炬光科技 摘要 聚光科技 2025 年上半年营收增长强劲，但归母净利润仍亏损 2,494 万 元，不过亏损额同比收窄。扣非归母净利润在第二季度实现 586 万元盈 利，表明公司盈利能力有所改善。 公司毛利率从 2024 年的 28%提升至 33%，主要得益于高毛利业务占 比上升和成本控制措施的实施。经营性现金流净额转正并持续增长，资 产负债率保持在较低水平，财务结构稳健。 各业务板块呈现向好趋势，汽车应用和全球光子工艺及制造服务实现显 著增长。激光光学收入占总收入比例达 50%，但海外市场受经济环境和 贸易争端影响有所下滑。 公司通过扩大市场份额、提升高毛利业务占比、实施成本控制、并购整 合以及审慎财务策略等多项措施应对成本压力并提高盈利能力。 全球光子工艺和制造服务业务上半年营收显著增长，二季度环比增长 101%，公司将持续深耕消费电子等应用领域，并积极拓展海内外客户。 汽车业务二季度环比增长 230%，整体同比增长 25%，主要得益于汽车 照明业务量增加，产线接近 SOP 状态，为未来大规模生产奠定基础。 公司正加速战略转型，重点发展光通信、消费电子、半导体制程等新兴 业务，同时将医疗、工业和科研等老业务 ...

CPOOIO：光互联的"新蓝海" 摘要 英伟达 Quantum X800 CPU 交换机发布后，市场热度下降，因产品推 进速度慢于预期，目前处于客户验证阶段，尚未大规模商业化，与去年 10 月至今年 3 月的技术炒作期形成对比。 CPU 方案面临维护性问题和生产良率挑战，维护需断电拆机，增加成本 和复杂性。谷歌 OCS 等竞争方案也对 CPU 构成威胁，部分云服务商对 其认可度不足。 CPU 方案降功耗效果有限，仅在数据中心网络系统中实现约 30%的功 耗削减，低于最初预期，未能获得客户广泛认可。OCS 方案则可实现接 近 90%的功耗节省。 OCS 方案在成本上优于 CPU，后者受维护性和良率影响，成本优势不明 显。尽管 CPU 有潜在优势，但商用仍面临障碍。 OIO 技术是未来 GPU 互联的重要手段，与 CPU 同源，但业界对其必要 性存在分歧，因其主要解决性能问题，而非核心功耗和成本问题。 卡间互联正从 PCB 铜线向 OIO 转变，以提升互联规模并克服现有瓶颈。 Rubin Ultra 可能尝试部分 OIO 布局，但全面采用概率较低，OIO 商用 时点预计晚于 CPU。 O2O 技术被认为是确定性的 ...

Core Viewpoint - 嘉元科技 is actively expanding its business by investing 500 million yuan to acquire a 13.59% stake in Wuhan Endatong Technology Co., Ltd., entering the rapidly growing optical module sector [1][2][4] Group 1: Investment Details - 嘉元科技 plans to invest 500 million yuan through a combination of equity transfer and capital increase to acquire 13.59% of Endatong [2] - The investment includes 150 million yuan for acquiring 4.5045% of Endatong's shares and 350 million yuan for subscribing to the increased registered capital [2] - Endatong, established in 2017, specializes in optical communication products and has over 90% of its sales in the U.S. market [2][4] Group 2: Financial Performance - 嘉元科技 reported a revenue of 39.63 billion yuan for the first half of 2025, a year-on-year increase of 63.55%, marking a historical high for the same period [6] - The company achieved a net profit of 36.75 million yuan, turning a profit compared to previous losses [6] - Endatong's revenue for 2024 was 1.477 billion yuan, with a net profit of 97.94 million yuan, and for the first half of 2025, it surpassed 1.316 billion yuan with a net profit of 121 million yuan [4] Group 3: Business Strategy and Development - 嘉元科技 aims to leverage this investment to enhance its existing new energy business and seek external growth opportunities [4] - The company is diversifying its operations beyond copper foil, focusing on high-performance precision copper wire, photovoltaic power generation, and energy storage [4] - 嘉元科技 has established six copper foil production bases with an annual capacity exceeding 130,000 tons, positioning itself among the top domestic producers [7] Group 4: Research and Development - 嘉元科技 invested 190 million yuan in R&D in the first half of 2025, a 40.82% increase year-on-year, representing 4.80% of its revenue [7] - The company holds 425 authorized technology patents, including 199 invention patents, emphasizing its commitment to technological innovation [7]

Core Viewpoint - The article discusses the emerging market for Optical Circuit Switching (OCS) technology, highlighting its advantages over traditional electronic switches and the potential for significant market growth, particularly in data centers and AI clusters [2][4][30]. Summary by Sections OCS Technology Overview - OCS enables direct switching of optical signals between fiber ports without the need for optical-electrical-optical conversion, resulting in lower latency, reduced power consumption, and improved compatibility [2][10]. - The technology faces limitations such as longer switching times and lower channel flexibility, making it less suitable for high-concurrency communication loads [10][11]. Industry Adoption and Market Potential - Google has been a pioneer in adopting OCS technology, integrating it into its Jupiter data center network and AI clusters, which has led to significant improvements in network efficiency and cost reduction [3][19][22]. - Cignal AI projects that the OCS market could exceed $1.6 billion by 2029, with Coherent identifying a $2 billion potential market opportunity for OCS switches [4][30]. Key Players and Technological Developments - Major companies involved in OCS technology include Google, Lumentum, and Coherent, with various technological approaches such as MEMS, digital liquid crystal, and piezoelectric systems being explored [11][13][15]. - The OCS industry is moving towards open standards and collaboration, as evidenced by the establishment of the OCS sub-project under the Open Compute Project (OCP) [29]. Initial Revenue and Future Growth - Companies like Lumentum and Coherent have reported initial revenues from OCS, with expectations for continued growth as demand increases from large-scale cloud providers [30][31]. - The article emphasizes the importance of monitoring the OCS industry's trends and the potential for significant contributions to the supply chain as OCS technology becomes more widely adopted in data centers [32].

