11月25日，赛微电子盘中上涨2.11%，截至09:38，报35.85元/股，成交12.23亿元，换手率5.85%，总市 值262.50亿元。 截至9月30日，赛微电子股东户数7.62万，较上期增加15.65%；人均流通股7843股，较上期减少 13.54%。2025年1月-9月，赛微电子实现营业收入6.82亿元，同比减少17.37%；归母净利润15.76亿元， 同比增长1438.05%。 分红方面，赛微电子A股上市后累计派现1.55亿元。近三年，累计派现2562.75万元。 机构持仓方面，截止2025年9月30日，赛微电子十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股2103.04万股，相比上期增加1075.96万股。南方中证1000ETF（512100）位居第五大流通 股东，持股468.61万股，相比上期减少5.55万股。国联安半导体ETF（512480）位居第六大流通股东， 持股350.24万股，为新进股东。华夏中证1000ETF（159845）位居第八大流通股东，持股278.54万股， 相比上期减少5000.00股。国联安中证全指半导体产品与设备ETF联接A（007300）退出十大流通 ...

智通财经APP获悉，禾赛-W(02525)涨超14%，截至发稿，涨14.44%，报147.4港元，成交额3786.69万港 元。 中金研报指出，禾赛2021-2024年连续四年位居全球激光雷达总营收榜首，市场份额领先。4Q24公司首 次实现单季度盈利，成为全球首家且唯一实现盈利的上市激光雷达公司，在行业中具有里程碑意义。看 好多因素推动行业进入高速成长期。该行认为公司完善的产品矩阵及国内外客户储备，以及技术降本能 力将保障其利润率水平。 消息面上，11 月 24 日，禾赛科技在上海禾赛麦克斯韦全球研发智造中心举办 2025 技术开放日活动， 重磅发布基于RISC-V架构的激光雷达专用高性能智能主控芯片费米 C500，同时发布全球唯一"光子隔 离"安全技术，和 256 线安全激光雷达 ATX 焕新版。目前，"光子隔离技术"已全系搭载至禾赛 ATX、 ETX 等主激光雷达，具备超越行业的安全性与可靠性，做到了物理层面的极致"零误报"。 ...

行情速递 ① 主 板 领 涨 ， 省 广 集 团 (+10.06%)/ 特 发 信 息 (+10.05%)/ 名 臣 健 康 (+10.03%)/ 石 基 信 息 (+10.00%)/数据港(+10.00%)/ ②创业板领涨，久之洋(+20.00%)/中富电路(+17.75%)/蓝色光标(+15.72%)/ ③科创板领涨，金橙子(+20.01%)/光云科技(+20.00%)/品高股份(+19.99%)/ ④活跃子行业，SW营销代理 (+8.32%)/SW横向通用软件(+4.79%)/ 国内新闻 ①艾邦半导体网，国内液冷散热厂商鼎通科技官微宣布称其224G光模块液冷 散热产品进入英伟达供应链/即将批量供应/ ③半导体芯闻，禾赛科技发布基于 RISC-V 架构的激光雷达专用高性能智能 主控芯片费米 C500/其单芯片集成 MCU、FPGA、ADC 于一体/是全球首 款片上融合功能安全与网络安全双重认证的激光雷达专用主控芯片/从硬件层 满足车载场景对可靠性与信息安全的严苛要求/ ②半导体投资联盟，地平线发文称/HSD已获得国内外10家车企品牌、超20 款车型的定点合作/随着规模化装车的全面开启/地平线HSD将以更高 ...

