中信建投证券股份有限公司 关于哈尔滨新光光电科技股份有限公司 上海证券交易所： 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"） 为哈尔滨新光光电科技股份有限公司（以下简称"新光光电"、"公司"）首次 公开发行并在科创板上市的保荐机构。新光光电于 2025 年 6 月 5 日收到贵所下 发的《关于对哈尔滨新光光电科技股份有限公司 2024 年年度报告的信息披露监 管问询函》（上证科创公函【2025】0232 号，以下简称"问询函"）。本保荐 机构根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 规则》 《科 创板上市公司持续监管办法（试行）》等相关法律、法规和规范性文件的规定， 对问询函中需持续督导机构发表意见的事项进行了审慎核查，并出具核查意见如 下： 问题：关于募投项目 公司首次公开发行募投项目"光机电一体化产品批产线升级改造及精密光机 零件制造项目"计划投入 2.50 亿元，截至期末累计投入 147.72 万元，投资进度 入 1.13 亿元，投资进度 49.23%；"研发中心建设项目"计划投入 1.3 ...

高盛表示，AI芯片对光模块的配比率正在显著提升，这支撑了数据中心对高速光模块的需求，将光模块厂商2025-2027年 的净利润预测上调42%，目标价提升23%-82%。展望后续，高盛预计一线厂商估值收敛、二线厂商受益于需求外溢将成 为两大投资主线。。 硬·AI 作者 | 李笑寅 编辑 | 硬 AI 随着AI技术的迅猛发展，AI芯片与光模块的"配比率"持续提升，成为推动光模块行业增长的重要引擎。 据追风交易台消息，高盛分析师Jin Guo、Allen Chang在其最新研报中表示，AI芯片与光收发器配比率持 续上升的趋势将显著增强行业长期发展韧性。 01 配比率提升驱动下 光模块需求有强劲支撑 AI芯片与光模块的配比率提升是行业增长的核心驱动力。 报告显示，基于厂商发布的参考设计，GPU/ASIC与光收发器的配比率呈明显上升趋势。 比如，H100和GB200的配比率约为1:3（每GPU需要3个800G光收发模块），而B300提升至1:4.5，特定 ASIC训练集群甚至达到1:8。这一变化源于新芯片更高的带宽需求以及网络架构从400G向800G甚至1.6T 的升级。 报告强调， 这种趋势意味着即使AI芯片销量增长 ...

Core Viewpoint - The photovoltaic sector, particularly polysilicon stocks, experienced a significant surge, with leading companies like Tongwei Co., Ltd. and Daqo New Energy Corp. seeing substantial gains, indicating a positive market sentiment and potential recovery in the polysilicon market [1][2]. Industry Summary - The polysilicon market has shown signs of recovery, with a balanced supply-demand situation and no new inventory pressures reported [3][4]. - Monthly polysilicon production has stabilized around 100,000 tons, with expectations of an annual output of approximately 1.2 million tons, allowing for the consumption of about 100,000 tons of inventory in the second half of the year [4][5]. - The average transaction price for N-type polysilicon has slightly increased, reflecting a 0.87% week-on-week rise, indicating a positive price trend in the market [3]. - The industry is currently facing a significant reduction in production capacity, with nine companies having ceased operations since the beginning of 2024, contributing to a more favorable supply-demand balance [3][5]. - The overall domestic polysilicon production for the first half of the year was approximately 596,000 tons, a substantial year-on-year decrease of 44.1%, highlighting the impact of reduced operational capacity [4].

