行业周报 · 通信行业 算力筑基,光网跃迁 2025年06月16日 一周通信板块指数下跌,智能卡、光器件等子板块相关标的表现较好。本 周上证指数跌幅为0.25%;深证成指跌幅为0.60%;创业板指数涨幅为0.22%; 一级行业指数中,通信板块跌幅为 0.78%。根据我们对于通信行业公司划分子 板块数据,智能卡、光器件等子板块相关标的表现较好,板块涨幅分别为 3.88%、3.51%。通信板块个股中,上涨、维持和下跌的个股占比分别为 24.62%、1.54%和 73.84%。本周通信行业重点事件中,全球数据中心加速规 模化与高密度化发展,光通信因 AI 算力需求推动 800G/1.6T 光模块爆发,同 时空芯光纤技术突破加速但产业化仍面临挑战。 5G 与 AI 业务相关度高,盈利能力企稳回升,典型 ETF 基金介绍。中证 ● 5G 通信主题指数成分股中有约 70%的标的业务与 5G 相关、约 76%的标的业 务与 AI 相关,5G 相关度主要分布于[80%,100%]的区间,AI 相关度主要分布 于[0%,20%]的区间。中证 5G 通信主题指数成分股 2024 年合计实现营业收入 17,885.12 亿/+16 ...

Core Viewpoint - Dongshan Precision, a leading PCB company in China, announced the acquisition of 100% of Source Photonics for a total investment of up to RMB 5.935 billion, attracting significant market attention [1] Group 1: Company Overview - Source Photonics, established in 2010, specializes in the design, research, development, production, and sales of optical communication modules and components, covering a range of optical modules from 10G to over 800G [1] - Dongshan Precision's stock hit the daily limit, with a trading volume of RMB 8.139 billion, marking a historical high [1] Group 2: Market Dynamics - The optical module and optical communication sectors have gained popularity due to the rapid growth in AI computing power demand, leading to significant performance improvements for optical device companies [1] - The optical module is a core component for data transmission between communication devices, converting electrical signals to optical signals for high-speed information transfer [2][5] Group 3: Industry Chain and Demand - The optical communication product chain consists of upstream optical chips, midstream optical devices, and downstream optical modules, with applications in data communication and telecommunications markets [5][7] - The telecommunications market is the initial focus for optical communication, while the data communication market is the fastest-growing segment, driven by cloud computing and big data [7] Group 4: AI Impact on Optical Module Demand - The rise of AI models has significantly increased the demand for high-performance optical modules, as the need for data and computing power continues to grow exponentially [8][9] - Each NVIDIA H100 chip requires approximately 1.5 800G optical modules and 2.15 400G optical modules, indicating a strong correlation between AI chip performance and optical module demand [9] Group 5: Global Industry Landscape - Chinese manufacturers dominate the global optical module market, holding seven out of the top ten positions, with Innolight and Eoptolink leading the rankings [12] - By the end of 2024, Chinese companies are expected to capture 35% of the global 800G market, reflecting a significant increase in competitiveness [15] Group 6: Related ETFs - The ChiNext AI ETF (159381) tracks AI-focused companies listed on the ChiNext board, with over 26.6% weight in optical module stocks, including major players like Eoptolink and Innolight [16] - The 5G Communication ETF (515050) focuses on the 5G communication theme, with over 33% weight in optical communication stocks, highlighting the sector's importance in the broader technology landscape [16]

