Group 1: Fund Performance - The "Yongying Technology Smart Selection" fund achieved a remarkable 194% increase in the first three quarters, with its scale growing from 1.166 billion to 11.521 billion yuan, nearly a 9-fold increase in a single quarter [1][2] - The fund's top ten holdings included high-performing stocks in the optical module sector, contributing significantly to its net value, which saw a 99.74% increase in the third quarter [2][3] - The "Changcheng Pharmaceutical Industry Selection" fund also performed well, with a 102% increase in the same period, and its scale rising from 1.132 billion to 1.790 billion yuan [4][5] Group 2: Investment Focus - The fund manager of "Yongying Technology Smart Selection" emphasized the importance of the global cloud computing industry, noting significant price increases and a 100% quarter-on-quarter growth in token numbers [3][8] - The "Changcheng Pharmaceutical Industry Selection" fund manager expressed optimism about innovative drugs, highlighting a shift towards individual stock performance as the sector enters an "alpha" phase [5][7] - Both fund managers believe that despite recent adjustments, the technology and pharmaceutical sectors still have potential for future growth, requiring careful stock selection [6][7] Group 3: Market Trends and Outlook - The technology sector is expected to see continued investment, with AI computing power projected to rise significantly due to increased collaboration between chip manufacturers and model developers [7] - The optical communication and PCB industries are anticipated to experience a pivotal year in 2027, with new technologies expected to reach implementation stages [7] - The cloud computing sector is recognized for its long-term growth potential, but caution is advised regarding future performance predictions based on past results [8]

Group 1: Core Insights - The technology sector has shown remarkable performance, with funds like Yongying Technology Smart Selection achieving a 194% increase in the first three quarters, leading to a significant growth in fund size from 1.166 billion yuan to 11.521 billion yuan [1][3] - Innovative pharmaceuticals have also performed well, with funds like Great Wall Pharmaceutical Industry Selection seeing a rise of approximately 102% in the same period, and fund managers remain optimistic despite recent pullbacks [2][5] Group 2: Fund Performance and Holdings - Yongying Technology Smart Selection's top holdings include optical module stocks such as Yizhongtian, which contributed significantly to the fund's net value, achieving a quarterly increase of 99.74% [3] - The fund's scale surged from 1.166 billion yuan to 11.521 billion yuan, with a single-quarter profit of 4.715 billion yuan [3] - Great Wall Pharmaceutical Industry Selection's top holdings include companies like Innovent Biologics and Sihuan Pharmaceutical, with the fund's size increasing from 1.132 billion yuan to 1.790 billion yuan [5][6] Group 3: Market Outlook - Fund managers express optimism for the technology and pharmaceutical sectors, suggesting potential for further growth, although careful stock selection is advised [7] - The global cloud computing industry is highlighted as a key area for investment, with expectations for AI model value to continue rising [4][8] - The pharmaceutical sector is entering a phase where individual stock performance may become more pronounced, with a focus on clinical data and market expansion [6][7]

行业报告 | 行业研究周报 通信 证券研究报告 ESUN 成立重塑 IDC 互联格局，卫星两日连发加速建设 本周行业动态： 我国在文昌成功发射卫星互联网低轨 12 组卫星 北京时间 2025 年 10 月 16 日 9 时 33 分，我国在海南商业航天发射场使用长征八 号甲运载火箭，成功将卫星互联网低轨 12 组卫星发射升空，卫星顺利进入预定轨 道，发射任务获得圆满成功。 "千帆星座"第六批卫星成功发射 5、AIGC 应用/端侧算力，推荐：移远通信、广和通、美格智能，建议关注：彩讯 股份、梦网科技、翱捷科技。 二、海风海缆&智能驾驶： 1、海风海缆：亨通光电、中天科技、东方电缆（电新覆盖）； 2025 年 10 月 17 日，我国在太原卫星发射中心使用长征六号甲运载火箭，以一箭 18 星方式，成功将上海垣信卫星科技有限公司（以下简称垣信卫星）"千帆星座" 第六批组网卫星送入预定轨道，发射任务取得圆满成功。近日，上海垣信卫星科技 有限公司已开启新一轮融资，融资规模在 50 亿-60 亿，投前估值在 400 多亿人民 币。垣信主导运营的"千帆星座"的建设节奏将呈"加速"态势。 本周投资观点： 市场近期出现震荡，但 ...

