Core Viewpoint - Applied Optoelectronics, Inc. (AOI) will present at the Raymond James 2025 TMT & Consumer Conference on December 9, 2025, highlighting its role in providing advanced optical and HFC networking products that support internet infrastructure [1] Company Overview - Applied Optoelectronics, Inc. is a leading developer and manufacturer of advanced optical and HFC networking products essential for AI datacenters, CATV, and broadband fiber access networks globally [2] - The company supplies critical infrastructure to tier-one customers in cloud computing, CATV broadband, telecom, and FTTH markets [2] - AOI has R&D facilities in Atlanta, GA, and engineering and manufacturing facilities in Sugar Land, TX, Taipei, Taiwan, and Ningbo, China [2]

Core Insights - The discussion emphasizes that volatility in investment portfolios is inevitable, and having some losing positions is essential for capturing future opportunities, particularly in high-growth areas like AI [1][12]. Group 1: Portfolio Management - A portfolio without losers may indicate overly conservative investment strategies, suggesting that investors are not taking enough risks to capitalize on significant opportunities [5][12]. - Companies with lower-quality management can exacerbate declines through poor communication and unclear guidance, yet some firms, like Ouster, may still have strong long-term prospects despite negative market sentiment [2][10]. Group 2: Market Dynamics - Recent market behavior has led to exaggerated sell-offs of smaller, speculative companies, which are often the first to be punished during periods of market pessimism [3][10]. - Specific examples include Power Solutions, which experienced a significant drop of 36% from its recommendation point, highlighting the volatility and risks associated with smaller stocks [7][8]. Group 3: Investment Strategy - The strategy involves taking smaller, high-risk positions to leverage potential long-term gains, with the understanding that these positions may appear weak in the short term due to market conditions [3][9]. - The importance of broad exposure across various investment ideas is stressed, as focusing solely on recent recommendations may lead to a narrow view of potential opportunities [3][9].

11月25日，大盘高开后单边走强，截至上午收盘，上证指数涨1.13%报3880.22点，深证成指涨2.04%， 创业板指涨2.6%，北证50涨1.65%，科创50涨1.36%，中证A500涨1.49%，A股半日成交1.18万亿元。 | 上证指数 | | 000001 | | | --- | --- | --- | --- | | 50.60 | | +43.45 +1.13% | ਐੱ | | SSE 11:30:03 交易中 | | 沪深市场核心指数 / ■ + | | | 会领 | | | 4663.91亿 | | 成交量 | | | 301.09亿 | | | | 3850.57 ( 0.36%) | | | 同高 | | 3882.03 ( 1.18%) | | | 最低 | | 3845.14 ( 0.22%) | | | HE ARTIN | 16.3 | 市海蒸Մ | 1.47 | | 5日 | -1.51% | 20日 | -2.71% | | 60日 | -0.09% | # | 15.77% | | 52周高 | 4034.08 | 52周低 | 3040.69 | 资金面，央行公告称，1 ...

格隆汇11月25日丨天孚通信(300394.SZ)在投资者互动平台表示，公司定位光器件整体解决方案提供商 和光电先进封装制造服务商，光模块厂商是公司的主要客户。 ...

每经AI快讯，11月24日，CPO板块部分活跃，中富电路触及20CM涨停，光库科技、腾景科技、斯瑞新 材涨超10%。 （文章来源：每日经济新闻） ...

Group 1 - The company plans to acquire 99.97% of Suzhou Anjie Xun Optoelectronics Technology Co., Ltd. through a combination of share issuance, convertible bonds, and cash payment, with a transaction price of 1,639.508 million yuan [1] - The target company has strong delivery capabilities and production efficiency in high-speed optical module components and optical interconnection products, particularly in the data communication sector [1] - The acquisition will create a complementary advantage in product layout, enhancing the company's ability to provide comprehensive optical communication device solutions to downstream data communication and telecom network customers [1] Group 2 - The target company focuses on the R&D and efficient production of mid-to-high-end passive optical devices, aligning its R&D strategy with the product demands of leading optical module customers [2] - Post-acquisition, the company will continue to emphasize high-end product R&D and customization, leveraging the target company's automated equipment development to improve overall production efficiency and product delivery capabilities [2] - The integration is expected to enhance the company's overall R&D outcome commercialization capabilities, facilitating the market application of R&D results [2]

