格隆汇7月31日｜A股市场CPO概念股集体走强，其中，汇绿生态、剑桥科技、长飞光纤(601869)涨停， 联特科技涨超9%，中际旭创(300308)涨超6%再创历史新高，锐捷网络、天孚通信、曙光数创涨超4%。 | 代码 | 名称 | 涨幅% ↓ | | 总市值 | | --- | --- | --- | --- | --- | | 001267 | 汇绿生态 | - | 10.02 | 113亿 | | 603083 | 剑桥科技 | * * | 10.01 | 146亿 | | 601869 | 长飞洗红 | - | 10.00 | 405亿 | | 301205 | 联特科技 | | 9.55 | 136亿 | | 603773 | 沃格光电 | | 6.74 | 64.41亿 | | 300308 | 中际旭创 | 1 | 6.41 | 2490亿 | | 301165 | 锦捷网络 | → | 4.65 | 515亿 | | 300394 | 天孚通信 | 来 | 4.50 | 826亿 | | 872808 | 曙光数创 | 资 | 4.19 | 120亿 | | 600601 | 方正科技 | 来 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the communication sector, with the National Communication Index rising by 1.38% and significant gains in constituent stocks such as Dingtong Technology and Liante Technology [1][3] - The Communication ETF (159695) experienced a 1.46% increase, reaching a peak of 2.57% during trading, indicating robust investor interest [1][3] - The trading volume for the Communication ETF was 789.36 million yuan, with a turnover rate of 6.49%, reflecting active market participation [3] Group 2 - The Communication ETF has seen a net asset value increase of 47.69% over the past year, with the highest single-month return recorded at 24.48% since its inception [3] - The ETF's recent performance includes a 600,000 share increase in the last six months, positioning it as the leader in new share growth among comparable funds [3] - The communication sector is benefiting from advancements in overseas computing power supply chains and the ongoing development of commercial aerospace, which is expected to enhance satellite communication infrastructure [3][4] Group 3 - Longjiang Securities noted significant accumulation in the communication sector by public funds, particularly focusing on optical modules as a core investment direction [4] - The top ten weighted stocks in the National Communication Index account for 59.17% of the index, with companies like Zhongji Xuchuang and China Telecom being prominent players [4][6] - The communication sector is viewed as having high configuration cost-effectiveness due to its current low valuation, making it an attractive investment opportunity [4]

东莞证券表示，海内外科技巨头AI商业化进程加快，资本开支增速维持高位，近期AI扩散规则取消 后，主权AI需求加速释放，为算力基建提供有力支撑。目前GB200NVL72出货节奏加快，台系ODM厂 月度营收高增，后续出货动能充足。作为AI服务器的关键零部件PCB有望迎来量价齐升，特别是HDI具 备高密度互联、高频高速、高可靠性稳定性、散热性能好等优势，需求有望井喷，目前多家陆系厂商加 快相关产品布局。 （文章来源：每日经济新闻） 7月31日早盘，A股三大指数分化，沪指走低。光模块、光芯片、光通信等概念集体高开。开盘来看， 5G通信ETF（515050）高开1.67%，持仓股东山精密、中际旭创涨超5%，太辰光、新易盛、沪电股份均 拉涨超4%。创业板人工智能ETF华夏（159381）直线拉涨2%，持仓股联特科技涨超7%。 创业板人工智能ETF华夏（159381）跟踪创业板人工智能指数，选取创业板上市的AI主业公司，场内综 合费率在可比基金中最低。行业分布上，光模块CPO概念股权重超26.6%，是目前"光"含量较高的AI类 指数。前5大成分股囊括新易盛、中际旭创、天孚通信三大光模块龙头。 5G通信ETF（515050） ...

格隆汇7月31日｜A股CPO概念股走强，生益电子涨超10%；中际旭创涨近6%，股价再创历史新高；剑 桥科技、东山精密、太辰光等大涨。 ...

