光库科技公告，预计2025年前三季度净利润为1.1亿元，同比增长97.00%-117.00%，上年同期为5581万 元。报告期内，公司通过技术创新、推出新产品、积极开发国内外新客户，营业收入实现稳步增长。同 时，加强费用管控、降本增效，推动了净利润的增长。 ...

Core Insights - The article reflects on the current volatile market and the importance of understanding personal risk tolerance and investment strategies. It emphasizes the need for a disciplined approach to investing, particularly for individual investors who may be influenced by market noise and trends [1][3]. Investment Strategy - The article suggests that individual investors should prioritize capital preservation and manage their portfolios according to their risk tolerance. It recommends allocating funds to safer investments like bonds for those who cannot accept any loss, while a portion can be allocated to higher-risk investments [5]. - The risk-return spectrum is outlined, indicating that higher potential returns come with increased risks. The hierarchy of investment risk is presented, ranging from bank deposits to venture capital investments [5]. Market Trends - The article identifies a significant trend in the technology sector, particularly in areas related to AI, computing power, and robotics. It suggests that these sectors will continue to thrive as long as the AI performance bubble remains intact [9]. - It highlights the importance of understanding macroeconomic trends, particularly the impact of fiscal and monetary policies on liquidity and market conditions. The expectation is that global liquidity will improve over the next few years, creating favorable conditions for investment [7][9]. Investment Approach - The article stresses the importance of patience and a long-term perspective in investing. It suggests that capital markets will eventually reflect economic fundamentals, and investors should avoid panic during market fluctuations [11]. - It encourages investors to conduct thorough research and maintain a clear investment logic to avoid falling into traps during rapid market changes. The need for continuous observation of market trends and fundamentals is emphasized [9][11].

10月16日，光模块CPO概念板块集体回暖，中际旭创（300308.SZ）、新易盛（300502.SZ）、天孚通信 （300394.SZ）等核心龙头低开高走，盘中集体翻红。截至午盘，中际旭创涨4.68%，股价重回370元/ 股，报370.68元/股、新易盛、长芯博创（300548.SZ）、天孚通信、光库科技（300620.SZ）等纷纷跟 涨。 消息面上，据智通财经报道，OpenAI被曝正制定五年商业计划，以履行1万亿美元支出承诺。同时， OpenAI还宣布与能源公司SurEnergy已签署一份意向书，计划在阿根廷建设一个数据中心枢纽，投资额 最高可达250亿美元，这将成为该国历史上规模最大的科技基础设施项目之一。 10月初，受关税政策调整及短期获利了结影响，光模块概念股曾出现较大面积回调，其中，龙头"易中 天"的回调幅度均超过10%。 不过，当前光模块的产业逻辑支撑依旧较为强劲。根据市场研究机构Light counting预测，2025年800G 以太网光模块市场规模将超过400G，随着高速光模块的快速导入，预计2029年800G和1.6T光模块的整 体市场规模将超过160亿美元。 事实上，这一趋势在上市公司 ...

Group 1 - The core viewpoint of the news is that Zhongji Xuchuang's stock price increased by 5.29% to 372.86 CNY per share, with a trading volume of 8.294 billion CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 414.292 billion CNY [1] - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, and was established on June 27, 2005, with its listing date on April 10, 2012 [1] - The company's main business involves the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module manufacturing, with revenue composition being 97.58% from optical communication transceiver modules, 1.74% from automotive electronics, and 0.67% from optical components [1] Group 2 - From the perspective of major fund holdings, Huian Fund has a fund that heavily invests in Zhongji Xuchuang, specifically the Huian Growth Preferred Mixed A (005550), which held 149,200 shares in the second quarter, accounting for 9.51% of the fund's net value, making it the second-largest holding [2] - The Huian Growth Preferred Mixed A (005550) was established on February 13, 2018, with a latest scale of 35.6613 million CNY, and has achieved a year-to-date return of 99.08%, ranking 21 out of 8161 in its category [2] - The fund manager, Shan Bailin, has been in position for 3 years and 125 days, with a total asset scale of 229 million CNY, achieving the best fund return of 53.85% and the worst return of -6.16% during his tenure [2]

