根据喜娜AI异动分析，天通股份涨停原因可能如下，5G物联网+银行授信+业务调整： 1、天通股份积 极进行业务调整，募投项目聚焦5G/物联网战略，调整后项目内部收益率达14.63%，还新增压电异质晶 圆产品线，符合行业发展趋势，这为公司未来的业绩增长提供了潜在动力。 2、公司获得45亿元银行授 信额度，且授信可循环使用，能保障运营资金需求，为业务扩张提供了有力的资金支持。同时，公司治 理持续优化，完善了子公司管理、信息披露等制度，提升了治理透明度。另外，已完成最低股份回购金 额目标，显示现金流状况良好，有利于提升员工积极性。 3、从市场表现来看，2026年1月20日公司入 选龙虎榜，成交额12.77亿，所属板块电子化学品Ⅱ，总买入2.13亿，总卖出 -1.37亿，上榜原因有游资 和外资净买，表明市场资金对其较为关注。当前5G、物联网等概念是市场热点题材，同概念板块的部 分股票也有较好表现，形成了一定的板块联动效应。 4、技术面上虽未给出明确信息，但结合资金的流 入以及公司的利好因素，可能吸引更多资金的关注，推动股价上涨。 登录新浪财经APP 搜索【信披】查看更多考评等级 2026年1月30日，天通股份（sh60 ...

Core Viewpoint - The optical communication chip market in China is experiencing continuous growth driven by advancements in artificial intelligence, data center expansion, consumer electronics, and 5G deployment, with significant increases in production and demand projected for the coming years [1][4]. Industry Definition and Classification - Optical communication chips are defined as chips that enable the conversion of optical and electrical signals and are essential for the transmission of optical communication signals [1][3]. - These chips can be categorized into laser chips and detector chips, with further classifications based on their emission structure [1][3]. Current Industry Status - The global demand for optical communication chips is surging due to the rapid development of new information technologies such as mobile internet, 5G, and cloud computing [4]. - In China, the demand for optical communication chips is expected to reach 1.198 billion units by 2024, with a market size of 15.16 billion yuan, and further growth is anticipated in subsequent years [4][5]. Market Size and Growth Projections - By 2024, China's optical communication chip production is projected to grow to 867 million units, with demand reaching 1.198 billion units and a market size of 15.16 billion yuan [1][4]. - The market size is expected to increase to approximately 16.02 billion yuan by 2025, with continued rapid growth anticipated through 2026 [1][4]. Industry Chain - The optical communication chip industry chain consists of upstream materials and equipment, midstream chips and modules, and downstream application markets, with a focus on domestic production and high-speed upgrades [5][6]. Industry Barriers - The optical communication chip industry faces high entry barriers due to significant capital investment, core technology accumulation, and brand recognition, with a strong reliance on intellectual property protection [5][6]. Competitive Landscape - China is becoming a significant player in the global optical communication chip market, with several domestic companies, such as Huagong Technology and Guangxun Technology, leading in technology and production capacity [5][6]. - The market share of Chinese optical communication chip manufacturers is increasing, with notable advancements in high-speed optical communication chips [5][6]. Research and Development Trends - Future trends in optical communication chip development include green communication, silicon photonics technology, and photonic integrated circuit (PIC) technology, which are expected to drive innovation and efficiency in the industry [12][14][16]. - The focus on large-capacity transmission and all-optical networks is also highlighted as key areas for future development [16][17].

Core Viewpoint - The Ministry of Emergency Management and the Ministry of Industry and Information Technology have issued guidelines to accelerate the innovation and development of emergency management equipment, aiming to overcome over 20 key core technologies and develop more than 20 innovative equipment by the end of 2027 [1] Group 1: Objectives and Goals - The guidelines emphasize the importance of emergency management equipment as a crucial support for modernizing emergency management systems and capabilities [1] - The goal includes promoting over 30 advanced technology equipment and ensuring high-quality development of the safety emergency equipment industry [1] Group 2: Specific Measures - The guidelines propose 12 specific measures to enhance the research and innovation of urgently needed technical equipment, strengthen the promotion and application of advanced applicable equipment, and support the development of the equipment industry [1] - There is a focus on integrating emergency management equipment with new technologies such as artificial intelligence, 5G, big data, the Internet of Things, satellite internet, Beidou, and advanced computing [1] Group 3: Modernization and Application - The guidelines call for increasing the deployment and application of advanced applicable technology equipment based on the functions of emergency rescue teams, aiming to accelerate the construction of a modernized equipment system [1]

