长江商报消息 ●长江商报记者 潘瑞冬 光电子器件龙头光库科技（300620.SZ）业绩预喜。 近日，光库科技发布2025年度业绩预告，预计2025年归母净利润为1.69亿元至1.82亿元，同比增长152% 至172%。报告期内，公司通过技术创新、推出新产品、积极开发国内外新客户，营业收入实现稳步增 长，带动了净利润的增长。 长江商报记者注意到，光库科技2025年内推动外延式并购，加码光通信领域。公司以16.4亿元对价收购 苏州安捷讯光电科技股份有限公司（简称"安捷讯"）99.97%股份的方案已获深交所受理。 同时，在多重利好因素下，光库科技的股价在2025年表现强势。K线图显示，2025年初，光库科技的股 价为48.6元/股，年末涨至147.05元/股，年内涨幅达202.57%。 第四季度归母净利或创新高 近四年研发费4.8亿 业绩高增长的背后，是光库科技对研发的持续加码与技术壁垒的构建。 公开资料显示，光库科技成立于2000年，2017年登陆深交所创业板，核心业务涵盖光纤激光器件、光通 讯器件和激光雷达光源模块及器件三大领域。 随着AI算力需求持续增长，对数据中心及网络带宽需求大幅提升，2024年，光库科技 ...

Group 1: Market Trends and Strategies - The report discusses potential issues to watch in the spring market of 2025, including whether there will be a significant drop in A-shares similar to previous years and the timing of the spring rally in relation to mandatory annual report disclosures [3][4] - Current economic recovery is still fragile, making a policy shift unlikely, and the market sentiment remains positive with the Shanghai Composite Index showing resilience near the 3800 support level [4][5] - The report indicates that sectors that performed well before the spring rally tend to maintain their momentum, with a 60-70% probability of continuation in the early stages of the rally [5] Group 2: AI Chip Market Dynamics - The report highlights Nvidia's conditional reopening of H200 chip exports to China, which is primarily aimed at inventory clearance and regaining market share lost due to previous bans [7][8] - Major Chinese tech companies are rapidly procuring H200 chips, with Alibaba planning to purchase 40,000 to 50,000 units, indicating a strong demand for high-end computing power [9][10] - The report suggests that while the H200 chip can meet some high-end demands in China, it may delay the progress of domestic AI chip development, reinforcing the need for self-sufficiency in technology [8][12] Group 3: Chemical Industry Insights - The report notes an increase in the National Chemical Industry Prosperity Index, indicating a positive outlook for the chemical sector, particularly in light of geopolitical tensions that may accelerate the replacement of Japanese semiconductor materials [15][18] - The report emphasizes the potential for high dividend yields in the chemical sector as capacity expansion slows globally, with a focus on companies that can leverage their cash flow effectively [18][22] - The report identifies specific opportunities in the chemical industry, including low-cost expansion and sectors with improving profitability, such as chromium salts and phosphates [19][20] Group 4: Investment Strategies and Market Movements - The report indicates a significant net inflow into the CSI A500 ETF, with a total inflow of 493.24 billion yuan, reflecting a recovery in stock market funding demand [44][45] - The report highlights the importance of maintaining a balanced funding environment, with the central bank's operations resulting in a net injection of 652 billion yuan into the market [44] - The report suggests that the securities industry is likely to benefit from a slow bull market, with various brokerage services expected to perform well under favorable conditions [47][48]

证券研究报告 | 行业深度 gszqdatemark 2025 12 28 年 月 日 电子 高速率光芯片前景广阔，看好光芯片景气周期 光芯片是光模块的核心，高速率光芯片前景广阔。激光器芯片和探测器芯 片合称为光芯片，光芯片是光器件中的核心元器件，主要用于光电信号转 换和处理，是光模块的核心组成部分，激光器芯片按出光结构可进一步分 为面发射芯片和边发射芯片，面发射芯片包括 VCSEL 芯片，边发射芯片包 括 FP、DFB 和 EML 芯片；探测器芯片主要有 PIN、APD、SPAD、SiPM。 其中，EML 技术门槛较高，AI 需求致高端 EML 产能紧缺，供应排至 2027 年后，2024 年全球 EML 激光芯片市场规模达 37.1 亿元，预计 2030 年将 增长至 74.12 亿元，年复合增长率 12.23%，目前 EML 芯片由少数国际巨 头主导，主要的供应商包括 Lumentum、Coherent（Finisar 菲尼萨）、 Mitsubishi（三菱）、Sumitomo（住友）、Broadcom（博通）等。 硅光模块具有高集成、低功耗、低成本、适合高速短距传输的特点，推动 CW 激光器需求提升。 ...

