每经AI快讯，11月28日，美股光通信板块再度活跃，Credo Technology涨近7%，Coherent涨近4%， Lumentum涨超1.5%再创新高。 ...

智通财经APP获悉，11月28日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月24日— 2025年11月28日)》。中国证监会国际司公示5家企业补充材料要求，其中，公示提到要求纳真科技补充 说明搭建离岸架构及返程并购的合规性等事项。据港交所8月25日披露，纳真科技公司(Ligent Technologies, Inc.)向港交所主板递交上市申请，花旗和中信证券为其联席保荐人。 中国证监会请纳真科技补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于搭建离岸架构及返程并购的合规性，请说明:(1)你公司及境内股东搭建离岸架构和返程投资涉 及的外汇管理、境外投资、外商投资、税务管理等监管程序具体履行情况，并说明是否符合当时有效监 管规定的结论性意见;(2)你公司收购境内运营实体的股权对价、定价依据、支付手段、支付期限、定价 的公允性，以及上述股权转让环节相关转让方纳税申报义务履行情况，是否符合《关于外国投资者并购 境内企业的规定》;(3)请说明你公司历次股份回购对价、定价依据、对价支付及所得税缴纳情况。 据招股书，纳真科技是全球领先的光通信与光连接解决方案的全栈式供应商，为AI算力网络提供 ...

Core Viewpoint - Tianfu Communication (300394.SZ) has achieved mass production capabilities for 800G and 1.6T high-speed optical engines and plans to leverage existing technological advantages to expand its customer base [1] Group 1: Product Development and Delivery - The company has commenced normal delivery of its 1.6T optical engine products and will continue to invest in R&D to enhance product performance and control costs [1] - The value increase of 1.6T supporting products primarily depends on the specific technological solutions and product structures employed [1] - Overall, speed upgrades are expected to lead to a positive increase in value, although the specific ratio will depend on product configurations [1] Group 2: Production Capacity Expansion - The company's Thailand production base is being developed in two phases, with the first phase expected to be operational by mid-2024 and currently increasing capacity based on customer demand [1] - The second phase of the project commenced this year, with expectations for various product lines at the Thailand production base to gradually increase capacity by 2026 [1]

Core Insights - Tianfu Communication's stock increased by 5.13%, reaching 165.00 CNY per share, with a trading volume of 3.641 billion CNY and a turnover rate of 2.93%, resulting in a total market capitalization of 128.274 billion CNY [1] Company Overview - Suzhou Tianfu Optical Communication Co., Ltd. is located at 695 Changjiang Road, Suzhou High-tech Zone, Jiangsu Province, and was established on July 20, 2005, with its listing date on February 17, 2015 [1] - The company's main business involves the research, design, high-precision manufacturing, and sales of optical passive devices, with 98.91% of its revenue coming from optical communication components and 1.09% from other sources [1] Fund Holdings - Huian Fund has one fund heavily invested in Tianfu Communication, specifically the Huian Growth Preferred Mixed A (005550), which reduced its holdings by 600 shares in the third quarter, now holding 121,900 shares, accounting for 2.97% of the fund's net value, ranking as the tenth largest holding [2] - The Huian Growth Preferred Mixed A fund was established on February 13, 2018, with a current size of 234 million CNY, achieving a year-to-date return of 116.3%, ranking 14th out of 8,130 in its category, and a one-year return of 114%, ranking 25th out of 8,054 [2] - The fund manager, Shan Bailin, has been in the position for 3 years and 167 days, managing total assets of 688 million CNY, with the best return during his tenure being 68.48% and the worst being -3.33% [2]

Company Performance - Lumentum Holdings Inc. (NASDAQ:LITE) experienced a significant increase of 9.58% on Friday, closing at $255.59, driven by positive investor sentiment linked to hopes of an interest rate cut [1][2] - Mizuho Securities initiated coverage on Lumentum with a "buy" recommendation and set a price target of $290, indicating a potential upside of 13.46% from its latest closing price [3] Market Context - The Federal Reserve is scheduled to meet on December 9 and 10 to discuss benchmark rates, with indications that there may still be room for further adjustments to the federal funds rate [2] - The broader market optimism surrounding potential interest rate cuts has positively influenced Lumentum's stock performance [1] Industry Position - Lumentum is recognized as a leading supplier in optical communications and laser technology, particularly benefiting from strong demand in artificial intelligence applications [4]

