格隆汇10月9日丨兆驰股份(002429.SZ)在投资者互动平台表示，公司正积极开展对硅基光子学与 PIC 技 术的研发，目标是构建面向共封装光学（CPO）架构的解决方案，为 800G/1.6T 超高速率互联提供核心 支撑。 ...

证券研究报告 2025 年 9 月 19 日 星期五 【A 股市场大势研判】 指数放量调整 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3831.66 | -1.15% | -44.68 | | | 深证成指 | 13075.66 | -1.06% | -139.80 | | | 沪深 300 | 4498.11 | -1.16% | -52.91 | | | 创业板 | 3095.85 | -1.64% | -51.49 | | | 科创 50 | 1380.35 | 0.72% | 9.92 | | | 北证 50 | 1591.17 | -1.01% | -16.27 | | 资料来源：东莞证券研究所，iFinD 数据 申万行业表现前五 申万行业表现后五 概念板块表现前五 ◼ 概念板块表现后五 电子 0.93% 有色金属 -3.56% F5G 概念 1.45% 金属铅 -3.94% 通信 0.19% 综合 -2.85% 共封装光学 （CPO） 1.35% 金属锌 -3.88% 社会 ...

Market Performance - The A-share market experienced a strong rebound with the ChiNext Index rising over 5% to surpass 3000 points, while the Shanghai Composite Index closed at 3875.31, up 1.65% [2][4][6] - The total trading volume in the Shanghai and Shenzhen markets reached 2.44 trillion yuan, an increase of 459.6 billion yuan compared to the previous trading day [6] Sector Performance - The top-performing sectors included Communication (7.39%), Electronics (5.96%), and Computers (3.71%), while the weakest sectors were Textiles & Apparel (0.14%) and Oil & Petrochemicals (0.20%) [3][4] - Concept indices such as Co-packaged Optics (CPO) and AI PC saw significant gains, while sectors like Dairy and Football concepts faced declines [3][4] Future Outlook - The report indicates a positive market sentiment with strong momentum, suggesting that the market is likely to continue its upward trend, particularly in technology growth, new energy, non-bank financials, and machinery sectors [4][6] - The report highlights the resurgence of the computing hardware sector, driven by Oracle's cloud business guidance, which exceeded expectations with a remaining performance obligation (RPO) of $455 billion, a year-on-year increase of 359% [5]

Strong Stocks - As of September 11, the Shanghai Composite Index rose by 1.65% to 3875.31 points, the Shenzhen Component Index increased by 3.36% to 12979.89 points, and the ChiNext Index surged by 5.15% to 3053.75 points [1] - A total of 96 stocks in the A-share market hit the daily limit, with the top three strong stocks being Jimin Health (603222), Qingshan Paper (600103), and Sanjiang Shopping (601116) [1] - Jimin Health (603222) recorded 12 consecutive trading days with 6 limit-ups, a turnover rate of 16.96%, and a transaction amount of 1.202 billion yuan [1] - Qingshan Paper (600103) achieved 8 consecutive trading days with 5 limit-ups, a turnover rate of 11.5%, and a transaction amount of 961 million yuan [1] - Sanjiang Shopping (601116) had 3 consecutive limit-ups, a turnover rate of 10.18%, and a transaction amount of 891 million yuan [1] Strong Concept Sectors - The top three concept sectors with the highest gains were Co-packaged Optics (CPO) with a rise of 6.64%, Copper Cable High-Speed Connection with a gain of 5.89%, and AI PC with an increase of 5.2% [2] - Co-packaged Optics (CPO) had a 100% increase in its constituent stocks, with a constituent stock proportion of 15.32% [2] - Copper Cable High-Speed Connection also saw a 100% increase in its constituent stocks, with a constituent stock proportion of 9.52% [2] - AI PC had 93.48% of its constituent stocks rising, with a constituent stock proportion of 8.7% [2]

Group 1 - The company, Lian Technology (300784.SZ), primarily engages in the research, development, production, and sales of injection molding products and precision injection molds [2] - As of September 10, the company has not yet involved itself in the business of Co-Packaged Optics (CPO) [2]

（原标题：利安科技(300784.SZ)：目前暂未涉及共封装光学（CPO）相关业务） 格隆汇9月10日丨利安科技(300784.SZ)在互动平台表示，公司主要从事注塑产品以及精密注塑模具的研 发、生产和销售，目前暂未涉及共封装光学（CPO）相关业务。 ...