Group 1 - Anpao Optoelectronics has established the world's first autonomous 8-inch thin-film lithium niobate wafer production line, positioning itself in the next-generation optical communication market [1] - The private enterprise Heyi Biotech has developed a recombinant human albumin injection (from rice), which has been approved for sale, becoming the world's first "rice-based" innovative drug [3][8] - The industrial investment in Wuhan is significantly driven by private enterprises, with nearly 70% of the total investment coming from them [4][5] Group 2 - Wuhan's high-tech manufacturing industry saw a 15.7% increase in value added in the first half of the year, with private enterprises contributing nearly half of the city's tax revenue [2] - The "little giant" enterprises and newly regulated companies in Wuhan have maintained double-digit growth in industrial output, significantly contributing to the development of emerging industries [9] - The total import and export volume of Wuhan's private enterprises reached 252.94 billion yuan in 2024, an 18.2% increase from 2023, accounting for 62.7% of the city's total import and export volume [11] Group 3 - Private enterprises in Wuhan are playing a crucial role in employment, contributing over 80% to the employment of new college graduates [12] - The private sector's R&D expenditure among the top 100 private enterprises in Wuhan increased by 21.36% compared to the previous year [5] - Companies like Sifang Optoelectronics are breaking international monopolies with their sensor integration modules, showcasing the global competitiveness of Wuhan's private enterprises [10]

Core Insights - The company Shijia Photon (688313) reported significant growth in its 2025 mid-year financial results, with total revenue reaching 993 million yuan, a year-on-year increase of 121.12%, and net profit attributable to shareholders at 217 million yuan, up 1712.0% [1] Financial Performance - Total revenue for Q2 2025 was 556 million yuan, reflecting a 121.55% increase year-on-year [1] - Net profit for Q2 2025 was 123 million yuan, showing a staggering year-on-year increase of 3414.06% [1] - The gross profit margin improved to 37.38%, up 56.96% year-on-year, while the net profit margin surged to 21.83%, an increase of 719.47% [1] - The company’s total expenses (sales, management, and financial) amounted to 65.87 million yuan, accounting for 6.64% of revenue, a decrease of 25.51% year-on-year [1] - Earnings per share reached 0.48 yuan, a remarkable increase of 1715.53% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable increased by 70.86% year-on-year, reaching 503 million yuan [1] - Operating cash flow per share improved to 0.02 yuan, a year-on-year increase of 158.09% [1] - The company’s cash flow situation showed a significant turnaround in Q2, with net cash flow from operating activities at approximately 11.16 million yuan, compared to a negative cash flow in Q1 [5] Investment and Capital Expenditure - The company made a substantial investment of 147 million yuan in the Henan Hongqi Optoelectronic Industry Fund, leading to a 16131.76% increase in long-term equity investments [3] - Short-term borrowings surged by 1905.29%, indicating increased funding needs to support expanded operations [4] Market Position and Future Outlook - The company’s performance is driven by the rapid growth of the data communication market, particularly in artificial intelligence applications, which has led to increased orders for optical chips and related products [4] - Analysts expect the company’s performance in 2025 to reach 377 million yuan, with an average earnings per share forecast of 0.82 yuan [9] Fund Holdings - The company is held by several funds, with the largest being the Caitong Value Momentum Mixed A fund, which has a scale of 1.987 billion yuan and has shown a 39.13% increase over the past year [10]

Revenue and Profit Growth - The company reported a total operating revenue of 993 million yuan, an increase of 121.12% year-on-year. The net profit attributable to shareholders reached 217 million yuan, up 1712.0% year-on-year, while the net profit excluding non-recurring items was 214 million yuan, a staggering increase of 12667.42% year-on-year in the first half of 2025 [1] - In the second quarter alone, the operating revenue was 556 million yuan, reflecting a year-on-year increase of 121.55%. The net profit attributable to shareholders for this quarter was 123 million yuan, up 3414.06% year-on-year, and the net profit excluding non-recurring items was 122 million yuan, an increase of 4790.61% year-on-year [1] Enhanced Profitability - The company's gross margin stood at 37.38%, an increase of 56.96% year-on-year, while the net profit margin was 21.83%, reflecting a significant increase of 719.47% year-on-year, indicating improved cost control and profitability [2] Effective Cost Control - Total selling, administrative, and financial expenses amounted to 65.87 million yuan, accounting for 6.64% of revenue, which is a decrease of 25.51% year-on-year, showcasing effective cost management [3] Accounts Receivable and Cash Flow Concerns - The accounts receivable reached 503 million yuan, a year-on-year increase of 70.86%, with accounts receivable to profit ratio at 775.28%. Additionally, cash and cash equivalents were 318 million yuan, down 2.65% year-on-year, with a cash to current liabilities ratio of only 56.09%. The net cash flow from operating activities was approximately 11.16 million yuan, up 158.09% year-on-year, but the average operating cash flow to current liabilities ratio over the past three years was only 14.09%, indicating a need for attention to accounts receivable recovery and cash flow status [4] Main Business Revenue Composition - Revenue from optical chips and devices amounted to 700 million yuan, accounting for 70.52% of total revenue. Among these, revenue from AWG-related products was 311 million yuan, making up 31.32% of total revenue, while revenue from fiber optic connectors and jumpers was 298 million yuan, representing 30.04% of total revenue. Indoor cable revenue was 150 million yuan, accounting for 15.11%, and revenue from cable polymer materials was 126 million yuan, making up 12.66% of total revenue [5] Domestic and International Revenue Distribution - Domestic revenue was 524 million yuan, accounting for 52.79% of total revenue, while international revenue was 452 million yuan, representing 45.50% of total revenue, with a year-on-year growth of 323.59% [6] Core Competitiveness - The company has continuously invested in R&D, mastering key chip core technologies and forming a complete IDM business system, which provides full-chain autonomy. Through collaborations with mainstream module companies and equipment manufacturers, the company is expanding its customer base and increasing market share. Additionally, the company boasts a professional R&D team composed of PhDs and Masters, capable of supporting comprehensive R&D and production needs in optics, electronics, and thermal areas [7]

