Group 1 - CPO (Co-Packaged Optics) concept stocks saw significant gains, with major players like Zhongji Xuchuang and Xinyi Sheng reaching historical highs, closing at 406.10 CNY and 388.50 CNY per share, respectively [2][4] - The gold sector remained strong, with multiple stocks such as Zhejiang Fu Holdings and Zhongjin Gold hitting the daily limit up, indicating robust market interest [2][8] - The A-share market experienced a positive start in September, with the Shanghai Composite Index rising by 0.46%, Shenzhen Component by 1.05%, and the ChiNext Index by 2.29%, reflecting overall market optimism [3] Group 2 - China Galaxy Securities highlighted three main investment themes: improvement in supply-demand dynamics and industry profitability, consumer spending under policy support, and technological self-sufficiency in sectors like AI and semiconductors [4][8] - Zhongji Xuchuang reported a 36.95% year-on-year increase in revenue to 14.789 billion CNY and a 69.40% increase in net profit to 3.995 billion CNY for the first half of 2025, driven by high-end optical module demand [8] - Xinyi Sheng's revenue surged by 282.64% to 10.437 billion CNY, with net profit increasing by 355.68% to 3.942 billion CNY, benefiting from data center investments [8][11]

在资本市场AI算力爆火的当下，这家全球第五大、中国第三大专业光模块厂商的赴港上市申请，备受投资者关 注。 2025年8月25日，青岛崂山区的纳真科技公司向港交所递交招股书，拟在香港主板上市。 | ]项下的[编纂]數目 : [编纂]股股份(視乎[編纂] | 行使與否而定) | | --- | --- | | [编纂]數目 : | [编纂]股股份(可予[編纂]) | | [编纂]數目 | :[编纂]股股份(可予[编纂]及 | | | 視乎[編纂]行使與否而定) | | 最高[编纂] : | 每股股份[編纂],另加[編纂](編纂]以 | | | 港元[編纂]·多繳款項可予退還) | | 面值 ! | 每股股份0.02美元 | | [编纂] : [编纂] | | 作为海信集团控股（持股48．61％）的企业，纳真科技不仅是全球第五大专业光模块厂商、中国市场第三大光模 块厂商，更是全球少数同时拥有光模块和光芯片研发及量产能力的企业之一。此次递表无疑是其迈入自身资本化 进程的关键一步，更扩充了"海信系"在科技赛道上的资本版图。 全球光通信领域新力量 纳真科技成立于2003年，总部位于山东青岛崂山区，是海信集团在光通信领域布 ...

汇绿生态在互动平台表示，武汉钧恒对高速光模块技术持续投入，当前已经具备单波400G高速链路仿 真能力，um级高精度光学微组装能力，及各种高速控制算法能力；基于上述能力积累，当前武汉钧恒 1.6T模块相关产品已经开发出来，具备送样能力，3.2T模块单点技术已经验证完成，预计年底启动项目 开发。 ...

Group 1 - The core viewpoint is that Wuhan Junheng has made continuous investments in high-speed optical module technology, achieving significant capabilities in 400G high-speed link simulation, micro-optical assembly, and high-speed control algorithms [2] - Wuhan Junheng has developed products related to the 1.6T module and is capable of sample delivery, while the 3.2T module's single-point technology has been validated and project development is expected to start by the end of the year [2]

智通财经APP获悉，国盛证券发布研报称，英伟达(NVDA.US)最新财报再次强化全球AI算力扩张预期， 带动上游光模块、光连接相关产业链估值提升。国内市场演绎路径正从"业绩兑现"向"预期放大"过渡， 形成二次行情。Scale-Up趋势下，光通信产业迎来新一轮增长机遇，技术迭代与需求升级共同推动行业 迈向新阶段。继续看好算力板块，坚定推荐算力产业链相关企业如光模块行业龙头中际旭创 (300308.SZ)、新易盛(300502.SZ)等。 国盛证券主要观点如下： 【英伟达财报强化AI预期，光模块板块受益】 光芯片/组件层面率先爆发：光模块从400G 到800G 再到1.6T的迭代演进速度明显加快，低功耗的 LPO/LRO、高集成的CPO 也在规模部署。2025 年阿里云首次规模部署LPO 光模块，带来显著能效收 益;腾讯自研CPO 交换机上线，以光互联革新算力时代;英伟达也在GTC 2025 期间发布两款CPO 交换 机。 数据中心收入稳健增长。数据中心业务收入411亿美元，环比增长5%，同比增长56%，收入占比超过八 成。受益于Blackwell架构产品放量，其中Blackwell 数据中心收入环比上涨17%， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 415 RMB, reflecting a 15.6% potential upside from the current price of 354.92 RMB [1][3]. Core Insights - The company reported strong Q2 2025 results, with revenue reaching 8.1 billion RMB, marking a historical high and a year-on-year growth of 36% and a quarter-on-quarter growth of 22%. Net profit surged to 2.4 billion RMB, with a year-on-year increase of 79% and a quarter-on-quarter increase of 52%, exceeding Bloomberg consensus estimates by 28% [1][6]. - Gross margin and net margin reached historical highs of 41.5% and 29.7%, respectively, surpassing market expectations by 5.7 percentage points and 7.2 percentage points [1][6]. - The company announced a first interim dividend of 0.4 RMB per share, enhancing shareholder returns [1]. Financial Performance Summary - For FY25E, the company expects sales revenue of 38.252 billion RMB, representing a year-on-year growth of 60.3% [2][9]. - The gross margin is projected to be 43.0% for FY25E, an increase from previous estimates [6][9]. - Net profit for FY25E is forecasted at 11.691 billion RMB, reflecting a year-on-year growth of 126.1% [2][9]. - The earnings per share (EPS) is expected to be 10.66 RMB for FY25E, with a significant increase from prior years [2][9]. Market Dynamics - The demand for high-performance optical modules is driving revenue growth, with a strong emphasis on 800G and 1.6T product shipments [6]. - The company’s overseas revenue, accounting for 86% of total revenue in the first half of 2025, remains a core growth driver [6]. - The capital expenditure cycle driven by AI is expected to sustain the company's performance, with major cloud providers projected to increase their capital expenditures significantly [6]. Profitability and Margin Expansion - The gross margin for optical modules increased by 6.1 percentage points year-on-year to 40.0%, while the net margin rose by 5.8 percentage points to 29.7% [6]. - The expansion in margins is attributed to a higher proportion of high-margin products and effective supply chain management [6]. - The report anticipates further margin improvement with the large-scale production of 1.6T products in the second half of the year [6].