无。 需进一步落实事项 无。 中国经济网北京10月16日讯 上交所上市审核委员会2025年第41次审议会议于2025年10月15日召 开，审议结果显示，厦门优迅芯片股份有限公司（以下简称"优迅股份"）首发符合发行条件、上市条件 和信息披露要求。这是今年过会的第58家企业。 优迅股份本次的保荐机构为中信证券股份有限公司，保荐代表人戴五七、马锐。这是中信证券今年 保荐成功的第7单IPO项目。此前，2月21日，中信证券保荐的江苏汉邦科技股份有限公司过会；4月18 日，中信证券保荐的广州瑞立科密汽车电子股份有限公司过会；7月11日，中信证券保荐的北矿检测技 术股份有限公司过会；8月14日，中信证券保荐的西安奕斯伟材料科技股份有限公司过会；9月19日，中 信证券保荐的苏州市新广益电子股份有限公司过会；9月26日，中信证券保荐的苏州摩尔线程智能科技 （北京）股份有限公司过会。 优迅股份作为国内光通信领域的"国家级制造业单项冠军企业"，专注于光通信前端收发电芯片的研 发、设计与销售。 公司股权较为分散，单一股东所持表决权均未超过 30%。任何单一股东所持的表决权均无法控制 股东会或对股东会决议产生重大影响。因此，公司认定无 ...

Group 1 - The CPO concept sector led the market with an increase of 1.44% on October 16 [1] - Key companies in this sector include Juguang Technology, which rose by 4.98%, and Shijia Photon, which increased by 4.47% [1] - Other notable performers include Zhongji Xuchuang with a rise of 4.01%, and Changxin Bochuang, Xinyi Sheng, and Woge Optoelectronics, all of which saw gains exceeding 2% [1]

10月16日，仕佳光子涨5.04%，截至发稿，报68.83元/股，成交4.78亿元，换手率1.54%，总市值315.79 亿元。 资料显示，河南仕佳光子科技股份有限公司位于河南省鹤壁市淇滨区延河路201号，成立日期2010年10 月26日，上市日期2020年8月12日，公司主营业务涉及光芯片及器件、室内光缆、线缆材料三大板块,主 要产品包括PLC分路器芯片系列产品、AWG芯片系列产品、DFB激光器芯片系列产品、光纤连接器、 室内光缆、线缆材料等。主营业务收入构成为：光芯片与器件70.52%，室内光缆15.11%，线缆高分子 材料12.66%，其他(补充)1.72%。 从基金十大重仓股角度 数据显示，华富基金旗下1只基金重仓仕佳光子。华富量子生命力混合A（410009）二季度持有股数1.68 万股，占基金净值比例为5.12%，位居第二大重仓股。根据测算，今日浮盈赚取约5.54万元。 华富量子生命力混合A（410009）成立日期2011年4月1日，最新规模1101.1万。今年以来收益52.66%， 同类排名684/8161；近一年收益61.63%，同类排名606/8021；成立以来收益41.81%。 华富量子生命 ...

市场走势 【今日要点】 研究早观点 2025 年 10 月 16 日 星期四 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,912.21 | 1.22 | | 深证成指 | | 13,118.75 | 1.73 | | 沪深 | 300 | 4,606.29 | 1.48 | | 中小板指 | | 8,106.60 | 1.77 | | 创业板指 | | 3,025.87 | 2.36 | | 科创 | 50 | 1,430.00 | 1.40 | 资料来源：最闻 分析师： 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【行业评论】通信：周跟踪（20251006-20251012）-持续看好海外链光 模块以及国产算力超节点 【行业评论】【山证电新】20251015 光伏产业链价格跟踪-价格持平 研究早观点 【今日要点】 【行业评论】通信：周跟踪（20251006-2025 ...

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Investment Rating - The report maintains a positive outlook on the communication industry, indicating an "Overweight" rating for the sector [2][22]. Core Insights - The report emphasizes three main lines for the communication industry in 2025: differentiation in computing networks, strengthening of the satellite industry, and optimization of the economic cycle [4][5]. - The AI industry is evolving towards inference-driven models, with a diversified approach to computing solutions. The supply-demand turning point for data centers has been observed, and technologies like liquid cooling are accelerating penetration [4][5]. - The satellite communication sector is experiencing intensive industry catalysis, forming a closed loop across the entire industry chain, with direct satellite connections expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a return of the investment "pendulum" [4][5]. Summary by Sections Computing Network - The AI industry trend is shifting towards inference dominance, with the upstream supply chain for domestic chips and modules beginning to integrate [4]. - Data center supply-demand dynamics are changing, with liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a significant catalyst for the satellite communication industry, with a complete industry chain now established [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, particularly in sectors like Beidou navigation and controllers, indicating a strong potential for cyclical stocks [4][5]. Performance Forecast for Key Companies - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [4][14]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures, with a focus on AI computing networks [6][14]. Related Companies - Key companies identified include Zhongji Xuchuang, NewEase, and Huagong Technology in the AI computing network segment, and operators like China Mobile and China Telecom [4][6][14].