12月22日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻 1、今日09：00公布12月一年期、五年期贷款市场报价利率（LPR） 2、国务院总理李强12月19日主持召开国务院常务会议，深入学习贯彻习近平总书记在中央经济工作会 议上的重要讲话精神，对贯彻落实中央经济工作会议决策部署作出安排。 3、商务部党组扩大会议提出，做强国内大循环、畅通国内国际双循环、拓展国际循环，为经济实现质 的有效提升和量的合理增长贡献商务力量。大力提振消费，扩大优质商品和服务供给，释放服务消费潜 力。 4、世界贸易组织发布《2025年世界贸易报告》指出，在配套政策到位的情况下，人工智能有望通过提 升生产率、降低贸易成本，到2040年将跨境货物和服务贸易额提高34%至37%，全球GDP增长12%至 13%。报告强调，需弥合数字基础设施差距、加强技能培训，并保持开放、可预期的贸易环境，确保增 长更具包容性。 5、国家发展改革委、市场监管总局、国家网信办制定了《互联网平台价格行为规则》。平台内经营者 在不同平台销售商品或者提供服务的，依法自主定价。平台经营者不得违反《中华人民共和国电子商务 法》第三十五 ...

然而，现有频率调制通常依赖体积庞大的桌面级电光调制器，不仅功耗高、发热大，而且难以扩展到成 千上万条光学通道，成为制约量子计算规模化的关键瓶颈。 此次研发的新型光学相位调制器，利用每秒振荡数十亿次的微波频率振动，对激光相位进行精确控制， 从而在芯片上高效产生稳定的新激光频率。实验显示，该器件在实现相同功能的情况下，微波功耗仅为 多种商用调制器的约1/80。 美国科罗拉多大学博尔德分校与桑迪亚国家实验室联合研究团队研制出一种超微型光学相位调制器，其 尺寸几乎只有人类发丝直径的百分之一，却能以极低功耗、极高精度操控激光频率，为未来大规模量子 计算机提供核心支撑。相关成果发表于新一期《自然·通讯》。 在当前主流的离子阱和中性原子阱量子计算方案中，量子信息存储于单个原子中。为了操控这些量子比 特，研究人员需要通过高度稳定、频率精确的激光束，与每一个原子"对话"，向它们下达执行计算的指 令。每一束激光的频率往往需要精确到十亿分之一甚至更高，这对光学调制器提出了极高要求。 这一器件并非实验室"定制品"，而是完全采用CMOS工艺在晶圆厂中制造。CMOS是现代芯片产业最成 熟、最具规模化能力的制造技术，广泛应用于手机、计算机 ...

格隆汇12月4日｜长盈通在互动平台表示，1.6T高速光模块用无源器件已经完成多款样品的客户送测， 预计明年会有送测结果反馈，具体量产进度视终端客户推进进度。长盈通和生一升已经建立光子芯片光 纤陀螺项目联合开发小组。第三代光纤陀螺光子芯片已经完成流片，正在做晶圆加工，预计明年推出样 品。 ...

