Core Viewpoint - The stock of Dekoli has experienced significant fluctuations, with a year-to-date increase of 104.64% but a recent decline of 7.49% over the last five trading days, indicating volatility in investor sentiment and market conditions [2]. Financial Performance - For the period from January to September 2025, Dekoli reported a revenue of 652 million yuan, representing a year-on-year growth of 8.59%. However, the net profit attributable to shareholders decreased by 47.43% to 40.11 million yuan [3]. - Since its A-share listing, Dekoli has distributed a total of 158 million yuan in dividends [4]. Stock Market Activity - As of December 29, Dekoli's stock price was 142.57 yuan per share, with a market capitalization of 22.567 billion yuan. The trading volume was 9.62 billion yuan, with a turnover rate of 4.19% [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on December 9, where it recorded a net purchase of 353 million yuan [2]. Shareholder Structure - As of September 30, 2025, Dekoli had 17,300 shareholders, an increase of 81.68% from the previous period. The average number of circulating shares per shareholder decreased by 2.48% to 9,163 shares [3]. - Notable changes in institutional holdings include an increase in shares held by Zhonghang Opportunity Leading Mixed Fund and new entries from several funds, indicating growing institutional interest [4]. Business Overview - 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. Its products are primarily used in key national development areas such as communication trunk transmission and 5G applications [2]. - The company's revenue composition is 75.33% from transmission-related products, 23.54% from access and data products, and 1.13% from other sources [2].

Core Viewpoint - Guangxun Technology's stock has shown significant growth this year, with a year-to-date increase of 37.45%, reflecting strong market interest and performance in the optical electronics sector [1][2]. Financial Performance - For the period from January to September 2025, Guangxun Technology achieved a revenue of 8.532 billion yuan, representing a year-on-year growth of 58.65%. The net profit attributable to shareholders was 719 million yuan, with a year-on-year increase of 54.95% [2]. - The company has distributed a total of 1.641 billion yuan in dividends since its A-share listing, with 537 million yuan distributed over the past three years [3]. Stock Market Activity - As of December 29, Guangxun Technology's stock price was 71.35 yuan per share, with a market capitalization of 57.556 billion yuan. The stock experienced a trading volume of 335 million yuan and a turnover rate of 0.61% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) six times this year, with the most recent appearance on December 17, where it recorded a net buying of 1.09 billion yuan [1]. Shareholder Structure - As of September 30, 2025, Guangxun Technology had 147,300 shareholders, an increase of 13.14% from the previous period. The average number of circulating shares per shareholder was 5,292, a decrease of 10.88% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 14.3915 million shares, an increase of 4.0608 million shares from the previous period [3].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, consistent with the previous rating [5]. Core Insights - Marvell Technology, Inc. has launched the "Golden Cable" initiative to accelerate and expand the Active Electrical Cable (AEC) ecosystem, facilitating faster time-to-market for large-scale AI deployments. This initiative provides leading software, validated reference designs, and comprehensive support in an open model [2][24]. - LightCounting forecasts that the CPO market will reach $10 billion by 2030, with significant contributions from companies like Broadcom and NVIDIA, who are expected to launch integrated CPO products by 2026. Marvell will also leverage its acquisition of Celestial AI technology to introduce similar products, with shipments starting in 2027 [2][31]. - USI plans to establish a production capacity of over 1 million units of 800G and 1.6T silicon photonic modules in Vietnam, focusing on data center-related businesses and accelerating product and capacity development [3][36]. Summary by Sections Market Overview - The communication index rose by 4.07% during the week of December 22-28, 2025, outperforming other major indices [14]. - Among the communication sub-sectors, communication cables and accessories saw the highest increase at 6.52%, followed by other communication equipment (5.90%) and communication terminals and accessories (5.38%) [17]. Industry Dynamics - Marvell's "Golden Cable" initiative aims to support the growing demand for AEC in AI data centers, with market size projected to grow from $644 million in 2025 to $1.4 billion by 2029 [24][25]. - LightCounting's report indicates that the CPO market is gaining traction, with expected growth driven by advancements in AI and networking technologies [29][30]. - USI's investment in Vietnam is part of a broader strategy to meet the increasing demand for optical modules in North America, with plans to expand production capacity significantly [36][37].

