Group 1 - The stock of Shijia Photon increased by 5.1% on September 17, reaching 72.09 CNY per share, with a trading volume of 1.029 billion CNY and a turnover rate of 3.17%, resulting in a total market capitalization of 33.075 billion CNY [1] - Shijia Photon, established on October 26, 2010, and listed on August 12, 2020, is based in Hebi City, Henan Province. The company specializes in optical chips and devices, indoor optical cables, and cable materials, with 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 others for 1.72% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Jiashi Fund holds a significant position in Shijia Photon. Jiashi Zhongzheng 2000 ETF (159535) held 1,513 shares in the second quarter, representing 0.28% of the fund's net value, making it the sixth-largest heavy stock [2] - Jiashi Zhongzheng 2000 ETF (159535) was established on September 14, 2023, with a latest scale of 20.5767 million CNY. The fund has achieved a return of 35.58% this year, ranking 1220 out of 4222 in its category, and an annual return of 84.3%, ranking 878 out of 3804 [2] - The fund manager of Jiashi Zhongzheng 2000 ETF (159535) is Li Zhi, who has been in the position for 7 years and 268 days. The total asset scale of the fund is 18.361 billion CNY, with the best return during his tenure being 82.77% and the worst being -50.62% [3]

Investment Rating - The report recommends a focus on companies involved in OCS systems, particularly those producing OCS machines and core components, with specific recommendations for 中际旭创, 光库科技, and 腾景科技 [3][34][35]. Core Insights - The OCS (Optical Circuit Switches) technology is highlighted as a key advancement in the optical networking industry, providing high bandwidth, low power consumption, and low latency, which are essential for modern data centers [11][14][34]. - The report emphasizes the increasing participation of major industry players in the OCS market, indicating a clearer development path for OCS technology and a potential acceleration in the performance realization of companies within the OCS supply chain [3][34]. Summary by Sections OCS Solutions at the Expo - The 26th China International Optoelectronic Exposition showcased various OCS solutions, with significant participation from over 3,800 exhibitors from more than 30 countries [10]. - Coherent presented two digital liquid crystal OCS solutions, featuring a 300-port and a 64-port model, both designed for high reliability and low power consumption [19][20]. - 光库科技 demonstrated a MEMS OCS solution capable of supporting 640 or 320 LC ports, already deployed in over 750,000 fiber optic connectors globally [25][26]. - 凌云光 and Polatis are leading the promotion of direct beam steering OCS technology, utilizing piezoelectric ceramics for precise light routing [27][31]. Investment Recommendations - The report suggests focusing on companies involved in OCS machines, such as 中际旭创, 德科立, 光库科技, and 凌云光, as well as core component manufacturers like 腾景科技 and 赛微电子 [3][34][35]. - The ongoing acceleration in global computing infrastructure and interconnect bandwidth is expected to enhance the performance realization of companies in the OCS supply chain [34]. Company Profit Forecasts and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with 中际旭创 projected to have an EPS of 8.58 in 2025 and a PE of 48, while 光库科技 is expected to have an EPS of 0.43 and a PE of 237 [4][35].

格隆汇9月16日丨中航光电(002179.SZ)在投资者互动平台表示，公司在空芯光互连方面进行了专利布 局，相关产品已完成多轮迭代优化，与行业头部客户正在深入合作。 ...

天眼查App显示，近日，湖北齐弘三欣光电有限公司成立，法定代表人为安万军，注册资本10万人民 币，经营范围为一般项目 ： 电力电子元器件制造；软件开发；信息技术咨询服务；会议及展览服务； 广告设计、代理；市场营销策划；广告制作；生产线管理服务；日用百货销售；个人卫生用品销售；文 具用品零售；新鲜蔬菜零售；塑料制品销售；信息系统集成服务；物业管理；机械零件、零部件加工； 光电子器件制造；通用设备制造（不含特种设备制造）；半导体照明器件制造；机械零件、零部件销 售；外卖递送服务；家政服务；酒店管理；餐饮管理；家宴服务；普通货物仓储服务（不含危险化学品 等需许可审批的项目）；装卸搬运；包装服务。（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 establishment of the "Wuhan Huagong Ruiyuan No. 2 Venture Capital Fund" aims to leverage government resources, industry scenarios, and financial capital to invest in cutting-edge fields such as high-end equipment, intelligent manufacturing, and quantum technology [3][4]. Group 1: Fund Structure and Investment Strategy - The initial scale of the fund is 350 million yuan, with a target total scale of 500 million yuan, where Huagong Investment contributes no more than 76.5 million yuan, accounting for 21.86% of the fund's initial subscription [3][4]. - The fund has a duration of 7 years, including a 5-year investment period and a 2-year exit period, with the possibility of extending for an additional 2 years upon agreement by all partners [4]. - The investment strategy focuses primarily on early to mid-stage investments, with a single investment amount not exceeding 20% of the fund's paid-in capital, allowing for flexibility in follow-up investments [4]. Group 2: Strategic Importance and Industry Focus - This investment is a key move in the company's "platform innovation" strategy, aiming to amplify its investment reach through leveraging the fund [4]. - The fund will capitalize on the company's expertise in fields such as optoelectronics, sensors, and laser equipment to accelerate domestic substitution and the industrialization of cutting-edge technologies [4]. - The fund is set to be registered in the Optics Valley, benefiting from the cluster advantages of Hubei's scientific and technological innovation [4].