Core Insights - Wuxi is leveraging its strong industrial foundation and forward-looking vision to establish an innovative ecosystem that integrates technology and industry, driving the development of future industries [1][8] - The city has implemented a systematic approach to cultivate future industries, focusing on five key sectors: artificial intelligence, quantum technology, third-generation semiconductors, hydrogen energy and storage, and deep-sea equipment, while also exploring new tracks such as low-altitude economy and humanoid robots [2][3] Group 1: Future Industry Development - Wuxi's "5+X" future industry development system aims to create a globally influential innovation hub, with a target industry scale exceeding 100 billion yuan by 2024 [2][3] - The quantum technology sector in Wuxi has shown significant growth, with total revenue reaching approximately 230 million yuan in the first three quarters of this year, marking an over 40% increase year-on-year [2] - Wuxi has initiated the "Wuxi Quantum Technology Industry Development Three-Year Action Plan (2026-2028)" to systematically layout future development goals and implementation paths for the quantum technology industry [2] Group 2: Innovation and Research - Wuxi is enhancing its innovation capabilities by establishing key laboratories and research institutes, with four national key laboratories and five provincial key laboratories currently in operation [4] - The city has formed partnerships with top universities and research institutions to create new R&D entities, achieving full coverage of the "465" modern industrial cluster [4] - The Wuxi Research Institute of Huazhong University of Science and Technology has been proactive in identifying and developing emerging technologies, such as humanoid robots and industrial AI models, which are now becoming industry hotspots [4] Group 3: Commercial Aerospace and Scene Innovation - Wuxi has gained a competitive edge in the commercial aerospace sector, with 52 regulated enterprises and a revenue of 10.4 billion yuan from January to September this year [6] - The city has introduced policies to accelerate scene innovation, focusing on integrating technology with industry and promoting the application of future industry technologies across various sectors [7] - Wuxi's high-tech zone has been proactive in identifying and developing application scenarios, establishing a dual-release mechanism for opportunity and capability lists to foster innovation [7]

Group 1: Company Updates - Bilibili responded to the news of Chen Rui stepping down as General Manager, stating that the changes in associated companies are unrelated to operational and power relationships, and core management positions remain unchanged [1] - Jiangfeng Electronics indicated that its target material products are applicable in the photonic chip field [1] - Xiangfenghua announced that its silicon-carbon anode products have been handed over to multiple battery manufacturers for testing [1] - Hailian Jinhui mentioned that some investment targets involve robotics business, with a relatively small investment amount [1] - Yuhua Tian is currently promoting its Yushui Intelligent Tianhe T2 robot and actively negotiating sales [1] Group 2: Industry Developments - Gangyan Gaona clarified that it has not participated in the production of key components for molten salt reactors [2] - Chuan Yi Co. reported that its molten salt float flow meters and other products are being utilized or have won bids for the Chinese Academy of Sciences' thorium-based molten salt reactor project [2] - Wolong Nuclear Materials noted that its high-speed communication cable production capacity utilization is good, and it is collaborating with multiple end customers for new project validation [2] - Changchuan Technology stated that market demand is currently strong, and the company has sufficient orders [2] - Luzhou Laojiao announced that its cash dividend ratios for 2024-2026 will not be less than 65%, 70%, and 75%, respectively, with a minimum of 8.5 billion yuan each year [2] - Dongfang Biology has established Hainan Wanzi Health Inspection Laboratory Co., Ltd. in the Hainan Free Trade Zone [2]

Core Viewpoint - Jiangfeng Electronics stated that its ultra-pure metal sputtering targets are key materials in the PVD process for semiconductor chip manufacturing, and these targets are also applicable in the photonic chip field [2] Company Summary - Jiangfeng Electronics produces ultra-pure metal sputtering targets essential for the PVD process in semiconductor chip manufacturing [2] - The company's sputtering target products are suitable for the photonic chip sector, indicating a diversification of application [2]

Core Insights - A new type of strontium titanate (SrTiO3) thin film has been developed by Belgian scientists, demonstrating record electro-optic performance at extremely low temperatures, which could enhance optical control components for quantum modules [1][2] Group 1: Material Performance - The new strontium titanate thin film exhibits low optical loss and exceptional electro-optic performance at temperatures close to absolute zero, specifically at -269.15°C [1] - The material achieved a Pockels coefficient of 350 pm/V at -269.15°C, marking the highest record for any thin-film electro-optic material at this temperature [1] Group 2: Applications and Implications - The high response and low loss characteristics of the material facilitate the development of smaller devices with reduced photon loss, advancing the next generation of quantum interconnects, modulators, and sensors [2] - Another study indicates that by precisely controlling the structure of strontium titanate, its response to electric fields becomes significantly strong and tunable at temperatures between 4-5 Kelvin, highlighting the controllable potential of this material [2]