（来源：君实财经） 光模块测算表20251021 中际旭创：全面覆盖海外一线大客户，近期加单均将受益，硅光能力领先，27年进一步关注scale up、 OCS等增量需求落地 新易盛：海外主流新客户订单持续放量，LPO领跑，硅光渗透率加速 源杰科技：全球CW光源持续紧缺，看好公司作为国内率先突破海外供应链的激光器企业，有望在未来 三年充分受益产业的高景气，稀缺逻辑赋予高估值 行业变化： 天孚：NV 1.6T产业链中份额较高、弹性较大，后续关注有源模块业务突破对产值的拉动 客户需求上修较多，需求端的大数上调到26年2100万只1.6T和超4800万只800G。 但光源、硅光芯片将存在供应缺口，我们判断实际出货26年1.6T/800G分别有望达到1700万只/4370万 只。 重点关注公司： 1、上周NV上修明年1.6T订单：需求量从此前的大几百万之上修至1500万只，与其Cowos需求过去一段 时间的上修同步，我们判断主要由于Rubin和GB300需求超预期，基于当前确定能拿到的cowos产能，我 们测算1500万只1.6T/300万只800G需求是合理的，此外还有10%/70%左右的Rubin/Blackwel ...

（文章来源：证券日报） 证券日报网讯光迅科技10月22日在互动平台回答投资者提问时表示，公司中低速光芯片自供比例较高， 部分自研高端光芯片已经开始逐步小批量商用。 ...

Core Viewpoint - Yongying Technology Smart Selection Fund has achieved a remarkable return of 194.49% in the first three quarters of 2025, leading the active equity fund market [1] Fund Performance - The fund's net asset value surged to 11.52 billion yuan, an increase of 888.08% from the previous quarter and nearly 45 times from the first quarter [1] - The fund's stock allocation increased from 86.38% to 91.59%, while the proportion of the top ten holdings decreased from 82.24% to 73.25%, indicating a slight diversification in holdings [1] Top Holdings - The top ten holdings of the fund include companies such as Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication, with significant increases in holdings for Deep South Circuit, Taicheng Light, and Huadian Shares [2][3] - Notably, Shengyi Technology, Lankai Technology, and Shijia Photon entered the top ten holdings for the first time during the third quarter [3] Investment Focus - The fund is primarily focused on investment opportunities in the global cloud computing industry, particularly in sectors like optical communication and PCB [1][5] - The fund manager believes that the global cloud computing industry remains a key area of focus, with AI model values being enhanced and significant growth in token and computing power investments [6] Future Outlook - The manager anticipates that 2027 will be a pivotal year for the optical communication and PCB industries, with new technologies expected to reach implementation stages [7]

智通财经APP讯，光库科技(300620.SZ)发布2025年三季度报告，该公司前三季度营业收入为9.98亿元， 同比增长35.11%。归属于上市公司股东的净利润为1.15亿元，同比增长106.61%。归属于上市公司股东 的扣除非经常性损益的净利润为8473.99万元，同比增长89.72%。基本每股收益为0.4628元。 ...

光库科技10月22日公告，公司2025年第三季度实现营业收入4.02亿元，同比增长26.53%；归属于上市公 司股东的净利润6343.91万元，同比增长149.09%。前三季度实现营业收入9.98亿元，同比增长35.11%； 归属于上市公司股东的净利润1.15亿元，同比增长106.61%。 ...

【导读】三季报密集披露，绩优基金调仓曝光 中国基金报记者 曹雯璟 公募三季报密集披露，绩优基金经理持仓动向备受市场关注。 10月22日，前三季度"冠军基"、年内暴赚近195%的永赢科技智选，"翻倍基"长城医药产业精选等披露三季报，这些绩优基金大多重仓云计算、创新药等 热门方向。凭借出色业绩，永赢科技智选规模猛增，三季度增长近10倍，单季度利润高达47亿元；长城医药产业精选三季度规模增长近60%。 伴随业绩表现亮眼，永赢科技智选的规模也水涨船高。该基金规模从二季度末的11.66亿元增长至三季度末的115.21亿元，单季增长近10倍。份额方面，该 基金从二季度末的7亿份增长至三季度末的34.66亿份。 在三季报中，任桀表示，全球云计算产业仍值得重点关注。他指出，最近几个月，AI模型的价值得到了进一步提升。全球旗舰模型正在通过不降价、限 流、降规等方式进行实质性"提价"，甚至可能调整商业模式（从订阅到按量），而token数保持100%的季度环比增长，算力投入保持10%～20%的季度环 比增长，意味着AI模型的价值模型明显优化，与模型能力、性能、用户数、商业化等方面的发展密不可分。 "相比2023年—2025年大厂的 ...

格隆汇10月22日丨光迅科技(002281.SZ)在投资者互动平台表示，公司部分自研高端光芯片已开始逐步 小批量商用，最新进展请以公司公开披露的的信息为准。 ...