Core Viewpoint - Lingyun Technology Co., Ltd. announced the resignation of Assistant General Manager Sun Chengze due to health reasons, while he will continue to serve as a human resources consultant [2]. Group 1: Company Management Changes - Sun Chengze submitted a written resignation report to the board of directors on August 5, 2025 [2]. - After resigning from the position of Assistant General Manager, Sun Chengze will remain with the company as a human resources consultant [2]. Group 2: Financial Performance - For the year 2024, Lingyun's revenue composition was as follows: machine vision accounted for 72.56%, while optical communication made up 27.44% [2].

➢ 事件：近期海外巨头微软/谷歌/Meta/亚马逊相继披露财报，25Q2 各家 CAPEX 持续高企，四家单季度 CAPEX 合计约 950 亿美元，同比+67%，环比 +24%，并且均对未来 CAPEX 表达了乐观预期。此外，受 AI 需求驱动，微软和 谷歌的云业务增速也迎来进一步提升。 ➢ 海外巨头持续加大 CAPEX 投入，并对未来 CAPEX 表达乐观预期：具体各 家情况来看，1）Meta：25Q2 单季度 CAPEX 为 170 亿美元（同比+101%，环 比+24%），公司进一步上调全年 CAPEX 指引下限，从前期的 640~720 亿美元 上调至 660~720 亿美元（同比+68%~84%）。公司同时强调 2026 年 CAPEX 也 将会保持相似的高增长；2）谷歌：单季度 CAPEX 为 224 亿美元（同比+70%， 环比+31%），大部分投资于技术基础设施，其中 2/3 投资于服务器，1/3 投资于 数据中心和网络设备。公司同时将全年 CAPEX 指引从此前的 750 亿美元上调至 850 亿美元（同比+62%），并指出 26 年 CAPEX 将继续上行；3）微软：单季度 CAPEX ...

Summary of Key Points from Conference Call Records Industry Overview - The global AI sector is experiencing significant growth, particularly in areas such as optical modules, silicon photonics, liquid cooling, and data center interconnect (DCI) [1][2] - Companies in the AI supply chain are reporting strong financial results, leading to increased capital expenditures and upward revisions of performance guidance [2] Company Insights: Celestica - Celestica raised its 2025 revenue guidance from $10.85 billion to $11.55 billion, with an adjusted operating margin increase from 7.2% to 7.4% [1][5] - The company serves major clients like Google, Meta, and Amazon, indicating strong demand for their ASIC switch products [5] - In Q2, Celestica reported revenue of $2.89 billion, a 21% year-over-year increase, exceeding the company's expectations [5] - The CCS business (including networking, servers, and storage) generated $2.07 billion in revenue, up 28% year-over-year, accounting for 72% of total revenue [5] - The demand for high-speed optical modules (800G and 1.6T) and silicon photonics is expected to grow significantly due to the high ratio of ASIC chips to optical modules (1:8 or higher) [1][5] Google Financial Performance - Google reported Q2 2025 revenue of $96.4 billion, a 13.8% year-over-year increase, with operating profit rising 31.7% [10] - The company’s cloud backlog reached $106 billion, a 38% year-over-year increase, indicating strong demand for cloud services [10] - Google’s capital expenditures for Q2 reached $22.446 billion, a 70% increase year-over-year, primarily for technology infrastructure [14] Liquid Cooling Technology - The demand for liquid cooling solutions is expected to rise significantly, driven by the increasing power density of GPUs and ASICs [15] - AWS has adopted liquid cooling solutions in its GB200 cabinets, which will accelerate the adoption of liquid cooling in switch modules [15] - The ETIC ramp-up is anticipated to boost the overall penetration of liquid cooling technology in the market [4][6] Investment Recommendations - Optimistic outlook on several segments including high-speed optical modules, silicon photonics, liquid cooling systems, and DCI [7] - Recommended stocks include: - Optical Modules: Zhongji Xuchuang - Optical Chips: Yuanjie Technology, Changguang Huaxin - Liquid Cooling Systems: Invec - AI Data Centers: Xinyi Network Group [8] Emerging Trends in Optical Communication - The optical communication sector is witnessing heightened investment interest, particularly in the context of increased demand for computing power [16] - Leading companies like Xuchuang and Xinyi Sheng are expected to gain market share due to rising demand for related equipment [16] - Attention should also be given to emerging technologies such as silicon photonics and CPO/OIO, which are likely to enhance market focus [16]