Core Viewpoint - The stock of Shijia Photon has shown significant volatility, with a year-to-date increase of 401.87%, but a recent decline of 3.13% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1] Company Overview - Shijia Photon, established on October 26, 2010, and listed on August 12, 2020, is located in Hebi City, Henan Province. The company specializes in optical chips and devices, indoor optical cables, and cable materials [2] - The main revenue sources are optical chips and devices (70.52%), indoor optical cables (15.11%), and polymer materials for cables (12.66%) [2] - The company operates within the communication equipment sector, focusing on communication network devices and components, and is involved in various concepts such as financing, data centers, and LiDAR [2] Financial Performance - For the period from January to September 2025, Shijia Photon reported a revenue of 1.56 billion yuan, representing a year-on-year growth of 113.96%. The net profit attributable to shareholders reached 300 million yuan, a staggering increase of 727.74% [2] - The company has distributed a total of 77.34 million yuan in dividends since its A-share listing, with 49.81 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 44,300, a rise of 78.43%. The average number of circulating shares per person decreased by 43.96% to 10,351 shares [2] - New institutional shareholders include Yongying Technology and China Aviation Opportunity, while Hong Kong Central Clearing Limited reduced its holdings by 8.26 million shares [3]

Core Insights - Source Technology's stock price increased by 2.12% on November 19, reaching 565.50 CNY per share, with a total market capitalization of 48.603 billion CNY [1] - The company has seen a significant stock price increase of 322.95% year-to-date, with a recent decline of 2.48% over the last five trading days [1] - For the period from January to September 2025, Source Technology reported a revenue of 383 million CNY, representing a year-on-year growth of 115.09%, and a net profit of 106 million CNY, showing a remarkable increase of 19,348.65% [2] Financial Performance - The company has a total dividend payout of 90.5945 million CNY since its A-share listing [3] - As of September 30, 2025, the number of shareholders increased by 30.35% to 9,929, while the average circulating shares per person decreased by 23.29% to 6,057 shares [2] Shareholder Composition - The second-largest circulating shareholder is the China Aviation Opportunity Leading Mixed Fund A, holding 2.7907 million shares as a new shareholder [3] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, increasing its holdings by 683,500 shares to 1.685 million shares [3] - Several funds, including Changcheng Jiujia Innovation Growth Mixed A and GF Electronic Information Media Stock A, have exited the top ten circulating shareholders list [3]

Core Viewpoint - Tianfu Communication positions itself as a provider of overall optical device solutions and advanced optoelectronic packaging manufacturing services, with a focus on new technologies in the optical communication field [1] Group 1: Company Positioning and Services - The company is dedicated to providing comprehensive solutions in optical devices and advanced packaging services [1] - Products are widely used in telecommunications, data centers, fiber connections, and automotive auxiliary driving laser radar applications [1]

Company Overview - Wanlong Optoelectronics, established on May 13, 2001, and listed on October 19, 2017, is located in Hangzhou, Zhejiang Province. The company specializes in the research, production, sales, and technical services of broadcasting network equipment and data communication systems [1][2]. Financial Performance - For the period from January to September 2025, Wanlong Optoelectronics reported a revenue of 201 million yuan, a year-on-year decrease of 23.52%. The net profit attributable to the parent company was -10.30 million yuan, reflecting a year-on-year decline of 177.62% [2]. - The company has cumulatively distributed 22.64 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - As of November 13, Wanlong Optoelectronics' stock price was 24.69 yuan per share, down 2.02% during the trading session. The stock has increased by 38.24% year-to-date, but has seen a decline of 4.12% over the last five trading days [1]. - The company has a total market capitalization of 2.456 billion yuan, with a trading volume of 47.72 million yuan and a turnover rate of 2.57% [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 14.75% to 11,200, with an average of 6,648 circulating shares per shareholder, a decrease of 12.85% [2]. - Notably, the fourth largest circulating shareholder is the Nuoan Multi-Strategy Mixed A fund, which holds 742,200 shares as a new shareholder [3]. Business Segmentation - The main revenue sources for Wanlong Optoelectronics include: 51.99% from wired television optical transmission equipment, 25.79% from telecom value-added services, 13.98% from wired television cable transmission equipment, and 7.17% from other sources, with 1.08% from intelligent monitoring equipment [1]. Market Position - Wanlong Optoelectronics is categorized under the communication industry, specifically in the communication equipment sector, focusing on communication network devices and components. The company is also associated with concepts such as micro-cap stocks, small-cap stocks, QFII holdings, broadcasting systems, and lidar technology [1].