Core Viewpoint - Wuhan has demonstrated significant innovation strength by winning 20 patents in the 25th China Patent Awards, contributing to the city's industrial development and technological advancement [1][2]. Group 1: Award Highlights - The China Patent Awards, recognized by the World Intellectual Property Organization, awarded over 700 patents this year, with Wuhan's performance standing out [1]. - Gree Electric Appliances (Wuhan) Co., Ltd. won the Gold Award for its "Air Conditioning Cabinet" design, which addresses traditional air conditioning issues and enhances user comfort through innovative design [1]. - China Railway Fourth Survey and Design Institute Group Co., Ltd. received the Silver Award for its invention patent related to geological exploration methods and devices [1]. Group 2: Industry Representation - Four patents in the optoelectronics field were awarded, including Wuhan Guangxun Technology Co., Ltd.'s patent for a BOSA device that enhances high-performance data transmission [2]. - In the health sector, two patents were recognized: Anheng Technology (Wuhan) Co., Ltd.'s wireless capsule endoscope and Wuhan Landing Intelligent Medical Co., Ltd.'s AI cloud diagnosis platform, both contributing to advancements in medical technology [2]. - The awards reflect Wuhan's innovative vitality and the collaborative development of various industries, with traditional manufacturing and emerging sectors like optoelectronics and AI driving high-quality industrial growth [2].

证券代码：001267 证券简称：汇绿生态 汇绿生态科技集团股份有限公司 投资者关系活动记录表 编号：2025-011 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑电话会议 □其他： （请文字说明其他活动内容） 参与单位名 称 及人员姓名 民生通信 马天诣、夏钦；财通基金 袁泽强、张胤、沈犁。 时间 2025 年 6 月 13 日（星期五） 地点 汇绿生态科技集团股份有限公司会议室 公司接待人 员姓名 汇绿生态董事会秘书 严琦 投资者关系 活动主要内 容介绍 汇绿生态董事会秘书严琦向投资者简要介绍了公司的基本情况，并 回答了投资者问题。 问题一：武汉钧恒科技有限公司（以下简称"钧恒科技"）营业收 入及净利润表现情况？ 武汉钧恒在 2024 年全年实现营业收入 6.67 亿元，净利润为 6966.90 万元，2025 年第一季度表现尤其亮眼。上市公司一季报已经合并了武 汉钧恒 2 月 3 月两个月的净利润。 问题二：明年某头部大厂整体对 800G 的需求，可能会有 600 万只 以上。今年预计全年不到 300 万这个量，所以明年是预计需求 ...

Core Viewpoint - The company plans to acquire 100% equity of Solstice Optoelectronics and its convertible bonds for a total investment not exceeding RMB 59.35 billion, aiming to enhance its strategic positioning in the optical module sector and achieve business diversification [2][3]. Group 1: Acquisition Details - The acquisition price for Solstice Optoelectronics is capped at USD 629 million, with an additional USD 58 million for the Employee Stock Option Program (ESOP) [2]. - The company intends to subscribe to convertible bonds of up to RMB 1 billion to support Solstice Optoelectronics' operational development and repay existing convertible bonds [2]. - Solstice Optoelectronics reported a revenue of RMB 2.93 billion and a net profit of RMB 405 million in 2024, with a net profit margin of 13.8% [2]. Group 2: Strategic Implications - The acquisition is expected to facilitate the company's entry into the optical communication market, leveraging Solstice Optoelectronics' technological and market advantages [3]. - The growing demand in the optical communication market, driven by advancements in AI computing and high-speed data transmission, presents significant growth opportunities for the company [3]. - The integration of Solstice Optoelectronics' capabilities with the company's existing resources in consumer electronics and new energy vehicles is anticipated to yield substantial synergies [3]. Group 3: Future Outlook - The company is focusing on the expansion of its automotive electronics business and the integration of optical module assets, which are expected to enhance operational performance [4]. - The upcoming years are projected to be significant for the company's key clients, with innovations in AI smartphones and wearable devices likely to drive demand [4]. - The strategic focus on "consumer electronics + new energy + AI computing" is expected to position the company favorably in the evolving market landscape [4].

