Group 1 - The communication ETF has seen a turnover of 6.83% with a transaction volume of 17.29 million yuan, and its net value has increased by 76.97% over the past two years, ranking 80 out of 2353 index equity funds, placing it in the top 3.40% [3] - The highest monthly return since the establishment of the communication ETF is 33.97%, with the longest consecutive monthly gains being 5 months and a maximum increase of 76.35%, while the average return during rising months is 7.57% [3] - Galaxy Securities indicates strong demand and sustained prosperity in the AI-driven computing power industry, despite potential short-term market fluctuations and adjustments, maintaining a positive outlook for the AI computing sector from a medium to long-term perspective [3] Group 2 - According to Zheshang Securities, the communication industry is expected to see a 2.8% year-on-year revenue growth and a 7.8% increase in net profit attributable to the parent company in the first half of 2025, with steady performance improvements anticipated [3] - The report predicts continued high growth in sectors such as optical modules and liquid cooling in Q3 2025, with an ongoing improvement in the main business of operators and an increase in the proportion of innovative businesses [3] - The satellite internet industry is gradually establishing trends and is expected to see significant growth, with a positive outlook for opportunities in the communication sector in Q4 2025 [3] Group 3 - As of September 30, 2025, the top ten weighted stocks in the Guozheng Communication Index include Zhongji Xuchuang, Xinyi Sheng, ZTE Corporation, China Telecom, China Mobile, China Unicom, Tianfu Communication, Zhongtian Technology, Transsion Holdings, and Hengtong Optic-Electric, collectively accounting for 66.02% of the index [4] - The performance of individual stocks shows varied changes, with Zhongji Xuchuang increasing by 8.68% and Tianfu Communication rising by 9.80%, while China Telecom and China Mobile experienced slight declines [6] - Investors can access AI-driven optical communication investment opportunities through the communication ETF linked fund (019072) [6]

Market Overview - On October 20, A-shares opened higher with all three major indices rising, the ChiNext Index increased by over 3%, and the Shenzhen Component Index rose nearly 2% [1] - The Shanghai Composite Index closed at 3861.65, up 21.90 points or 0.57%, while the Shenzhen Component Index closed at 12930.81, up 241.87 points or 1.91% [2] Sector Performance - The computing hardware sector led the market, with significant gains in CPO, electronic components, and semiconductor sectors, while precious metals, banking, and agriculture sectors experienced fluctuations [4] - Over 4200 stocks rose during the trading session [4] Notable Stocks - CPO concept stocks saw a surge, with Yuanjie Technology hitting a 20% limit up, and Tianfu Communication and Zhongji Xuchuang also showing strong gains [8][11] - In the communication equipment and electronic components sectors, Zhongwei Electronics and Jingwei Huikai both reached a 20% limit up [12][13] - Solid-state battery concept stocks also performed well, with Haike Xinyuan hitting a 20% limit up, and other companies like Huasheng Lithium and Tianqi Materials following suit [14][17] Hong Kong Market - The Hong Kong market also saw gains, with the Hang Seng Technology Index rising over 3%, and notable increases in stocks such as NetEase, NIO, and Alibaba, all rising over 4% [5][6][7]

Core Viewpoint - The article provides information on the upcoming IPOs of several companies in Hong Kong, including their share prices, subscription dates, and financial details. Group 1: Company Information - Dipo Technology (01384.HK) plans to globally offer 26.632 million H-shares with a price of HKD 26.66 per share, expecting to start trading on October 28, 2025 [2] - Sany Heavy Industry (06031.HK) intends to globally offer 580 million H-shares at a price range of HKD 20.30-21.30, with trading expected to commence on October 28, 2025 [6][10] - Eight Horses Tea (06980.HK) aims to globally offer 9 million H-shares priced at HKD 45-50, with trading also set to begin on October 28, 2025 [12] - Cambridge Technology (06166.HK) plans to globally offer 67.0105 million H-shares with a maximum price of HKD 68.88, expecting to start trading on October 28, 2025 [16][20] Group 2: Financial Performance - Dipo Technology reported revenues of RMB 100.47 million, RMB 129.04 million, RMB 242.93 million for 2022, 2023, and 2024 respectively, with a loss of RMB 655.23 million in 2022 [6] - Sany Heavy Industry's total revenues were RMB 80,838.53 million, RMB 74,018.94 million, and RMB 78,383.38 million for 2022, 2023, and 2024 respectively, with profits of RMB 4,432.82 million in 2022 [11] - Eight Horses Tea's revenues were RMB 1,817.54 million, RMB 2,122.31 million, and RMB 2,143.26 million for 2022, 2023, and 2024 respectively, with net profits of RMB 165.85 million in 2022 [15] - Cambridge Technology's revenues were RMB 3,783.74 million, RMB 3,085.36 million, and RMB 3,649.89 million for 2022, 2023, and 2024 respectively, with net profits of RMB 171.11 million in 2022 [21]

