Core Viewpoint - The optical display sector is expected to accelerate its import substitution process, driven by increasing sales and market opportunities, particularly in the foldable screen and VR glasses segments [1] Group 1: Company Insights - The optical display segment is the area with the highest R&D investment and product added value for the company [1] - The company has accumulated experience in the foldable screen and VR glasses fields, leading to rapid growth in sales revenue within the optical display sector [1] Group 2: Industry Trends - Historically, suppliers from the United States and Japan have dominated the market share in the optical display sector [1] - The global tariff situation has created an expectation for accelerated import substitution in this field [1]

Group 1: Business Overview - The company has been a major supplier of spin-coated optical filters in the domestic market since achieving mass production in 2022, contributing significantly to performance growth [1] - The spin-coated optical filter market has substantial growth potential due to low penetration rates and the trend of smartphone imaging upgrades [1] Group 2: Market Demand for Optical Filters - Demand for ordinary infrared cutoff filters continues to grow, driven by the overall increase in smartphone shipments and the rising penetration of multi-camera solutions [2] - The company has seen year-on-year growth in shipments of ordinary infrared cutoff filters in 2024 and Q1 2025, benefiting from increased downstream market demand and industry consolidation [2] Group 3: Product Development and Market Opportunities - The company is focusing on the mobile micro-prism market, which presents significant growth opportunities due to high unit value and low market penetration [3] - The company has established a product line for optical isolators, which are essential components for high-speed optical modules, and is experiencing strong market demand driven by the expansion of AI and data centers [3][4] Group 4: Production Capacity and Expansion Plans - The company is currently operating at a high capacity utilization rate and is expanding production at its Nanchang facility based on order demand [5]

数据显示，今日主力资金净流入电子、 光学光电子、 医药等板块，净流出 国防军工、 基础化工、 计 算机等板块，其中国防军工板块净流出超29亿元。个股方面， 欧菲光涨停，主力资金净买入15.46亿元 位居首位， 贝因美、 梦网科技、 奥飞娱乐主力资金净流入居前； 宁波海运遭净卖出超4亿元位居首 位， 利君股份、 成飞集成、 中毅达主力资金净流出额居前。 ...

5月19日，水晶光电连续5个交易日下跌，区间累计跌幅-5.74%。浙江水晶光电科技股份有限公司致力于成为"全球卓越的一站式光学解决方案专家",提供从 元器件到模组及解决方案的一站式专业服务。 财报显示，南方基金旗下南方中证500ETF为水晶光电前十大股东，今年一季度减持。今年以来收益率-0.04%，同类排名1805(总3297)。 | 南方中证500ETF | | --- | | 今年以来各阶段业绩及同类排名 | | 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | -1.23% | 2.96% | -3.71% | -3.61% | -0.04% | | 同类平均0 | 0.58% | 3.69% | -1.64% | -0.06% | 1.64% | | 沪深300 | -0.35% | 2.77% | -1.60% | -2.51% | -1.47% | | 跟踪标的� | -1.26% | 2.88% | -3.75% | -3.64% ...

转自：新华财经 新华财经上海5月19日电 上周公募调研热情依旧较高。公募排排网数据显示，上周（2025年5月12日-5 月18日）共有125家公募机构参与到A股公司调研，调研范围覆盖到76个申万二级行业中的210只个股， 合计调研频次达972次。 从被调研频次来看，69只个股上周被调研不少于5次，其中46只个股被调研5-9次，16只个股被调研10- 19次，7只个股被调研不少于20次。 | 上周公募调研次数前十个股 | A 股简称 | 申万二级行业 | 被调研频次(次) | 周度涨跌幅(%) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 电子化学品 II | 安集科技 | -2.54 | 57 | 奥比中光 | 光学光电子 | 30 | -2. 98 | | 化学制药 | 华东医药 | 4.72 | 29 | 海大集团 | 饲料 | 1.61 | 21 | | 德明利 | 半导体 | -3.10 | 21 | 仕佳元子 | 通信设备 | | | | 8.03 | 20 | 阳光诺和 | 医疗服务 | -1.46 | 20 | | | | ...

其中，半导体行业以76次调研居首，成为当之无愧的"最受宠赛道"。灿瑞科技、德明利（001309）、东 芯股份等10家产业链企业获得公募机构调研。通用设备行业以60次调研位居其次，恒而达（300946）、 江苏神通（002438）、宇环数控（002903）等多股获公募机构调研。光学光电子、电子化学品、医疗器 械和化学制药等行业获公募机构调研次数不低于50次。 在存量资金博弈的市场环境下，A股市场持续呈现震荡盘整走势。不过，公募基金调研的热情仍保持高 涨状态，半导体等领域成为资金聚焦的核心赛道。 公募排排网数据显示，上周（5月12日—5月18日）共有125家公募机构参与到A股公司调研，调研范围 覆盖到76个申万二级行业中的210只个股，合计调研频次达972次。 具体来看，69只个股上周获调研不少于5次，其中46只个股获调研5次—9次，16只个股获调研10次—19 次，7只个股获调研不少于20次。 电子化学品行业中的安集科技以57次调研次数高居榜首，吸引了超过30%的公募机构参与，成为当之无 愧的"调研王"。光学光电子行业中的奥比中光，获得30家公募机构调研，包括汇添富、银华、易方达等 头部基金公司。化学制药行业中 ...

