Group 1 - The core point of the news is that Shijia Photon has seen a stock price increase of 5.11%, reaching 71.17 yuan per share, with a trading volume of 1.377 billion yuan and a turnover rate of 4.33%, resulting in a total market capitalization of 32.653 billion yuan [1] - Shijia Photon, established on October 26, 2010, and listed on August 12, 2020, operates in three main business segments: optical chips and devices, indoor optical cables, and cable materials. 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] Group 2 - From the perspective of the top ten circulating shareholders, Yongying Fund has a fund that entered the top ten shareholders of Shijia Photon, holding 7.3503 million shares, which accounts for 1.6% of the circulating shares. The estimated floating profit today is approximately 25.4322 million yuan [2] - The Yongying Technology Smart Selection Mixed Fund A (022364) was established on October 30, 2024, with a latest scale of 131 million yuan. Year-to-date returns are 194.96%, ranking 1 out of 8160 in its category, and since inception, the return is 234.49% [2]

Group 1 - The company has seen significant growth in its export business in the overseas market during the first half of the year, particularly in the sales of 400G and 800G optical modules [2] - The company is preparing for the planned launch of its LPO and DSP series products, which include 800G and 1.6T modules, for key overseas customers [2]

Core Viewpoint - The company, Huagong Technology, is focusing on the development of ultra-high-speed connection products, including 800G, 1.6T, 3.2T, and 6.4T technologies, while covering four major technical lines: high-speed optical connections, high-speed copper connections, efficient liquid cooling, and optoelectronic integration [1] Group 1 - The company is committed to researching and developing ultra-high-speed connection products [1] - The focus includes advanced technologies such as DPO, LRO, LPO, and CPO for parallel optical interconnection [1] - The company is exploring new material directions like silicon-based optoelectronics, lithium niobate, and quantum dot lasers [1]

Core Viewpoint - The company has developed a comprehensive self-research design capability for silicon photonic chips to modules, indicating a strong position in the optical module market [1] Group 1: Product Development - The company has successfully launched the latest single-wave 200G self-researched silicon photonic chip for 1.6T optical modules, along with various 1.6T optical module products (DSP and LPO) [1] - The company possesses complete material PDK capabilities for silicon photonics, enhancing its product offerings [1] Group 2: Capacity Expansion - The company has secured overseas fab capacity and is increasing production volume, while also adding a second backup fab overseas [1] - Domestic fab is accelerating its validation process, indicating a focus on enhancing local production capabilities [1] Group 3: Strategic Initiatives - The company has initiated the establishment of upstream optical chip manufacturer Yunling Optoelectronics as a strategic layout enterprise in the upstream of the industry chain [1]

Core Viewpoint - The CPO concept stocks in the A-share market continue to strengthen, driven by increasing demand for 1.6T optical modules, with significant price increases observed in several companies [1]. Group 1: Stock Performance - Zhongfu Circuit (中富电路) rose by 12.35%, with a total market value of 10.6 billion and a year-to-date increase of 70.78% [2]. - Shijia Photon (仕佳光子) increased by 10.50%, with a market capitalization of 29.8 billion and a year-to-date rise of 297.60% [2]. - Zhongji Xuchuang (中际旭创) saw a 10.17% increase, with a market value of 49.33 billion and a year-to-date growth of 261.30% [2]. - Huylv Ecology (汇绿生态) gained 10.03%, with a market cap of 14 billion and a year-to-date increase of 135.44% [2]. - Xinyi Sheng (新易盛) rose by 8.51%, with a market value of 355.1 billion and a year-to-date increase of 334.48% [2]. - Luxshare Precision (立讯精密) increased by 7.40%, with a market cap of 447 billion and a year-to-date rise of 51.44% [2]. - Sray New Materials (斯瑞新材) saw a 6.72% increase, with a market value of 14 billion and a year-to-date growth of 106.70% [2]. - Dekeli (德科立) rose by 6.06%, with a market cap of 17 billion and a year-to-date increase of 54.28% [2]. - Jepu Te (杰普特) increased by 5.50%, with a market value of 13.7 billion and a year-to-date rise of 205.06% [2]. Group 2: Industry Demand - The demand for 1.6T optical modules is continuously being revised upwards, with total industry demand expected to increase from 10 million to 20 million units due to accelerated deployment of GB300 and subsequent Rubin platforms, as well as rapid growth in AI training and inference network bandwidth requirements [1].