Summary of the Conference Call Records Company Overview - The company discussed is Tianfu Communication, which specializes in optical devices and has a diverse product line including passive and active components. The company has established its headquarters and R&D center in Suzhou, with additional facilities in Japan and Jiangxi, and sales offices in Shenzhen and Wuhan [1][2]. Industry and Market Position - Tianfu Communication has a significant presence in the optical device industry, focusing on laser radar and medical testing sectors. The company has expanded its global operations with production capabilities in Suzhou, Jiangxi, and Thailand, with the first phase of the Thailand factory contributing to performance in 2024 and the second phase expected to be operational by Q2 2025 [1][2]. Product Lines - The product lines are categorized into passive and active businesses. Passive products include FAU components and MPO fiber optic connectors, while active products focus on the 800G and 1.6T optical engines from Melos, with the latter expected to see quarterly growth starting in 2025 [1][4]. Financial Performance - Since its IPO in 2015, Tianfu Communication has maintained growth despite industry cyclicality. The company experienced significant revenue and profit increases during the 5G construction peak (2019-2020) and continued to grow even during the slowdown in domestic 5G construction (2021-2022). The revenue has rapidly increased since 2023 due to the AI wave, with expectations for this trend to continue through 2025 [5][6]. Profitability - The company enjoys high gross and net profit margins, attributed to strict cost control and a focus on high-end product strategies. The expense ratio remains stable at around 11%, supported by the revenue growth from active products [6]. Historical Development - Tianfu Communication has a history of breaking the Japanese monopoly in the ceramic precision components market by mastering the complete processing technology. The company has expanded its product offerings over the years, including fiber optic adapters and transceiver components, which has increased its market share in China [3][7]. Competitive Advantages - The company has established a competitive edge in the optical communication field, being one of the first to go public among optical chip companies. It has continuously innovated and expanded its product lines to meet the growing demands of the data center and cloud computing markets [8][9]. Future Directions - Tianfu Communication is focusing on the development of 1.6T high-speed transmission equipment and CPO (Co-Packaged Optics) technology, with expectations for 1.6T devices to gradually ramp up production in Q2 to Q3 of this year. CPO technology is projected to reach mass production levels by 2026-2027, which will provide additional business growth opportunities [10]. The company aims to continue expanding its product lines and deepening its industry chain involvement while maintaining strong profitability and cost management [10].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - Microsoft reported revenue of $76.442 billion for the latest quarter, a year-on-year increase of 18.1%, with net profit reaching $27.233 billion, up 23.58%, driven primarily by its intelligent cloud business [1][12] - Meta's Q2 revenue was $47.52 billion, a 22% year-on-year increase, exceeding market expectations, with ad revenue of $46.56 billion [2][15] - The overseas computing power industry remains robust, unaffected by DeepSeek and trade frictions, with a strong fundamental resonance in the related supply chain [3][28] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include optical modules and devices, with a focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [5][31] - For switch server PCBs, recommended companies include Hudian Co., ZTE, and Unisplendour [5][31] - Low valuation and high dividend opportunities are identified in major telecom operators like China Mobile, China Telecom, and China Unicom [5][31] - AIDC and cooling solutions are highlighted, with key recommendations for companies like Yingweike and Runze Technology [5][31] - AIGC applications and edge computing are emphasized, recommending companies such as Guohua Communication and Meige Intelligent [5][31] 2. Marine Wind and Submarine Cables - Key recommendations for submarine cable companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [6][32] - The recovery of overseas markets and concentration on leading companies is noted, with recommendations for Huace Navigation and Weisheng Information [6][32] 3. Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is highlighted, with key recommendations for Huace Navigation and Haige Communication [6][33] - The successful launch of low-orbit satellites for broadband communication services is noted, marking significant progress in China's satellite internet initiatives [26][27] 4. Recent Industry Trends - The report indicates that the computing power industry is expected to maintain high growth, with AI as a key investment theme for 2025 [3][28] - The government has included "deep-sea technology" in its work report, indicating a positive trend for the marine wind and cable industry [3][28] - The report emphasizes the importance of AI and digital economy as long-term trends, with a focus on ICT equipment, optical modules, and cloud computing infrastructure [30][29]