Group 1 - Communication concept stocks rose sharply in early trading, with Tianfu Communication up over 10%, Zhongji Xuchuang up over 9%, Dongshan Precision up over 7%, and Xinyi Sheng up over 5% [1] - The 5G and communication-related ETFs increased by approximately 4% due to market influence [1] Group 2 - Specific ETF performance includes: Communication ETF at 2.558 with a rise of 0.112 (4.58%), 5G Communication ETF at 1.990 with a rise of 0.086 (4.52%), and other related ETFs showing similar increases [2] - Analysts indicate that AI may represent the largest industrial opportunity since cloud computing, with hardware growth driven by GPUs and ASICs expected to become a second growth engine next year [2] - North American cloud providers are experiencing revenue growth and capital expenditure investment, creating a positive feedback loop for AI development, which remains in an upward trajectory [2]

Core Insights - The company has significantly expanded its MT connector chip production capacity since last year, positioning itself as one of the few firms capable of integrated production from MT chips to various connectors [2] - The company boasts strong competitiveness in product quality and supply chain stability [2]

来源：环球网 10月18日，由韶关学院、韶关市人民政府共同主办的"智汇未来 融合创新"韶关研产教融合创新发展大 会在韶举行。大会汇聚高校、企业、政府多方力量，通过院士主旨报告、合作签约、项目揭牌、高端对 话、制造业招商推介会、创新创业项目路演以及学校研产教成果展和企业前沿技术展等形式，搭建"政 产学研用"协同创新平台，共话教育链、人才链、产业链、创新链"四链融合"，共绘研产教融合新发展 新图景。 18日上午，主会场活动在韶关碧桂园太阳城凤凰酒店举行，并同步进行线上直播。 大会现场 中国科学院院士、深圳大学校长毛军发，美国医学与生物工程院院士、俄罗斯工程院外籍院士、深圳大 学校务委员会副主任张学记出席大会并作主旨报告；广东省教育厅二级巡视员陈东海，韶关学院校长张 晓红，韶关市副市长肖智勇出席大会并致辞。 陈东海代表省委教育工委、省教育厅致辞。他表示，此次大会既是贯彻落实省委"1310"具体部署的鲜活 实践，也是韶关主动对接产业升级需求、激活教育创新动能的关键举措。他希望韶关学院勇担使命，做 研产教融合创新发展的示范者，强化校地共生的理念，主动"走出去"对接地方产业需求，把课堂搬进企 业车间，让人才育在一线，真正 ...

Core Viewpoint - The company has significantly expanded its MT chip production capacity since last year, positioning itself as one of the few enterprises capable of integrated production from MT chips to various connectors, thereby enhancing its competitiveness in product quality and supply chain stability [1] Group 1 - The company has increased its MT chip production capacity substantially [1] - The company is among the few that can achieve integrated production from MT chips to various connectors [1] - The company demonstrates strong competitiveness in terms of product quality and supply chain stability [1]

策略研究 | 证券研究报告 — 总量深度 2025 年 10 月 20 日 "十五五"规划前瞻 产业政策的投资映射 "十五五"时期有望以新质生产力为核心，推动科技创新、绿色转型、高端 制造与数字融合等战略性产业体系加速成型。 相关研究报告 《风格因子动态优选策略》20251017 《9 月金融数据点评》20251016 《食品价格继续对冲核心通胀》20251016 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 "十五五"规划将于 2026 年正式实施，有望围绕经济、科技、改革、民 生四主线，强化绿色低碳与"反内卷"治理。工信部有望布局产业链现 代化与未来产业；科技部聚焦人工智能、量子科技、生物医药；能源部 有望推进非化石能源与氢储能；发改委或将侧重新质生产力、产业优化、 资本市场改革及公共服务 ...

