浙商大制造 邱世梁｜周艺轩【罗博特科】 与以色列公司新签约3800万元 合同！ 2026年1月27日，公司披露： 1、与一家位于以色列的纳斯达克上市的头部公司E，自2025年9月24日至2026年1月26日期间签署日常经营合同累 计约为922万美元（不含税， 1、与一家位于以色列的纳斯达克上市的头部公司E，自2025年9月24日至2026年1月26日期间签署日常经营合同累 计约为922万美元（不含税， #占公司2024年度经审计营业收入的比例超过了 【5.79%】。 #占公司2024年度经审计营业收入的比例超过了 【5.79%】。 2、其中202 浙商大制造 邱世梁｜周艺轩【罗博特科】 与以色列公司新签约3800万元 合同！ 2026年1月27日，公司披露： 三、重视公司在高速光通信领域，能提供 且 的全球稀缺性 除单面晶圆测试设备外，公司也布局了 1）此前已披露获泰瑞达（电测试龙头） 2、其中2026年1月26日签订的订单金额约为547万美元 （不含税，折人民币超3800万元），系【 】 一、贝塔与阿尔法的强共振 硅光、OCS、CPO等光互联技术在产业端逐步落地，公司全球稀缺性卡位亦加速兑现！ 根据公司20 ...

浙商大制造 邱世梁｜周艺轩【罗博特科】 与以色列公司新签约3800万元 合同！ 2、其中2026年1月26日签订的订单金额约为547万美元 （不含税，折人民币超3800万元），系【 】 一、贝塔与阿尔法的强共振 2026年1月27日，公司披露： 1、与一家位于以色列的纳斯达克上市的头部公司E，自2025年9月24日至2026年1月26日期间签署日常经营合同累 计约为922万美元（不含税， #占公司2024年度经审计营业收入的比例超过了 【5.79%】。 2、其中2026年1月 浙商大制造 邱世梁｜周艺轩【罗博特科】 与以色列公司新签约3800万元 合同！ 2026年1月27日，公司披露： 1、与一家位于以色列的纳斯达克上市的头部公司E，自2025年9月24日至2026年1月26日期间签署日常经营合同累 计约为922万美元（不含税， #占公司2024年度经审计营业收入的比例超过了 【5.79%】。 2）同时与 共同开发的全球首个#300mm双面晶圆测试平台已完成可靠性测试。 四、持续推荐 综合AI需求高增、头部客户加单、公司全自动封测产线级设备稀缺性，我们强烈看好公司硅光、OCS、CPO设备 等订单持续放量！ ...

高盛-罗博特科(300757.SZ)-中国CPO：罗博特科（300757.SZ）董事长调研纪要中国CPO： RoboTechnik（300757.SZ）董事长交流：CPO与OCS持续扩张，自动化测试与对准需求提升 我们于1月20日在香港举办的GS AllenChangTechAI展望企业日活动中接待了RoboTechnik（300757.SZ，未覆盖）董 事长。 管理层强调了公司在自研运动控制系统、机器视觉和数据库方面的优势。 横向参考：管理层关于光子封装设备需求强劲的观点，印证了我们对硅光子（SiPh）渗透率提升、规格向更高速 率升级以及CPO新兴应用落地的看法。 我们预计光模块出货量在2026-2028年间将以34%的复合年增长率增长，至2028年达到9400万只（报告链接）。 公司概况：RoboTechnik（300757.SZ）成立于2011年，最初从事光伏电池制造设备业务。 2020年，公司投资德国企业FiconTEC，后者为集成光子器件和高端光电元件提供自动化封装与测试设备，由此推 动公司进入硅光子/SiPh和CPO市场，并参与AI基础设施建设。 FiconTEC已于2025年成为RoboTech ...