Industry Overview - The Technology Services industry is expected to return to pre-pandemic levels, facilitating regular dividend payments [1] - The industry is driven by the adoption of remote work, global digital transition, and advancements in technologies such as 5G, blockchain, AI, and ML [1][4] - Concerns regarding data security are anticipated to further stimulate industry growth [1] Economic Factors - The industry benefits from broader economic recovery, with GDP growth at an annual rate of 4.4% in Q3 2025, up from 3.8% in Q2 2025 [5] - The Services PMI has remained above 50% for 10 months in 2025, indicating healthy economic activity in the non-manufacturing sector [5] Technological Advancements - The global shift towards digitization is creating opportunities in markets such as 5G, blockchain, and AI, with the GenAI market projected to reach $91.6 billion by 2026, growing at a CAGR of 34.3% through 2031 [6] Industry Performance - The Zacks Technology Services industry currently holds a Zacks Industry Rank of 153, placing it in the bottom 37% of 243 Zacks industries [7] - Over the past year, the industry has returned 11.4%, outperforming the broader Zacks Business Services sector but underperforming the Zacks S&P 500 composite, which saw an 18.8% rally [9] Current Valuation - The industry is trading at an EV-to-EBITDA ratio of 17.83X, compared to the S&P 500's 19.08X and the sector's 10.57X [12] - Historically, the industry has traded between 10.61X and 19.45X over the past five years, with a median of 15.76X [12] Company Highlights Figure Technology Solutions, Inc. (FIGR) - FIGR reported an adjusted EBITDA of $86 million in Q3 2025, a 75% year-over-year increase, with net income tripling from the previous year [15] - The adoption of Figure Connect has significantly increased, with first lien lending volume tripling year-over-year [16] - FIGR has a Zacks Rank of 1 (Strong Buy), with a 63% increase in shares over the past month [18] Skillsoft (SKIL) - SKIL's revenue dipped 6% year-over-year in Q3 2026, primarily due to an 18% decline in the Global Knowledge segment [19] - Management is exploring strategic alternatives for the GK segment, which may help mitigate market shrinkage [20] - SKIL has a Zacks Rank of 1, with a 19.8% increase in EPS estimates for 2026 over the past 60 days [22] Adeia Inc. (ADEA) - ADEA's Q3 2025 revenue was $87.3 million, with non-Pay TV recurring revenues increasing by 31% year-over-year [22] - The company has seen a 9% reduction in operating expenses, contributing to its scalability [23] - ADEA has a Zacks Rank of 1, with a 4.9% increase in bottom line estimates for 2026 over the past 60 days [25]

Core Insights - Viavi Solutions Inc. (VIAV) reported strong second-quarter fiscal 2026 results, with both revenue and net income exceeding the Zacks Consensus Estimate [1] Financial Performance - The company achieved a 36.4% year-over-year increase in revenues, reaching $369.3 million, driven by strong performance in the Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP) segments [2][6] - The NSE segment generated $291.5 million in revenues, up 45.8% year over year, accounting for 78.9% of total revenues [7] - The OSP segment revenues were $77.8 million, reflecting a 9.7% year-over-year increase [7] - On a GAAP basis, Viavi incurred a net loss of $48.1 million or 21 cents per share, compared to a net income of $9.1 million or 4 cents per share in the prior year [3] - Non-GAAP net income was $51.5 million or 22 cents per share, surpassing the Zacks Consensus Estimate of 19 cents [3] Revenue Breakdown - Net sales from the Americas totaled $170.9 million, up from $116.1 million in the year-ago quarter [9] - Revenues from Asia-Pacific were $108.1 million, a 15.5% increase year over year [9] - Revenues from EMEA increased to $90.3 million from $61.1 million in the prior-year quarter [9] Profitability Metrics - Non-GAAP gross profit was $228.1 million, with a margin of 61.8%, compared to $165.4 million and a margin of 61.1% in the year-ago quarter [10] - Non-GAAP operating income was $71.4 million, up from $40.4 million in the prior-year quarter [10] Cash Flow and Liquidity - As of December 27, 2025, the company had $765.5 million in cash and cash equivalents and $1.22 billion in long-term debt [11] - The company generated $42.5 million in net cash from operating activities, with a free cash flow of $36.9 million [11] Future Outlook - For the third quarter of fiscal 2026, management expects revenues in the range of $386-$400 million, with non-GAAP earnings per share projected between 22 cents and 24 cents [12] - The NSE segment revenues are projected to be between $304 million and $316 million, while the OSP segment is anticipated to generate revenues in the range of $82-$84 million [13]

