Group 1 - The core viewpoint of the article highlights that the three leading companies in the A-share CPO concept, "Yizhongtian," have released their 2025 performance forecasts, showing significant increases in net profits [1] - Relevant institutions indicate that overseas cloud vendors maintain an optimistic outlook on capital expenditures and guidance in the AI sector, suggesting that growth in capital expenditures will continue into next year [1] - Historical trends suggest that the market often underestimates the annual growth rate of cloud vendors' capital expenditures at the beginning of the year, leading to discrepancies in expectations [1] Group 2 - In terms of fundamentals, NVIDIA is set to launch the Rubin architecture in 2026, with accompanying optical modules upgraded to 1.6T; by 2027, a new trend of "optical modules in cabinets" is expected to emerge [1] - The market size for in-cabinet optical modules is projected to be 4-5 times larger than that of the out-of-cabinet market, indicating substantial growth potential [1] - Analysts have high expectations for the shipment volume of optical modules in 2026, which may lead to a supply-demand imbalance in the industry [1] Group 3 - The communication ETF (515880) has been the top performer in 2025, with an annual increase of 125.81%, making it the highest in the market [1] - Not only does the communication ETF (515880) show impressive growth, but it also holds the largest scale among its peers, with over 46% of its content in optical modules and nearly 20% in servers as of December 31, 2025 [1] - This ETF represents the fundamental strength of overseas computing power and remains a preferred choice in a favorable market environment, warranting continued attention [1]

2026.02.02 本文字数：1695，阅读时长大约3分钟 作者 |一财阿驴 11:31 A股午盘丨三大指数均跌超1% 截至午间收盘，上证指数跌1.32%，深成指跌1.41%，创业板指跌1.18%。科创综指跌2.28%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Va | 4063.54 | -54.41 | -1.32% | | 399001 | 深证成指 | Vin | 14006.25 | -199.65 | -1.41% | | 399006 | 创业板指 | w/m/ | 3306.94 | -39.41 | -1.18% | | 000680 | 科创综指 | Villa | 1790.74 | -41.82 | -2.28% | 盘面上，黄金、基本金属现跌停潮，油气、煤炭、化工、钢铁跌幅靠前；农业、半导体、房地产跌幅明 显。特高压概念股逆势上涨，白酒、培育钻石、AI应用题材活跃。 | 板块名称 | 涨幅金 | 涨速 | | --- | --- | --- | ...

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index falling by 1.32% to 4063.54, the Shenzhen Component Index down 1.41% to 14006.25, and the ChiNext Index decreasing by 1.18% to 3306.94 [4][11] - The total trading volume in the Shanghai and Shenzhen markets reached 1.64 trillion yuan, a decrease of 290.4 billion yuan compared to the previous trading day, with approximately 3500 stocks declining [5][6] Sector Performance - The gold and base metals sectors faced significant sell-offs, with many stocks hitting the daily limit down. Notable declines included Hunan Gold and Western Gold, both down by 10% [9][10] - The oil, gas, coal, chemicals, and steel sectors also reported substantial losses, contributing to the overall market downturn [11] - Conversely, the ultra-high voltage concept stocks showed resilience, with some sectors like white liquor and AI applications experiencing active trading [4][8] Notable Stocks - The National Investment Silver LOF resumed trading and hit the daily limit down, with a narrowed premium rate of 43.8% [6] - New Yi Sheng's stock surged over 10%, reaching a historical high, with a projected net profit for 2025 estimated between 9.4 billion to 9.9 billion yuan, reflecting a year-on-year growth of 231.24% to 248.86% [8] - The electric power equipment sector saw gains, with stocks like Shun Sodium and Baiyun Electric hitting the daily limit up, driven by the global AI computing power construction boom [8] International Market Influence - International gold and silver prices experienced significant declines, with gold prices dropping to 4605.53 USD per ounce, marking one of the largest single-day drops in decades [17][9] - The Chinese yuan depreciated against the US dollar, with the central bank's midpoint rate reported at 6.9695, a decrease of 17 basis points [16]