Group 1 - The company plans to acquire 99.97% of Suzhou Anjie Xun Optoelectronics Technology Co., Ltd. through a combination of share issuance, convertible bonds, and cash payment, with a transaction price of 1,639.508 million yuan [1] - The target company has strong delivery capabilities and production efficiency in high-speed optical module components and optical interconnection products, particularly in the data communication sector [1] - The acquisition will create a complementary advantage in product layout, enhancing the company's ability to provide comprehensive optical communication device solutions to downstream data communication and telecom network customers [1] Group 2 - The target company focuses on the R&D and efficient production of mid-to-high-end passive optical devices, aligning its R&D strategy with the product demands of leading optical module customers [2] - Post-acquisition, the company will continue to emphasize high-end product R&D and customization, leveraging the target company's automated equipment development to improve overall production efficiency and product delivery capabilities [2] - The integration is expected to enhance the company's overall R&D outcome commercialization capabilities, facilitating the market application of R&D results [2]

Core Insights - OCS (Optical Circuit Switch) technology shows significant advantages in data transmission, especially under the demands of large-scale AI computing and cross-regional expansion [1][2] - Companies involved in OCS development are focusing on high-value components and solutions, indicating a growing market potential [1][2] Company Summaries - **帝奥微**: Developing high-value components for OCS switches with a market cap of 44.86 billion [1] - **恒为科技**: Launched prototype products for OCS switches, with a market cap of 92.03 billion [1] - **炬光科技**: Supplies micro-lens arrays for OCS, with a market cap of 115.90 billion [1] - **英唐智控**: Plans to acquire 光隆集成, a company that provides OCS solutions, with a market cap of 118.82 billion [1] - **华懋科技**: Aims to fully acquire 富创优越, which has OCS components, with a market cap of 159.04 billion [1] - **凌云光**: Acts as an agent for Huber+Suhner/Polatis in China, providing OCS products suitable for large data centers, with a market cap of 167.57 billion [1] - **太辰光**: Produces optical passive devices for OCS, with a market cap of 175.43 billion [1] - **德科立**: Collaborating with iPronics on OCS waveguide solutions, with a market cap of 175.90 billion [1] - **赛微电子**: First in the industry to achieve MEMS-OCS crossbar arrays on 8-inch wafers, with a market cap of 181.03 billion [1] - **腾景科技**: Supplies optical components for OCS, with a market cap of 212.78 billion [2] - **光库科技**: Key supplier of optical components and OEM for OCS, with a market cap of 270.34 billion [2] - **长芯博创**: Supplier of optical devices for Google Chain, with a market cap of 288.70 billion [2] - **光迅科技**: Supplies OCS systems and light sources, with a market cap of 444.90 billion [2] - **紫光股份**: Offers switches and routers, focusing on optical interconnection technologies, with a market cap of 710.73 billion [2] - **天孚通信**: Supplier of OCS fiber connectors and optical modules, with a market cap of 1243.92 billion [2] - **中际旭创**: Leader in optical modules, with mass production of 1.6T and 3.2T OCS switches, with a market cap of 5511.36 billion [2]

Core Insights - Exosens has been awarded an "A" rating by MSCI in its annual ESG Ratings assessment, recognizing the company's commitment to Environmental, Social, and Governance standards, positioning it among leading players in the Aerospace & Defense sector [1][9]. Group 1: ESG Commitment - The "A" rating underscores the reliability and safety of Exosens' products, which adhere to the highest market standards essential for critical applications like imaging, detection, and amplification [2]. - Exosens' technology has a positive environmental impact, contributing to energy waste reduction, leak detection in the oil and gas sector, and enhanced safety in nuclear applications, thus supporting a transition to a more sustainable industry [3]. - The governance strength of Exosens is highlighted by principles of transparency and rigor, including the "one share = one vote" principle and the establishment of an independent audit committee [4]. Group 2: Company Strategy and Vision - The CEO of Exosens expressed pride in receiving the MSCI "A" rating, emphasizing the company's commitment to combining industrial performance with social responsibility and reducing its carbon footprint [5]. - Exosens is intensifying efforts to strengthen governance and business ethics, focusing on social and environmental dimensions and enhancing stakeholder relationships across its value chain [6]. - The company aims to meet the highest international standards to deliver sustainable value to customers, shareholders, and communities [7]. Group 3: Company Overview - Exosens is a high-tech company with over 85 years of experience in developing and manufacturing high-end electro-optical technologies, offering solutions such as travelling wave tubes and advanced cameras [8]. - The company is listed on Euronext Paris and is a member of the Euronext Tech Leaders segment, recognized for its efforts in reliability, security, and positive environmental impact [9].

Core Viewpoint - The company has the technical capability to provide high-reliability solutions for CPO interconnection through its optical module-related products, and is currently delivering these solutions in an orderly manner based on customer needs [1] Group 1 - The company possesses CPO technology direction related to optical module products [1] - The company is actively delivering solutions that meet actual customer demands [1]