值得关注的产品，及截至发稿涨跌幅： ② 10月16日工信部发布的"城域'毫秒用算'专项行动"通知，被市场解读为将极大推动卫星互联网、光通 信和边缘计算等领域的发展。 ③美国总统特朗普在最新的采访中继续释放缓和信号，暗示贸易会谈大门仍敞开着。 招商证券研报称，当前市场增量资金依然保持流入态势，投资者逢低加仓意愿较强，市场有望重拾升 势。策略上，短期可关注前期热门赛道国产算力、半导体自主可控在风险偏好回升下的反弹机会。 格隆汇10月20日｜上周剧烈回调的AI算力板块全面反弹，CPO三巨头涨幅强势，中际旭创、天孚通信涨 超12%，新易盛涨8.95%，带动创业板人工智能ETF华夏飙涨6.68%，5G通信ETF飙涨6.14%。 消息面上：①兴证通信产业链调研显示，1.6T光模块需求持续上调。由于GB300与后续Rubin平台加速 部署，海外大客户近期上修2026年1.6T光模块采购计划，部分客户提前锁定明年产能，行业总需求预计 从1000万上修到2000万只。 人工智能指数中CPO含量最高且费率最低：创业板人工智能ETF华夏(159381)，+6.68%，权重股包含新 易盛(光模块)、中际旭创(光模块)、天孚通信(光器 ...

Core Viewpoint - The A-share market is witnessing strong performance in the CPO concept, driven by increasing demand for 1.6T optical modules, with significant price increases in several related stocks [1][2] Group 1: Market Performance - Stocks such as Hui Green Ecology and Cambridge Technology hit the daily limit up, while Tianfu Communication rose over 9%, and several others saw increases of more than 5% [1] - The overall market sentiment is positive, with MACD golden cross signals indicating a favorable trend for these stocks [2] Group 2: Demand and Supply Dynamics - According to a recent survey by Xingzheng Securities, the demand for 1.6T optical modules is being continuously revised upwards, with total industry demand expected to increase from 10 million to 20 million units [1] - Major overseas clients have recently adjusted their procurement plans for 1.6T optical modules for 2026, with some customers locking in production capacity for the upcoming year [1]

Group 1 - As of October 17, the total market financing balance is 2.41 trillion yuan, a decrease of 273.03 billion yuan from the previous trading day [1] - The financing balance for the Shanghai Stock Exchange is 1.22 trillion yuan, down by 137.33 billion yuan, while the Shenzhen Stock Exchange's balance is 1.18 trillion yuan, decreasing by 134.61 billion yuan [1] - A total of 1,373 stocks received net financing purchases on October 17, with 277 stocks having net purchases exceeding 10 million yuan, and 14 stocks exceeding 100 million yuan [1] Group 2 - The stock with the highest net financing purchase on October 17 is Zhongji Xuchuang, with a net purchase amount of 1.38 billion yuan [2] - Other notable stocks include Zijin Mining and Sanhua Intelligent Control, with net purchases of 370 million yuan and 269 million yuan, respectively [2] - Industries with significant net purchases include basic chemicals, electronics, and communications, with three stocks from each of the first two industries and two from communications [1][2] Group 3 - The average ratio of financing balance to circulating market value for stocks with large net purchases is 4.36% [2] - Beijing Junzheng has the highest financing balance to market value ratio at 10.77%, followed by Guangqi Technology and Boyuan Shares at 8.42% and 7.11%, respectively [2] - The top net purchase stocks include Zhongji Xuchuang, Zijin Mining, and Sanhua Intelligent Control, with respective price changes of 1.81%, -0.98%, and 0.93% on October 17 [2][3]

Core Viewpoint - A-share CPO and computing hardware stocks experienced a collective surge at the opening, indicating strong market interest and potential growth in this sector [2] Group 1: Market Performance - Zhongji Xuchuang opened over 9% higher, reflecting significant investor confidence [2] - Xinyi Technology and Tianfu Communication both rose over 5%, showcasing a positive trend among key players in the computing hardware market [2] - Cambridge Technology and Robotec also saw notable increases at the opening, further emphasizing the bullish sentiment in the sector [2]

Market Overview - Technology stocks experienced a significant rebound, while insurance stocks surged. Conversely, gold stocks showed a notable pullback, and pharmaceutical, rare earth, and banking stocks declined [1]. - The A-share market opened with the Shanghai Composite Index rising by 0.67%, the Shenzhen Component Index increasing by 1.49%, and the ChiNext Index up by 2.45% [2]. Stock Performance - The Shanghai Composite Index reached 3865.55, up by 25.80 points (0.67%), while the Shenzhen Component Index was at 12877.70, up by 188.76 points (1.49%). The ChiNext Index stood at 3007.21, increasing by 71.84 points (2.45%) [3]. - Notable performers included technology stocks, particularly in the CPO, computing power, and consumer electronics sectors, with Zhongji Xuchuang opening over 9% higher. Insurance stocks also performed well, with China Life opening nearly 6% higher [3]. Sector Performance - The insurance sector rose by 2.81%, while the National Big Fund holdings increased by 2.30%. Other sectors such as semiconductors and storage chips also saw gains of 2.07% and 2.05%, respectively [4]. - The Hong Kong market opened strongly, with the Hang Seng Index up by 2.52% and the Hang Seng Tech Index rising by 3.9%. Notable gains were seen in tech stocks, with NetEase up by 6% and Alibaba nearly 5% higher [6][7]. New Listings - Haixi New Drug, a pharmaceutical company established in March 2012, opened its first trading day at a high of 18%, priced at 102 HKD. The company focuses on both generic and innovative drug pipelines, with a commercialized product portfolio addressing various diseases [5].