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - On January 19, the A-share market showed a shrinking and fluctuating trend with differentiated performances among major indices. The Shanghai Composite Index closed up 0.29% at 4114 points, the Shenzhen Component Index rose 0.09%, and the ChiNext Index fell 0.7%. The Beijing Stock Exchange 50 rose 0.02%, the STAR 50 fell 0.48%, the Wind All-A rose 0.41%, the Wind A500 rose 0.28%, and the CSI A500 rose 0.28%. The UHV and AVIC concepts exploded with many stocks hitting the daily limit, while the petrochemical and catering tourism sectors performed well. The CPO, OCS, semiconductor silicon wafers, and consumer electronics sectors led the decline. The A-share market's total trading volume for the day was 2.73 trillion yuan, down from 3.06 trillion yuan the previous day [6] Group 3: Summary by Related Catalogs Market Review - Index closing prices and changes: The Shanghai Stock Exchange 50 closed at 3075.9357, down 0.12%; the CSI 300 closed at 4734.4556, up 0.05%; the CSI 1000 closed at 8265.6462, up 0.40%. Their trading volumes were 55.87 billion, 267.61 billion, and 326.69 billion respectively, and their turnovers were 1661.80 billion yuan, 6551.49 billion yuan, and 5816.76 billion yuan respectively [3] CFFEX Stock Index Option Trading Situation - Option trading volume and position: For the SSE 50, the call option trading volume was 2.84 million contracts, the put option trading volume was 1.88 million contracts, the daily trading volume was 5.25 million contracts, the call option position was 3.23 million contracts, the put option position was 2.02 million contracts, and the PCR was 0.62. For the CSI 300, the call option trading volume was 8.50 million contracts, the put option trading volume was 5.48 million contracts, the daily trading volume was 15.38 million contracts, the call option position was 9.17 million contracts, the put option position was 6.20 million contracts, and the PCR was 0.68. For the CSI 1000, the call option trading volume was 22.71 million contracts, the put option trading volume was 13.04 million contracts, the daily trading volume was 27.10 million contracts, the call option position was 13.94 million contracts, the put option position was 13.16 million contracts, and the PCR was 0.94 [3] Volatility Analysis - The report presents historical volatility and volatility cone charts for the SSE 50, CSI 300, and CSI 1000, as well as their next-month at-the-money implied volatility and volatility smile curves [3][4]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market is characterized by a structural trend. On January 19, the four major index futures contracts for the current month showed mixed performance. On the trading day, the total trading volume of index futures declined, indicating a decrease in investors' trading enthusiasm. The positions of the four major index futures also changed, with some increasing and some decreasing [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - **Closing Price and Fluctuation**: The closing prices of various index futures showed different degrees of increase or decrease. For example, the CSI 300 index closed at 4734.5, up 0.05%; the SSE 50 index closed at 3075.9, down 0.12%; the CSI 500 index closed at 8288, up 0.67%; and the CSI 1000 index closed at 8265.7, up 0.40% [1]. - **Basis**: The basis of different index futures and their contracts also varied. For instance, the basis of IF2602 was -1.66, and that of IH2602 was 0.46 [1]. - **Trading Volume and Open Interest**: The trading volume and open interest of each index futures contract changed. For example, the trading volume of IF2602 decreased by 5290 lots, and the open interest decreased by 1168 lots [1]. 3.2 Market Activity - **Trading Volume**: The total trading volume of index futures decreased. Specifically, the total trading volume of IF decreased by 34310 lots, IH by 18564 lots, IC by 21181 lots, and IM by 35971 lots [2]. - **Open Interest**: The total open interest of index futures also changed. The total open interest of IF decreased by 4289 lots, IH by 1610 lots, IC increased by 6196 lots, and IM increased by 1234 lots [3]. 3.3 Top 20 Member Positions The positions of the top 20 members in different index futures contracts changed. For example, in the IF2601 contract, the long - position decreased by 1007 lots, and the short - position decreased by 724 lots [5]. 3.4 Trend Intensity The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.5 Important Drivers - **A - share Market**: A - shares were in a shrinking and volatile state. The Shanghai Composite Index rose 0.29% to 4114 points, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.7%, and the total trading volume of A - shares was 2.73 trillion yuan, down from 3.06 trillion yuan the previous day [7]. - **Hong Kong Stock Market**: Hong Kong stocks opened lower and closed lower. The Hang Seng Index fell 1.05% to 26563.9 points, the Hang Seng Tech Index fell 1.24%, and the total trading volume was 2256.9 billion Hong Kong dollars, down from 2550.79 billion Hong Kong dollars the previous day [7]. - **Macroeconomic Data**: In 2025, China's GDP was 1401879 billion yuan, a 5% increase compared to the previous year. The national population at the end of 2025 was 1404890000, a decrease of 3390000 from the previous year, with a natural population growth rate of - 2.41‰ [7][8].

