涨5.45%。 电竞博 已收盘 02-11 15:00:00 北京 2.28万人加自选 10953.33 +288.22 +2.70% 上涨家数 -- 开 10641.70 量 3963.99万手 11047.54 昌 换 2.38% 下跌家数 低 10641.70 ...

Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index rising by 0.09%, while the Shenzhen Component Index fell by 0.35% and the ChiNext Index dropped by 1.08% [2] - Over 3,200 stocks in the market declined, and the trading volume in the Shanghai and Shenzhen markets decreased by 121.3 billion yuan, falling below 2 trillion yuan for the first time in 31 trading days [3] Sector Analysis - The chemical sector has shown strength recently, with the glass fiber concept rapidly rising, while the film and cinema sector experienced a collective decline [2] - The commercial aerospace concept, which had been consolidating, became active following the successful launch of the Long March 10 rocket but weakened in the afternoon [5] - Funds concentrated in cyclical stocks such as non-ferrous metals and chemicals emerged as the biggest winners of the day [7] Price Movements - Prices of rare earth products have significantly increased, with praseodymium-neodymium oxide and neodymium metal prices rising by approximately 50,000 yuan per ton [8] - The price of 65% black tungsten concentrate rose by 48.9% since the beginning of the year, while the price of ammonium paratungstate (APT) increased by 49.3% [8] - The latest data from the National Bureau of Statistics indicated a 22.7% increase in the price of non-ferrous metal mining and selection industries in January 2026 [10] Company Performance - Notable stock performances included Zhongji Xuchuang, which fell by 4.28%, and Xinyi Media, which rose by 5.09% [4] - The non-ferrous metal sector saw significant contributions to the Shanghai Composite Index's performance, with many leading stocks from this sector contributing to the index's rise [10] Market Outlook - Analysts suggest that in the current market environment, maintaining a rapid rotation among various hotspots is crucial for capturing opportunities [6] - The market is expected to become more active after the Spring Festival, with potential strong themes emerging post-holiday [15]

Market Overview - The market experienced fluctuations on February 11, with the ChiNext Index dropping over 1%. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.35% and the Sci-Tech Innovation Index declined by nearly 1%. A total of 2,050 stocks rose, 60 stocks hit the daily limit up, and 3,241 stocks fell [1]. Company-Specific Developments - Both New Yisheng (300502) and Zhongji Xuchuang (300308) saw a decline of approximately 5% due to concerns over a "supply chain restructuring" news screenshot. Investors raised questions about a potential change in order placement, suggesting that CSP clients might bypass these companies by ordering directly from upstream suppliers like Lumentum [2]. - Zhongji Xuchuang clarified on its interactive platform that its business model remains unchanged. The company stated that CSP clients directly place orders with them, which are then manufactured and delivered, negating the possibility of orders being placed upstream to bypass the company [3]. Sector Performance - The fiber optic sector saw a collective surge, with stocks like Shandong Glass Fiber (605006) and China Jushi (600176) hitting the daily limit up [3]. - The non-ferrous metals sector also performed strongly, with companies such as Zhongtung Gaoxin (000657) and Xianglu Tungsten Industry (002842) reaching the daily limit up [4]. - Traditional cyclical sectors, including coal, steel, and cement, showed active performance. Analysts noted a seasonal opportunity for infrastructure projects during the period from the Spring Festival to the National People's Congress, particularly in ten specific sub-sectors [7]. Stock Performance Highlights - Notable stock performances included: - Dongfang Liyu (000962) and Zhongtung Gaoxin (000657) both increased by 10% [5]. - Chemical stocks like Hualitai (001217) and Jihua Group (603980) also reached the daily limit up [6]. - Conversely, the film and entertainment sector faced adjustments, with companies like Hengdian Film (603103) and Jinyi Film (002905) hitting the daily limit down [9].

中际旭创在互动平台表示，光模块产品由光模块厂商按照CSP客户对数据中心网络的需求进行定制化开 发和设计，需要光模块厂商拥有高效的研发技术能力和成熟的制造工艺、充足的产能和大规模制造与交 付能力，且经过CSP客户严格的产品送测、资格认证和审厂后才能成为CSP客户供应链上的合格供应 商。因此，CSP客户会直接下订单给公司，由公司制造后直接交付给CSP客户，这个商业模式并没有改 变。不存在所谓的CSP客户下订单给上游光芯片厂，跳过公司等中间层再转单给光芯片指定的模组/组 装厂生产的情形。 CSP是指大型云服务提供商（Cloud Service Provider），如谷歌、亚马逊、微软、Meta等科技巨头。 这一网络"小作文"，引发市场对光模块龙头企业的担忧，2月11日收盘，中际旭创、新易盛、光库科技 等光模块概念股的股价均有不同程度下跌。其中，"被点名"的中际旭创下跌4.28%。 就此，有投资者问在互动易向中际旭创提问，请董秘尽快出来辟谣。 2月11日，社交媒体网络上广泛流传一张截图，称光模块公司订单路径发生改变，CSP绕过公司（如中 际旭创），通过下单给上游的激光设备公司Lumentum，再经Lumentum指定 ...

