N优迅今日上市，开盘价240.00元，上涨364.58%。 | | 北矿检测 | | | | | 社会服务 | | --- | --- | --- | --- | --- | --- | --- | | 688727 | 恒坤新材 | 2025.11.18 | 14.99 | 71.42 | 286.92 | 电子 | | 301638 | 南网数字 | 2025.11.18 | 5.69 | 32.22 | 261.51 | 计算机 | | 920003 | 中诚咨询 | 2025.11.07 | 14.27 | 9.69 | 194.32 | 建筑装饰 | | 603092 | 德力佳 | 2025.11.07 | 46.68 | 34.98 | 107.67 | 电力设备 | | 603376 | 大明电子 | 2025.11.06 | 12.55 | 17.97 | 386.85 | 汽车 | | 603334 | 丰倍生物 | 2025.11.05 | 24.49 | 30.47 | 169.50 | 基础化工 | | 920009 | 丹娜生物 | 2025.11.03 | 17.10 | 11. ...

中富电路所属申万行业为：电子-元件-印制电路板。所属概念板块包括：CPO概念、光通信、高速连接 器、5G、毫米波雷达等。 截至11月20日，中富电路股东户数2.25万，较上期增加19.96%；人均流通股8515股，较上期减少 16.64%。2025年1月-9月，中富电路实现营业收入13.55亿元，同比增长29.80%；归母净利润2785.39万 元，同比减少10.64%。 分红方面，中富电路A股上市后累计派现9526.27万元。近三年，累计派现6713.53万元。 资金流向方面，主力资金净流入964.20万元，特大单买入541.56万元，占比4.69%，卖出118.75万元，占 比1.03%；大单买入2153.65万元，占比18.67%，卖出1612.25万元，占比13.97%。 中富电路今年以来股价涨131.81%，近5个交易日涨0.27%，近20日涨0.59%，近60日涨51.75%。 今年以来中富电路已经3次登上龙虎榜，最近一次登上龙虎榜为11月24日，当日龙虎榜净买入-5566.55 万元；买入总计3.59亿元 ，占总成交额比13.23%；卖出总计4.15亿元 ，占总成交额比15.28%。 资料显示， ...

新易盛所属申万行业为：通信-通信设备-通信网络设备及器件。所属概念板块包括：激光雷达、CPO概 念、光通信、出海概念、5G等。 截至9月30日，新易盛股东户数15.53万，较上期增加58.46%；人均流通股5700股，较上期减少36.78%。 2025年1月-9月，新易盛实现营业收入165.05亿元，同比增长221.70%；归母净利润63.27亿元，同比增长 284.37%。 分红方面，新易盛A股上市后累计派现7.75亿元。近三年，累计派现4.93亿元。 机构持仓方面，截止2025年9月30日，新易盛十大流通股东中，香港中央结算有限公司位居第一大流通 股东，持股3584.72万股，相比上期减少1472.75万股。易方达创业板ETF（159915）位居第四大流通股 东，持股1875.44万股，相比上期减少311.09万股。华泰柏瑞沪深300ETF（510300）位居第七大流通股 东，持股1690.16万股，相比上期减少72.09万股。易方达沪深300ETF（510310）位居第八大流通股东， 持股1221.39万股，相比上期减少38.07万股。华夏沪深300ETF（510330）位居第九大流通股东，持股 911 ...

研究早观点 2025 年 12 月 19 日 星期五 市场走势 【行业评论】通信：周跟踪（20251208-20251214）-博通财报验证 ASIC 景气度，长 12 甲有望再挑战可回收任务 【山证新材料】PCB 材料行业报告-乘 AI 之风，PCB 材料向高频高速 升级 资料来源：常闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,876.37 | 0.16 | | 深证成指 | 13,053.97 | -1.29 | | 沪深 300 | 4,552.79 | -0.59 | | 中小板指 | 7,902.79 | -1.12 | | 创业板指 | 3,107.06 | -2.17 | | 科创 50 | 1,305.97 | -1.46 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 【今日要点】 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】通信：周跟踪（20251208-2 ...

