*ST东易公告称，公司股票于2025年11月6 - 10日连续三个交易日收盘价格涨幅偏离值累计超12%，属异 常波动。2024年营收12.96亿元，净利润 - 11.71亿元；2025年1 - 9月营收5.44亿元，净利润 - 0.58亿元。 公司提示多项风险，包括市盈率与市净率与行业差异大、算力产业注入不确定、智算中心建设及订单导 入存风险、重整协议履行及公司退市风险等。 ...

11月5日至10日，第八届中国国际进口博览会（以下简称"进博会"）在上海召开。技术装备展区内，与 AI（人工智能）算力相关的创新浪潮"扑面而来"，各领域企业竞相展示其最新成果。 国产科技品牌铭瑄则带来了与英特尔联合打造的AI算力产品，吸引了大批观众在其展台前驻足围观。 铭瑄工作人员在讲解四卡AI工作站与ARL-HX迷你双卡一体工作站时提到，依托与英特尔的深度协同， 这些产品能实现"算力按需匹配"，这一创新理念也成为现场交流的焦点，不少中小企业观众当场咨询部 署细节。 一位连续多年参展的企业相关负责人告诉《证券日报》记者："今年展示的技术不仅性能大幅提升，更 重要的是与实际业务场景的结合更加紧密，使算力真正得以驱动产业升级。" 近年来，算力产业建设蓬勃发展，在全球范围内引发广泛关注，而本届进博会也成为全球算力产品集中 亮相的舞台。《证券日报》记者走访了解到，多家国际知名企业在会上展示了其算力相关的最新产品， 企业人士对未来算力产业的发展均充满信心。 戴尔科技集团（以下简称"戴尔"）的展区，重点向观众传递了其智算基础架构解决方案的核心作用。戴 尔展台工作人员介绍，该方案能为智能训练、边缘计算和智能制造等核心场景提 ...

Core Viewpoint - The company plans to acquire 95% of Fujian Shuchan Ming Shang Technology Co., Ltd. for 184.61 million yuan, marking a strategic move to deepen its focus on intelligent computing services [1] Group 1: Transaction Details - The acquisition involves 51% of the equity held by Fujian Big Data Industry Investment Holding Co., Ltd. and 44% held by Shanghai Daming City Enterprise Co., Ltd., structured as a related party transaction without major asset restructuring [2] - The transaction price is based on an assessed value of 194.33 million yuan as of December 31, 2024, ensuring fairness in pricing [2] - Payment will be made in three phases: 30% within five working days after the agreement, 60% upon asset delivery, and the remaining 10% within 15 days post-delivery [2] Group 2: Business Synergy - Fujian Shuchan Ming Shang, established in May 2024, focuses on computing services, data services, and intelligent services, with a core asset being a smart computing center project valued at 550 million yuan [3] - The smart computing center, a significant infrastructure project, was completed and operational by September 2024, achieving a computing capacity of 2000P [3] - The company reported rapid revenue growth, with 34.11 million yuan in revenue and 3.71 million yuan in net profit for 2024, increasing to 59.69 million yuan in revenue and 6.09 million yuan in net profit in the first seven months of 2025 [3] Group 3: Strategic Industry Positioning - The company is enhancing its strategic layout in the intelligent computing sector, responding to the growing market demand driven by advancements in artificial intelligence across various industries [4] - IDC forecasts that China's intelligent computing scale will reach 1037.3 EFLOPS by 2025 and 2781.9 EFLOPS by 2028, indicating significant growth potential in the computing industry [4] - Following the acquisition, the company plans to optimize governance structures and strengthen its competitive edge in AI computing infrastructure, laying a solid foundation for high-quality development [4]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][12]. Core Insights - The company reported strong growth in Q3, with revenue reaching RMB 250.0 billion, a year-over-year increase of 44.4%, and a net profit of RMB 71.3 billion, up 90.0% year-over-year [8]. - The company is positioned as a global leader in the optical module sector, with significant advancements in 1.6T and silicon photonics technologies, which are expected to drive future revenue growth [10]. - The report anticipates continued high growth in net profit for the years 2025 to 2027, with projected figures of RMB 112.63 billion, RMB 201.26 billion, and RMB 280.23 billion respectively, reflecting year-over-year growth rates of 117.8%, 78.7%, and 39.23% [10]. Company Overview - The company operates in the communication industry and has a current A-share price of RMB 477.01 as of November 5, 2025, with a target price set at RMB 550 [2][8]. - The company has a market capitalization of RMB 527.34 billion and a total share count of 1,111.12 million [2]. - The major shareholder is Shandong Zhongji Investment Holding Co., Ltd., holding 11.42% of the shares [2]. Financial Performance - For Q3, the company achieved a single-quarter revenue of RMB 102.2 billion, representing a year-over-year increase of 56.8%, and a net profit of RMB 31.4 billion, up 125.0% year-over-year [8]. - The gross margin for Q3 was reported at 42.79%, with a net profit margin of 32.57%, indicating improved profitability [10]. - The earnings per share (EPS) for the forecasted years are projected to be RMB 10.14, RMB 18.11, and RMB 25.22 for 2025, 2026, and 2027 respectively [9]. Market Position - The company is recognized as the top player in the optical module market, maintaining its leading position according to LightCounting's 2023 rankings [10]. - The demand for the company's products is driven by the global growth in computing power, with the 1.6T products expected to see large-scale shipments soon [10].

