每经AI快讯，10月13日，立讯精密（002475）在互动平台表示，公司正积极努力进入全球头部客户的 供应链。目前，公司400G、800G光模块产品已面向海内外客户进行交付。 ...

开源证券指出，全球AI算力共振背景下，通信及通信设备行业迎来发展机遇。OpenAI与AMD达成战略 合作，将部署6GW AMD GPU算力，使用Instinct系列GPU支持下一代AI基础设施，算力基建确定性增 强。视频模型Sora2的发布推动算力需求加速释放，其多模态能力对算力消耗显著高于语音模型。国内 5G建设持续推进，2025年8月基站总数达464.6万站，同比增长19.46%，行业需关注光模块、液冷、国 产算力三条主线。 在海内外算力基础设施持续投入的背景下，光模块市场有望维持高景气度。截至10月10日，通信ETF （515880）规模超百亿元，"光模块+服务器+铜连接+光纤"占比近79%（截至9月30日），良好地代表了 算力硬件的基本面。其中，光模块占比近50%，可以关注相关布局机会。 （文章来源：每日经济新闻） ...

据新易盛9月30日晚间公告，公司控股股东及实际控制人之一高光荣计划通过询价转让方式转让1143.07万股，占公司总股本的1.15%，转让原因为自身资 金需求。 根据拟转让价格和转让股份计算，高光荣本次拟转让股份市值为37.49亿元。 新易盛是A股市场去年以来的大牛股，从去年4月初的46.56元一度涨至今年9月初的401.10元，并不断创新高，期间涨幅约7.61倍，目前市值为3490亿 元。截至10月9日收盘，新易盛报351.15元/股，询价转让价格较收盘价折价6.6%。 新易盛（300502）10月9日晚间公告，根据2025年10月9日询价申购情况，公司股东高光荣的询价转让初步定价为328.00元/股。参与报价及申购的机构投 资者家数为29家，有效认购股份数量为2926万股，对应的有效认购倍数为2.6倍。本次询价转让拟转让股份已获全额认购，初步确定受让方为16家机构投 资者，拟受让股份总数为1143.07万股。 2020年，高光荣以26亿元身家登上《胡润百富榜》。若以10月9日收盘价351.15元计算，高光荣身家约为258亿元。 资料显示，新易盛2016年3月登陆深交所创业板。公司专业从事光模块的研发及制造， ...

Market Overview - As of September 30, 2025, the A-share market saw all major indices rise, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 15.84%, 29.88%, and 51.20% respectively [1][4] - The total market capitalization of A-shares reached 115.86 trillion yuan, an increase of 22.23 trillion yuan since the beginning of the year, representing a growth rate of 23.74% [2][5] Index Performance - The A-share market can be divided into three phases for the first three quarters of 2025: 1. The first phase from the beginning of the year to March 18 was characterized by a steady rise driven by positive fiscal policy expectations and economic recovery, with the Shanghai Composite Index peaking at 3437.07 points [4] 2. The second phase from March 19 to April 7 saw a pullback due to overseas uncertainties, with the index dropping to a low of 3040.69 points [4] 3. The third phase from April 8 onwards experienced a rebound, with the index approaching 3900 points [4] - The rolling P/E ratios for major indices increased significantly, with the Shanghai Composite Index rising from 14.55 to 16.62, the Shenzhen Component Index from 24.87 to 31.79, and the ChiNext Index from 33.26 to 45.44 [4][6] Sector Performance - Among the 31 sectors, 27 saw gains, with non-ferrous metals, communications, and electronics leading the way with increases of 67.52%, 62.61%, and 53.51% respectively [8] - Four sectors experienced declines: coal (-7.90%), food and beverage (-5.06%), oil and petrochemicals (-3.12%), and transportation (-1.22%) [8] - The valuation of most sectors improved, particularly in technology, with the communications sector's rolling P/E ratio rising from 33.32 to 46.77, and the electronics sector's from 54.45 to 74.54 [8][9] Top Performing Stocks - Excluding newly listed stocks, over 4300 A-shares recorded positive returns, with 446 stocks rising over 100% [10] - The top-performing stock, Aowei New Materials, surged by 1891.60%, with its market capitalization increasing from 2.686 billion yuan to 53.284 billion yuan [11][12] - Other notable gainers included *ST Yushun and Tianpu Co., both of which saw increases exceeding 700% [10][11]

手机闹钟还没响，我就被微信群的连续震动吵醒了。眯着眼摸过手机，群里已经被各种截图和链接刷屏——"月初新规落地，AIGC持证上岗！""北向资金单 日净买入创年内新高""某AI应用ETF净值悄然突破前高"……我揉了揉眼睛，坐起身来，窗外城市的轮廓在晨光中渐渐清晰，而数字世界早已沸腾。 这是我——一个普通科技公司职员——在这个科技浪潮席卷一切的时代里，再寻常不过的一个清晨。 第一章 合规之路：从野蛮生长到持证上岗 月初，我司法务部门的同事格外忙碌。办公室里，他们的工位上堆满了新打印的法规文件，电脑屏幕上密密麻麻标注着重点。午餐时，法务的小张端着餐盘 在我对面坐下，长舒一口气："总算落地了。" 他指的是月初正式实施的《生成式人工智能服务管理暂行办法》。这份被业界称为"AIGC身份证"的新规，明确了生成式AI服务的底线和要求——数据来源 要合法、标注要清晰、内容禁止违法侵权、尊重知识产权。 "以前做AI项目，总有点在灰色地带摸索的感觉。"小张扒拉一口饭，"现在好了，红线划清楚了，哪些能做、怎么做，心里有谱了。" 我司作为一家专注于AI内容生成的中小企业，这几个月为了合规投入了大量精力。数据清洗、算法优化、内容审核系统升 ...