Group 1: Market Performance - On September 1, stocks of "Yizhongtian" (Xinyi Sheng, Zhongji Xuchuang, Tianfu Communication) and "Dehua" (Dekeli, Huagong Technology) reached historical highs, leading the CPO and optical communication module sectors [1] - Zhongji Xuchuang saw a price increase of 14.42%, peaking at nearly 414 yuan; Xinyi Sheng rose over 9%, reaching nearly 400 yuan; Tianfu Communication increased by 11.90%, with a peak above 225 yuan [1] - The trading volumes for Xinyi Sheng and Zhongji Xuchuang were 24.7 billion yuan and 23.2 billion yuan, respectively, ranking just behind Hanwujing at 25.07 billion yuan [1] Group 2: Financial Performance - Alibaba's Q1 FY2026 report indicated a capital expenditure of 38.6 billion yuan for "AI + Cloud," a 220% year-on-year increase, with AI-related product revenue growing for eight consecutive quarters [3] - Hanwujing reported significant revenue growth and improved net profit margins, indicating strong downstream demand and advantages of a light asset model [3] - New Yisheng's net profit surged by 355.86% to 3.942 billion yuan, while Zhongji Xuchuang's net profit increased by 69.40% to 3.995 billion yuan, and Tianfu Communication's net profit rose by 37% to 899 million yuan [4] Group 3: Industry Outlook - The domestic and international computing power industry is experiencing positive synergy, with expectations for increased demand for domestic computing power driven by investments from internet giants and accelerated production of domestic AI chips [4] - The CPO technology is recognized as a mainstream product form for high-speed optical communication, significantly reducing power consumption and costs [5] - Companies involved in CPO/OIO development, such as FAU, MPO, and CW laser manufacturers, are expected to maintain their competitive advantages in the CPO/OIO field [5]

Group 1: Market Activity - A total of 13 stocks had closing limit orders exceeding 1 billion yuan, with the highest being Tianpu Co., Ltd. at 1.174 billion yuan [2] - The stocks with significant limit orders included Dechuang Environmental Protection, Pingtan Development, and Yanshan Technology, with orders of 393,600 hands, 301,000 hands, and 253,200 hands respectively [2] - Tianpu Co., Ltd. achieved a four-day consecutive limit increase, while *ST Suwu recorded five consecutive limit increases [2] Group 2: Company Announcements - Tianpu Co., Ltd. announced that Zhonghao Xinying (Hangzhou) Technology Co., Ltd. is leading a takeover through a combination of equity transfer and capital increase to gain control of the company [2] - Zhonghao Xinying is recognized as a "quasi-unicorn" in Hangzhou, specializing in AI chips for cloud computing and data centers [2] Group 3: Sector Performance - The Co-Packaged Optics (CPO) sector saw stocks like Dongtian Micro and Cambridge Technology reach their limit, with Cambridge Technology currently not producing CPO technology chips [3][4] - The Rare Earth Permanent Magnet sector was represented by Beikang Technology, which focuses on ferrite permanent magnet materials and other specialty materials [5] - The MCU chip sector included stocks like Broadcom Integration and Rockchip, with Broadcom's chips applicable in AI toy fields [6] Group 4: Institutional Investment - Four stocks on the Dragon and Tiger list had net purchases exceeding 1 billion yuan, including Yanshan Technology and Maigemi Te, with net amounts of 489 million yuan and 473 million yuan respectively [7] - Institutions showed significant net buying in stocks like Bubugao and Yuyin Co., with net purchases of 113 million yuan and 81 million yuan respectively [7]

Strong Stocks - As of August 27, the Shanghai Composite Index fell by 1.76% to 3800.35 points, the Shenzhen Component Index decreased by 1.43% to 12295.07 points, and the ChiNext Index dropped by 0.69% to 2723.2 points [1] - A total of 51 stocks in the A-share market hit the daily limit up, with the top three strong stocks being: Tianpu Co., Ltd. (605255), Tianrongxin (002212), and Cambridge Technology (603083) [1] - The detailed data for the top 10 strong stocks includes metrics such as consecutive limit-up days, turnover rates, trading volumes, and net buying amounts from the top trading accounts [1] Strong Concept Sectors - The top three concept sectors based on A-share performance are: F5G Concept with a rise of 0.46%, China AI 50 with an increase of 0.36%, and Co-packaged Optics (CPO) with a growth of 0.18% [2] - The detailed data for the top 10 concept sectors includes metrics such as percentage change, proportion of constituent stocks, and the ratio of rising to falling constituent stocks [2]

Market Overview - The Shanghai Composite Index is approaching 3900 points, with a significant increase in trading volume, reaching a historical high of over 3 trillion [2][3] - All major indices in the A-share market have shown strong upward momentum, with over 3300 stocks rising [2][3] Sector Performance - The top-performing sectors include Communication (up 4.85%), Non-ferrous Metals (up 4.63%), Real Estate (up 3.32%), Comprehensive (up 3.31%), and Steel (up 2.74%) [1][2] - Concept indices such as Rare Earth Permanent Magnet, F5G Concept, and Optical Packaging (CPO) also showed strong gains, while sectors like Horse Racing Concept and Shared Bicycles experienced declines [1][2] Policy and Economic Factors - The Shanghai government has adjusted housing purchase restrictions, allowing unlimited purchases for eligible buyers outside the outer ring [2] - A new personal consumption loan interest subsidy policy will be implemented starting September 1, marking a significant move by the central government in the consumer loan sector [2] - The Federal Reserve Chairman indicated a potential shift in policy stance due to rising risks in the job market, leading to increased bets on interest rate cuts by traders [3] Investment Strategy - The report suggests a focus on sectors such as Finance, Public Utilities, Construction Decoration, Non-ferrous Metals, and TMT (Technology, Media, and Telecommunications) for potential investment opportunities [3]