Core Viewpoint - Yuxun Co., Ltd. (688807) has been listed on the Shanghai Stock Exchange, focusing on the research, design, and sales of optical communication front-end transceiver chips [1][2]. Company Overview - Yuxun Co., Ltd. specializes in optical communication front-end transceiver chips, with products widely used in optical modules, including optical transceiver components, optical modules, and optical terminals [2]. - The application scenarios for the company's products cover access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks [2]. Shareholding Structure - The company's shareholding is relatively dispersed, with no single shareholder holding more than 30% of voting rights, indicating no controlling shareholder [2]. - Ke Binglan directly holds 10.92% of the company's shares and indirectly controls 4.59% of voting rights through his role as the executive partner of Kexun Development, totaling 15.51% of voting rights [2]. - Ke Tenglong, as the executive partner of employee stock ownership platforms, controls 11.63% of voting rights, leading to a combined control of 27.13% of voting rights by Ke Binglan and Ke Tenglong, identifying them as the actual controllers of the company [2]. Fundraising and Project Allocation - The total amount raised from this issuance is 1,033.20 million yuan, with a net amount of 927.69 million yuan after deducting issuance costs (excluding VAT) [2]. - The raised funds will be allocated to the development and industrialization of next-generation access network and high-speed data center chips, research and industrialization of automotive chips, and the development of 800G and above optical communication chips and silicon photonic components [2].

Core Viewpoint - Yuxun Co., Ltd. (688807.SH) has launched its subscription on December 8, with an issue price of 51.66 yuan per share and a subscription limit of 0.45 million shares, reflecting an industry P/E ratio of 60.27 times. The company is recognized as a "national champion" in the optical communication sector, focusing on the R&D, design, and sales of optical communication front-end transceiver chips [1]. Group 1: Company Overview - Yuxun Co., Ltd. specializes in optical communication front-end transceiver chips, with applications in optical modules, access networks, 4G/5G/5G-A wireless networks, data centers, metropolitan area networks, and backbone networks [1]. - Since its establishment in February 2003, the company has developed a comprehensive core technology system in optical communication chip design, achieving breakthroughs in key areas such as integrated transceivers, high-speed modulation, and optoelectronic collaboration [1][2]. - The company has successfully developed and shipped optical communication chips with speeds ranging from 155 Mbps to 100 Gbps and is actively working on new products, including 50G PON transceiver chips and 400 Gbps and 800 Gbps data center transceiver chips [1]. Group 2: Market Position and Innovation - Yuxun Co., Ltd. has driven innovation through independent or leading roles in several major national scientific research projects, successfully overcoming technical barriers in high-speed, high-integration optical communication chip design [2]. - The company ranks first in China and second globally in the market share for products with speeds of 10 Gbps and below for the year 2024 [2]. - Yuxun is expanding its product lineup to include high-value new products for various applications, such as 50G PON transceiver chips for gigabit fixed network access and advanced data center solutions [2]. Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of 339.9 million yuan, 313.1 million yuan, and 410.6 million yuan, respectively, with net profits of 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan [4]. - The company's total assets reached 84.5 billion yuan as of June 30, 2025, with a debt-to-asset ratio of 7.15% for the parent company [4]. - R&D investment as a percentage of revenue was 15.81% for the first half of 2025, reflecting the company's commitment to innovation [4].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by over 10% [1][37]. Core Insights - Broadcom's FY25 Q4 financial report shows revenue of $18.02 billion, a 28% year-over-year increase, with adjusted EBITDA of $12.12 billion, up 34%, both surpassing market expectations. The semiconductor segment generated $11.1 billion, reflecting a 35% growth, driven by AI semiconductor revenue of $6.5 billion, which surged 74% year-over-year. The company has accumulated orders totaling $73 billion, with expectations for revenue to reach $19.1 billion in the next quarter, including a potential doubling of AI chip revenue to $8.2 billion [3][13][14]. Summary by Sections Industry Trends - The communication industry has seen significant market performance over the past year, with a notable increase in orders and revenue from key players like Broadcom. The demand for custom and network chips is rising, with a backlog of orders expected to increase further [2][3][14]. Market Overview - The overall market experienced an increase during the week of December 8-12, 2025, with the Shenwan Communication Index rising by 6.27%. The top-performing sectors included optical cables and modules, with significant gains observed in individual stocks such as Dekeli and Lian Te Technology, which saw increases of 43.66% and 27.67%, respectively [7][16][26]. Future Outlook - Looking ahead to 2026-2027, the market consensus anticipates a substantial increase in the shipment of 800G optical modules, projected to reach over 63 million units, representing a growth of 2.6 times. The development of Scaleup and supporting technologies is expected to drive further growth in the optical communication sector [4][14]. Recommended Companies - The report suggests focusing on specific companies within various segments: - Google Chain: Zhongji Xuchuang, Changxin Bochuang, Huiju Technology, Guangku Technology, Lian Te Technology - Scaleup Optical: Tianfu Communication, Taicheng Light, Shijia Photonics, Guangku Technology, Zhishang Technology, Yuanjie Technology, Changguang Huaxin - Commercial Aerospace: Chaojie Co., Aerospace Power, Sry New Materials, Xinke Mobile, Fenghuo Communication, Tongyu Communication - Satellite Terminals: Haige Communication, Dongzhu Ecology, Mengsheng Electronics, China Satellite, Guobo Electronics, Weijie Chuangxin [7][16].