Group 1 - Investment Rating: Buy (Maintain) [1] - Current Price: 30.12 CNY, Market Capitalization: 30,031.09 million CNY [5] - Recent Performance: The stock has shown a significant increase of 79.2% over the past 12 months compared to the CSI 300 index [7] Group 2 - Core Viewpoint: The report highlights the company's multi-field applications and the continuous growth ceiling, focusing on the demand from sectors like electric vehicles, AI, and robotics for MLCC products [8] - MLCC Demand Growth: The company is a leading manufacturer of MLCC ceramic powders, with expected revenue of 624 million CNY in 2024, driven by increasing demand from new products [9] - Catalytic Materials Opportunity: The upgrade of exhaust emission standards presents a significant opportunity for the company's catalytic materials segment, with projected revenue of 787 million CNY in 2024 [10] - Precision Ceramics Growth: The precision ceramics segment is expected to achieve revenue of 351 million CNY in 2024, with a strong growth rate of 41.68% [11] - New Materials Development: The company is actively developing solid-state electrolytes and other new materials, with expected revenues of 45.53 billion CNY, 57.52 billion CNY, and 70.56 billion CNY from 2025 to 2027 [30][31] Group 3 - Revenue Forecast: The company anticipates revenues of 45.53 billion CNY in 2025, 57.52 billion CNY in 2026, and 70.56 billion CNY in 2027, with corresponding net profits of 7.05 billion CNY, 9.13 billion CNY, and 11.36 billion CNY [30][31] - Market Position: The company is positioned to benefit from the growing demand in the new materials sector, with a focus on technological advancements and product development [30][31] - Strategic Development: The company is enhancing its product offerings and expanding its market share in response to the evolving needs of the electronics and automotive industries [70]

英唐智控公告，预计2025年度归属于上市公司股东的净利润为2300万元-2800万元，同比下降 53.55%-61.84%。公司表示，随着5G、AI、云计算等新兴技术发展，存储芯片需求持续攀升，公司存储 业务较上年同期实现大幅上涨，公司整体营业收入较上年同期增加约4.5%。但受行业竞争影响，电子 元器件分销产品毛利承压，公司毛利率较上年同期下降约0.7个百分点。同时，报告期内公司加大芯片 设计制造业务研发投入，包括组建高素质的研发团队及技术积累、项目验证的资金投入，整体研发费用 较上年同期增加约65%，导致本报告期归属于上市公司股东的净利润较上年同期下降。 ...

Financial Data and Key Metrics Changes - In Q4 2025, net sales increased by 3% to EUR 6.1 billion, with an operating profit of EUR 1 billion and free cash flow of EUR 0.2 billion [4][16] - For the full year 2025, net sales reached EUR 19.9 billion, with an operating profit of EUR 2 billion, slightly above guidance [4][16] - Free cash flow conversion was 72%, consistent with guidance [4][16] - Gross margin improved by 90 basis points to 48.1%, while operating margin was 17.3%, down 90 basis points due to increased investments [16][17] Business Line Data and Key Metrics Changes - Network Infrastructure saw a 7% increase in net sales in Q4, driven by a 17% growth in optical networks [5][17] - Cloud and Network Services experienced a 4% decline in Q4, attributed to revenue recognition timing, but had a 6% growth for the full year [17][18] - Mobile Networks net sales increased by 6%, with growth in the Middle East, Africa, Japan, and Indonesia [18] - Nokia Technologies faced a 17% decline in net sales in Q4, impacted by lower catch-up sales and a EUR 20 million impairment charge [19] Market Data and Key Metrics Changes - AI and cloud customers accounted for 16% of total net sales and 30% of Optical Networks in Q4 [17] - North America showed strong growth in Network Infrastructure, while Cloud and Network Services and Mobile Networks declined [20] - In APAC, growth was noted in Japan and Indonesia, while declines were seen in India and Greater China [20] Company Strategy and Development Direction - The company aims to focus on long-term value creation, emphasizing AI and cloud opportunities, and has simplified its operating model [4][11] - A new Mobile Infrastructure segment was formed to enhance accountability and profitability [8] - The company is investing in defense-grade solutions and has established Nokia Defense as a new incubation unit [10] - The target for operating profit in 2026 is set between EUR 2 billion and EUR 2.5 billion, with a focus on disciplined execution [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of optical networking and AI infrastructure, despite a conservative growth forecast for 2026 [30][31] - The company anticipates a somewhat lower than normal seasonal decline in Q1 2026 due to strong Q4 performance [33] - Management highlighted the importance of clarity in regulatory frameworks like the Cybersecurity Act for future business opportunities [54][56] Other Important Information - The company closed the acquisition of Nokia Shanghai Bell, expecting EUR 200 million in cost synergies [11] - A new head of IP networking has been appointed to enhance focus on this area [47] - The company plans to invest EUR 900 million to EUR 1 billion in CapEx, primarily for optical networks [35][36] Q&A Session Summary Question: Growth expectations for optical networks - Management acknowledged the strong growth in Q4 but guided for a more conservative 10%-12% growth in 2026 due to transitioning from a telco-centric base [30][31] Question: Seasonal trends in Q1 - Management indicated that a slower start to the year is typical following a strong Q4, particularly in mobile networks [33] Question: CapEx visibility and order book - Management emphasized long-term trends and confidence in the market, noting that CapEx investments are aimed at supporting future growth [36] Question: Impact of restructuring costs - Management confirmed ongoing restructuring costs but expects significant savings in the long term [38] Question: North America market dynamics - Management acknowledged headwinds from customer losses but noted positive trends in AI and cloud segments [66][67] Question: Supply constraints in optical networks - Management confirmed supply constraints exist but emphasized ongoing investments to support capacity and capability in the ecosystem [60][62]