Market Overview - The A-share market closed with mixed results on February 11, with the Shanghai Composite Index rising by 0.09% and the Shenzhen Component Index falling by 0.35% [1] - Total trading volume decreased by 123.7 billion yuan compared to the previous trading day, with over 3,200 stocks declining and 2,047 stocks rising [1] Index Performance - Shanghai Composite Index: 4,131.98 (+0.09%) - Shenzhen Component Index: 14,160.93 (-0.35%) - ChiNext Index: 3,284.74 (-1.08%) - Total A-shares: 6,802.42 (-0.15%) [2] Sector Performance - The chemical sector showed strength, with companies like Jihua Group and Taihe New Materials hitting the daily limit [3] - The glass fiber concept surged, with stocks such as Honghe Technology and Shandong Glass Fiber reaching the daily limit [3] - The non-ferrous metals sector was active, with Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [3] - The film and television sector experienced a collective decline, with Hengdian Film and Television hitting the limit down after multiple days of gains [3][4] Notable Stock Movements - Significant declines were observed in the film and television sector, with stocks like Huayi Brothers and Wanda Film dropping by over 10% [4] - Digital currency-related stocks saw a surge, with Yuyin Co. hitting the daily limit, closing at 8.72 yuan per share, up 6.99% [6] Energy Sector Insights - Oil and gas stocks experienced a rebound, with companies like CNOOC Engineering hitting the daily limit [9] - The EIA's short-term energy outlook report revised the Brent crude oil price forecast for 2026 to $58 per barrel, up from $56 [9] Bond Market - Government bond futures mostly rose, with the 30-year main contract up 0.05% to 112.75 yuan [12] Industry Trends - The film market is expected to benefit from the upcoming Spring Festival holiday, with a longer holiday period potentially boosting box office performance [12] - The photovoltaic industry is anticipated to accelerate the replacement of raw materials due to rising silver prices, with leading manufacturers likely to benefit [13]

Market Performance - On February 11, A-shares closed mixed, with the Shanghai Composite Index up 0.09% and the Shenzhen Component Index down 0.35% [1] - Total trading volume decreased by 123.7 billion yuan compared to the previous trading day, with over 3,200 stocks declining and 2,047 stocks rising [1] Sector Performance - The chemical sector showed strength, with Ji Hua Group (603980) achieving four consecutive daily limits, and other stocks like Taihe New Materials (002254) and Baichuan Co. (002455) also hitting daily limits [1] - The glass fiber concept surged, with stocks like Honghe Technology (603256) and Shandong Glass Fiber (605006) reaching daily limits [1] - The non-ferrous metals sector was active, with Xianglu Tungsten Industry (002842) and Zhangyuan Tungsten Industry (002378) performing well [1] - The film and television sector saw a collective decline, with Hengdian Film (603103) hitting the limit down after a strong performance in previous days [1][2] Digital Currency and Technology - Digital currency concepts experienced afternoon volatility, with Yuyin Co. (002177) hitting the daily limit, influenced by news regarding the issuance of stablecoin licenses in Hong Kong [3] - The performance of computing hardware stocks, such as Zhongji Xuchuang (300308) and Xinyi Sheng (300502), was weak [3] Oil and Gas Sector - Oil and gas stocks saw a rebound, with CNOOC Engineering (600583) hitting the daily limit, supported by the EIA's short-term energy outlook predicting higher future oil prices [5] Bond Market - Government bond futures mostly rose, with the 30-year main contract up 0.05% [8] Film Industry Insights - The film market is experiencing a pronounced "Matthew effect," with high-quality films maintaining strong audience acceptance [8] - The upcoming 2026 Spring Festival holiday is expected to provide a favorable window for box office performance [8] - AI video tools are anticipated to empower the film and television industry in the long term, with recommendations to focus on key content producers and leading cinema chains [8] Solar Industry Outlook - In the context of rising silver prices, leading photovoltaic manufacturers are expected to accelerate the replacement of precious metal pastes, leading to increased cost differentiation in the industry [9] - The industry is likely to see a push towards high-efficiency products, with outdated capacities facing elimination pressure [9] - Recommendations include focusing on leading manufacturers in battery components, pastes, and equipment [9]