Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector has seen a 6.96% increase in the 33rd week of 2025, ranking second among major industries in the Yangtze River region. Year-to-date, the sector has risen by 30.93%, also ranking second [2][4]. - China's total computing power is rapidly expanding, with a projected year-on-year growth of 20% for general computing power and 43% for intelligent computing power in 2025. The daily token consumption in China has surged from approximately 1 trillion at the beginning of 2024 to over 30 trillion by mid-2025, indicating a dramatic increase in computing demand [5]. - Lumentum and Coherent have both reported significant revenue growth in optical communication, with Lumentum achieving $480 million in revenue for FY25Q4, a 56% year-on-year increase, and Coherent reporting $1.53 billion, a 16.4% increase [6][7]. Summary by Sections Market Performance - The communication sector's performance in the 33rd week of 2025 shows a 6.96% increase, with notable individual stock performances including Hengbao Co. (+49.2%), Guangku Technology (+48.9%), and Shengke Communication (+38.9%) [4]. Computing Power Expansion - China's computing power is expected to reach a total scale that ranks second globally, with a consistent annual growth rate of about 30% over the past five years. The demand for AI applications has skyrocketed, with token consumption increasing over 300 times in just a year and a half [5]. Optical Communication Revenue - Lumentum's optical module revenue exceeded expectations, with a significant contribution from cloud computing and networking, while Coherent's communication business also saw substantial growth, despite challenges in its industrial segment [6][7]. Investment Recommendations - The report recommends several companies across various segments, including operators like China Mobile, China Telecom, and China Unicom, as well as optical module manufacturers such as Zhongji Xuchuang and Xinyi Sheng [8].

Group 1 - The company, Xiechuang Data (300857), announced on the interactive platform that it currently has no plans to participate in the 2025 China Computing Power Conference [1]

每经AI快讯，有投资者在投资者互动平台提问：公司是否会参加8月举办的中国算力大会？ 协创数据（300857.SZ）8月19日在投资者互动平台表示，公司目前没有计划参加此次中国算力大会。 （文章来源：每日经济新闻） ...

Core Viewpoint - The AI computing hardware sector is experiencing significant growth, with leading companies in optical modules reaching new highs, driven by increasing demand for AI infrastructure and investments from major tech firms [1][3][4]. Group 1: Market Performance - On August 19, optical hardware stocks rose against market trends, with the AI-focused ChiNext index gaining over 2.5%, marking a new high [1]. - The ChiNext AI ETF (159363) saw a substantial increase, closing up 2.52% with a trading volume of 8.25 billion yuan, setting a record for daily trading [1][6]. - The ChiNext AI index has increased by over 52% year-to-date, outperforming other AI indices [4]. Group 2: Investment Opportunities - The current investment climate in the computing power sector is described as "white-hot," with significant capital expenditures from global cloud service providers directed towards AI computing [3]. - The logic of the AI computing industry is reinforced by a cycle of investment in computing infrastructure leading to application monetization and market expansion [3]. - Companies in the optical module sector are recommended for investment, particularly those with strong positions in the computing power supply chain [3][6]. Group 3: Long-term Trends - The demand for AI infrastructure is expected to grow, with OpenAI planning to invest trillions in necessary facilities, and major North American cloud service providers expanding their capital expenditures [3]. - The optical module sector is highlighted as a leading performer in the current AI market, with significant gains observed in related stocks [4].

证券日报网讯弘信电子8月19日在互动平台回答投资者提问时表示，公司对于外部大企业的合作一直持 开放状态，公司抓住算力产业爆发式增长的战略机遇，积极推动国内多家大模型客户、大中型互联网客 户、各垂直领域客户大规模落地算力部署，同时吸引相关上下游应用企业形成产业集群，快速提升公司 的算力业务规模。 （文章来源：证券日报） ...