Core Viewpoint - The company, 联特科技, experienced a decline in stock price by 5.04% on December 26, with a trading volume of 1.96 billion yuan and a market capitalization of 21.979 billion yuan [1] Group 1: Company Overview - 联特科技 specializes in the research, development, production, and sales of optical communication transceiver modules, with a significant revenue contribution from 10G and above optical modules at 92.72% [7] - The company was established on October 28, 2011, and went public on September 13, 2022 [7] - As of September 30, the company had 24,900 shareholders, an increase of 7.14% from the previous period [8] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 847 million yuan, representing a year-on-year growth of 31.75% [8] - The net profit attributable to the parent company was 81.796 million yuan, showing a year-on-year increase of 31.39% [8] - The company has distributed a total of 46.852 million yuan in dividends since its A-share listing [9] Group 3: Market Position and Technology - The company has developed core capabilities in optical chip integration, high-speed optical devices, and high-speed optical module design and production [2] - The main application markets for optical modules include data communication, telecommunications, and emerging markets, with the data communication market being the fastest-growing segment [2] - The company’s low-power design technology for optical modules significantly reduces power consumption, providing a competitive advantage in 5G communication and data center applications [3] Group 4: Shareholder and Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 2.3947 million shares, an increase of 533,000 shares from the previous period [9] - New institutional shareholders include 永赢科技驱动A, which holds 943,100 shares, and South China CSI 1000 ETF, which holds 474,700 shares, having decreased by 8,800 shares from the previous period [9]

12月26日，新易盛盘中下跌2.00%，截至13:02，报439.02元/股，成交70.25亿元，换手率1.79%，总市值 4363.90亿元。 资金流向方面，主力资金净流出7.50亿元，特大单买入19.62亿元，占比27.93%，卖出23.50亿元，占比 33.45%；大单买入19.52亿元，占比27.79%，卖出23.14亿元，占比32.94%。 新易盛今年以来股价涨433.85%，近5个交易日涨1.09%，近20日涨26.23%，近60日涨16.76%。 今年以来新易盛已经5次登上龙虎榜，最近一次登上龙虎榜为9月4日，当日龙虎榜净买入8.04亿元；买 入总计59.16亿元 ，占总成交额比16.92%；卖出总计51.12亿元 ，占总成交额比14.62%。 分红方面，新易盛A股上市后累计派现7.75亿元。近三年，累计派现4.93亿元。 机构持仓方面，截止2025年9月30日，新易盛十大流通股东中，香港中央结算有限公司位居第一大流通 股东，持股3584.72万股，相比上期减少1472.75万股。易方达创业板ETF（159915）位居第四大流通股 东，持股1875.44万股，相比上期减少311.09万股。华泰柏 ...

Core Viewpoint - Ruijie Networks has shown significant stock performance with a year-to-date increase of 64.57%, indicating strong market interest and potential growth in the telecommunications sector [2]. Financial Performance - For the period from January to September 2025, Ruijie Networks achieved a revenue of 10.68 billion yuan, representing a year-on-year growth of 27.50% [3]. - The net profit attributable to shareholders for the same period was 680 million yuan, reflecting a substantial increase of 65.26% year-on-year [3]. Stock Market Activity - As of December 26, Ruijie Networks' stock price rose by 2.02% to 84.16 yuan per share, with a trading volume of 464 million yuan and a turnover rate of 0.71% [1]. - The stock has experienced a 6.79% increase over the last five trading days and a 13.65% increase over the last 20 days, although it has seen a decline of 12.10% over the past 60 days [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 34,200, a rise of 34.36% from the previous period, while the average number of shares held per shareholder decreased by 25.57% to 2,788 shares [3]. - The top circulating shareholder is Dongfang Alpha Advantage Industry Mixed A, holding 3.24 million shares, with significant changes in other major shareholders noted [4]. Business Overview - Ruijie Networks, established on October 28, 2003, specializes in the research, design, and sales of network equipment, network security products, and cloud desktop solutions, with network equipment accounting for 87.85% of its revenue [2]. - The company operates within the telecommunications industry, specifically in the communication equipment sector, and is associated with various concepts including optical communication and data centers [2].