Group 1: Environmental Protection Industry - The report emphasizes the acceleration of the construction of "waste-free cities" and the establishment of ecological environment protection responsibility systems, which are expected to create new opportunities for the environmental protection industry [10] - The implementation of the "Regulations on the Ecological Environment Protection Responsibility System for Local Party and Government Leaders" mandates the integration of ecological protection into development planning, enhancing supervision and accountability [10] - The report suggests focusing on sectors such as ecological restoration, environmental monitoring, and green technology applications, with specific recommendations for companies like Huicheng Environmental Protection and Hongcheng Environment [10] Group 2: Coal Industry - China Shenhua (601088.SH) is initiating a large-scale asset acquisition, planning to purchase coal, coal power, and coal chemical assets from the State Energy Group, which will enhance its resource reserves and operational capabilities [11] - The transaction involves thirteen restructuring targets, indicating a strategic move to optimize resource allocation and improve investor returns [11] - The report projects that China Shenhua will achieve net profits of 50.3 billion, 53.2 billion, and 55.9 billion yuan from 2025 to 2027, maintaining a "buy" rating based on a PE ratio of 14.8, 14.0, and 13.4 times respectively [12] Group 3: Communication Industry - The report highlights that Shijia Photonics (688313.SH) achieved a revenue of 993 million yuan in the first half of 2025, marking a year-on-year growth of 121.1%, with a significant increase in net profit [14] - The company is positioned well within the optical communication sector, benefiting from the ongoing technological advancements and increasing demand for optical devices [15] - Future profit forecasts for Shijia Photonics are set at 457 million, 710 million, and 993 million yuan for 2025, 2026, and 2027, respectively, with a maintained "buy" rating [15] Group 4: Retail Industry - The retail sector is experiencing a stable fundamental environment, with leading companies like Yonghui Supermarket and Chongqing Department Store expected to benefit from recent policy implementations [8] - The report identifies several key players in the new consumption landscape, including Gu Ming and Cha Bai Dao, which are anticipated to see growth due to favorable market conditions [8] - The tourism sector remains robust, with companies such as Xiangyuan Cultural Tourism and Songcheng Performing Arts highlighted as potential beneficiaries of the ongoing recovery [8] Group 5: Home Appliance Industry - Ninebot (689009.SH) reported strong performance in its two-wheeled vehicle segment, with a revenue increase of 27.6% in Q2 2025 [16] - The company is expanding its product matrix, including electric scooters and all-terrain vehicles, which are expected to drive future growth [16] - Profit forecasts for Ninebot indicate a net profit of 1.85 billion, 2.73 billion, and 3.64 billion yuan from 2025 to 2027, with a maintained "overweight" rating [16]