Core Viewpoint - The technology sector is experiencing a significant rebound, particularly in the ChiNext and STAR Market, with the Double Innovation Leader ETF (588330) showing strong performance and recovery of key moving averages [1][3]. Group 1: Market Performance - The Double Innovation Leader ETF (588330) saw an intraday increase of up to 4%, currently up by 3.29%, recovering above the 5-day moving average [1]. - Major stocks in the optical module sector, including Tianfu Communication, Zhongji Xuchuang, and Xinyi Sheng, have shown substantial gains, with Tianfu Communication rising over 13% and Zhongji Xuchuang over 11% [3][5]. Group 2: Stock Highlights - Top performing stocks include: - Tianfu Communication: +13.29%, market cap of 129.1 billion [5]. - Zhongji Xuchuang: +11.95%, market cap of 46.474 billion [5]. - Xinyi Sheng: +8.71%, market cap of 34.18 billion [5]. - Huazhong Micro: +6.93%, market cap of 7.25 billion [5]. - Yangguang Electric: +5.98%, market cap of 317 billion [5]. Group 3: Industry Trends - Recent reports indicate that overseas clients have significantly increased their procurement plans for 1.6T optical modules, with orders rising from 10 million to 20 million units, driven by the acceleration of GB300 and subsequent Rubin platform deployments [5]. - The Ministry of Industry and Information Technology has launched a special initiative to develop a city-wide "millisecond computing" network by 2027, emphasizing the importance of optical communication technology in overcoming traditional computing network limitations [6]. Group 4: Investment Strategy - The current technology market is viewed as being in the first phase of explosive growth, with significant potential in sectors highlighted in the "14th Five-Year Plan," particularly in intelligent manufacturing and lighthouse factories [7]. - Guosen Securities maintains that technology remains the main theme of the market, with AI driving growth across multiple industries [8]. - Investing in broad-based indices like the Double Innovation Leader ETF is recommended to mitigate risks and capture sector rotations, as it provides exposure to various technology sub-sectors [9][10].

Core Viewpoint - Cambridge Technology (603083.SH) has officially launched its IPO process in Hong Kong, aiming to raise up to $682 million, potentially becoming the largest IPO in the communication equipment sector in both A-share and Hong Kong markets [1] Group 1: IPO Details - The company plans to issue 67.01 million H-shares at a maximum price of HKD 68.88 per share, with total fundraising potentially reaching up to $682 million if the over-allotment option is fully exercised [1] - The IPO is expected to be listed on the Hong Kong Stock Exchange on October 28, with the stock code "6166.HK" [1] - The fundraising amount for the Hong Kong IPO is projected to be close to RMB 5 billion, which is over 13 times the RMB 368 million raised during its A-share listing in 2017 [1] Group 2: Investor Participation - Cambridge Technology has attracted a prestigious lineup of cornerstone investors, including Barings, MSIP, and several other prominent funds, with a total subscription amount of $290 million, accounting for 48.89% of the offering [2][4] - The diverse and international nature of the cornerstone investors is noted as rare in the industry, indicating strong confidence in the company's long-term prospects [4] Group 3: Technological Innovation - The company is recognized as a leading provider of efficient connectivity solutions in optical communication, broadband, and wireless technology, driven by technological innovation [5] - Key technological advancements include the development of the second-generation 1.6T OSFP DR8 optical module and multiple 800G OSFP silicon photonic modules, which are currently undergoing customer testing [5][6] Group 4: Production Expansion Strategy - To address global economic and trade challenges, the company is implementing a "multi-localization" strategy, shifting production of products destined for the U.S. to Malaysia and enhancing production capabilities in Germany and the U.S. [7] - The company aims to increase the production capacity of its 800G high-speed optical modules, with plans to reach an annual capacity of 2 million units by the end of this year [7] Group 5: Fund Utilization - The funds raised from the H-share listing will primarily be used to enhance R&D investment, expand production capacity, and explore global markets, thereby strengthening the company's competitiveness in core product areas [8] - The company reported a net profit of RMB 121 million for the first half of 2025, a year-on-year increase of 51.12%, indicating strong financial performance ahead of the IPO [8]