Core Insights - The article highlights the resurgence of interest in artificial intelligence (AI) concepts, particularly in the context of the ChiNext AI ETF, which saw a significant increase of 5.49% as of September 1 [1] - The Chinese government has issued an opinion emphasizing the importance of AI in economic development, targeting a 70% AI penetration rate by 2027 and 90% by 2030 [1] - The AI sector is still in its early stages compared to the previous "Internet+" wave, indicating substantial growth potential across various traditional industries [1] Group 1: Market Performance - The ChiNext AI ETF (159381) has experienced a net inflow of 61.22 million yuan in the last trading day and has attracted 199 million yuan over the past five trading days [1] - The ETF's holdings include leading companies in the AI sector, with a focus on high-growth AI computing, and has achieved an over 80% increase year-to-date, outperforming similar AI indices [2] Group 2: Government Policy - The State Council's recent opinion outlines six key areas for AI implementation, including technology, industry, consumption, and governance, highlighting the government's commitment to supporting AI development [1] - The opinion aims to strengthen the foundational support in areas such as models, data, computing power, and applications, which are crucial for AI's integration into various sectors [1]

Wind数据显示，2025年9月1日，A股CPO概念板块表现强劲，盘中多只个股创出历史新高。源杰科技、 锐捷网络、腾景科技、华工科技、中际旭创、光迅科技、新易盛等多股股价均创历史纪录，旭光电子、 汇绿生态等公司股票涨停。 AI算力需求爆发推动光模块市场高速增长，高盛报告预计2025年、2026年800G光模块销量将分别达到 1990万和3350万单位，较此前预测大幅上调；同时预测光模块市场规模在2025年和2026年将分别达到 127.3亿和193.7亿美元，同比增速分别达60%和52%。 另外，多家CPO头部公司2025年上半年业绩预告出色，证实了行业高景气度。新易盛2025年上半年营业 收入达到104.37亿元，同比激增282.64%，净利润高达39.42亿元，同比增长355.68%；同期，光模块龙 头中际旭创的营收规模位居行业前列，为147.89亿元，同比增长36.95%，实现净利润39.95亿元，同比 增长69.40%；而光器件解决方案提供商天孚通信则实现了营收24.56亿元（同比增长57.84%），净利润 8.99亿元（同比增长37.46%）。 国元证券表示，CPO技术性能优势显著，长期来看或为数据 ...

（文章来源：每日经济新闻） 每经AI快讯，9月1日，A股CPO概念午后再度走强，中际旭创涨超13%，股价首次突破400元关口；新 易盛涨10%，股价同样逼近400元，天孚通信、源杰科技等多股创历史新高。 ...

证券研究报告 | 投资策略研究*专题报告 2025 年 09 月 01 日 投资策略研究 科技板块当前的分化状态——周度策略行业配置观点 在数字经济政策推动下，金融科技领域的财税数字化、数字货币等场景加 一周热点事件复盘："人工智能+"行动意见发布，"沪六条"放宽购房条 件、美国上修二季度 GDP、美团 Q2 净利同比骤降。本周（2025 年 8 月 25 日-2025 年 8 月 29 日）A 股波动幅度增大，主要指数产生了一定的分化， 上证指数周 0.84%，深证成指周 4.36%，创业板指周 7.74%，科创 50 周 7.49%，全市场日均成交额 2.98 万亿元。A 股呈现沪弱深强、大盘领跑的 格局，成长板块表现强劲，市场交投活跃但资金面呈现一定分歧。政策层 面，国务院印发"人工智能+"行动意见，催化 AI 产业链估值扩张，通信 设备、电子等板块受提振。同时，半导体行业需求端受益于全球数字化浪 潮，汽车电子、数据中心等下游领域订单增长，推动天孚通信、中际旭创 等龙头股上涨。港股方面，美团净利润大幅下降导致恒生科技为代表的港 股在周中产生回调。 伴随指数整体上扬，近期 TMT 板块交易拥挤度显著升高， ...