Core Insights - The report highlights a positive outlook for the AI computing industry, driven by significant investments from major overseas companies, which is expected to boost the demand for related technologies and services [25][27][33] - The introduction of a national childcare subsidy program in China is anticipated to stimulate demand in the dairy sector, particularly in infant formula, as it aims to increase birth rates [43][44][45] - The report emphasizes the growth potential in the communication sector, particularly for Corning, which reported strong Q2 earnings and is expected to benefit from the increasing demand for AI-related technologies [24][25][26] Industry Analysis Communication Sector - Corning's Q2 2025 revenue reached $4.05 billion, a 12% year-on-year increase, with a notable 41% growth in its optical communications segment [24][25] - The company's "Scale-up" strategy is projected to significantly enhance its sales and profit margins by 2026, with expectations of a $10 billion market opportunity in data center interconnects by 2030 [26][27] Dairy Sector - The national childcare subsidy program is set to provide annual cash benefits of 3,600 yuan per child, which is expected to positively impact birth rates and subsequently increase demand for infant formula [43][44] - The report anticipates a recovery in the demand for infant formula in 2025, driven by the subsidy and a favorable demographic shift [45][46] AI Computing Industry - The integration of AI technologies is expected to create substantial market opportunities, particularly through platforms like NVIDIA's Omniverse, which facilitates collaboration and simulation across various industries [29][30][31] - The report identifies several investment opportunities within the AI computing supply chain, including optical modules and liquid cooling technologies, which are poised for growth as AI applications expand [27][33] Agricultural Sector - Haida Group reported a 12.5% increase in revenue for H1 2025, driven by strong sales in its feed business, particularly in the pig and poultry segments [60][61] - The company is also expanding its international market presence, with a 40% year-on-year increase in overseas feed sales [61][62] Real Estate and Property Management - South Property's diversified service model is expected to enhance profitability, with a projected net profit of 168 million yuan for 2025 [54][55] - The company is leveraging technology, such as cleaning robots, to improve service efficiency and reduce costs [58][59]

Core Viewpoint - The company, Hongrida (301285), is expanding its business scope to include the manufacturing and sales of optical cables, optical fibers, optical communication equipment, and optoelectronic devices, aiming to enhance its presence in the optical communication sector [1] Group 1 - The company announced on June 28, 2025, that it has added new business areas related to optical communication products [1] - The company leverages its inherent automation research and development capabilities to achieve design goals for automated production lines in the manufacturing of fiber array (FA) [1] - Currently, optical communication-related products are still in the promotion stage and have not yet generated substantial revenue [1]

Core Viewpoint - Corning reported strong financial performance in Q2 2025, driven by robust demand for generative AI products and advancements in its manufacturing capabilities [1][2][3] Financial Performance - Core sales reached $4.05 billion (approximately ¥29.06 billion), a year-on-year increase of 12% [1] - GAAP sales amounted to $3.86 billion (approximately ¥27.7 billion), with an operating profit margin of 14.8% [1] - Operating profit margin for core sales was 19%, reflecting a year-on-year increase of 160 basis points [1] - GAAP operating cash flow was $708 million (approximately ¥5.08 billion) [1] Business Growth Drivers - The optical communications segment saw an impressive sales growth of 81% year-on-year, attributed to the strong demand for generative AI products [2] - The "Springboard" initiative is expected to continue driving performance, with projected core sales reaching $4.2 billion in Q3, indicating double-digit year-on-year growth [3] - The "Springboard" plan aims to achieve over $3 billion in additional annual sales by the end of 2026 and increase operating profit margin to 20% [3] - Key drivers of the "Springboard" plan include technological breakthroughs in optical communications, transformation in display technology, and diversified market expansion [3]