光芯片景气度快速提升 20250508 国内企业在高端光芯片领域的发展情况如何？ 高端光芯片如 25G 以上、100G 几乎由日本和美国公司主导，占据接近 100% 的市场份额并享有极高毛利率。然而从今年（2025 年）开始，中国企业开始 突围这一盈利丰富赛道。一方面需求暴增带来工序不平衡机会；另一方面 AI 发 展加速技术迭代，使国内企业实现弯道超车。在性能突破后，相对于国外职业 经理人制，中国厂商反馈效率更高，因此受益更多。目前国内优秀企业如源杰 已量产 70 毫瓦光芯片，并实现百万颗以上出货，还完成了 100G Emal 客户验 证及 200G Emal 开发推出。此外，公司发布大订单预告显示国内公司已开始 摘要 • 海外 CSP 资本开支增加，对 2026 年需求预期乐观，关税影响减弱，投资 逻辑回归产业趋势判断，为光芯片行业带来积极信号，预计未来一两个月 内，对国内外 CSP 在 2026 年的需求预期将逐步清晰。 • 电信市场回暖，中国有望在 2026 年启动 50G PON 建设；数通市场受益 于 AI 训练需求爆发，单模 EML、多模 Amal 及 CW 光源市场空间巨大， 国内头部厂商在数通 ...

每经记者｜肖芮冬 每经编辑｜赵云 5月8日，市场全天低开高走，创业板指领涨。板块方面，军工、铜缆高速连接、脑机接口、CPO等板块涨幅居前，PEEK材料、农业、化肥、黄金 等板块跌幅居前。全市场超3800只个股上涨。沪深两市全天成交额1.29万亿元，较上个交易日缩量1749亿。 下面一起来看今天公募基金的表现。 （注：榜单1、榜单2仅选取灵活配置型、偏股混合型和普通股票型三类产品作为主动基金的代表，纳入统计；债基相关榜单包括各类主、被动债 券型基金） 1.单日涨幅榜 | 证券代码 | 证券简称 | 单日净值增长率(%) | 近1周回报(%) | 今年以来回报(%) | 基金经理(现任) | 基金规模(亿元) | | --- | --- | --- | --- | --- | --- | --- | | 023674.OF | 德邦新兴产业A | 4.8 | 10.92 | 3.48 | 袁之浩 | 0.12 | | 001437.OF | 易方达瑞享I | 4.58 | 10.75 | -0.79 | 武阳 | 6.68 | | 011891.OF | 易方达先锋成长A | 4.55 | 10.67 | -0. ...

Himax Technologies (HIMX) Q1 2025 Earnings Call May 08, 2025 08:00 AM ET Company Participants Karen Tiao - Head - IRJordan Wu - Co-Founder, President and CEO Operator Hello, ladies and gentlemen. Welcome to the Himax Technologies Incorporation First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. ...

Himax Technologies (HIMX) Q1 2025 Earnings Call May 08, 2025 08:00 AM ET Speaker0 Hello, ladies and gentlemen. Welcome to the Himax Technologies Incorporation First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. Now I would like to turn the conference over to Ms. Karen Tao, Head of IR and PR at H ...

行业板块方面，申万一级行业有21个上涨，通信和国防军工行业涨幅居前，均超2.5%。电力设备、银 行、机械设备和传媒行业涨幅均在1%及以上。10个下跌行业中，美容护理行业跌幅居首，跌0.96%；有 色金属、钢铁、石油石化和交通运输等行业微跌。 从资金流向来看，申万一级有11个行业主力资金净流入，通信行业净流入24.33亿元，居首；电力设 备、传媒和商贸零售行业净流入金额居前，均超10亿元。 今日11个行业主力资金净流入。 据证券时报·数据宝统计，今日沪深两市主力资金净流出18.78亿元，其中创业板净流出3.97亿元，沪深 300成份股净流入30.07亿元。 20个主力资金净流出的行业中，基础化工行业净流出金额居首，达27.42亿元；计算机行业净流出14.45 亿元；还有农林牧渔、纺织服饰、机械设备和国防军工等行业主力资金净流出金额居前。 化工龙头遭资金大幅净流出 从个股来看，今日近70股主力资金净流入超1亿元，其中10股净流入超4亿元。 宁德时代今日上涨2.5%，主力资金净流入7.9亿元，居首。公司近日公告回购进展，截至2025年4月30 日，公司通过深圳证券交易所股票交易系统以集中竞价交易方式累计回购公司股份 ...