Core Viewpoint - Tianfu Communication's stock price increased by 4.48% on November 20, with a trading volume of 7.047 billion yuan, indicating strong market interest and activity in the stock [1]. Financing and Margin Trading - On November 20, Tianfu Communication had a financing buy-in amount of 959 million yuan and a financing repayment of 641 million yuan, resulting in a net financing buy-in of 318 million yuan [1]. - As of November 20, the total margin trading balance for Tianfu Communication was 4.759 billion yuan, with the financing balance accounting for 3.81% of the circulating market value, indicating a high level of leverage compared to the past year [1]. - The company had a margin repayment of 21,400 shares and a margin sell-out of 31,900 shares on the same day, with a sell-out amount of approximately 5.1066 million yuan [1]. Financial Performance - For the period from January to September 2025, Tianfu Communication reported a revenue of 3.918 billion yuan, representing a year-on-year growth of 63.63%, and a net profit attributable to shareholders of 1.465 billion yuan, reflecting a year-on-year increase of 50.07% [2]. - Since its A-share listing, the company has distributed a total of 2.172 billion yuan in dividends, with 1.536 billion yuan distributed over the past three years [2]. Shareholder Structure - As of November 10, the number of shareholders for Tianfu Communication was 128,000, a decrease of 13.36% from the previous period, while the average circulating shares per person increased by 15.42% to 6,060 shares [2]. - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 14.8 million shares, a decrease of 3.17 million shares from the previous period [3]. - New entrants among the top ten shareholders included Zhonghang Opportunity Leading Mixed Fund A and Yongying Technology Smart Selection Mixed Fund A, while several funds exited the list [3].

Core Viewpoint - Lumentum Holdings Inc. (NASDAQ:LITE) is experiencing significant stock performance, driven by positive analyst coverage and strong financial results, particularly in the context of rising demand in the artificial intelligence sector [1][2][3]. Financial Performance - In the first quarter of fiscal year 2026, Lumentum reported a net income of $4.2 million, a turnaround from a net loss of $82.4 million in the same period last year [5]. - Net revenues increased by 58.4% year-on-year, reaching $533.8 million, up from $336.9 million [5]. - The company raised its net revenue outlook for the second quarter to between $630 million and $670 million, with projected diluted earnings per share of $1.30 to $1.50 [5]. Analyst Coverage - Mizuho Securities initiated coverage on Lumentum with a "buy" recommendation and a price target of $290, indicating a 7.8% upside from the latest closing price [2]. - Wolfe Research set a price target of 60% higher, alongside an "outperform" rating, citing the benefits of Lumentum's indium phosphide laser solutions from the growth of the artificial intelligence industry [4]. Market Position - Lumentum is recognized as a leading supplier of optical communications and laser technology for data centers and telecommunications, positioning the company to benefit from strong demand driven by artificial intelligence [3].

Group 1 - The optical communication sector in the US stock market experienced a significant increase, with Lumentum (LITE.US) rising over 11% [1] - Coherent (COHR.US) saw an increase of more than 5.5% [1] - Other companies such as Credo Technology (CRDO.US), Lumen Technologies (LUMN.US), and Astera Labs (ALAB.US) also reported gains exceeding 4% [1]

Core Viewpoint - The strategic collaboration between Hezhima Intelligent and Zhichizhi Yuan, a wholly-owned subsidiary of Zhongji Xuchuang, aims to leverage their respective core technologies and industry resources to enhance the intelligent upgrade of the global automotive and robotics industries through the integration of "chip + optical module" technology [1] Group 1 - Hezhima Intelligent specializes in intelligent automotive computing chips [1] - Zhongji Xuchuang focuses on optical communication modules [1] - The collaboration will explore deep synergy in areas such as optical communication technology applications, automotive assisted driving, embodied intelligent terminals, advanced packaging technology, and capital in the industrial chain [1]

Core Insights - Investors are encouraged to focus on companies that generate strong returns after accounting for all operating and non-operating expenses, making profitable companies a smarter investment choice [1] Company Analysis - Micron Technology, Inc. (MU) has a 12-month net profit margin of 22.9%, leading the profitability screen [6][9] - Vertiv Holdings Co (VRT) has a 12-month net profit margin of 10.7%, indicating solid operating efficiency [7][9] - Corning Incorporated (GLW) has a 12-month net profit margin of 9.2%, reflecting consistent performance [10][9] Profitability Metrics - The net income ratio measures a company's profitability by reflecting the percentage of net income to total sales revenues, with a higher ratio indicating better revenue generation and expense management [3] - Additional screening parameters include Zacks Rank equal to 1, trailing 12-month sales and net income growth higher than the industry, and a strong buy percentage rating greater than 70% [4][5]