Core Viewpoint - The company, Kehua Data, is enhancing its collaboration with Suiyuan Technology to strengthen its capabilities in AI computing power services, aiming to provide comprehensive solutions for various application scenarios [1] Group 1: Strategic Partnership - Kehua Data has established a strategic partnership with Suiyuan Technology to expand its computing power layout and collaboration [1] - The partnership focuses on delivering one-stop AI computing power services through a professional engineering team and operational support [1] Group 2: Future Plans - The company plans to continuously improve its computing power solutions and integrate upstream and downstream ecosystems [1] - There is an emphasis on co-creation with partners to develop multidimensional delivery products that meet diverse customer needs [1] - The goal is to contribute significantly to the high-quality development of the computing power industry [1]

近日，北美四家CSP(云计算服务提供商)厂商陆续公布三季报，资本开支加速增长，同时各家对未来基 础设施投资均继续保持积极态度。具体来看，北美四大云厂商2025年一季度资本开支总计773亿美元， 同比增长62%，二季度资本开支总计958亿美元，同比增长64%，三季度，北美四家CSP厂商资本开支合 计1133亿美元，同比增长75%，环比增长18%。 中信建投（601066）证券认为，当前北美CSP厂商资本开支仍处于快速增长阶段，且展望乐观。当下AI 大模型的用户渗透率仍较低，大模型发展仍处于中初级阶段，产业化周期才开始，大模型带来的算力投 资方兴未艾，资本开支会随着大模型收入的增长而增长，投资的天花板可以很高。短期内，在加单传 闻、三季报业绩预期及中美关系缓和等因素带动下，光模块等AI算力板块上涨明显。随着预期落地， 以及存在"需求虽然很乐观，但供给能力或不足"情况，板块难免有震荡调整，但这不代表产业的景气趋 势结束，站在中期视角仍建议持续重视AI板块。一方面，持续推荐AI算力板块，包括北美算力产业链 与国内算力产业链的核心公司；另一方面，也建议关注AI应用板块，包括端侧AI的进展，如物联网模 组公司。 ...

Core Insights - Chaojuvian Digital Technology Co., Ltd. is preparing for an IPO, indicated by recent job postings for financial experts in IPO operations [1] - The company has initiated a large-scale stock allocation for core employees, likely to stabilize talent post-IPO [1] - Founded in 2021, Chaojuvian was spun off from Huawei's X86 server business due to U.S. sanctions and is now state-owned [1] Company Overview - Chaojuvian focuses on computing infrastructure and services, offering products such as servers, operating systems, large model acceleration engines, hyper-converged solutions, and high-performance computing solutions [1] - The company has established 10 R&D centers, 6 supply centers, and 6 global technical service centers, serving over 10,000 clients in more than 100 countries [1] Financial Performance - Chaojuvian aims to achieve sales revenue exceeding 30 billion in 2024, targeting 40 billion [2] - The company holds the second position in the Chinese server market and leads the AI server market [2] - The overseas market has seen a compound annual growth rate of over 50% over the past three years, with internet revenue increasing tenfold and operator revenue tripling [2]