来源：IT之家 根据福布斯实时亿万富翁榜（截至 2025 年 12 月 26 日星期五）的数据，埃隆・马斯克（Elon Musk）以 惊人的 7519 亿美元（IT之家注：现汇率约合 5.28 万亿元人民币）身家稳居全球首富宝座。 并且和第二名谷歌联合创始人拉里・佩奇（Larry Page），差距拉大至近 5000 亿美元（现汇率约合 3.51 万亿元人民币），形成了事实上的"断层"领先。 科技媒体 Databoks 指出，7519 亿美元这一数字不仅刷新了财富纪录，更令人咋舌的是其增长速度，与 上月相比，马斯克的财富涨幅高达 57.85%。 谷歌另一位创始人谢尔盖・布林（Sergey Brin）位列第五，身家为 2382 亿美元。Meta 创始人马克・扎 克伯格（Mark Zuckerberg）则以 2289 亿美元排在第六，涨幅达到 4.9%。 值得注意的是，英伟达（NVIDIA）掌门人黄仁勋（Jensen Huang）以 1638 亿美元位列第八，单月涨幅 高达 6.02%，是榜单中除马斯克外增长最强劲的富豪，显示出 AI 算力领域的持续火热。 前十名中，仅有排名第七的 LVMH 集团伯纳德・阿尔诺家族 ...

通信- 当前时点还有哪些标的可以配置？20151223 摘要 AI 算力板块受益于宏观环境和季节性因素，光模块行业弹性巨大，尤其 关注 800G 到 1.6T 的价格弹性以及 GB300 到 LOBIN 的配比提升，是 AI 算力细分领域中增长潜力最大的方向。 AI 并非泡沫，与 2000 年互联网泡沫相比，AI 替代的是人类工具，市场 空间更大。AI 用户增长速度快于当年互联网，OpenAI 等公司收入迅速 增长，且 GPU 利用率高，未见成本非线性下降或需求坍塌风险。 液冷产业趋势确立，鼎通科技获英伟达液冷订单，预计 2026 年液冷方 案产值达 4 亿元，实现 1.5 亿元利润。英维克受益于 Meta 全液冷链条 突破，2026 年业绩预期上修至 13-15 亿元，与谷歌合作进展良好。 中际旭创已进入 1.6T 规模交付阶段，凭借上游芯片、光源等环节优势， 稳住交付能力并提升毛利率，预计 2026 年业绩至少达到 350 亿左右。 新易盛受益于 AI 集群高速以太网渗透加速，订单和出货节奏增强，未来 几年内业绩有望达到 250 亿以上。 天孚通信深度绑定英伟达，在 800G 向 1.6T 切换过程中份额 ...

Group 1: Food and Beverage Industry - The EU's anti-subsidy measures on dairy products have been implemented, which is expected to accelerate the domestic substitution in deep processing of dairy products. The measures include temporary anti-subsidy deposits on EU dairy imports starting December 23, 2025 [3] - From 2020 to March 2024, EU dairy product imports accounted for 23.6% to 34.6% of China's total dairy imports. The imposition of anti-subsidy taxes is likely to drive the deep processing business to shift domestically [3] - Domestic dairy companies such as Miao Ke Lan Duo, Yili, Mengniu, and Li Gao are focusing on deep processing, with current domestic milk prices being lower than overseas prices, which may further accelerate domestic substitution [3] - The deep processing sector is expected to enhance the consumption of raw milk, thereby improving the supply-demand dynamics in the upstream raw milk industry [3] Group 2: Electronics Industry - Lingyi Technology (002600.SZ) plans to acquire a 35% stake in Limin Da for 875 million RMB, gaining control over 52.78% of voting rights. This acquisition will integrate Limin Da into the company's consolidated financial statements [5] - Limin Da specializes in thermal management solutions for enterprise-level servers, providing key hardware products such as liquid cooling connectors and modules. The company has established a strong customer base, including leading clients in the overseas computing industry [5] - For the first nine months of 2025, Limin Da reported revenues of 486 million RMB and a net profit of 21 million RMB, showing significant improvement in profitability compared to the previous year [5] - The acquisition is expected to enhance the company's capabilities in the server liquid cooling business, reduce development costs, and improve product validation cycles, thereby expanding the scale and profitability of the AI hardware server segment [5]

Group 1: Core Insights - The communication industry continues to focus on AI computing power, driven by the resonance of AI training and inference demand, with overseas CSPs continuously investing in computing power infrastructure [2][6] - The demand for optical interconnects is expected to increase significantly as the scale-up architecture evolves from in-cabinet to cross-cabinet and cluster designs [2][7] - Liquid cooling is transitioning from optional to a necessity due to rising cabinet power density, with overseas markets entering a realization phase and domestic commercialization accelerating [2][7] Group 2: Operators - The three major operators maintain stable performance, with a slight increase in profits despite revenue pressure, and improved cash flow quality [6][20] - Dividend payout ratios are steadily increasing, providing stable returns and valuation support for the sector, highlighting its attractiveness as a low-volatility defensive asset [6][24] Group 3: AI Computing Power - AI computing power remains in high demand, with both training and inference needs growing, leading to a clearer inflation logic in the network side [7][27] - The cost advantages of ASICs are accelerating their penetration, which is expected to enhance the share of optical modules in overall IT capital expenditures [7][45] - The growth of AI-related revenue is projected to continue, with significant increases in user engagement and request volumes for applications like Google's Gemini [27][30] Group 4: IDC (Internet Data Centers) - IDC valuations and positions are currently at the bottom range, with signs of marginal improvement in the industry [8][79] - Major internet companies are expected to significantly increase their capital expenditures in AI, which will positively impact the IDC market supply-demand dynamics [8][76] Group 5: Copper Connections - The acceleration of cabinet penetration is enhancing the outlook for copper connections, which are being integrated into high-end cabinet systems due to their low latency and power consumption advantages [8][82]