Group 1 - The core point of the article is that Huagong Technology (000988.SZ) announced the establishment of a new investment fund, the Wuhan Huagong Ruiyuan No. 2 Venture Capital Fund, with a total investment of up to 76.5 million yuan, in collaboration with several local investment entities [1] - Huagong Investment, a wholly-owned subsidiary of Huagong Technology, will hold a 21.86% stake in the new fund, taking on limited liability up to its subscribed capital contribution [1] - The fund aims to focus on investment opportunities in high-end equipment, intelligent manufacturing, optoelectronics, new energy, new materials, sensors, and semiconductors, as well as emerging technologies such as quantum technology and artificial intelligence [2] Group 2 - The investment strategy emphasizes exploring opportunities along the industrial chain, particularly in sectors that are considered future-oriented and critical enabling technologies [2]

Core Viewpoint - Qingshan Paper's stock has experienced significant upward movement, achieving five consecutive trading days of limit-up, attracting market attention amidst a challenging industry environment [2][5]. Group 1: Company Performance - Qingshan Paper, a state-controlled listed company primarily engaged in pulp and paper production, has seen its stock price surge due to notable advancements in its diversified business, particularly in the optoelectronics sector [3][6]. - The company's subsidiary, Shenzhen Hengbao Tong Optoelectronics Co., Ltd. (Hengbao), successfully turned a profit, with its main business revenue reaching 91.05 million yuan and a profit of 21.79 million yuan in the first half of 2025, marking a substantial year-on-year increase of 61.85% [6][7]. Group 2: Market Context - Despite the overall decline in the domestic paper industry, with a 2.3% drop in revenue and a 21.4% decrease in total profit in the first half of 2025, Qingshan Paper's stock has defied the trend, largely due to its successful optoelectronics business [5][6]. - The company is advancing in the optoelectronics field, with 400G optical modules entering small batch trial production and 800G optical modules completing design and entering sample trial production [7]. Group 3: Investor Sentiment - Investors have shown keen interest in Qingshan Paper's involvement in the optical module sector, with numerous inquiries regarding the company's performance and technological capabilities in this area [6][8]. - The company has issued a risk warning regarding its stock price volatility and high turnover rate, urging investors to make rational investment decisions [8].

Group 1 - The core viewpoint of the news is that Dekoli's stock price has declined by 5.3% to 95.50 CNY per share, with a trading volume of 183 million CNY and a turnover rate of 1.20%, resulting in a total market capitalization of 15.116 billion CNY [1] - Dekoli, established on January 31, 2000, and listed on August 9, 2022, specializes in the research, production, and sales of optical transceiver modules, optical amplifiers, and optical transmission subsystems, primarily used in key national development areas such as communication trunk transmission and 5G networks [1] - The company's main business revenue composition is as follows: transmission-related products account for 75.33%, access and data-related products for 23.54%, and other products for 1.13% [1] Group 2 - From the perspective of major fund holdings, Guolian Fund has one fund heavily invested in Dekoli, specifically the Guolian Xinrui Select Mixed A Fund, which held 46,200 shares, representing 3.98% of the fund's net value, making it the fifth-largest holding [2] - The Guolian Xinrui Select Mixed A Fund, established on April 29, 2021, has a latest scale of 51.5217 million CNY, with a year-to-date return of 42.57% and a one-year return of 70.5%, ranking 1242 out of 8174 and 1450 out of 7981 in its category, respectively [2]

Group 1 - SAIC-GM-Wuling Automobile Co., Ltd. and Huawei Technologies Co., Ltd. have upgraded their strategic partnership through a signing ceremony in Liuzhou, Guangxi, focusing on the "AI + Manufacturing" initiative [1] - Liuzhou is promoting digital transformation for 435 small and medium-sized enterprises (SMEs) in industries such as automotive, steel, and engineering machinery, leveraging AI and advanced technologies [1] - During the 14th Five-Year Plan period, Liuzhou emphasizes key core technology breakthroughs in intelligent networking and green low-carbon initiatives, particularly in smart connected vehicles [1] Group 2 - New industries in Liuzhou are thriving, with the first industrial humanoid robot produced in the region and participating in the manufacturing process of commercial vehicles [2] - The first batch of low-speed autonomous vehicle road testing licenses has been issued in Liuzhou, marking a significant step forward for the smart connected vehicle industry [2] - The AI industry in Liuzhou generated a value of 5.7 billion yuan in the first seven months of the year, with a year-on-year growth of 23.7% [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2] Core Views - The company has benefited from the rapid growth in domestic computing power construction, leading to a significant increase in data and access business revenue, which reached 3.71 billion yuan in the first half of 2025, a year-on-year increase of 149.27% [1] - The company is positioned as a pioneer in the domestic optoelectronic industry, with a vertical layout in optoelectronic chips enhancing its competitive strength, and is expected to achieve rapid growth in performance due to domestic AI infrastructure construction [2] Financial Summary - In the first half of 2025, the company achieved revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit attributable to the parent company of 372 million yuan, a year-on-year increase of 78.98% [1] - The company forecasts revenues of 10.779 billion yuan, 13.788 billion yuan, and 16.949 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.049 billion yuan, 1.342 billion yuan, and 1.625 billion yuan for the same years [3][12] - The company's earnings per share (EPS) is projected to be 1.30 yuan, 1.66 yuan, and 2.01 yuan for 2025, 2026, and 2027 respectively [3][12] Market Position and Product Development - The company’s data communication products are primarily used in cloud computing data centers, AI intelligent computing centers, enterprise networks, and storage networks, providing various optical modules and active optical cables [1] - The transmission business has seen a slight decline in revenue, with a year-on-year decrease of 3.71% in the first half of 2025, attributed to product structure adjustments affecting gross margins [2] - The company is actively developing cutting-edge technologies, including MEMS-based OCS products, and has established comprehensive capabilities in optical engine, external light source, connector wiring, and system optical path design [2]