Core Viewpoint - Dongshan Precision plans to acquire 100% of Source Photonics Holdings for a total consideration of 59.35 billion yuan, aiming to enter the optical communication sector [1][4][11] Group 1: Acquisition Details - The acquisition will be conducted through Dongshan Precision's wholly-owned subsidiary, Hong Kong Chaoyi Group, and includes a subscription for up to 1 billion yuan in convertible bonds [1][4] - Source Photonics is a leading company in the optical communication field, with a net asset value of 1 billion yuan and an assessed value of 45.6 billion yuan, resulting in a premium rate of approximately 3.56 times [1][11] - The acquisition is expected to enhance Dongshan Precision's strategic layout in the electronic information industry and create new business growth points [11] Group 2: Financial Performance - Dongshan Precision has achieved cumulative profits exceeding 115.89 billion yuan since its listing, with a significant increase in profitability over the years [2][10][11] - The company reported a revenue of 86.02 billion yuan in the first quarter of this year, marking an 11.07% year-on-year increase, and a net profit of 4.56 billion yuan, up 57.55% [10] - Source Photonics generated revenues of 29.32 billion yuan and net profits of 4.05 billion yuan in 2024, indicating stable operational performance [11] Group 3: Strategic Growth and Market Position - Dongshan Precision has been actively acquiring companies globally to expand its asset scale and enhance market competitiveness, with total assets reaching 464.7 billion yuan as of the end of the first quarter [8][9] - The company has a diverse product range, including electronic circuit products and precision components, serving various industries such as consumer electronics, new energy vehicles, and telecommunications [9][10] - The strategic acquisition of Source Photonics is expected to leverage synergies in customer resource sharing, technology collaboration, and supply chain integration [11]

Group 1 - The State Council has deployed new measures to stabilize the real estate market, focusing on stabilizing expectations, activating demand, optimizing supply, and mitigating risks [2] - Central and local governments will coordinate policies to implement targeted measures for the real estate market [2] Group 2 - In May, non-bank deposits in China reached a nearly ten-year high, with a monthly increase of nearly 1.2 trillion yuan, reflecting significant changes in fund flows [4] - The total RMB deposit balance reached 316.96 trillion yuan, with a year-on-year growth of 8.1% [4] Group 3 - The pharmaceutical sector is experiencing a surge, with nine out of the top ten actively managed equity funds being healthcare-themed, highlighting a significant shift in fund performance rankings [5] - The top-performing fund, Huatai-PineBridge Hong Kong Advantage Select A, achieved a return of 103.67% [5] Group 4 - The Hang Seng AH Premium Index has dropped to its lowest level in five years, with a decline of over 10% year-to-date [6] - As of June 13, 42 companies still have an AH premium rate exceeding 100%, while some companies are showing a discount of H-shares compared to A-shares [6] Group 5 - The Shenzhen pilot program for red-chip companies to list in Hong Kong has garnered attention, with expectations for enhanced investor confidence in China's capital market [7] - The policy aims to facilitate financial collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area [7] Group 6 - The trend of companies issuing "suspension warnings" is increasing, allowing investors to reassess their investment decisions [8] - This proactive approach provides a buffer period for investors to evaluate potential risks [8] Group 7 - The announcement of a three-year cumulative return for pension funds aligns with the trend of long-term investment assessments [9] - This new metric is intended to guide pension management institutions towards long-term investment strategies [9] Group 8 - Dongshan Precision plans to acquire Source Photonics for up to 59.35 billion yuan, marking a strategic move into the optical communication sector [13][14] - The acquisition will be executed through a combination of equity purchase and convertible bond subscription [13][14] Group 9 - Bozhong Precision announced a high acquisition premium of 352% for a 70% stake in Shanghai Wodian, aiming to enter the automotive intelligent equipment market [15]