（原标题：图达通通过聆讯：毛利率连续转正引领盈利跨越，国产激光雷达三强竞逐千亿市场） 在全球智能驾驶浪潮奔涌、资本市场持续关注硬科技赛道的当下，激光雷达作为自动驾驶的"眼睛"，正迎来前所未有的发展机遇。 近日，激光雷达赛道迎来又一位重磅玩家。11月12日，图达通通过港交所聆讯，即将通过SPAC方式于香港联合交易所主板上市。 这标志着图达通成为继禾赛科技、速腾聚创之后，第三家冲击港股市场的中国激光雷达企业。自此，三家头部企业即将在港股市场集结，开启资 本市场的新征程。 图达通此次上市不仅是中国激光雷达产业成熟度的重要标志，更成为观察智能驾驶供应链领域投资价值的一扇窗口。 如果说行业景气度为图达通提供了广阔的舞台，那么其自身的技术实力和客户拓展能力，则决定了它能否在这个舞台上脱颖而出。 作为全球少数同时掌握1550nm和905nm两条技术路线并实现量产的企业，图达通展现出卓越的产品定义和产业化能力。 其招股书显示，公司2025年前五个月毛利率已达12.9%。同时，自2024年第四季度至2025年第三季度，图达通连续四个季度实现了毛利润为正， 展现出从技术突破到商业兑现的关键跨越。在全球激光雷达行业仍普遍处于投入期 ...

Core Viewpoint - Tianfu Communication's stock price has seen significant growth this year, with a year-to-date increase of 151.96%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Tianfu Communication reported a revenue of 3.918 billion yuan, representing a year-on-year growth of 63.63%. The net profit attributable to shareholders was 1.465 billion yuan, up 50.07% year-on-year [2]. - The company has distributed a total of 2.172 billion yuan in dividends since its A-share listing, with 1.536 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, Tianfu Communication's stock was trading at 162.26 yuan per share, with a market capitalization of 126.144 billion yuan. The stock experienced a net outflow of 147 million yuan in principal funds on that day [1]. - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on September 4, where it recorded a net purchase of 799 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 13.36% to 128,000, while the average number of tradable shares per shareholder increased by 15.42% to 6,060 shares [2][4]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some institutions reducing their holdings while new investors have entered [4].

Core Viewpoint - The semiconductor industry, particularly companies like Source Technology, has shown remarkable growth in 2025, with significant increases in revenue and net profit, driven by strong demand in data center markets and advancements in technology [3][5][10]. Company Performance - Source Technology reported a revenue of 3.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 115.09%, and achieved a net profit of 1.06 billion yuan, reversing previous losses [5][10]. - The company's stock price surged by 361.12% year-to-date, closing at 616.53 yuan per share as of November 6, 2025 [3][5]. - The growth in Source Technology's revenue is attributed to the increasing demand for CW silicon optical source products in the data center market, which has a high profit margin [5][7]. Industry Overview - Nearly 600 companies listed on the Sci-Tech Innovation Board reported a total revenue exceeding 1 trillion yuan for the first three quarters of 2025, with over 70% of these companies experiencing year-on-year revenue growth [3][4]. - The semiconductor sector has been particularly strong, with many companies reporting significant revenue and profit increases, including companies like Jucheng and Tuojing Technology, which also saw substantial stock price gains [4][10]. Financial Health - Source Technology's cash flow from operating activities showed significant fluctuations, with a net cash flow of 66.94 million yuan for the first three quarters of 2025, indicating improved financial health compared to previous years [8]. - As of the end of the third quarter of 2025, Source Technology had total liabilities of 217 million yuan and cash reserves of 933 million yuan, reflecting a strong liquidity position [8]. Market Sentiment - Analysts from various brokerage firms have expressed optimism about Source Technology's future growth, citing its leading position in the optical chip market and the expected increase in revenue and net profit from 2025 to 2027 [10][11]. - The company is seen as well-positioned to capitalize on the growing demand in telecommunications and data communication markets, particularly with its CW optical source products [10][11].