Core Points - The Chinese A-share market experienced a significant increase on July 8, with major indices closing in the green, marking a four-day consecutive rise and approaching the 3500-point threshold for the Shanghai Composite Index [1] - The Shanghai Composite Index closed at 3497 points, up 0.7%, while the Shenzhen Component Index rose 1.46% to 10588 points, and the ChiNext Index increased by 2.39% to 2181 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 14539 billion RMB, an increase of about 2453 billion RMB compared to the previous trading day [1] Industry Insights - The photovoltaic equipment sector led the market with a 5.55% increase, driven by stocks such as Shihang New Energy, Yijing Photovoltaic, and Tongwei Co., which saw significant price gains, including Shihang New Energy's approximately 20% rise [1] - The Minister of Industry and Information Technology, Li Lecheng, recently held a meeting focusing on accelerating the high-quality development of the photovoltaic industry, emphasizing the need to address low-price competition and promote product quality improvement [1] - Analysts suggest that the recent signals from the Chinese government to combat "involution" in the photovoltaic industry may accelerate the clearing of excess supply and push for technological advancements, shifting the focus from price competition to technological differentiation [2]

各位朋友好，又到了帮主郑重的收评时间。今天这行情可太热闹了，沪指一口气涨到3497点，离3500就差临门一脚，创业板更是大涨2.39%，市场赚钱效应 直接拉满。最亮眼的是光伏和AI这对"黄金搭档"，一个稳扎稳打，一个火力全开，带着全场节奏。 消费电子和PCB这两个"小兄弟"今天也跟着喝汤。消费电子受益于政策补贴和换机潮，长春、江苏这些地方又开始发家电以旧换新券了，再加上苹果、华为 下半年要发布AI手机和折叠屏，产业链上游的元件厂直接被订单砸晕了。PCB就更猛了，除了AI服务器的需求，新能源汽车每辆车的PCB用量是传统车的6 倍，这波行情妥妥的"一箭双雕"。 不过咱们得冷静点，市场从来没有只涨不跌的板块。光伏虽然政策利好不断，但行业产能过剩的问题还没完全解决，尤其是硅料、硅片这些环节，价格战可 能还会反复。AI虽然前景无限，但技术迭代太快，今天的龙头说不定明天就被新技术颠覆了，所以得盯着那些真正有核心技术的公司，比如绑定英伟达、 华为的供应链企业。 具体到操作上，我给大家三个建议。首先是"抓大放小"，光伏就盯着隆基、通威这些技术领先的龙头，AI重点看工业富联、中际旭创这些算力核心标的。其 次是"高低切换"，消费 ...

Core Insights - The Chinese optical industry is experiencing significant transformation and rapid growth driven by increasing public demand for eye health and technological innovation [1] - The market size of the Chinese optical industry grew from 71 billion to 121.28 billion from 2015 to 2022, with a compound annual growth rate (CAGR) of approximately 8.5%, and is expected to reach 140.9 billion by 2025 [1][3] - The "2025 China Optical Operation and Development Conference" was held, marking a shift towards focusing on operational and developmental aspects of the industry, linking medical technology with the eyewear market [1][2] Company Overview - He Shi Eye Hospital Group, founded by Dr. He Wei, has developed into a comprehensive eye health service organization over 30 years, focusing on a full lifecycle eye health management model [2] - The company aims to create a complete ecosystem for eye health, integrating medical, educational, research, and industrial transformation aspects, while expanding into the consumer health market [2][5] - He Shi Eye Hospital has initiated a nationwide optical franchise project, leveraging advanced technologies such as genetic testing and artificial intelligence to enhance service quality and accessibility [5][6] Industry Characteristics - The optical sector is characterized by its dual nature of medical and consumer attributes, making it a key area for expansion in traditional ophthalmology [3] - The industry benefits from high gross margins and is resilient to economic cycles, with the potential for standardization and large-scale replication [3][4] - Despite its growth potential, the industry faces challenges such as low concentration, lack of standardization, and outdated technology [4] Strategic Initiatives - He Shi Eye Hospital is focusing on enhancing its competitive advantage in traditional ophthalmology while expanding its optical franchise network across the country [5] - The company is utilizing capital through the establishment of industry funds to accelerate its presence in new optical business areas and next-generation healthcare [5][6] - The strategic focus includes providing a range of services such as myopia prevention, medical optometry, and vision training, aiming to improve brand influence and contribute to national eye health [6]

Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index approaching 3500 points, reaching a new high for the year, and the ChiNext Index rising over 2% [1] - The trading volume reached 1.47 trillion yuan, an increase of over 240 billion yuan compared to the previous day [1] Solar Energy Sector - The solar energy sector experienced a significant surge, with multiple stocks such as Tongwei Co., Ltd. and Junda Co., Ltd. hitting the daily limit [4] - Major polysilicon manufacturers have raised their prices to 37 yuan per kilogram due to recent anti-involution policy guidance and industry self-discipline [4] - Polysilicon futures rose by 7% today, indicating a bullish trend in the market [4] - Huachuang Securities noted that the recent calls for anti-involution in the solar sector have led to expectations of supply-side reforms, which could improve industry supply and demand dynamics [6] Glass Fiber Sector - The glass fiber sector also saw substantial gains, with stocks like Jin'an Guoji and Jiuding New Materials hitting the daily limit [7] - Huatai Securities reported that the growth in GB200/300 shipments is driving demand for high-end electronic fabrics, which remain in short supply [7] PCB Sector - The PCB sector experienced a notable rally, with stocks such as Bomind Electronics and Yihau New Materials reaching their daily limits [9] - Financial data from Taiwan's PCB industry shows that companies like Jinxing Electronics and Hanyu Bo have maintained high monthly revenues, with significant year-on-year growth [10] - Guojin Securities highlighted that the rapid release of Nvidia's Blackwell and the strong development of ASICs will continue to drive robust demand for AI-PCBs [12] Other Notable Sectors - The pharmaceutical sector, domestic chips, and computing power sectors showed active performance, while the sports industry and high-position pharmaceutical stocks faced declines [12]

Group 1 - The Hang Seng Index rose by 1.09%, the Hang Seng Tech Index increased by 1.84%, and the National Enterprises Index gained 1.16% [1] - Cryptocurrency-related stocks continued to rise, with Guotai Junan International (01788.HK) surging over 28% [1] - The photovoltaic sector saw gains, with GCL-Poly Energy (03800.HK) rising more than 10% [1] Group 2 - The internet healthcare sector experienced a midday surge, led by JD Health (06618.HK) [1] - Other sectors such as new consumption, education, Chinese brokerage firms, and Apple-related stocks also saw increases [1] - Conversely, sectors like port transportation, logistics, environmental protection, and electricity experienced declines [1] Group 3 - Individual stock performance included Jinyong Investment (01328.HK) which surged by 533%, surpassing a market capitalization of 3 billion HKD [1]

Market Overview - The main indices showed positive performance today, with the Shanghai Composite Index increasing by 0.7%, the Shenzhen Component Index rising by 1.47%, and the ChiNext Index up by 2.39% [1] - In terms of sector performance, the top-performing industries included telecommunications, electric equipment, and electronics, while transportation, pharmaceutical biology, and coal lagged behind [1] - Concept sectors that performed well included circuit boards, photovoltaic rooftops, and CRO concepts, whereas banking, electricity, and insurance concepts showed relatively poor performance [1]

光伏ETF（515790）是当前所有光伏主题ETF中仅有的规模超百亿级的产品，近一周日均成交额为8.63 亿元，在同类可比ETF中具有规模较大、流动性较优的特点，最新基金年报数据显示超22万户投资者持 有，或是把握本轮光伏产业高质量发展机遇的重要抓手。没有股票账户的投资者或可关注其场外联接基 金（A类012679/C类012680）。 风险提示：基金有风险，投资需谨慎。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 今日A股交投情绪显著提振，市场热点多点活跃，其中光伏玻璃、光伏逆变器、光伏屋顶等光伏概念表 现强势，带动光伏主题ETF交投活跃。其中截至2025年7月8日收盘，目前市场规模居同类之首的光伏主 题ETF——光伏ETF（515790）全天成交额达14.55亿元，相较前一交易日3.29亿元的全天水平显著大幅 放量，环比增幅达342%。 拉长时间来看，在供给侧出清和行业基本面有望革新的预期下，光伏ETF（515790）近期持续受到资金 关注，近七个交易日累计获16.80亿元资金加仓，助推最新份额和最新规模分别增长至164.91亿份和 112.92亿元，年内增幅分别达38%和25%。 ...