证券研究报告·公司点评报告·光伏设备 奥特维（688516） 子公司松瓷机电推出 CVD 流化床设备，延 伸拓展固态电池领域 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,302 | 9,198 | 7,092 | 6,187 | 6,472 | | 同比（%） | 78.05 | 45.94 | (22.89) | (12.76) | 4.60 | | 归母净利润（百万元） | 1,255.82 | 1,272.90 | 729.46 | 607.09 | 644.31 | | 同比（%） | 76.10 | 1.36 | (42.69) | (16.77) | 6.13 | | EPS-最新摊薄（元/股） | 3.98 | 4.04 | 2.31 | 1.93 | 2.04 | | P/E（现价&最新摊薄） | 12.67 | 12.50 | 21.81 | 26.21 | 24.69 | [Table ...

Group 1 - The core point of the news is that Yachuang Electronics plans to acquire 40% of Shenzhen Ouchuang Semiconductor Co., Ltd. and 45% of Shenzhen Yihai Nengda Co., Ltd. for approximately 317 million yuan, enhancing its semiconductor business and market competitiveness [1] - The acquisition will result in Ouchuang and Yihai Nengda becoming wholly-owned subsidiaries of Yachuang Electronics, as the company currently holds 60% and 55% stakes in these firms respectively [1] - The provisional transaction price for Ouchuang's 40% stake is set at 200 million yuan, with share payments of approximately 172 million yuan and cash payments of about 27.84 million yuan [1] Group 2 - Yachuang Electronics reported a revenue of approximately 2.847 billion yuan for the first half of 2023, representing a year-on-year growth of 125.74%, while the net profit attributable to shareholders was 40.82 million yuan, a 1.47% increase year-on-year [2] - The company is pursuing a dual strategy of distributing automotive electronic components and self-research IC design, while also actively exploring emerging technology fields such as AI memory and optical modules [2] - Yachuang Electronics plans to issue shares to no more than 35 specific investors to raise supporting funds for the acquisition, which is expected to enhance asset quality and operational capabilities, creating significant synergies [2]

1、资本开支催化：北美方面，结合各家厂商定性与定量指引，机构预计北美四大CSP（云厂商）2026 年合计资本开支为4613亿美元，同比2025年+20%；国内方面，阿里巴巴近期在云栖大会上表示，将积 极推进3800亿的AI基础设施建设，到2032年阿里云全球数据中心的能耗规模将提升10倍。 2、AI商业闭环初现：从海外看，Google、Oracle等海外厂商逐步实现AI应用商业闭环，推理需求爆发 +资本开支长期展望乐观背景下，算力基础设施投入进一步释放，成长趋势持续向好，光模块相关公司 有望深度受益。 周四（9月25日），创业板续创3年多新高，人工智能赛道带头冲锋，创业板人工智能指数收涨2.5%直 逼前高！算力+AI应用双双活跃，成份股大面积飘红。算力方面，光模块龙头新易盛领涨超6%，润泽科 技、光环新网、中际旭创等多股跟涨超2%；AI应用，芒果超媒、昆仑万维领涨超7%，拓尔思、易点天 下、华策影视等跟涨。 热门ETF方面，同类规模最大、流动性突出的创业板人工智能ETF（159363）开盘一度下探2%，随后快 速逆转反弹，场内收涨2.49%逼近前期高点，日线连涨五日！全天放量成交超17亿元，量能环比翻倍激 增 ...

Group 1 - The communication ETF (515880) has gained over 104% year-to-date, making it the top-performing ETF in the A-share market, with a net inflow exceeding 500 million yuan in the last two days [1][2] - As of September 24, the communication ETF has a scale of over 12.3 billion yuan, with "optical modules + servers + copper connections + optical fibers" accounting for over 77% of its composition, indicating a strong fundamental outlook for computing hardware [2] Group 2 - Alibaba Group's CEO announced at the 2025 Cloud Summit that large models are the next-generation operating system, and AI cloud is the next-generation computer, with plans for a 380 billion yuan investment in AI infrastructure [1] - Alibaba Cloud has partnered with NVIDIA in the field of Physical AI, integrating NVIDIA's Physical AI software stack into Alibaba Cloud's AI platform PAI, which will provide comprehensive services for enterprises, including data preprocessing and simulation testing [1]

Core Viewpoint - Alibaba Cloud has announced a collaboration with NVIDIA to integrate NVIDIA's Physical AI software stack into its AI platform PAI, enhancing capabilities in data processing, simulation, model training, and more [4] Group 1: Alibaba Cloud and NVIDIA Collaboration - The partnership aims to provide a comprehensive platform for enterprises, facilitating the development cycle of applications such as embodied intelligence and assisted driving [4] - Alibaba is investing 380 billion yuan in AI infrastructure, with plans for further investments, expecting a tenfold increase in global data center energy consumption by 2032 compared to 2022 [4] Group 2: Communication ETF Performance - The Communication ETF (515880) has seen a year-to-date increase of over 104%, making it the top-performing ETF in the A-share market [3] - As of September 24, the Communication ETF has a scale exceeding 12.3 billion yuan, ranking it as the largest ETF in the communication sector [3][9] Group 3: AI Industry Outlook - The AI industry is experiencing significant growth, with North American cloud providers' capital expenditures nearing 100 billion USD in Q2, a year-on-year increase of over 60% [6] - The domestic semiconductor industry is advancing, with increased production capacity and breakthroughs in manufacturing processes, indicating a robust growth trajectory for domestic computing power [7] Group 4: Market Dynamics - The market for AI-related components is expanding, with certain segments still showing positive growth rates, indicating strong valuation support [6] - The light module market is expected to maintain high demand, with light modules accounting for 50% of the Communication ETF's composition [7]