Market Overview - The Hang Seng Index opened lower at 19,591 but rebounded to close at 19,752, supported by Tencent's performance. The index has been fluctuating around the middle line of the Bollinger Bands, indicating a narrow trading range. A breakout above this level could signal further upward movement, but the current trend remains sideways due to holiday market conditions [1]. Individual Stock Analysis - **Sunny Optical Technology (02382)**: The stock has shown a strong upward trend, reaching a high of 71.7. Investors are optimistic about the price reaching levels between 72-75. The monthly chart indicates a potential target of 82.7, although a short-term adjustment may occur upon reaching the upper Bollinger Band [2]. - **Link REIT (00823)**: The stock has experienced significant declines, closing at 32.5, which is below the lower Bollinger Band. There is a possibility of further declines to 31.6. Investors are advised to wait before attempting to bottom-fish for a rebound, as the current technical outlook is weak [2]. - **China Tower (788)**: The stock has risen for two consecutive days, approaching October highs. The next resistance level is at 1.14, with a potential for technical adjustments as it nears this level. There are suitable options for investors, including call warrants with a 5%-6% out-of-the-money range [3]. - **Tencent (00700)**: The stock showed notable movement, reaching a high of 422 before closing at 415.2. If it maintains above 415, there is potential for further gains, with resistance at 418 and 420. Investors are purchasing call warrants and bull certificates, with a preference for options that are 3%-7% out-of-the-money [3]. - **Baidu (9888)**: The stock closed at 84.1, showing some stability above the middle line of the Bollinger Bands at 83.8. However, if it falls below 80, it may test lower levels around 77.5, indicating a cautious outlook for investors [4].

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 52.49 CNY based on a projected PE of 70 times for 2025 [5][6]. Core Insights - The company is positioned as a leader in precision optical components, benefiting from the growth in AI computing power and emerging application fields such as biomedicine and AR [1][2]. - The company has established six core technology platforms to enhance its competitive edge and is focusing on technological innovation, multi-application strategies, and smart manufacturing [3][4]. - The overall business performance is expected to improve, with projected revenue of 445 million CNY in 2024, representing a year-on-year growth of 30.96%, and a net profit of 69.37 million CNY, up 66.53% [1][29]. Summary by Sections 1. Company Overview - The company specializes in the R&D, production, and sales of various precision optical components and fiber optic devices, focusing on the optical optoelectronic industry [1][16]. - It has received multiple recognitions as a high-tech enterprise and has established a strong technical innovation framework [16][21]. 2. Industry Growth Drivers - The demand for optical communication equipment is driven by the commercialization of 5G and the expansion of AI applications, with the optical communication market in China expected to reach 147.3 billion CNY by 2024 [2][4]. - The biomedicine sector is experiencing continuous expansion, with increasing demand for wearable health monitoring devices, which is driving innovation in upstream optical components [2][4]. 3. Technological Innovation - The company has developed six core technology platforms, enabling vertical integration and cost-effective mass production of optical components [3][4]. - It has established partnerships with major global manufacturers in the optical module and fiber laser sectors, enhancing its market presence [4][21]. 4. Financial Performance and Forecast - The company anticipates a total revenue of 4.45 billion CNY in 2024, with significant contributions from precision optical components and fiber optic devices [29][30]. - The projected net profit for 2024 is 69.37 million CNY, reflecting a strong recovery from previous years [5][29]. 5. Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the growing demand for high-speed optical communication components driven by AI and other emerging technologies [1][5]. - The company’s focus on technological innovation and expanding into new application areas is expected to enhance its revenue growth and profitability [1][4][29].

1）细分持仓比例及变动：25Q1 电子行业基金持仓总市值约 2344 亿，占比 18.09%，环比 24Q4 提升 1.25pct，细分板块中半导体持仓占 比显著提升，消费电子保持稳定，元件板块有小幅下降。其中半导体/电子化学品/光学光电子/其他电子/消费电子/元件持仓占比分别达 到 10.69%/0.43%/0.66%/0.08%/4.62%/1.61%，环比提升 2.02/0.06/0.01/-0.09/0/-0.76pct。 行业报告 | 行业专题研究 消费电子 证券研究报告 25Q1：AI 业绩红利兑现伊始、机构持仓稳定，看好算力开支及新机带动下的板块修复机遇 电子及消费电子行业基金持仓情况：国产算力+国补政策助推 25Q1 基金持仓比例进一步抬升至 18.09%，大幅超配。 元件及光学光电子板块 25Q1 业绩总结：AI 业绩红利开始显著兑现。1）被动元件：汽车及 AI 算力已经成为新动能。2）PCB：作为业绩 增速较为亮眼的子行业板块，显著受益于高速 PCB 的旺盛需求。沪电股份：25Q1 公司实现营收 40.38 亿元，yoy+56%，实现归母净利润 7.62 亿元，yoy+48%，延续高速增长 ...

Group 1 - The core viewpoint of the article highlights the significant progress made in the recent China-US Geneva trade talks, which resulted in a substantial reduction or suspension of tariffs imposed after April 2, providing a strong boost to the market [1] - The sectors that are expected to benefit from the tariff reductions include electronics, IT services, software development, and machinery equipment, particularly those with high export dependence [1][2] - The Hong Kong stock market reacted positively to the announcement, with the Hang Seng Technology Index showing significant gains, indicating potential upward momentum for related sectors in the A-share market [1] Group 2 - Short-term beneficiaries of the trade talks are identified as export-oriented companies in sectors such as consumer electronics, components, machinery, and automotive parts, which are likely to show relative performance [2] - The reduction in tariff impacts is expected to improve investor risk appetite, although the short-term performance of dividend stocks may be muted [2] - In the medium term, as tariff shocks diminish, attention should be focused on the recovery of economic conditions, particularly in the AI industry, which is seen as a key growth area [2]