Market Performance - The three major stock indices closed mixed, with the Shanghai Composite Index rising by 0.29% and the Shenzhen Component Index increasing by 0.09%, while the ChiNext Index fell by 0.7% [1] - The Science and Technology Innovation Index decreased by 0.21% [1] Sector Performance - The sectors leading the gains included ultra-high voltage, smart grid, and general aviation [1] - Conversely, the sectors with the largest declines were CPO, OCS, semiconductor silicon wafers, and consumer electronics [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, which represents a decrease of 317.9 billion yuan compared to the previous trading day [1]

Core Viewpoint - The company is undergoing a strategic transformation focusing on a "dual-engine" development model, integrating clean energy and semiconductor sectors, with a strong emphasis on photovoltaic equipment and advanced automation solutions [1] Group 1: Business Overview - The company specializes in high-end automation equipment and intelligent manufacturing execution systems, having acquired ficonTEC, a leading manufacturer in the field of optoelectronic and semiconductor packaging and testing equipment [1] - The photovoltaic business covers mainstream technology routes such as PERC, TOPCon, HJT, and XBC, with equipment performance at the domestic leading and international advanced levels [1] - The semiconductor business focuses on cutting-edge packaging, coupling, and testing equipment for silicon photonic chips, optical modules, and other advanced fields, serving major global clients like Intel, Cisco, and Huawei [1] Group 2: CPO Technology and Market Position - CPO technology integrates ASIC chips with silicon photonic engines on a single high-speed motherboard, addressing the rate bottleneck of traditional pluggable optical modules [2] - ficonTEC is one of the few companies capable of providing fully automated packaging and coupling equipment for silicon photonics and CPO optical modules above 800G, serving major clients like Intel and Broadcom [2] - The company supports clients throughout the product lifecycle, from research validation to mass production, through its "From Lab to Fab" model [2] Group 3: Competitive Advantages - ficonTEC's core competitiveness is built on five pillars: proprietary motion control and process algorithm software, ultra-high precision motion platforms, advanced positioning and vision systems, a collaborative business model, and strong partnerships with leading research institutions [3] - The company has delivered over 1,000 sets of optoelectronic packaging and testing equipment, showcasing its extensive design and R&D experience [3] Group 4: Growth Drivers - The acceleration of delivery processes by downstream clients is driving the company to rapidly enhance its production capacity, with CPO technology expected to scale up between 2026 and 2027 [4] - OCS technology is emerging as a new growth driver, optimizing optical connections between servers and enhancing AI infrastructure scalability and energy performance [4] - Recent significant orders include a €9.465 million contract for fully automated silicon photonic packaging equipment and a €7.7 million contract for OCS packaging systems, indicating strong demand from industry and large-scale data center clients [5] Group 5: Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 701 million, 1.293 billion, and 1.677 billion respectively, with EPS estimates of -0.30, 0.30, and 0.60 [6] - The company is expected to benefit from the acceleration of CPO industrialization and the explosion of AI computing demand, positioning itself favorably in the market [6]