Group 1 - The A-share market showed mixed performance on February 2, 2026, with the optical module sector opening high and the ChiNext Growth ETF (159967) rising by 1.07% [1] - On January 30, Zhongji Xuchuang and Xinyi Sheng both released their 2025 earnings forecasts, reporting impressive performances with net profits exceeding 9 billion [1] - The three leading companies in the A-share CPO concept—Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication—have all announced significant increases in net profits for 2025 [1] Group 2 - CITIC Securities believes that the AI industry remains highly prosperous, and optical modules, as core components of computing networks, will directly benefit from this trend [1] - There is a substantial increase in capital expenditure from overseas cloud vendors, leading to strong demand for optical modules, while technological iterations (such as NPO and CPoE) will further solidify the advantages of leading companies [1]

黄金、有色金属板块大面积跌停。 09:33 CPO概念反复活跃，新易盛涨超10%，续创历史新高，总市值突破4600亿，腾景科技、德科立、长飞光纤等跟涨。消息面上，新易盛公 告，预计2025年度净利润为94亿元至99亿元，同比增长231.24%至248.86%。 09:31 电网设备板块逆势走强，顺钠股份、白云电器、三变科技涨停，亿能电力、新特电气、保变电气、双杰电气涨幅靠前。消息面上，当 前，全球AI算力建设进入爆发期，电力设备变压器正升级为算力基础设施的核心。在广东、江苏等地，大量变压器工厂已经处于满产的状 态，其中部分面向数据中心的业务订单都排到了2027年。 09:26 黄金、有色金属板块大面积跌停，湖南黄金、晓程科技、西部黄金、四川黄金等多股跌停。消息面上，受获利回吐和短期期货交易者多 头平仓等因素影响，国际黄金和白银价格1月30日继续大幅下跌，均创下数十年来最大单日跌幅。 | 代码 | 名称 | 涨幅晶 | 现价 | | --- | --- | --- | --- | | 300139 | 晓程科技 | -20.00% | 54.00 | | 002237 | 恒邦股份 | -10.02% | 18 ...

霍尔木兹甘省危机管理总局局长要求民众不要轻信谣言，以官方渠道发布的消息为准。 阿巴斯港消防局局长称，阿巴斯港受损建筑物内的所有居民和伤者均已被疏散，事故原因正在调 查中。 综合自：央视新闻、新华社、CCTV国际时讯 责编：万健祎 伊朗南部一居民楼爆炸。 当地时间1月31日，伊朗霍尔木兹甘省阿巴斯港莫阿勒姆大道上一栋八层楼房发生爆炸。爆炸摧 毁了该建筑的两层楼，并损坏了附近几辆汽车和一家商店。 随后，据伊朗塔斯尼姆通讯社报道，有关伊朗伊斯兰革命卫队海军司令阿里礼萨·坦格西里遇刺的 传闻不实。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 周末打虎！王祥喜，任上被查 丨 马斯克，被曝大动作！打造"科技巨无霸" 丨 制造业运行有所波 动！统计局最新发布，重要经济数据出炉 丨 黄金、白银，暴跌！贵金属全线跳水 丨 史诗级暴跌！ 白银一度重挫18% 丨 吴清：全力巩固资本市场稳中向好势头 丨 证监会发布！引导行业长期投资 丨 16宗IPO审理暂停！刚刚，香港证监 ...

| 序号 | 股票代码 | 股票简称 | 现价(元) | 张跌幅(%) | 补绕预告摘要 | 预告净利润变动中值(%) ② | | f | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025.12.31 | 2025.12.31 | | 20 | | | | | | | 预计2025-01-01到2025-12 收起 | | | | | | | | | | -31 ·绩:归属于圆公司股东的 | | | | | | | | | | 净利润980000万元至1180000 | | | | | | 300308 | 中际旭创 | 649.00 | 5.73 | 万元,增长幅度为89.50%至128. | | 108.84 | 2 | | | | | | | 17%;上年同期上绩:归属于母 | | | | | | | | | | 公司股东的净利润517148.60万 | | | | | | | | | | F | | | | | | | | | | 预计2025-01-01到2025-12 收起 | | | | | | | ...