上海劍橋科技股份有限公司 CIG SHANGHAI CO., LTD. 股份代號 : 6166 （於中華人民共和國註冊成立的股份有限公司） 獨家保薦人、保薦人兼整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 全球發售 重要提示 重要提示：閣下對本招股章程的任何內容如有任何疑問，應諮詢獨立專業意見。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份數目 : 67,010,500股H股（視乎超額配股權 行使與否而定） 香港發售股份數目 : 6,701,050股H股（可予重新分配） 國際發售股份數目 : 60,309,450股H股（可予重新分配 及視乎超額配股權行使與否而定） 最高發售價 : 每股H股68.88港元，另加1.0% 經紀佣金、0.0027%證監會交易 徵費、0.00565%香港聯交所交易費及 0.00015%會財局交易徵費（須於申請 時以港元繳足，多繳款項可予退還） 面值 : 每股H股人民幣1.00元 股份代號 : 6166 獨家保薦人 聯席整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經 ...

eSIM商用正式获批，中国手机行业即将告别小小的SIM卡槽。但这个被欧美市场拥抱了近十年的技术， 为何如今才在中国落地？它究竟为消费者带来什么？又隐藏着哪些妥协？ eSIM意味着将SIM卡功能直接嵌入设备芯片，无需物理插卡。用户购买支持eSIM的手机后，可通过线 上方式将电话号码写入内置芯片。节省手机内部空间，使设计更轻薄，并提升防尘防水性能。iPhone 17 eSIM版本据称比实体SIM卡版本续航最多提升三小时。更重要的是，eSIM将改变我们使用运营商服 务的方式——切换网络变得像更换APP一样简单。 eSIM技术在全球已有近十年发展历程。而我国直到2025年10月，三大运营商才获得eSIM手机试商用许 可。 安全顾虑是首要因素。eSIM推出早期存在流程规范和技术漏洞，被不法分子利用进行电信诈骗。但更 深层次的原因在于：运营商对用户控制权的维护。实体SIM卡象征着用户与单一运营商的契约关系。而 eSIM让换网变得过于简单——扫描二维码即可完成运营商切换。这必然导致用户黏性下降，触动运营 商的根本利益。 eSIM开启的不仅是一个告别实体卡的时代，更是一个以用户为中心的服务新时代。现在的eSIM可能还 不够完 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report emphasizes the importance of information communication as a critical infrastructure for the new round of technological upgrades, focusing on three major infrastructure networks: AI computing power infrastructure, integrated space-ground communication networks, and high-speed data circulation infrastructure [1][34] - The report highlights the rapid development of satellite internet and low-altitude economy, with a focus on the integration of satellite communication networks and the establishment of low-altitude economic networks [3][19] - The data element construction is crucial for building high-speed interconnected data circulation infrastructure, with significant growth expected in the data industry [24][27] - AI empowerment is seen as a key driver for industrial upgrades, with applications in various sectors including advanced manufacturing and smart manufacturing [29][30] Summary by Sections 1. Investment in Computing Power Infrastructure - Significant capital expenditure growth in computing power infrastructure, with major telecom operators increasing their investments [12][14] - Key beneficiaries include companies involved in AI chips, optical communication, and data center services [2][14][15] 2. Satellite and Low-Altitude Communication Infrastructure - The rapid deployment of satellite internet and the establishment of low-altitude economic networks are highlighted, with various companies benefiting from this trend [16][19][21] - Key beneficiaries include companies involved in satellite communication and low-altitude network equipment [6][23] 3. Data Element Construction - The data industry is projected to grow significantly, with a focus on building a robust data infrastructure to support data circulation [24][25][26] - Key beneficiaries include telecom operators and companies providing data platforms and security solutions [27][28] 4. AI Empowerment for Industrial Upgrades - AI is driving the transformation of traditional manufacturing into smart manufacturing, with a focus on enhancing productivity and efficiency [29][30][31] - Key beneficiaries include companies involved in AI applications across various sectors [35][36]

Core Insights - Xingwang Yuda (002829) reported a significant increase in revenue and net profit for Q3 2025, indicating strong financial performance [1] Financial Performance - The company achieved a revenue of 118 million yuan in Q3 2025, representing a year-on-year growth of 27.84% [1] - Net profit for the same period reached 54.2783 million yuan, showing an impressive year-on-year increase of 816.08% [1]

"退市不是终点，而是追责起点。" "退市不免责"的监管信号持续释放，一周之内，三家退市公司相关方被立案或遭罚。 公告显示，本周（10月13日至17日），中国中期控股股东、富通信息母公司、江苏阳光控股股东接连被 立案或处罚，均涉嫌信息披露违法违规。上述3家公司均退市一年有余，其中，富通信息、江苏阳光均 为面值退市。 退市公司批量被查释放何种信号？南开大学金融发展研究院院长田利辉告诉第一财经，一周之内三家退 市公司相关方遭遇监管，"退市不免责"已成为监管常态。"监管层彻底打破部分公司'一退了之'的侥幸心 理。退市不是终点，而是追责起点，违法违规行为将被'一追到底'。"他说。 3家退市公司相关方遭监管 中国中期退市一年多之后，其控股股东突遭立案。据中资5（400216.NQ）10月13日披露，因涉嫌信息 披露违法违规，证监会决定对中期集团立案调查。 去年6月28日，中国中期从深交所摘牌。据披露，该公司因2022年经审计净利润为负且营收低于1亿元， 2023年5月被实施退市风险警示，证券简称变更为*ST中期。年报数据显示，2022年，中国中期营收 3178.17万元，同比下降35.77%，扣非净利润亏损387.7万元 ...