Core Insights - The computing power industry is experiencing significant growth, with several listed companies reporting strong performance in their third-quarter results, reflecting the robust development momentum of the computing power sector and the accelerated maturity of the domestic computing power ecosystem [1][2]. Group 1: Company Performance - Haiguang Information reported a revenue of 9.49 billion yuan for the first three quarters, a year-on-year increase of 54.65%, and a net profit of 1.96 billion yuan, up 28.56% [1]. - Shenghong Technology achieved a revenue of 14.12 billion yuan, marking an 83.40% year-on-year growth, and a net profit of 3.25 billion yuan, which is a remarkable increase of 324.38% [2]. - Inviq reported a revenue of 4.03 billion yuan, with a year-on-year growth of 40.19%, and a net profit of 399 million yuan, up 13.13% [2]. Group 2: Industry Trends - The computing power sector is expected to maintain high growth, with projections indicating that China's intelligent computing power scale will grow by 43% by 2025, reaching a market size of 25.9 billion USD, a 36.2% increase from 2024 [2]. - The performance surge in the computing power industry is characterized by a clear transmission effect across various segments, including processors, servers, optical modules, printed circuit boards, and liquid cooling solutions [2]. Group 3: R&D Investments - Haiguang Information increased its R&D investment to 2.935 billion yuan in the first three quarters, a 35.38% year-on-year increase, with Q3 R&D spending reaching 1.224 billion yuan, up 53.83% [3]. - Shenghong Technology's R&D expenses in Q3 amounted to 608 million yuan, reflecting an 84.43% year-on-year growth, supporting advancements in high-density interconnect circuit board technology for AI computing [3]. - The collective strong performance of companies in the computing power industry is attributed not only to market demand but also to the acceleration of the domestic production process and technological breakthroughs [3].

Core Insights - Dongyangguang (600673) reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 10.97 billion and net profit at 906 million, reflecting a year-on-year growth of 23.56% and 189.8% respectively, surpassing market expectations [1][2] Group 1: Performance and Market Position - The surge in performance is attributed to both short-term market cycle fluctuations and the company's strategic alignment with national policies, particularly in the context of the "dual carbon" goals and the digital economy [1][2] - The company has effectively capitalized on the rising prices of refrigerants, which is a direct result of the fundamental shift in the supply-demand dynamics of HFCs due to the Kigali Amendment [2] Group 2: Strategic Development - Dongyangguang has integrated its chlor-alkali industry chain, creating a complete closed loop from salt mines to fine fluorochemical production, enhancing cost control and risk resilience [2] - The company is investing in the research and development of fourth-generation refrigerants, demonstrating a long-term vision that extends beyond current market cycles [2] Group 3: Technological Transition - The strategic shift from traditional manufacturing to a high-tech ecological platform marks a significant evolution for the company, aligning with national policies promoting integrated computing power networks [3] - The acquisition of Qinhuai Data's China operations provides valuable access to computing power and application scenarios, integrating deeply into the national strategy of "East Data West Calculation" [3] Group 4: Organizational Innovation - Dongyangguang's internal transformation includes a departmental reform and enhanced customer mechanisms, improving market responsiveness and resource allocation efficiency [4] - The company has developed a unique "collaborative empowerment" model, where innovations in electronic components support both new energy and AI computing needs, creating a symbiotic technological ecosystem [4] - The implementation of an employee stock ownership plan aligns core interests with the company's long-term development, ensuring the sustainability and stability of its strategic initiatives [4]

Core Insights - Company achieved a quarterly revenue of 1.927 billion yuan, a year-on-year increase of 15.52% [1] - Cumulative revenue for the first three quarters reached 5.422 billion yuan, up 19.23% year-on-year [1] - Gross margin improved to approximately 4%, an increase of 4.4 percentage points compared to the same period last year, marking five consecutive quarters of positive gross margin growth [1] AI and Technology Development - The company has sent samples of its self-developed 8-inch SiC MOSFET devices to AI companies in Europe and the U.S., indicating a significant breakthrough in the "new energy + AI" dual-track layout [1] - The AI server power supply market is expected to experience explosive growth, with global AI server shipments projected to increase by 24.3% in 2025, reaching a market size of 158.7 billion USD [1] - The company has entered mass production of data transmission chips for AI servers and data centers, and launched a second-generation high-efficiency power management chip platform for data centers [2] Robotics and High-Voltage Solutions - The company provides a one-stop chip system foundry solution covering power devices, driver ICs, magnetic devices, MCUs, and current sensors, while actively expanding into the 800V high-voltage direct current (HVDC) market [2] - In the robotics sector, products such as VCSEL light sources, pressure sensors, and IMUs have achieved mass production, with a miniaturized drive module for robotic hands expected to enter mass production in Q1 2026 [2] Automotive and Industrial Growth - In the new energy vehicle sector, the company maintained rapid growth with an 18% revenue increase in the first three quarters, with over 1 million vehicles equipped with SiC MOSFETs [3] - The company focuses on high voltage and high power in the industrial control sector, achieving industry-leading results in string-type light storage power solutions, with related revenue growth exceeding 26% [3] - In the high-end consumer market, the company has made significant breakthroughs, with its consumer IMUs validated by top domestic smartphone brands and high-performance microphones capturing over 50% market share in a leading international smartphone terminal [3]