Core Viewpoint - The performance forecasts for the leading CPO companies in A-shares, namely Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, indicate significant growth in net profits for 2025, driven by strong demand in the AI and data center sectors [1][5][7]. Group 1: Company Performance Forecasts - Zhongji Xuchuang (300308.SZ) expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year increase of 89.50% to 128.17% [7]. - Xinyi Sheng (300502.SZ) anticipates a net profit of 9.4 billion to 9.9 billion yuan for 2025, reflecting a growth of 231.24% to 248.86% compared to the previous year [9]. - Tianfu Communication (300394.SZ) projects a net profit of 1.881 billion to 2.150 billion yuan for 2025, indicating a year-on-year increase of 40% to 60% [11]. Group 2: Market Performance - As of January 30, 2025, the stock prices of Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have seen substantial increases over the past year, with growth rates of 468%, 368%, and 248% respectively [2][12]. - On January 30, 2025, the CPO sector experienced a collective surge, with stocks like Jieput and Zhishang Technology hitting a 20% limit up, and Tianfu Communication rising nearly 17% during trading [2][3]. Group 3: Industry Trends and Catalysts - The AI industry is witnessing a surge in positive developments, with new models and technologies being released, which is expected to further stimulate market enthusiasm and demand for computing power [16]. - Market research indicates that the revenue for optical modules driven by AI is projected to exceed $18 billion by 2025, with related optical modules expected to reach nearly $6 billion [16].

1月30日周五晚间，随着中际旭创与新易盛相继披露2025年度业绩预告，A股CPO概念龙头——"易中天"2025年全年的业绩预喜格局正 式出炉。 公告数据显示，三家公司2025年归属于上市公司股东的净利润预计均实现同比大幅增长，其中新易盛增长幅度最为亮眼，全年净利润 为上年的三倍以上，中际旭创预计的年度最高净利较上年翻一倍，天孚通信上周披露，预计净利润稳步增长40%以上。 三家公司的业绩预告反映出，高速光模块与光器件产业链在全球人工智能（AI）算力建设浪潮中持续受益的逻辑。作为细分赛道龙 头，中际旭创和新易盛在高速率产品供需紧俏的大背景下收入与利润双向提升；天孚通信则凭借产品线多元性和制造效率稳健增长。 在全球数据中心建设与AI基础设施升级持续推进的背景下，"易中天"业绩预喜体现出CPO及光通信细分赛道的高景气成长性，也为行 业整体在2026年开局提供了"成绩单级"数据。CPO概念本周五集体走强。当日中际旭创收涨逾5.7%，新易盛涨逾6.7%，天孚通信涨 10.9%。 中际旭创：高端光模块驱动营收与利润"双驱动" 据公司公告，中际旭创2025年归属于上市公司股东的净利润预计为9.80亿元–11.80亿元人民币， ...

Market Overview - On January 30, the A-share market experienced significant volatility, with the Shanghai Composite Index dropping over 2% at one point, ultimately closing down 0.96% at 4117 points [1] - The market saw a mixed performance, with the ChiNext Index rising 1.27% to 3346.36 points, while the Shanghai Composite Index fell [4] Sector Performance - The communication and electronics sectors showed strong performance, while precious metals and rare metals experienced notable declines [1][5] - The overall market turnover decreased to 397 billion, down to 2.86 trillion [5] - The leverage funds in the market saw a decline, with the margin balance dropping to 2.74 trillion [5] Key Sector Movements - The CPO (Co-Packaged Optics) concept stocks surged, leading the market, while consumer sectors like liquor and beverages corrected after previous gains [5][6] - The communication sector rose by 3.44%, with several stocks hitting the daily limit up [6][7] - The electronic sector showed slight gains, with multiple stocks reaching the daily limit up [8] Investor Sentiment - Market participants indicated that the decline in precious metals was a result of profit-taking and a shift in investment style, rather than a clear signal of a market downturn [3][13] - Analysts noted that the afternoon rebound led by technology stocks demonstrated strong market support [3][13] Future Outlook - Analysts expect the market to maintain a volatile and differentiated pattern in the near term, with a focus on technology and growth sectors as key investment themes [15][16] - There is a cautionary note regarding potential risks from high-flying stocks and upcoming earnings reports that may not meet expectations [16]