Core Insights - The article highlights the unprecedented opportunities in the optical communication sector, driven by the explosive growth in AI computing power and infrastructure needs [2][4]. Group 1: AI Arms Race and Infrastructure - The competition in AI has evolved from merely acquiring chips to building comprehensive computing and interconnect capabilities [5]. - Major companies like Google and Meta are developing custom ASIC chips and data centers to enhance AI system efficiency [7]. - The essence of this competition is to scale computing power, with optical communication networks serving as the "highway" for connecting computing units [10]. Group 2: Optical Module Market Dynamics - The demand for optical modules is surging due to the exponential increase in data throughput and the need for higher transmission speeds [16]. - The transition from 400G/800G to 1.6T and the anticipated move towards 3.2T in optical module technology reflects the industry's rapid evolution [16]. - Chinese manufacturers are rising in prominence, with seven out of the top ten global optical module companies being Chinese by 2024 [18]. Group 3: Key Players in Optical Communication - Company A (中际旭创) is a global leader in high-speed optical modules, particularly in the 800G and next-generation 1.6T segments, and is closely tied to major AI firms like NVIDIA and Google [19]. - Company B (高意) ranks among the top three globally and is recognized for its differentiated technology in linear drive pluggable optical modules [21]. - Company C (光迅科技) has a vertically integrated business model covering the entire optical communication supply chain, enhancing its risk management and cost control [23]. Group 4: Technological Innovations - Silicon photonics technology is revolutionizing traditional optical modules by integrating multiple optical components into a single silicon chip, leading to significant cost and power savings [31]. - The cost of silicon optical modules is projected to decrease significantly, with the market expected to reach $10.3 billion by 2029, capturing a larger share of the optical module market [34]. - Emerging technologies like Co-Packaged Optics (CPO) and Optical Circuit Switching (OCS) are set to further enhance efficiency and reduce latency in data centers [35]. Group 5: Future Outlook - The article emphasizes that while risks exist, the demand for AI-driven computing and interconnect solutions is expected to remain robust, indicating a prolonged high-growth cycle for optical communication [38]. - Historical trends show that each technological revolution has been preceded by infrastructure upgrades, positioning the optical communication sector at the forefront of the current AI era [42].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company, Guangxun Technology, is a leading domestic optical communication enterprise with a vertical integration capability from chip to subsystem, benefiting from the growth of AI computing power in China [1][14] - The demand for high-speed optical modules is surging due to the increasing investment in AI infrastructure by global cloud service providers (CSPs) [2] - The company has a strong market position in the domestic market and is actively expanding into overseas markets, with a significant increase in net profit and revenue expected in the coming years [3][4] Summary by Sections Company Overview - Guangxun Technology has over 50 years of experience in the optical communication field, achieving vertical integration of optical devices through both organic growth and acquisitions [14][15] - The company has a diverse product line that includes optical transceivers, active optical cables, optical amplifiers, and subsystems, widely used in backbone networks, metropolitan networks, access networks, and data centers [19][24] Financial Performance - The company reported a net profit of 347 million yuan for Q3 2025, a year-on-year increase of 35.42% and a quarter-on-quarter increase of 56.00%, marking a historical high [1] - Revenue for 2025 is projected to reach 116.81 billion yuan, with net profits expected to be 10.60 billion yuan, reflecting a significant growth trajectory [3][4] Market Trends - The global AI computing power market is experiencing high demand, with CSPs expected to increase their capital expenditures significantly, which will drive the demand for optical modules [2][49] - The "East Data West Computing" initiative and the development of intelligent computing centers are expected to further boost the demand for transmission networks [2] Technology and Innovation - The company has developed its own optical chips and is expanding production capacity, with plans to raise 3.5 billion yuan for the development of high-speed optical transmission products [3][26] - Guangxun Technology is actively investing in new technologies such as CPO/OCS to lead the upgrade of optical interconnection technology [3][24] Competitive Position - The company ranks fourth globally in the optical device industry and has a leading market share in transmission networks, access networks, and data communication [1][2] - Guangxun Technology's products are increasingly being adopted in both domestic and international markets, with overseas revenue accounting for approximately 25% as of mid-2025 [26][29]

Market Overview - A-shares recorded a total trading volume of 2.16 trillion yuan, marking a new monthly high [1][6] - The three major indices closed slightly higher, with the Shanghai Composite Index up 0.1%, Shenzhen Component Index up 0.54%, and ChiNext Index up 0.14% [1] Sector Performance - The non-ferrous metals sector experienced a significant surge, with lithium battery upstream materials seeing a wave of limit-up stocks [2][4] - The commercial aerospace concept remained active, while the AI industry chain collectively declined, with sectors like photolithography machines and OCS facing widespread losses [2] Notable Stocks - Several stocks in the Hainan Free Trade Zone saw limit-up performances, including Hainan Mining, Hainan Development, and Hainan Airlines [2] - Key gainers included Intercontinental Oil & Gas (+10.11%), Hainan Mining (+10.02%), and Hainan Development (+10.01%) [3] Capital Flow - Main capital inflows were observed in non-ferrous metals, photovoltaic equipment, and automotive sectors, while semiconductor, aerospace, and consumer electronics sectors saw net outflows [8] - Notable net inflows included Sunshine Power (+2.322 billion yuan), Aerospace Development (+2.048 billion yuan), and BYD (+1.473 billion yuan) [8] Institutional Insights - Guojin Securities indicated that the spring market has begun, emphasizing the importance of AI chain rotation opportunities [9] - Everbright Securities noted that the commercial aerospace theme continues to expand its profit-making effect, potentially attracting more capital and pushing the Shanghai Composite Index towards 4000 points before the year-end [10]