（文章来源：证券日报） 证券日报网讯 2月13日，剑桥科技在互动平台回答投资者提问时表示，公司光模块业务聚焦800G及1.6T 等高速产品，其中800G光模块已实现硅光方案量产并批量发货；1.6T光模块已有部分产品进入小批量 供货阶段，营收占比低。国内布局方面，公司在上海等地设有研发中心，浙江嘉善工厂已投产并稳步推 进800G等产品产能提升，同时积极拓展国内客户，并持续加深国内供应链的深度协同。中东地区作为 新兴市场，公司正稳步推进市场开拓节奏，通过直接或间接方式扩大业务覆盖。相关具体经营数据及业 务进展具有不确定性，请以公司在指定信息披露媒体发布的公告为准，敬请投资者理性投资，注意投资 风险。 ...

Market Overview - On February 13, the A-share market experienced a collective decline across the three major indices, with the Shanghai Composite Index falling by 1.26% to close at 4082.07 points, the Shenzhen Component Index down 1.28% to 14100.19 points, and the ChiNext Index decreasing by 1.57% to 3275.96 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 199.91 billion, a decrease of 16.19 billion compared to the previous day [1] Sector Performance - The military industry sector showed strong performance, with key stocks like Yaxing Anchor Chain hitting the daily limit [1] - The semiconductor sector was active, with concepts such as photolithography machines and photolithography adhesives seeing rapid increases, exemplified by Guofeng New Materials achieving two consecutive limits in four days [1] - The paper-making sector also performed well, with Wuzhou Special Paper hitting the daily limit [1] - Conversely, the port and shipping sector saw significant declines, with China Merchants Energy and China Merchants Shipping experiencing substantial drops [1] Stock Highlights - A total of 32 stocks hit the daily limit, with five stocks achieving consecutive limits, and 11 stocks failed to maintain their limits, resulting in a limit rate of 74% (excluding ST and delisted stocks) [1] - Notable stocks included Zhangyue Technology, which achieved five consecutive limits, and Yunnan Energy Holdings, which reached three consecutive limits [1]

Group 1 - The core focus of the article is the performance of the A-share market during the Year of the Snake, highlighting a significant increase in the ChiNext index by nearly 60% [1][3] - The top ten popular stocks in the A-share market for the Year of the Snake have been identified, with the leading stock being Zhongji Xuchuang, which achieved a total transaction amount of 3.04 trillion yuan [1][3] - New Yisheng and Dongfang Caifu ranked second and third, respectively, with total transaction amounts exceeding 2 trillion yuan each [1][3]

格隆汇2月13日｜就"网传公司光模块被第一大客户思科延迟提供光芯片，也传公司业绩不及预期，是否 真实？"的问题，剑桥科技在互动平台回复称，网上相关信息与公司实际经营情况并不相符。公司2025 年四季度产品交付与上游客供物料供应密切相关，公司与客户保持积极沟通协调，确保交付满足客户需 求。 ...

Core Viewpoint - Tengjing Technology (688195.SH) has completed the construction of a high-speed optical engine production trial line at its wholly-owned subsidiary in Wuhan, indicating significant progress in its manufacturing capabilities [1] Group 1 - The company has mastered key processes in optical engine packaging, including high-precision chip mounting, gold wire bonding, optical path coupling, and aging testing [1] - Multiple samples of high-speed EML/silicon photonic COB optical engines suitable for pluggable optical modules have been produced [1]

Market Performance - On the last trading day of the Year of the Snake, the three major indices opened lower and subsequently declined, each falling over 1%. The Shanghai Composite Index dropped by 1.26%, closing below 4100 points, while the Shenzhen Component Index fell by 1.28% and the ChiNext Index decreased by 1.57% [1][2]. Yearly Overview - Throughout the Year of the Snake (from February 5, 2025, to February 13, 2026), all three major indices recorded gains. The Shanghai Composite Index increased by over 25%, the Shenzhen Component Index rose by nearly 39%, and the ChiNext Index surged by over 58% [4]. - The total trading volume for the year reached 20 trillion, with over 3800 stocks experiencing declines [4]. Sector Performance - In terms of sector performance, the non-ferrous metals and oil & gas sectors saw the largest declines, while shipping, steel, and building materials also faced downturns. Conversely, sectors such as commercial aerospace, robotics, and memory storage showed resilience and performed well [4].

午后CPO概念持续走弱，长芯博创跌超10%，特发信息回封跌停，光库科技、杰普特、腾景科技、太辰 光、天孚通信均跌超5%。 ...

Core Viewpoint - Despite the recent announcement of a 400 million yuan investment project and positive performance forecast by Dongtianwei (301183), the stock price experienced a pullback on February 13, 2026 [1] Fund Flow and Technical Analysis - Fund flow showed divergence: after a net inflow of 27.17 million yuan on February 9, there was a net outflow of 32.26 million yuan on February 13, indicating short-term profit-taking [2] - Technical pressure: the stock price surged by 9.58% to 166.88 yuan on February 9, approaching the upper Bollinger Band resistance at 175.57 yuan, followed by a three-day volatility of 13.51% and a decline in the KDJ indicator's J line from 34.69 to 30.94, suggesting a technical correction after a short-term overbought condition [2] Market Environment - CPO sector showed divergence: while leading companies like Tianfu Communication (300394) reached historical highs on February 9, the average decline in the optical communication and CPO sectors over the past week was between 1.61% and 1.76%, with overall fund outflow suppressing individual stock performance [3] - Pre-holiday risk aversion: A-share trading volume fell to 2.2 trillion yuan before the Spring Festival, with continuous net outflow of financing funds, indicating that high-valuation stocks are more susceptible to liquidity fluctuations in a low-volume trading environment [3] Project Positioning and Planning - The company's 400 million yuan manufacturing headquarters project in South China requires long-term construction (with fixed asset investment accounting for 300 million yuan) and will not contribute directly to performance in the short term; the announcement explicitly states that "project effects are uncertain" [4] - The market may focus more on the progress of the 2025 performance forecast (with a maximum net profit of 110 million yuan) rather than on long-term investments [4] Company Valuation - As of February 13, Dongtianwei's dynamic price-to-earnings ratio (TTM) was 133.5 times, higher than the industry average [5] - Although institutions predict a year-on-year net profit growth rate of 131.10% for 2025, the high valuation requires sustained performance support, and recent fluctuations reflect the market's cautious attitude towards profit realization capabilities [5]