探寻海外 AI 算力是否到了新的拐点 20250615 摘要 海外算力基建担忧缓解，英伟达、博通等数据中心企业业绩良好，AI 训 练和推理需求乐观，多国新建超大规模数据中心，Oracle 和 Coface 的 AI 云业务也实现显著增长。 国内算力市场 H20 禁令导致供给下跌，但推理端需求涌现，训练端供给 不足。建议关注关税影响小、依赖内循环的国内算力链标的，以及业绩 超预期的光通信公司。 光通信产业景气度高，关税影响减弱，预计 2026 年全球 800G 模块需 求达 3,500 万至 4,000 万支，DSP、EML 激光器等存在缺货，多家公 司业绩出现拐点，市场保持乐观。 数据中心产业链积极准备液冷技术量产，短期内 H20 有影响，但国内算 力发展信心充足，技术成熟。关注旭创、新易盛和天孚等业绩高增长且 PE 估值较低的标的。 AI 算力对光通信影响显著，云厂商加码 AI 资本开支，推理需求快速膨胀， 预计下半年 1.6T 光模块导入将推动头部公司业绩提升，AEC 有望快速 释放。 Q&A 海外算力在 5 月和 6 月初的明显上涨原因是什么？这一波上涨到了什么阶段， 后续应该关注哪些方面？ 今年 5 ...

Summary of Conference Call Records Industry Overview - The optical module market is experiencing significant demand growth, with the forecast for 800G optical module demand revised from over 30 million units to nearly 40 million units in 2025, driven by increased demand from North American internet and cloud service providers, as well as companies like Oracle and XAAR [1][4] - The demand for 800G optical modules is expected to further increase to nearly 40 million units in 2026, while the demand for 1.6T optical modules is projected to reach 6-7 million units [1][4] Key Companies and Financial Performance - New Yisheng has shown outstanding performance in the optical module sector, rising to the third position in shipment rankings, with net profits comparable to leading manufacturer Xuchuang, although with a gross margin gap of about 15 percentage points [1][5] - Xuchuang is gradually improving its gross margin and net profit through economies of scale and cost reduction measures, while ZTE, as a leading company, is expected to see significant improvements in profitability [1][5] Market Trends and Future Outlook - The communication industry is performing well, ranking third in the Wande index from June to now, primarily driven by the optical module and optical device sectors [2][3] - The upcoming Marvell AI Day and continuous investments from cloud computing companies are expected to catalyze the development of the communication industry [1][6] - The market is increasingly focused on MPO manufacturers such as Taineng Optics, Bochuang Technology, and Shijia Photonics, which are expected to benefit from the ongoing demand for 800G modules [1][7] Upcoming Events - Two significant upcoming events include Marvell's AI Day on June 17, showcasing new technologies in AI infrastructure, and the MWC Shanghai conference from June 28 to 30, focusing on 5G and 6G wireless communication and AI applications [8][9] Notable Technologies and Segments - Passive devices like FPGA and MPU are expected to benefit from CPU advancements, with profit growth projected to reach 2-2.5 billion [1][7] - The penetration rate of silicon optical modules is expected to exceed 50%, benefiting companies like Yuanjing and Shijichangguang Huaxin [1][7][10] - In the transition from 5G to 6G, leading device manufacturers such as Taijing Technology are likely to continue benefiting from the global 5G development wave [10]

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 通信 策略角度看 AI AI 主线扩散，算力业绩率先兑现。自 Chat GPT 于 2022 年 11 月上线， AI 产业化迈入第三年，投资主线已从单一算法向多元化场景延伸，AI 主题已扩散为算力、C 端应用、无人驾驶、机器人、AI for Science。对 应 Gartner 曲线，我们认为算力领域已从初期 Chat GPT 横空出世的 "技术触发期"逐渐经历"期望膨胀期"与"泡沫破裂低谷期"，并逐 渐进入到"稳步复苏期"与"生产成熟期"。从年初算力板块的巨大波 动到逐步回升，以及 24 年末以及 25 年一季度国内光通信厂商的业绩 兑现（如新易盛 25Q1 归母净利润同比增长超 380%）已证明了这一 点。 后续如何演绎——下游应用或同样遵循 Gartner 曲线进程。伴随三年的 AI 发展，以及今年 Deep Seek 等现象级应用的催化，部分 AI 应用如 AI Agent、无人驾驶、机器人、AI for Science 等或将加速迈入成熟阶 段，并具备实际的商用价值。如 AI 医疗模型可使诊断时间从 30 分 ...