今日导读 ·贵州茅台公告称，公司控股股东茅台集团于2025年9月1日通过集中竞价交易方式，增持67821股公司股 票，占公司总股本的0.0054%。增持金额为1亿元。 ·中国证券业协会日前披露券商2025年上半年度经营情况。上半年全行业实现营业收入2510.36亿元，同 比增长23.47%；实现净利润1122.80亿元，同比增长40.37%。 ·国家标准委、工业和信息化部印发《工业母机高质量标准体系建设方案》，到2026年，工业母机高质 量标准体系基本建立。 上证精选 ·国家标准委、工业和信息化部印发《工业母机高质量标准体系建设方案》，到2026年，工业母机高质 量标准体系基本建立，以高质量标准体系建设促进工业母机产品质量提升和设备升级换代，以高水平标 准引领产业高质量发展。 ·香港交易所发布公告称，将优化旗下证券及衍生产品结算所的按金抵押品安排，以降低市场参与者的 成本。 ·受美联储降息预期推动，COMEX黄金9月1日再度创出历史新高，盘中触及3553.8美元/盎司，多只黄金 ETF也创出净值新高。 ·9月1日，高盛时隔一周左右第二次上调寒武纪目标价至2104元，维持对寒武纪的乐观看法，上调幅度 为14.7 ...

Group 1 - Since August, the A-share market has seen a significant increase in public fund research activity, with 163 public institutions participating in company research, covering 771 companies across 30 industries, and a total of 8,338 research instances, representing a month-on-month increase of 144.73% [1] Group 2 - The pharmaceutical and biotechnology sector was the most researched, with a total of 1,373 research instances covering 100 stocks, making it the highest focus area for public institutions in August; the electronics sector followed with 1,312 research instances covering 108 stocks [2] - Key companies in the pharmaceutical sector, such as Mindray Medical (300760), BeiGene, and Aibo Medical, were frequently researched, with a focus on innovative drug development, medical equipment updates, and the impact of centralized procurement policies [2] Group 3 - In the electronics sector, companies like Crystal Optoelectronics (002273), Unisoc (002049), and Industrial Fulian (601138) were core focuses due to their advancements in optical components and smart terminal manufacturing [2] - In the telecommunications sector, Tianfu Communication (300394) was the most researched company with 87 instances, focusing on the expansion of high-speed optical module capacity and the commercialization of silicon photonics technology [3] Group 4 - Public fund research activities showed a significant head effect, with 134 out of 163 participating institutions conducting more than 10 research instances, indicating a concentration of interest among top institutions [4] - Notable institutions included Bosera Fund with 200 research instances, followed by Harvest Fund (177 instances), Huaxia Fund (149 instances), and Guotai Fund (147 instances) [4] Group 5 - Research in August indicated a clear policy direction, with the pharmaceutical sector's rising interest linked to policy implementation, focusing on equipment updates and accelerated approval of innovative drugs [4] - The electronics sector maintained interest in cutting-edge fields such as optical technology and AI chips, despite a slight decrease in total research instances [4] - Increased research frequency in the machinery and power equipment sectors suggests institutional attention on inventory cycles bottoming out and a recovery in capital expenditure [4]

CPO概念板块领涨，上涨3.09%，其中华工科技上涨7.88%，紫光股份上涨6.88%，中际旭创上涨 6.76%，通富微电、长电科技、光迅科技涨超5%。（第一财经AI快讯） ...

CPO概念板块快速下跌，涨幅收窄至0.83%，德科立、华懋科技、罗博特科等股跌幅居前。（第一财经 AI快讯） ...

公司延续高研发投入巩固在光纤传感领域的先发优势，期内研发费用 同比增长 41.44%至 0.18 亿元，研发费用率 9.5%。以光纤环为核心和 起点，积极打通产业链上下游，建立了自主可控的"纤-胶-环-模块 -设备"完整产业链，形成公司核心竞争力。 2025 年 09 月 01 日 长盈通(688143.SH) 业绩快速修复，拟收购生一升打开成长空间 光纤环收入增长超 200%，盈利能力快速修复 分产品看，光纤环器件收入 1.11 亿元，同比+207%，毛利率 56.63%， 同比+15.91pct；特种光纤收入 0.37 亿元，同比-20.85%，毛利率 73.88%，同比-0.12pct；新型材料收入 0.13 亿元，同比+10.76%，毛 利率 24.11%，同比-6.71pct；光器件设备及其他收入 0.08 亿元，同 比-47.6%，毛利率 53.32%，同比+14.05pct。整体来看，1H25 光纤环 器件快速增长推动公司业绩实现恢复，盈利能力实现快速修复。 持续加大研发投入，夯实光纤传感领先地位 事件：25H1 公司实现营收 1.92 亿元，同比+40.4%；归母净利润 0.29 亿元，同比+ ...

前言 ①AI光模块拉动上游光隔离器需求同步提升，这家公司高速光模块WDM滤光片与光组件已开 始送样及少量出货，上半年通信光学业务实现翻倍增长；②锂+钼+金三大资源业务潜在期 权，这家公司虽短期利润承压但现金流已开始改善，当前正在推进收购大股东重要资源业务。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...