Summary of Conference Call Notes Industry and Company Involved - The discussion primarily revolves around the **CPO (Chip-on-Board)** sector, with a focus on companies such as **罗博特科 (Robotech)** and **致尚科技 (Zhishang Technology)**. - The notes also mention **Meta** and its significant investment in AI data centers. Core Points and Arguments 1. **Robotech's Share Reduction**: - Robotech executed a minor share reduction of 1.332%, comprising 1.3% through block trading and 0.019% through centralized bidding, with a market value of approximately **12 million yuan** for the shares sold [1] 2. **Increased Capital Expenditure**: - In alignment with key customers, Robotech announced an additional investment of **270 million USD** on top of the previously planned **650 million USD** Capex, bringing the total investment in SiPho and SiGe to **920 million USD**. This investment is backed by customer commitments on consumption volume [1][1] 3. **Benefit from Tower's Capital Expenditure**: - Robotech is expected to benefit from increased capital expenditures by Tower, indicating a positive outlook for the company in the context of industry growth [1] 4. **Meta's AI Data Center Investment**: - Meta plans to invest over **10 billion USD** in constructing an AI data center in Lebanon, Indiana, marking it as one of the largest infrastructure projects to date, with an expected operational date by the end of **2027 to early 2028** [1] Other Important but Possibly Overlooked Content 1. **Reliability Testing for CPO Switches**: - Meta conducted reliability testing on CPO switches for over **one million hours**, supporting the scalability of AI data centers, which is crucial for future developments in the sector [2] 2. **Market Outlook for 2026-2027**: - The outlook for CPO is optimistic, with expectations of growth from **0-1 in 2026 to 1-10 in 2027**, indicating a significant increase in demand and production capabilities [2] 3. **Investment Preferences**: - The analysis highlights a preference for companies with the greatest flexibility, specifically naming Robotech and Zhishang Technology as favorable investments in the current market environment [2]

Summary of Key Points from the Conference Call Industry Overview - The primary focus of the conference call was on the **computing hardware** sector, particularly in relation to overseas blockchain computing [1] Key Themes and Trends - **Strongest Market Lines**: - Computing hardware emerged as the strongest market line, with notable companies such as **Daiwei Technology** achieving a 4-board increase, **Te Fa Information** with a 3-board increase, and **Honghe Technology** and **Shandong Glass Fiber** both achieving a 2-board increase [1][1] - **Sector Performance**: - **Comic and Animation**: **Zhangyue Technology** saw a 4-board increase [1] - **Photovoltaics**: **Yabo Co., Ltd.** also achieved a 4-board increase [1] - **Chemicals**: **Meibang Co., Ltd.** recorded a 2-board increase [1] - **Non-ferrous Metals**: Companies like **Zhangyuan Tungsten Industry**, **Xianglu Tungsten Industry**, and **Jiang Tungsten Equipment** each saw a 2-board increase [1] Sector Breakdown - **Key Sectors**: - **Optical Communication**: Companies such as **Tianfu Communication**, **Taicheng Light**, **Juguang Technology**, **Zhishang Technology**, **Guangku Technology**, and **Huanxu Electronics** are highlighted [1] - **Liquid Cooling**: Companies including **Yimikang**, **Shenling Environment**, **Kechuang Xinyuan**, **Yingweike**, **Chuanrun Co., Ltd.**, **Dayuan Pump Industry**, **Yidong Electronics**, and **Feilong Co., Ltd.** are mentioned [1] - **Gas Turbines**: Key players include **Dongfang Electric**, **Yingliu Co., Ltd.**, **Boying Welding**, **Longda Co., Ltd.**, **Wanze Co., Ltd.**, **Weichai Power**, and **Jereh Co., Ltd.** [1] - **Electronic Fabrics**: Companies such as **Shandong Glass Fiber**, **Honghe Technology**, **China National Materials**, **China Jushi**, and **International Composites** are noted [1] - **Power Supply**: Companies like **Zhongheng Electric**, **Keshida**, **Oulutong**, **Jinpan Technology**, **Maigemi Te**, and **Hu塑科技** are included [1] Additional Insights - **Cloud Computing**: Companies such as **Daiwei Technology**, **Youke De**, **Beijing Online**, **Dongfang Guoxin**, **Qingyun Technology**, and **Litong Electronics** are highlighted as key players in the cloud computing sector [1] - **Tungsten Industry**: Companies like **Zhangyuan Tungsten Industry**, **Xianglu Tungsten Industry**, **Dongfang Tantalum**, and **China Tungsten High-tech** are mentioned as significant contributors to the non-ferrous metals sector [1] - **Semiconductors**: The sector is experiencing price increases, indicating potential investment opportunities [1]