Core Viewpoint - Wanma Technology's stock has experienced fluctuations, with a year-to-date increase of 22.29% but a recent decline in the last five trading days by 1.22% [1] Group 1: Stock Performance - As of December 26, Wanma Technology's stock price is 42.14 CNY per share, with a market capitalization of 5.647 billion CNY [1] - The stock has seen a trading volume of 1.05 million CNY, with a turnover rate of 2.10% [1] - The stock has been on the "龙虎榜" once this year, with the last appearance on June 24, where it recorded a net purchase of 104 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Wanma Technology achieved a revenue of 557 million CNY, representing a year-on-year growth of 44.51% [2] - The net profit attributable to the parent company for the same period was 32.6832 million CNY, showing a year-on-year increase of 4.67% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Wanma Technology is 26,000, a decrease of 18.78% from the previous period [2] - The average number of circulating shares per shareholder is 4,503, which has increased by 21.38% [2] - The company has distributed a total of 35.242 million CNY in dividends since its A-share listing, with 30.82 million CNY distributed in the last three years [3]

Core Viewpoint - Mingpu Optoelectronics experienced a stock price increase of 2.20% on December 26, reaching 23.71 CNY per share, with a total market capitalization of 5.572 billion CNY [1] Financial Performance - For the period from January to September 2025, Mingpu Optoelectronics reported a revenue of 1.213 billion CNY, reflecting a year-on-year decrease of 1.31% [2] - The company recorded a net profit attributable to shareholders of -150 million CNY, which is a year-on-year decline of 7.27% [2] Stock and Shareholder Information - As of September 30, 2025, the number of shareholders for Mingpu Optoelectronics was 48,000, a decrease of 26.59% from the previous period [2] - The average number of circulating shares per shareholder increased by 36.23% to 3,698 shares [2] - The company has distributed a total of 45.4802 million CNY in dividends since its A-share listing, with 6.9802 million CNY distributed over the past three years [3] Market Activity - On December 26, the company saw a net inflow of 1.0036 million CNY from major funds, with significant buying and selling activity recorded [1] - The stock has shown a year-to-date increase of 1.41%, with a 6.42% rise over the last five trading days and a 7.82% increase over the last 20 days, while it has decreased by 5.42% over the last 60 days [1] Business Overview - Mingpu Optoelectronics, established on June 25, 2008, and listed on September 29, 2017, specializes in the research, production, and sales of optoelectronic communication components [1] - The company's revenue composition includes magnetic components (58.20%), optical communication products (19.16%), power adapters (12.23%), communication power supply system equipment (7.55%), and others (2.84%) [1] - The company operates within the communication equipment sector, focusing on data center (IDC), chip concepts, 5G, high-speed connectors, and optical communication [1]

12月25日，科瑞思盘中上涨2.11%，截至13:00，报42.65元/股，成交1758.21万元，换手率2.57%，总市 值23.56亿元。 机构持仓方面，截止2025年9月30日，科瑞思十大流通股东中，诺安多策略混合A（320016）位居第四 大流通股东，持股23.92万股，为新进股东。中信保诚多策略混合(LOF)A（165531）位居第七大流通股 东，持股20.73万股，为新进股东。 责任编辑：小浪快报 资金流向方面，主力资金净流入89.68万元，大单买入151.72万元，占比8.63%，卖出62.03万元，占比 3.53%。 截至9月30日，科瑞思股东户数6894.00，较上期减少4.21%；人均流通股2357股，较上期增加4.40%。 2025年1月-9月，科瑞思实现营业收入1.28亿元，同比增长2.88%；归母净利润1042.88万元，同比减少 22.19%。 资料显示，珠海科瑞思科技股份有限公司位于广东省珠海市香洲区福田路10号厂房2四层,三层A区，成 立日期2005年12月2日，上市日期2023年3月28日，公司主营业务涉及利用公司自主研发的全自动绕线设 备为客户提供小型磁环线圈绕线服务,向客 ...

Core Viewpoint - The stock of Fenghuo Communication has shown significant growth this year, with a year-to-date increase of 46.98%, and recent trading activity indicates strong investor interest and capital inflow [1][2]. Group 1: Stock Performance - As of December 25, Fenghuo Communication's stock price reached 28.34 yuan per share, with a trading volume of 1.361 billion yuan and a turnover rate of 3.82%, resulting in a total market capitalization of 38.49 billion yuan [1]. - The stock has experienced a 7.72% increase over the last five trading days and a 23.65% increase over the last 20 trading days, while it has seen a slight decline of 0.53% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 259 million yuan on February 19, accounting for 18.26% of total trading volume [1]. Group 2: Financial Performance - For the period from January to September 2025, Fenghuo Communication reported a revenue of 17.072 billion yuan, representing a year-on-year decrease of 19.30%, while the net profit attributable to shareholders increased by 30.28% to 513 million yuan [2]. - The company has distributed a total of 3.791 billion yuan in dividends since its A-share listing, with 494 million yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Fenghuo Communication was 119,300, a decrease of 6.90% from the previous period, with an average of 9,928 shares held per shareholder, an increase of 9.08% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 21.3305 million shares, an increase of 5.5716 million shares from the previous period [3].