Group 1 - The core issue in the fund management industry is that fund managers earn fees regardless of performance, leading to a focus on scale rather than returns [1][2] - Many fund managers in China are relatively young, with an average age of 38.18 years, and lack experience in navigating full market cycles, which raises concerns about their ability to generate returns for investors [2] - There is a growing sentiment among investors questioning the justification for management fees when fund managers fail to deliver returns or create market value [2] Group 2 - The A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.28%, and trading volume in the Shanghai and Shenzhen markets reaching 12,934 billion, a decrease of 1,749 billion from the previous day [4] - Technical indicators suggest that the market may experience fluctuations, as the Shanghai Composite Index has reached a resistance level near its previous high [5] - The defense and military industry continues to lead in performance, but investors are cautioned against chasing high prices due to the potential for significant losses [6] Group 3 - The radar sector is highlighted as a key area of interest due to its importance in modern warfare, with significant gains in related stocks influenced by external factors [7] - New consumer stocks are performing well despite a general downturn in the consumer sector, with companies like "沪上阿姨" seeing a 40% increase on their first day of trading [8] - Recent data indicates a projected 175% increase in OLED display shipments by Q1 2025, suggesting growth potential in the display technology sector [11]

Market Overview - On May 8, the Shanghai Composite Index experienced a three-day consecutive rise after the holiday, with the ChiNext leading the gains. The Shanghai Composite Index rose by 0.28%, the Shenzhen Component Index increased by 0.93%, and the ChiNext Index surged by 1.65% [1] - Over 3,800 stocks in the market saw an increase, with the ChiNext 50 Index rising by 2.09%, marking the highest gain among major indices [1] Index Performance - The trading volume in the Shanghai and Shenzhen markets was 1,293.402 billion RMB, showing a slight decrease compared to the previous trading day [2] - The performance of various indices for the year-to-date is as follows: - ChiNext 50: -7.24% - ChiNext Index: -5.24% - Northbound 20: +33.06% - Shenzhen Component Index: -2.08% - CSI 1000: +3.36% - CSI 500: +0.84% - Shanghai Composite Index: +0.01% [2] Hong Kong Market - Major indices in the Hong Kong market also saw increases, with the Hang Seng Technology Index rising by 0.56% [5] - Southbound capital recorded a net outflow of 2.221 billion HKD throughout the day [5] Sector Performance - In the Hong Kong market, the top-performing sectors included: - Communications: +2.60% - Defense and Military: +2.57% - Power Equipment: +1.62% - Conversely, the sectors with the largest declines were: - Beauty and Personal Care: -0.96% - Non-ferrous Metals: -0.43% - Steel: -0.38% [6] Cloud Computing Sector - North America's four major cloud service providers reported strong capital expenditure growth in Q1, driven by robust AI demand. They maintained an optimistic outlook for capital expenditures in 2025 [7] - Meta raised its full-year capital expenditure guidance from 60-65 billion USD to 64-72 billion USD [7] - PCB companies are expected to benefit from sustained demand for computing power, with leading firms maintaining high year-on-year growth rates [7] Defense Sector - The defense and military sector is anticipated to enter a significant upward cycle due to increased global military spending and geopolitical risks [8] - The sector's performance is expected to recover in 2025, with multiple companies announcing orders since late 2024, indicating a potential turnaround [8]

