Core Viewpoint - Cambridge Technology (603083.SH) is actively collaborating with three suppliers in the silicon photonics chip sector, ensuring supply through agreements and investments, while focusing on the development of key materials and technologies for high-capacity optical modules [1] Group 1: Collaboration and Supply Assurance - The company is working with three suppliers to secure the supply of silicon photonics chips [1] - Supply assurance is being achieved through supply agreements and investments [1] Group 2: Technology Development - The focus is on 800G and above optical modules primarily utilizing silicon photonics technology [1] - The company is making key material reserves and continuously deepening its efforts in silicon photonics technology [1] - Development and sample preparation for CPO integrated silicon photonics engines and high-power laser technology CPO devices are being advanced [1]

Core Insights - U.S. stocks experienced a rally in Q3, supported by the Federal Reserve's interest rate cut and steady economic data, with the Russell Midcap® Growth Index increasing by 2.78% [3][17] - The Wasatch U.S. Select Fund underperformed, declining by -1.93%, primarily due to concentrated holdings in stocks that faced slower revenue growth [3][4][17] Fund Performance Analysis - The Fund's performance was negatively impacted by a few concentrated stock holdings that reported slower revenue growth, leading to significant declines in their stock prices [4][6] - The investment strategy focuses on high-quality, long-duration growth companies, which faced headwinds as low-quality stocks gained favor in the market [7] Key Detractors - BellRing Brands, Inc. (BRBR) was the largest detractor, with concerns over competition in the protein shake category; however, the long-term outlook remains positive due to category growth potential [8] - Shift4 Payments, Inc. (FOUR) faced stock price declines despite solid organic revenue growth, attributed to macroeconomic concerns and investor sentiment following its acquisition of Global Blue [9] - Inspire Medical Systems, Inc. (INSP) was sold during the quarter after management downgraded guidance due to delays in product rollout, raising execution concerns [10] Top Contributors - Medpace Holdings, Inc. (MEDP) was the top contributor, with strong revenue and earnings growth, raising full-year guidance despite a slowdown in biotech funding [11] - Fabrinet (FN) benefited from strong product adoption, particularly in data centers linked to AI, although the investment is not solely based on AI themes [12] - Nova Ltd. (NVMI) also contributed positively, with a strong track record in semiconductor manufacturing, benefiting from increasing complexity in the industry [13] Future Outlook - The Fund remains committed to its investment philosophy, focusing on high-quality growth companies despite recent underperformance [14] - The fundamentals of the companies within the Fund are encouraging, with strong earnings growth expected to drive return potential over a three- to five-year horizon [15]

Group 1: Industry Insights - North American optical module and chip companies show strong performance guidance, indicating sustained global computing power demand [1] - Fabrinet's FY2026 Q1 revenue increased by 22% year-on-year and 8% quarter-on-quarter, driven by robust demand in the Data Center Interconnect (DCI) business, which saw a 92% year-on-year and 29% quarter-on-quarter revenue growth [1] - Coherent's FY2026 Q2 revenue guidance is between $1.56 billion and $1.70 billion, benefiting from technological advancements in DCI ZR/OCS/1.6T VCSEL solutions [1] - Lumentum's FY2026 Q2 revenue guidance is between $630 million and $670 million, with strong demand for optical modules and a supply shortage of EML lasers expanding from 10% to 20-30%, leading to a planned 40% increase in production capacity [1] - Zhongke Shuguang launched the world's first single-cabinet 640-card super node scaleX640, enhancing computing density by 20 times for large-scale cluster deployments [1] - Global AI investment is accelerating, with companies like NVIDIA sending AI server satellites into space and Google initiating the "Daily Plan" to promote space AI infrastructure development [1] Group 2: Market Performance - The Guotai Artificial Intelligence ETF (159388) tracking the ChiNext Artificial Intelligence Index (970070) experienced a daily fluctuation of 20% [2] - The index selects listed companies involved in AI technology development and application from the ChiNext market, covering software, hardware, and related services, reflecting the overall performance of high-growth innovative enterprises in the AI sector [2] - The industry allocation is primarily concentrated in information technology and high-end manufacturing, showcasing the technological forefront and industrial upgrade characteristics of the sector [2]

天眼查App显示，近日，滁州新仑智能科技有限公司成立，法定代表人为施霖荣，注册资本200万人民 币，经营范围为许可项目：建设工程勘察；建设工程设计（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：光电子器件制造；光 电子器件销售；环境保护专用设备制造；配电开关控制设备制造；电力设施器材制造；电力电子元器件 制造；光缆制造；通信设备制造；照明器具生产专用设备制造；电子专用材料研发；技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广（除许可业务外，可自主依法经营法律法规非禁止或限 制的项目）。 ...