天眼查App显示，近日，合肥烨能光电科技有限公司成立，法定代表人为田名名，注册资本10万人民 币，经营范围为一般经营项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；信 息咨询服务（不含许可类信息咨询服务）；信息系统集成服务；互联网安全服务；安全咨询服务；信息 技术咨询服务；业务培训（不含教育培训、职业技能培训等需取得许可的培训）；电子产品销售；通讯 设备销售；仪器仪表销售；仪器仪表修理；日用百货销售；数字视频监控系统销售；五金产品零售；机 械设备销售；金属材料销售；劳动保护用品销售；建筑材料销售（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 Insights - The optical frequency comb industry in China is experiencing rapid growth, with a projected market size of approximately 0.59 billion yuan in 2024, reflecting a year-on-year increase of 9.26% [1][4] - China has transitioned from "catching up" to "keeping pace" in technology, with three main technical routes: mode-locked laser frequency combs, Kerr microcavity frequency combs, and electro-optic combs [1][4] - Significant advancements have been made, such as the development of an integrated femtosecond optical frequency comb by the Aerospace Science and Technology Corporation, which reduces size to 1/8 of traditional devices and cuts costs by 50% while maintaining competitive precision [1][4] Industry Overview - Optical frequency combs (OFC) are spectral technologies that present evenly spaced, discrete, and coherent frequency components, widely used in precision spectroscopy, optical atomic clocks, quantum computing, and astronomical observations [2][4] - The concept was first proposed in 1978, with significant milestones including the 2005 Nobel Prize recognition and China's accelerated development post-2005, focusing on mode-locked laser technology [2][4] Industry Development History - The industry has evolved from basic research to engineering applications, with breakthroughs in integrated microcavity dual combs expected by 2024 and a projected doubling of XUV comb coupling efficiency by 2025 [2][4] Industry Value Chain - The upstream of the optical frequency comb industry includes raw materials like lithium niobate crystals and essential components such as mode-locked lasers and optical elements [4] - The midstream involves manufacturing and system integration, while the downstream applications include optical atomic clocks and precision spectroscopy [4] Market Size - The optical frequency comb market in China is set to reach approximately 0.59 billion yuan in 2024, with a growth rate of 9.26% [1][4] Key Institutions and Company Performance - The competitive landscape is characterized by a collaboration between leading research institutions and companies, with significant contributions from organizations like the Chinese Academy of Metrology and Aerospace Science and Technology Corporation [7][8] - Shanghai Precision Laser Technology Co., Ltd. has achieved technological breakthroughs in the field, delivering over 5,000 laser units and focusing on domestic product replacement [8] Industry Development Trends 1. **Technological Breakthroughs and Integration**: The industry is moving towards miniaturization and integration, significantly reducing costs and complexity [9] 2. **Cross-disciplinary Integration and Multi-band Coverage**: Development will focus on integrating with quantum information technology and biomedical imaging, enhancing sensitivity and resolution [10] 3. **Accelerated Industry Chain Improvement**: The domestic production rate of core components is increasing, with companies like Shanghai Precision Laser Technology reducing costs through vertical integration [11]

Core Viewpoint - The company emphasizes the need for continuous development in breakthrough areas such as flexible optical boards, aligning with market demands and optimizing technology to enhance competitive advantages [1] Group 1 - The company announced on October 20 that it is focused on breakthrough results in flexible optical board fields, which require sustained development efforts [1] - The company is attentive to changes in industry and market demands, indicating a proactive approach to innovation and customer collaboration [1] - The company aims to enhance its technological capabilities and advantages through ongoing design and research and development efforts in partnership with clients [1]

Core Viewpoint - The company has significantly expanded its MT chip production capacity since last year, positioning itself as one of the few integrated enterprises capable of producing MT chips and various connectors, thereby enhancing its competitiveness in product quality and supply chain stability [1] Group 1 - The company announced on October 20 that it has greatly increased its MT chip production capacity [1] - The company is recognized as one of the rare market players that can achieve an integrated production process from MT chips to various connectors [1] - The company possesses strong competitiveness in terms of product quality and supply chain stability [1]

Core Viewpoint - The company has successfully developed and started mass production of the 800G/1.6T optical module MT-FA products, indicating a significant advancement in its product offerings [1] Group 1: Product Development - The company has achieved small batch shipments of high-temperature resistant FAU devices for silicon photonics automation packaging [1] - The CW DFB laser chip products are progressing as planned, with some products having completed customer validation and achieved small batch deliveries [1] Group 2: Strategic Planning - The company is actively advancing capacity planning and production line deployment in alignment with its strategic and operational plans, as well as market customer demands [1] - There is an ongoing optimization of production processes to enhance product reliability and cost competitiveness, enabling a quick response to market needs [1]