Group 1: Price Outlook - The "anti-involution" policy is expected to catalyze a rebound in coal prices, with a stable increase anticipated in 2026. In 2025, coal prices experienced a low-to-high trend, with the lowest price for Qinhuangdao 5500 kcal thermal coal dropping to 610 CNY/ton in June and rebounding to 813 CNY/ton by December 1 [4][24] - The annual price range for China's coking coal index fluctuated between 1100 and 1570 CNY/ton in 2025, with a significant increase of 37.14% from the lowest point in June to the highest in November [4][21] Group 2: Domestic Supply - The "anti-involution" policy will promote industry self-discipline and stricter safety regulations, potentially leading to a decline in domestic coal production due to the exit of pre-registered increased capacity in 2026 [5][30] - The National Energy Administration's notification in July 2025 mandated that coal mines' annual output must not exceed announced capacity, contributing to a tightening of coal supply [5][31] - The coal import volume in 2025 is expected to decrease, with a total of 432 million tons imported from January to November, marking an 11% year-on-year decline [5][34] Group 3: Demand Dynamics - Thermal power is expected to play a stabilizing role, with resilient demand anticipated during the 14th Five-Year Plan period. The cumulative thermal power generation from January to October 2025 was 52130.5 billion kWh, showing a slight decline of 0.19% year-on-year [6][45] - The development of AI computing power is projected to drive significant growth in new electricity demand, with electricity consumption in the power sector expected to increase due to sustained demand for thermal coal [6][59] Group 4: Market Value Management - The implementation of market value management assessments is expected to weaken industry cycles, with high dividend payouts reflecting mid-to-long-term investment value. The China Securities Regulatory Commission has encouraged cash dividends and improved investor returns since late 2023 [7][60] - Major coal companies are responding to initiatives to enhance shareholder returns, with companies like China Shenhua and China Coal Energy committing to high dividend payouts, with ratios expected to remain above 65% [7][61] Group 5: Investment Recommendations - The "anti-involution" policy is anticipated to lead to self-discipline in the industry and a stable increase in coal prices. The coal sector is viewed as a stable high-dividend investment, suitable for providing solid returns [9][64] - Recommended stocks include leading coal companies with strong resource endowments and stable dividend policies, such as China Shenhua A+H, China Coal Energy A+H, and Yanzhou Coal Mining A+H [9][64]

2、公司的智能应用如何落地到银行柜台等服务场景，提 升工作人员效率？ 您好，公司杭州团队专门打造连锁门店场景的算力解决方 案，采用"摄像头 + 后台数据"的 AI 管理模式；已在烘焙、 餐饮、服装、零售等多个行业广泛应用。针对银行柜台等服务 场景，该方案可实现 24 小时不间断监控管理，基于不同场景 的实际需求通过公司的算法中台灵活自定义检测模型进行配 置，核心覆盖服务响应及时性、人员着装规范、操作合规性等 关键维度。同时，方案可输出服务场景效率监测报告和门店重 点事项预警，其次方案中的 AI 培训板块可帮助员工明确绩效 短板、激发工作成就感，最终实现服务质量与效率的双重提升。 3、公司港股上市的目前进度如何？ 您好，公司于 2025 年 10 月 22 日递交 A1 表，10 月 24 日 递交中证监国际司。目前国际司排队企业较多，根据公开信息 显示，当前排队企业 269 家，公司相关工作正在积极有序推进 中，具体进度以公司公告为准。 4、AI 智能眼镜的量产进度如何？在供应链、客户合作及 市场推广方面有哪些具体进展？ 您好，目前 Dreamworld AI（融梦 AI）的新款人工智能眼 镜正在按照原定计划 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 12 12 年 月 日 朝闻国盛 怎么看 2026 年美联储降息节奏？ 今日概览 ◼ 重磅研报 【宏观】增量信息不少—中央经济工作会议 6 大看点——20251211 【宏观】怎么看 2026 年美联储降息节奏？——兼评 12 月议息会议—— 20251211 【金融工程】低偏离度下的纯粹 Alpha 创造——兴银基金中小盘指增策 略探析——20251211 【非银金融】保险行业 2025 行情回顾——阶段性超额收益显著，全年跑 输大盘——20251211 ◼ 研究视点 【电子】蓝思科技（300433.SZ）-收购服务器业务公司，加码 AI 算力核 心布局——20251211 作者 | 分析师 | 杨润思 | | | | --- | --- | --- | --- | | 执业证书编号：S0680520030005 | | | | | 邮箱：yangrunsi@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 12.9% | 7.6% | 81.1% | | 国防 ...