Core Viewpoint - The company, AVIC Optoelectronics (002179), has confirmed its capability to provide high-reliability solutions for CPO (Chip-on-Board) interconnects through its optical devices and components, along with core technologies [1]. Group 1 - The company possesses optical devices and components that are compatible with CPO interconnects [1]. - The company emphasizes its core technologies that support the provision of reliable solutions for CPO interconnects [1].

Group 1 - The core point of the news is that Shijia Photon experienced a decline of 5.64% in its stock price, reaching 79.84 CNY per share, with a trading volume of 1.371 billion CNY and a turnover rate of 3.59%, resulting in a total market capitalization of 36.631 billion CNY [1] - Shijia Photon, established on October 26, 2010, and listed on August 12, 2020, is located in Hebi City, Henan Province. The company specializes in optical chips and devices, indoor optical cables, and cable materials, with its main products including PLC splitter chips, AWG chips, DFB laser chips, optical fiber connectors, indoor optical cables, and cable materials [1] - The revenue composition of Shijia Photon is as follows: optical chips and devices account for 70.52%, indoor optical cables for 15.11%, cable polymer materials for 12.66%, and other supplementary products for 1.72% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Wanjia Fund has a significant position in Shijia Photon. The Wanjia Shanghai Stock Exchange Sci-Tech Innovation Board Growth ETF (588070) held 36,700 shares in the third quarter, representing 3.56% of the fund's net value, making it the eighth largest holding [2] - The Wanjia Shanghai Stock Exchange Sci-Tech Innovation Board Growth ETF (588070) was established on November 6, 2024, with a latest scale of 735.416 million CNY. Year-to-date, it has achieved a return of 70.22%, ranking 144 out of 4,216 in its category; over the past year, it has returned 61.76%, ranking 83 out of 3,951; and since inception, it has returned 61.13% [2]

Core Insights - The stock of Shijia Photon fell by 5.64% to 79.84 CNY per share, with a trading volume of 1.371 billion CNY and a turnover rate of 3.59%, resulting in a total market capitalization of 36.631 billion CNY [1] Company Overview - Shijia Photon Technology Co., Ltd. is located in Hebi City, Henan Province, and was established on October 26, 2010, with its listing date on August 12, 2020 [1] - The company operates in three main business segments: optical chips and devices, indoor optical cables, and cable materials [1] - The revenue composition is as follows: optical chips and devices 70.52%, indoor optical cables 15.11%, cable polymer materials 12.66%, and others 1.72% [1] Fund Holdings - A fund under Bank of China Securities holds a significant position in Shijia Photon, with 45,000 shares, accounting for 3.55% of the fund's net value, ranking as the eighth largest holding [2] - The fund, named Bank of China Preferred Industry Leaders Mixed A (009640), has a total scale of 62.0185 million CNY and has achieved a year-to-date return of 60.12% [2] - The fund's one-year return is 43.93%, with a cumulative loss of 31.82% since its inception [2] Fund Manager Performance - The fund manager, Song Fangyun, has been in charge for 2 years and 326 days, with the fund's total asset scale at 90.4612 million CNY [3] - The best return during Song's tenure is 24.18%, while the worst return is -39.29% [3]

Core Viewpoint - The company, Dekoli (SH688205), announced the resignation of Chairman Gui Sang due to the need for leadership in international development and personal health planning, with General Manager Qu Jianping elected as the new chairman. The company plans to initiate overseas share issuance (S shares) and list on the Singapore Exchange to enhance its global strategy and market presence [1][4][8]. Group 1: Leadership Changes - Chairman Gui Sang resigned voluntarily, one year ahead of his term, to promote a younger management team and ensure a smooth transition [4]. - Qu Jianping, the new chairman, is noted for his strong management skills and international operational expertise, having led significant overseas projects [6][7]. Group 2: International Expansion Plans - The company aims to deepen its overseas market presence by launching S shares and listing on the Singapore Exchange, which is expected to enhance its financing capabilities and global brand influence [8]. - The S share listing requires approval from various regulatory bodies, including the China Securities Regulatory Commission and the Singapore Exchange, indicating potential uncertainties in the process [1][8]. Group 3: Market Reaction - Following the announcement, Dekoli's stock price surged nearly 12%, closing at 101.55 yuan, with a total market capitalization of 16.074 billion yuan [1][2].

Core Viewpoint - Changguang Huaxin (688048.SH) has achieved mass production of its 100G EML and has begun sample delivery for its 200G EML, indicating strong progress in the optical communication sector [1] Group 1: Product Development - The company has reached mass production levels for 100G VCSEL, 100mW CW DFB, and 70mW CWDM4 DFB chips [1] - The recent increase in computing power demand has led to overseas optical module manufacturers validating multiple chip models from the company, with successful verification [1]

Core Insights - The company Lixun Precision (002475.SZ) has achieved mass production of its 800G silicon optical modules [1] - The company is currently validating its 1.6T products with customers [1] - Lixun Precision has also begun laying the groundwork for future 5nm products and has conducted early explorations in key technologies such as LRO/LPO [1]