Group 1 - The core business of the company includes the production and sales of printed circuit boards (50.64%), liquid crystal displays (27.87%), copper-clad laminates (16.91%), and ultrasonic electronic instruments (4.59%) [2] - As of September 30, 2025, the company achieved a revenue of 4.674 billion yuan, representing a year-on-year growth of 10.91%, and a net profit attributable to shareholders of 178 million yuan, with a year-on-year increase of 20.93% [2] - The company has cumulatively distributed 1.148 billion yuan in dividends since its A-share listing, with 215 million yuan distributed in the last three years [3] Group 2 - The company's stock price has increased by 29.74% year-to-date, but has seen a decline of 15.24% over the last five trading days [1] - The company is part of the electronics industry, specifically in the printed circuit board sector, and is associated with concepts such as 5G, optical communication, laser radar, copper-clad laminates, and drones [2] - As of September 30, 2025, the number of shareholders increased by 3.35% to 45,400, while the average circulating shares per person decreased by 3.24% to 11,817 shares [2]

Company Overview - Yunnan Ge Industry Co., Ltd. is located in Kunming, Yunnan Province, and was established on August 19, 1998, with its listing date on June 8, 2010 [2] - The company specializes in the mining, enrichment, purification, and deep processing of germanium, with main products including zone-refined germanium ingots, infrared-grade germanium single crystals, and germanium lenses [2] - The primary application fields for its products include infrared optics and solar cells [2] Financial Performance - For the period from January to September 2025, Yunnan Ge Industry achieved operating revenue of 799 million yuan, representing a year-on-year growth of 58.89% [2] - The net profit attributable to the parent company was 18.15 million yuan, a year-on-year decrease of 38.43% [2] - Cumulative cash dividends since the A-share listing amount to 179 million yuan, with 32.66 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders was 86,500, a decrease of 14.30% from the previous period [2] - The average circulating shares per person increased by 16.69% to 7,549 shares [2] - The top three circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 10.59 million shares, and two ETFs, with one decreasing its holdings by 4,950 shares [3] Market Performance - On December 18, Yunnan Ge Industry's stock price rose by 2.30% to 28.05 yuan per share, with a trading volume of 559 million yuan and a turnover rate of 3.10% [1] - The stock has increased by 48.65% year-to-date, but has seen a decline of 9.28% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on November 7, where it recorded a net buy of -194 million yuan [1]

12月18日，乾照光电盘中上涨2.02%，截至09:56，报24.75元/股，成交10.60亿元，换手率4.75%，总市 值227.78亿元。 分红方面，乾照光电A股上市后累计派现4.08亿元。近三年，累计派现4136.03万元。 资金流向方面，主力资金净流出4203.14万元，特大单买入1.45亿元，占比13.71%，卖出1.86亿元，占比 17.53%；大单买入3.04亿元，占比28.64%，卖出3.05亿元，占比28.79%。 机构持仓方面，截止2025年9月30日，乾照光电十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1586.76万股，为新进股东。南方中证1000ETF（512100）退出十大流通股东之列。 乾照光电今年以来股价涨139.94%，近5个交易日跌2.94%，近20日涨76.53%，近60日涨93.06%。 责任编辑：小浪快报 今年以来乾照光电已经3次登上龙虎榜，最近一次登上龙虎榜为12月1日。 资料显示，厦门乾照光电股份有限公司位于福建省厦门火炬高新区(翔安)产业区翔天路259-269号，成立 日期2006年2月21日，上市日期2010年8月12日，公司主营业务涉及半导 ...