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].

Core Viewpoint - The company confirmed that its high-speed optical modules, including 800G and 1.6T, can meet the interconnection needs of high-end GPU clusters, specifically for NVIDIA's GB200 GPU [1] Group 1 - The company is actively monitoring market demand to ensure supply continuity [1]

Core Viewpoint - The company is closely monitoring market dynamics and customer demands, indicating readiness to adapt production capacity and offer a full range of high-speed optical module products, including 800G [1] Group 1 - The company has prepared to flexibly adjust production capacity based on customer needs and market changes [1] - The company offers a complete series of high-speed optical module products [1]

Core Insights - Four companies are set to present their IPO applications, with three targeting the Sci-Tech Innovation Board and one aiming for the Growth Enterprise Market [1] Group 1: Upcoming IPOs - The company Angrui Micro is expected to raise the most funds, with an estimated amount of 2.067 billion yuan, which will be allocated to projects related to 5G RF front-end chips, headquarters and R&D center construction, and RF SoC development [1] - Yuxin Co. and Jianxin Superconducting are also planning to raise 809 million yuan and 775 million yuan, respectively [1] - The companies are distributed across various regions, with one company each from Beijing, Fujian, Guangdong, and Zhejiang [1] Group 2: Company Profiles - Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services across multiple sectors including biomedicine and new energy [2] - Angrui Micro specializes in the research, design, and sales of RF front-end chips and RF SoC chips [3] - Yuxin Co. is recognized as a national champion in the optical communication field, concentrating on the development and sales of optical communication front-end transceiver chips [3] - Jianxin Superconducting is engaged in the R&D, production, and sales of core components for medical MRI equipment [4]

Core Insights - The optical module market is experiencing significant growth driven by the increase in computing chip production and the technological upgrades to 800G/1.6T modules, leading to a rise in shipment volumes and market expansion [1] - According to Changjiang Securities, the market size for data communication 100G+ modules is projected to grow by 54% in 2025, 69% in 2026, and 34% in 2027, reaching $14.4 billion, $24.4 billion, and $32.7 billion respectively [1] - The market structure remains stable, with leading Chinese manufacturers holding a significant share [1] Market Dynamics - The optical module market is expected to maintain high prosperity due to ongoing investments in computing infrastructure both domestically and internationally [1] - As of October 13, the communication ETF (515880) has surpassed 10 billion yuan, with "optical modules + servers + copper connections + optical fibers" accounting for nearly 79% of the total, indicating a strong fundamental outlook for computing hardware [1] - Optical modules represent nearly 50% of this ETF, highlighting potential investment opportunities in related sectors [1]

Group 1 - The core point of the news is that Changxin Bochuang's stock has experienced a significant decline, dropping 5.05% on October 14, with a cumulative drop of 21.75% over the past nine days [1] - As of the report, the stock price is 95.23 yuan per share, with a trading volume of 1.307 billion yuan and a turnover rate of 4.97%, leading to a total market capitalization of 27.722 billion yuan [1] - The company, established on July 8, 2003, specializes in the research, production, and sales of integrated optoelectronic devices in the optical communication field, with 81.36% of its main business revenue coming from data communication, consumer and industrial interconnection markets [1] Group 2 - Changsheng Fund has one fund heavily invested in Changxin Bochuang, specifically the Changsheng Urbanization Theme Mixed A fund, which held 138,000 shares, accounting for 4.94% of the fund's net value [2] - The fund has incurred a floating loss of approximately 698,300 yuan today and a total floating loss of 3.8461 million yuan during the nine-day decline [2] - The Changsheng Urbanization Theme Mixed A fund was established on November 12, 2013, with a current scale of 133 million yuan, achieving a year-to-date return of 74.68% and a one-year return of 109.91% [2]

Core Insights - The A-share market saw a collective pullback in CPO concept stocks, with significant declines in several companies [1] Group 1: Market Performance - New Yi Sheng (300502) experienced a decline of 7.93%, with a total market capitalization of 319 billion and a year-to-date increase of 290.32% [2] - Tongfu Microelectronics (002156) fell by 7.45%, holding a market cap of 66 billion and a year-to-date increase of 47.36% [2] - Zhongji Xuchuang (300308) dropped by 6.61%, with a market value of 391.2 billion and a year-to-date increase of 186.48% [2] - Other notable declines include Hui Green Ecology (-5.89%), Jiepute (-5.34%), and Dekeli (-4.91%) [1][2] Group 2: Additional Company Performance - Lian Te Technology and Dekeli both saw declines of 4.91%, with market caps of 12.1 billion and 15.7 billion respectively [2] - Zhongtian Technology (600522) decreased by 4.18%, with a market capitalization of 61.9 billion and a year-to-date increase of 29.31% [2] - Cambridge Technology (603083) fell by 4.17%, with a market cap of 27.7 billion and a year-to-date increase of 155.76% [2]