Core Viewpoint - The company reported significant growth in revenue and net profit for the fiscal year 2024, indicating strong operational performance and market demand [1]. Financial Performance - The company achieved a revenue of 3.252 billion yuan, representing a year-on-year increase of 68% [1]. - The net profit attributable to shareholders reached 1.344 billion yuan, up 84% year-on-year [1]. - The net profit excluding non-recurring items was 1.314 billion yuan, reflecting an 83% increase year-on-year [1]. Business Segment Analysis - In 2024, the company's passive optical components business generated revenue of 1.576 billion yuan, a 33% increase year-on-year, while the active optical components business saw revenue of 1.655 billion yuan, up 122% year-on-year [2]. - Domestic revenue reached 778 million yuan, growing by 125% year-on-year, while overseas revenue was 2.473 billion yuan, marking a 55% increase year-on-year [2]. - The gross margin for passive components was 68.4%, an increase of 8.2 percentage points year-on-year, while active components had a gross margin of 46.7%, up 1.9 percentage points year-on-year [2]. Operational Insights - In the second half of 2024, the company reported passive revenue of 879 million yuan, a 26% increase from the first half, attributed to workforce expansion and increased customer demand [2]. - Active revenue was 835 million yuan, reflecting a 2% increase from the first half, indicating stable demand for 800G optical engine products [2]. - The company’s inventory increased by 13.2% quarter-on-quarter in Q4 2024, suggesting a positive demand outlook [3]. Strategic Developments - The establishment of overseas production capabilities, particularly in Thailand, is expected to enhance delivery capacity and mitigate tariff impacts [3]. - The company is well-positioned to capitalize on the emerging markets of CPO (Chip-on-Board) and Optical I/O, driven by AI advancements and increasing bandwidth requirements [4]. Future Outlook - The company anticipates continued growth in net profit, projecting 2.081 billion yuan in 2025, 2.741 billion yuan in 2026, and 3.386 billion yuan in 2027, with corresponding year-on-year growth rates of 55%, 32%, and 24% [4]. - The company maintains a "buy" rating based on its strong growth trajectory and market positioning [4].

5月8日，上证指数、深证成指、创业板指早盘探底回升，午后有所回落，随后震荡回升；科创50指数全天震荡走低。截至收 盘，上证指数报3352.00点，涨0.28%，成交额5016.11亿元；深证成指报10197.66点，涨0.93%，成交额7917.91亿元；创业板 指报2029.45点，涨1.65%，成交额3758.18亿元；科创50指数报1026.44点，跌0.36%，成交额217.02亿元。沪深两市合计成交 12934.02亿元，成交额较上一交易日减少1749.31亿元。 国防军工、通信等行业走强 *ST宇顺连收10个涨停板 盘面上来看，行业板块、概念涨多跌少。其中，国防军工、通信、电力设备、银行、机械设备、传媒、环保、家电等行业涨 幅靠前；地热能、CPO、空间站、发电机、铜缆高速连接、磁悬浮、商业航天、蓝宝石等概念走势活跃。美容护理、有色金 属、钢铁、珠宝首饰、石油石化等行业跌幅居前；PEEK材料、转基因、粮食、黄金、环氧丙烷、草甘膦等概念走势较弱。 涨停个股主要集中在机械设备、国防军工、汽车、建筑装饰、家用电器等行业。 个股涨跌情况，截至收盘，沪深两市合计3678只个股上涨，1268只个股下跌，平盘个股 ...

5月8日，沪指盘中震荡上扬，创业板指涨近2%，场内超3800股飘红。截至收盘，沪指涨0.28%报3352 点，深证成指涨0.93%报10197.66点，创业板指涨1.65%报2029.45点。 盘面上看，军工、汽车、银行、建筑、保险、酿酒等板块拉升，大飞机、商业航天、CPO概念等活跃。 不含当日上市新股，今日可交易A股中，上涨个股有3839只，占比71.24%。统计显示，涨停个股中，主 板有92只，北交所1只，创业板9只，科创板3只。以所属行业来看，上榜个股居前的行业有机械设备、 建筑装饰、国防军工行业，上榜个股分别有18只、12只、11只。 东莞证券认为，短期市场或将继续呈现震荡格局，但风险偏好已显现边际改善迹象，整体指数层面的风 险仍处于可控范围之内。随着业绩验证期结束，前期压制小盘成长股表现的因素逐渐消退，科技领域后 续景气度线索逐步得到强化，成长性板块有望获得市场青睐。 东兴证券表示，随着行情趋于活跃，投资者可提升一定仓位，参与结构性行情。大科技板块仍是首选， 重点关注机器人、人工智能、智能驾驶等方向；其次是消费方向，重点关注以家电、消费电子、汽车为 代表的政策红利方向，同时，政策和外部事件催化较多的 ...