Financial Data and Key Metrics Changes - In Q4 2025, net sales increased by 3% to EUR 6.1 billion, with an operating profit of EUR 1 billion and free cash flow of EUR 0.2 billion [3][14] - For the full year, net sales reached EUR 19.9 billion, with an operating profit of EUR 2 billion, slightly above the midpoint of guidance [3][14] - Free cash flow conversion was 72%, consistent with guidance [3][14] - Gross margin improved by 90 basis points to 48.1%, while operating margin was 17.3%, down 90 basis points due to increased investments [14][15] Business Line Data and Key Metrics Changes - Network Infrastructure saw a 7% increase in net sales in Q4, driven by a 17% growth in optical networks [4][15] - AI and cloud customers accounted for 16% of net sales and 30% of Optical Networks in Q4 [15] - Cloud and Network Services experienced a 4% decline in Q4, but delivered 6% growth for the full year [15][16] - Mobile Networks net sales increased by 6%, driven by growth in the Middle East, Africa, Japan, and Indonesia [16] - Nokia Technologies faced a 17% decline in net sales in Q4, impacted by lower catch-up sales [17] Market Data and Key Metrics Changes - North America showed strong growth in Network Infrastructure, while Cloud and Network Services and Mobile Networks declined [18] - In APAC, Japan and Indonesia grew, but there were declines in India and Greater China [18] - Europe grew by 4%, with strength in network infrastructure, while the Middle East and Africa saw growth in both mobile networks and network infrastructure [18] Company Strategy and Development Direction - The company is focused on disciplined execution to capture growth in AI and cloud, with a simplified operating model and clearer priorities [10][11] - The acquisition of Infinera is part of the strategy to strengthen the portfolio and focus on areas with opportunities for differentiation and sustainable market leadership [3][10] - The creation of Nokia Defense aims to deliver defense-grade solutions based on Nokia's mobile and network infrastructure technologies [9] - The company is investing in optical and IP networks as primary growth engines, with a target of 6%-8% compound annual growth in network infrastructure from 2025 to 2028 [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term opportunities in optical networking and AI infrastructure, despite a conservative guidance for growth [28][29] - The company anticipates a somewhat subseasonal trend in Q1 2026 due to normalization after a strong Q4 [31] - Management highlighted the importance of clarity on replacement schedules and support for network operators in light of new regulations [50][51] Other Important Information - The company closed the transaction to take full ownership of Nokia Shanghai Bell, expecting approximately EUR 200 million in run rate cost synergies [10] - The company is targeting an operating profit of EUR 2 billion to EUR 2.5 billion for 2026, with a focus on new product launches and investments in AI and cloud [11][70] Q&A Session Summary Question: On optical growth guidance - The company acknowledged the strong growth in optical networking but provided conservative guidance for 2026 due to transitioning from a telco-centric base and the need for disciplined execution [28][29] Question: CapEx visibility and order book - Management indicated that CapEx investments are aligned with long-term market trends and near-term demand, emphasizing the importance of these investments for future growth [34][35] Question: Supply-related constraints - The company recognized supply constraints in the broader ecosystem but remains focused on securing supply and managing commitments [57] Question: North America market dynamics - Management noted headwinds from customer losses in North America but highlighted positive trends in AI and cloud segments [63][64] Question: Operating guidance for 2026 - The company provided insights into the EUR 2 billion to EUR 2.5 billion guidance, emphasizing the impact of new product launches and investments in AI and cloud [72][74]

证券代码：002156 证券简称：通富微电 通富微电子股份有限公司投资者关系活动记录表 编号：2026-003 | 投资者关系活动 ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 中大君悦：陈修能、曲芳；东吴证券：刘玥娇；彤源：麦世学； | | 人员姓名 | 农银汇理基金：张璋；华宝信托：张卿隆；太平养老：张凯；华 | | | 源电子：熊宇翔；弘毅远方：陈祥辉；源乐晟：吴雨哲；博衍基 | | | 金：卢湛 | | 时间 2026 | 年 1 月 29 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书 蒋澍 | | 员姓名 | | | | 一、公司概况 | | | 通富微电是集成电路封装测试服务提供商，为全球客户提供 | | | 从设计仿真到封装测试的一站式服务。公司的产品、技术、服务 | | | 全方位覆盖了人工智能、高性能计算、大数据存储、显示驱动、 | | 5G | 等网络通讯、信息终端 ...