Core Viewpoint - The demand for high-performance information transmission carriers is urgent in the era of AI, with companies like Hengtong Optic-Electric investing in advanced optical fiber materials to meet the needs of AI, cloud computing, and 5G-A applications [1][2][3] Group 1: Company Developments - Hengtong Optic-Electric has officially commenced the construction of its advanced optical fiber materials expansion project, which is expected to be completed by February 2026 [1] - The expansion project covers over 200 acres and will introduce more than 100 advanced equipment for processes, testing, and auxiliary functions [2] - The core products of this expansion include ultra-low loss hollow-core fibers, ultra-low loss multi-core fibers, and high-performance multi-band multimode fibers, which are designed to enhance data transmission efficiency [1][2] Group 2: Industry Trends - The traditional single-mode optical fibers are no longer sufficient to meet the real-time data interaction demands of AI training clusters, necessitating the development of more advanced optical fibers [1][2] - The advancements in optical fiber technology are seen as crucial for building a robust digital infrastructure that can support the increasing computational demands of emerging technologies [3] - Companies that develop superior information transmission "pipelines" will have a competitive edge in managing the data flow, highlighting the importance of both chip technology and the strength and speed of the connections [2][3]

近期公司经营情况及内外部经营环境正常，业务内容和经营情况未发生重大变化。发电机组产品在数据 中心仅作为备用电源，在市电检修或突发故障中断时临时替代市电给用电负载供电，并非数据中心与算 力直接相关的核心设备。相关下游市场的规模、发展落地速度本身存在不确定性，其对公司业务的影响 亦存在较大不确定性。 （原标题：科泰电源(300153.SZ)：发电机组产品并非数据中心与算力直接相关的核心设备） 智通财经APP讯，科泰电源(300153.SZ)发布公告，公司股票交易价格连续3个交易日(2025年8月15日、 2025年8月18日和2025年8月19日)收盘价格涨幅偏离值累计达到30%，根据《深圳证券交易所交易规 则》等相关规定，属于股票交易异常波动的情况。 ...

Core Viewpoint - KOTAI Power (300153.SZ) announced that its stock price has experienced an abnormal fluctuation, with a cumulative closing price increase of 30% over three trading days (August 15, August 18, and August 19, 2025) [1] Company Operations - The company's recent operational conditions and external business environment are normal, with no significant changes in business content or operational status [1] - The generator products are used as backup power in data centers, only replacing municipal power during maintenance or unexpected outages, and are not core equipment directly related to data centers and computing power [1] Market Conditions - There is uncertainty regarding the scale and development speed of the related downstream market, which may significantly impact the company's business [1]

Core Viewpoint - The stock price of KOTAI Power (300153.SZ) has experienced an abnormal fluctuation, with a cumulative increase of 30% over three consecutive trading days (August 15, 18, and 19, 2025) [1] Company Operations - The company's recent operational conditions and external business environment remain normal, with no significant changes in business content or operational status [1] - The generator products are used as backup power in data centers, only providing temporary power during municipal electricity maintenance or unexpected outages, and are not core equipment directly related to data centers and computing power [1] Market Conditions - There is uncertainty regarding the scale and development speed of the related downstream market, which may significantly impact the company's business [1]

Core Insights - The North Exchange 50 Index has reached new historical highs, with significant increases in recent trading sessions, indicating strong market interest and performance [1][3]. Market Performance - On August 19, the North Exchange 50 Index peaked at 1637.5 points during trading, closing at 1596.67 points with a 1.27% increase [1]. - On August 18, the index surged by 6.79%, closing at 1576.63 points, marking another historical high [3]. - Year-to-date, the North Exchange 50 Index has accumulated a remarkable increase of 53.85%, with several stocks exceeding 100% growth [3]. Factors Driving Growth - The rise in the index is attributed to three main factors: the synergy between technological trends and policy benefits, strong performance of high-growth companies, and improved market liquidity and sentiment [3]. - Innovations in technology, particularly in AI and robotics, have provided valuation premiums for small and medium-sized enterprises listed on the North Exchange [3]. Fund Performance - All 20 North Exchange thematic funds have reported gains exceeding 39% this year, with an average return of 64.36% [4]. - The top-performing fund, CITIC Securities North Exchange Selected Mixed Fund, achieved returns of 114.59% and 114.06% [4]. - Among the 60 index funds tracking the North Exchange 50 Index, 53 funds have returns over 10%, with 37 funds exceeding 40% [4]. Market Outlook - The North Exchange market is experiencing increased attention and participation, reflecting improvements in its institutional ecosystem and the ongoing innovation of listed companies [5]. - The market is expected to maintain a robust growth trajectory, providing significant long-term investment opportunities for thematic funds [5]. - Despite potential short-term volatility, the overall "slow bull" market trend remains intact, supported by macro policies favoring technological innovation [5].