在光通信市场需求呈爆发式增长的带动下，汇绿生态（001267）(001267.SZ)正加快推进产能扩张和股 权整合。公司于8月1日发布公告，决定对鄂州市临空经济区的高速率光模块生产基地追加投资6亿元， 使总投资提升至8亿元，重点布局硅光技术与高速率产品产能。 汇绿生态也同步推进股权收购计划。近日，汇绿生态发布重大资产重组预案，拟通过发行股份及支付现 金方式，收购武汉钧恒剩余49%股权。若交易完成，武汉钧恒将成为汇绿生态全资子公司，进一步强化 公司在光通信领域的资源整合能力。此次收购是汇绿生态自2024年起分步收购武汉钧恒股权以来的关 键"收官之作"。 此次扩产与收购双向发力，标志着汇绿生态从传统园林工程向高科技光通信的战略转型进入深化阶段。 公司预计2025年上半年归母净利润最高达4900万元，同比重组后增长83.64%，光通信业务已成为核心 增长引擎。 光通信业务成业绩增长新引擎 汇绿生态主要从事园林工程施工、园林景观设计、苗木种植业务，于2021年在深交所上市。 武汉钧恒成立于2012年，位于光通信产业重镇"武汉光谷"，专注于光模块产品的研发和制造，掌握COB 封装与硅光耦合等核心技术。其产品广泛应用于A ...

Core Viewpoint - The investment by Sijia Technology in Guangcai Xincheng reflects a strategic move into the optical communication sector, which is gaining attention from capital markets due to its growth potential [1][3]. Group 1: Company Overview - Sijia Technology focuses on mobile communication equipment and precision casing, with mobile communication as a strategic priority [2]. - Guangcai Xincheng specializes in optical communication equipment manufacturing and integrated circuit design, indicating a complementary relationship between the two companies [2]. - The investment will not significantly impact Sijia Technology's main business, nor will it create major dependency on Guangcai Xincheng [2]. Group 2: Investment Details - Sijia Technology plans to acquire up to 20% of Guangcai Xincheng through a capital increase rather than a full acquisition, which mitigates investment risks while allowing for future collaboration [2]. - The final investment amount and valuation will depend on due diligence results, emphasizing the importance of Guangcai Xincheng's technology commercialization and order conversion efficiency [2] [4]. Group 3: Industry Insights - The optical communication market is expanding, with the global optoelectronic device market expected to exceed $180 billion by 2025, growing at a compound annual growth rate (CAGR) of 8% to 10% [3]. - Recent investments in the optical communication sector indicate a trend, with multiple companies actively pursuing opportunities in this field [3]. - The strategic value of optical communication devices is increasing due to the initiation of 6G research, accelerated submarine cable construction, and rising demand for AI server optical interconnects [4]. Group 4: Future Outlook - The optical communication industry is expected to benefit from digital transformation and technological innovation, with increasing data flow driving demand [4]. - The potential for technological collaboration between Sijia Technology and Guangcai Xincheng could lead to new growth areas in optical modules and chips [4]. - Despite challenges such as technological iteration and competitive pressure, the long-term value of the optical communication sector as a core infrastructure for the digital economy remains significant [4].

格隆汇8月4日丨致尚科技(301486.SZ)在互动平台表示，目前，公司在越南有两处生产基地，一处位于 越南北江，面积约7,000平方米，已于2023年底开始投产；另一处位于越南永福，面积约20,000平方米， 于今年开始投产。两处越南生产基地将主要生产单芯光纤跳线、单芯集束光纤跳线、多芯MPO光纤跳 线和光分路器等。公司具备承接各类客户光通信产品订单的能力。 ...

Core Viewpoint - The company has established two production bases in Vietnam, which are set to enhance its capacity to meet customer demands for optical communication products [1][3]. Group 1: Production Facilities - The first production base is located in Bắc Ninh, covering an area of approximately 7,000 square meters, and commenced operations at the end of 2023 [1]. - The second production base is situated in Vĩnh Phúc, with an area of about 20,000 square meters, and began production this year [1]. - Both facilities will primarily manufacture single-core optical fiber jumpers, multi-core MPO optical fiber jumpers, and optical splitters [1]. Group 2: Market Position and Capabilities - The company has the capability to undertake various customer orders for optical communication products [1]. - The company previously transferred its subsidiary, Fucokima, which is the largest MT connector company globally and a supplier for Huawei's optical communication business [3]. - There is an inquiry regarding whether the MPO products from the company's Vietnamese subsidiary can meet Huawei's demand and the current production capacity [3].