Core Insights - Astera Labs has announced the acquisition of aiXscale Photonics GmbH, aiming to integrate aiXscale's optical chip coupling technology with its own connectivity and signal processing products to develop photonic expansion solutions [1][2] - The transition to AI Infrastructure 2.0 requires scalable connectivity solutions to meet stringent demands for speed, power consumption, and reliability, particularly for systems with hundreds of AI accelerators [1] - Optical solutions are essential for addressing the complexity and capacity needs of future scalable networks, as highlighted by Astera Labs' COO [2] Summary by Sections - **Acquisition Announcement** - Astera Labs has reached a final agreement to acquire aiXscale Photonics GmbH, which is expected to enhance its product offerings in optical connectivity [1] - **Technological Integration** - The acquisition will combine aiXscale's advanced photonic technology with Astera Labs' expertise in fiber switches and signal conditioning, unlocking the potential for rack-level AI deployments [2] - **Industry Context** - The AI industry is preparing for a new wave of infrastructure demands, where fiber connectivity is crucial for supporting massive bandwidth requirements [1] - The optical I/O precision glass coupler technology developed by aiXscale is designed to address key challenges in high-density applications [2]

Core Insights - Zhejiang Eagle Semiconductor Technology Co., Ltd. successfully completed its Series B+ financing round, raising over 700 million yuan, setting a record for single-round financing in the VCSEL (Vertical-Cavity Surface-Emitting Laser) sector in China [1][4] - The financing was led by CITIC Jinshi and Guoxin Fund, with participation from several prominent institutions, indicating a consensus in the capital market regarding the explosive demand for photonic chips and AI computing power [1][3] - The founder emphasized that the shift towards photonic technology is crucial as traditional chips face physical limitations, positioning photonic solutions as the next-generation answer for high bandwidth and low power consumption [1][4] Company Developments - The core technology team of Eagle Semiconductor consists of top experts and engineers from the global VCSEL industry, with over 50% of the workforce dedicated to R&D [3][4] - The company has established a unique VCSEL technology platform that integrates five core technologies, enabling it to launch a complete VCSEL product line and compete with international giants [3][4] - Eagle Semiconductor is set to lead the domestic market by achieving mass production of single-wave 100G VCSEL chips in 2024, breaking the long-standing monopoly of American companies [4][5] Industry Context - The scale and performance of computing clusters are critical for artificial intelligence, with companies like Huawei pushing the boundaries of intelligent computing solutions [3] - The demand for high-reliability, all-optical interconnects with high bandwidth and low latency is essential for the feasibility of large-scale super nodes [3] - The company aims to play a key role in the "super-fast optical nervous system" of the computing era, highlighting the importance of collaborative breakthroughs across chips, models, and system architectures [4][5]

Core Insights - Zhejiang Eagle Semiconductor Technology Co., Ltd. successfully completed its B+ round of financing, raising over 700 million, setting a record for single-round financing in the VCSEL sector in China [1] - The financing was led by CITIC Jinshi and Guoxin Fund, with participation from several top institutions, indicating strong market consensus on the value of photonic chips and AI computing power [1] Industry Consensus - There is a pressing need for a Chinese solution in large-scale computing power competition, especially in the context of US-China strategic rivalry [2][3] Company Capabilities - The founding team of Eagle Semiconductor consists of top experts from the global VCSEL industry, with over 50% of the workforce dedicated to R&D, showcasing a strong capability in research, manufacturing, and management [5][7] - The company has developed a unique VCSEL technology platform with five core technologies and is set to lead in the production of 100G VCSEL chips, breaking the long-standing US monopoly [7] Investment Logic - The interest from leading investment firms highlights the long-term value and scarcity of Eagle Semiconductor's technological breakthroughs and market focus [10] - The transition from single-card computing power to cluster computing power is essential for China's computing infrastructure, with Eagle Semiconductor positioned as a key player in this evolution [10]