每经记者｜曾子建 每经编辑｜程鹏 文多 潘海福 10月28日，光模块龙头上海剑桥科技股份有限公司（以下简称剑桥科技，HK06166，SH603083）将在港交所正式挂牌，成为CPO（光电共封装）概念首 个"A+H股"上市公司。 72岁的创始人Gerald G Wong将携管理团队敲响上市锣声，此次发行不仅吸引了霸菱、红杉等16家全球顶级机构组成基石阵容，更因较A股股价超40%的折 价率而受到了市场关注。 图片来源：剑桥科技公告截图 16家投资机构组成豪华基石阵容 剑桥科技兼具光模块、有线宽带及无线网络设备研发能力，"深度绑定"全球主流电信运营商、通信设备制造商及数据中心运营商。作为A股光模块领域核 心玩家，其2025年内股价累计涨幅超186%，仅次于同概念的新易盛（SZ300502）和中际旭创（SZ300308）。 剑桥科技成立于2006年，主要从事设计、开发和销售连接及数据传输设备。公司主要通过销售宽带、无线、光模块技术产品获得收入。 根据弗若斯特沙利文的资料，剑桥科技在2024年全球综合光学与无线连接设备（OWCD）行业中，按销售收入计排名第五，所占市场份额为4.1%。光模 块产品方面，剑桥科技的产品组合 ...

Group 1 - The core viewpoint of the report indicates a significant increase in long-term investors' interest in Chinese tech stocks, particularly focusing on the AI supply chain [1] Group 2 - Citi prioritizes investment in the AI supply chain as follows: optical modules (with scale-up opportunities) > PCB sector > ODM manufacturers benefiting from AI server demand growth [2] - The report highlights potential upside for high-speed optical modules by 2027, driven by untapped expansion opportunities [2] - PCB supply tightness is expected to persist into 2026, with aggressive players like Shenghong Technology potentially gaining additional demand from ASICs while maintaining a solid position in the NVIDIA supply chain [2] Group 3 - Investors are particularly interested in Alibaba's data center expansion, which requires a tenfold increase in investment, AI chip supply capabilities, and monetization pathways for AI investments [2] - The report suggests that 7nm equivalent wafer capacity should support domestic AI chip demand in 2026, even if demand doubles compared to 2025 [2] - There is a general consensus among investors that monetization in the ToC sector is challenging, while ToB primarily targets software products for small and medium enterprises [2] - Interest in smart glasses as an investment in AI edge devices is also on the rise [2]

Market Performance - A-shares continued strong performance with major indices approaching significant levels, with the Shanghai Composite Index rising by 1.18%, Shenzhen Component Index by 1.51%, and ChiNext Index by 1.98% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 23,401 billion [1] Sector Performance - The communication and semiconductor sectors led the gains, with several ETFs in these categories showing significant increases, such as 5G Communication ETF rising by 5.07% and Semiconductor ETFs also performing well [2][3] - Specific ETFs like 5G50 ETF and Communication ETF saw increases of over 4% [3] Industry Insights - The demand for optical modules is expected to rise significantly, with projections indicating an increase from 8 million units to over 20 million units by 2026, contingent on supplier capabilities [4] - The average selling price of optical modules may stabilize year-on-year due to potential supply shortages [4] ETF Trading Activity - The Short-term Bond ETF had the highest trading volume at 364.98 billion, followed by Hong Kong Securities ETF and Silver Daily ETF [8][9] - The 5-year local bond ETF recorded the highest turnover rate at 195% [9] Gold Market Outlook - The gold market is expected to maintain an upward trend, supported by anticipated interest rate cuts from the Federal Reserve and ongoing central bank purchases of gold [7]

Core Insights - The CPO (Chip-on-Board) sector is experiencing significant growth, particularly among optical module companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, which have seen substantial stock price increases and market capitalization growth [1][2][4]. Group 1: Stock Performance - Zhongji Xuchuang's stock price rose by 4.25% to 515 CNY, marking a historic high and a year-to-date increase of 320%, with a market cap exceeding 570 billion CNY [1]. - Xinyi Sheng's stock also reached a new high, closing with an over 8% increase and a market cap surpassing 400 billion CNY [2]. - Tianfu Communication's stock increased by over 6%, with a market cap of 147.8 billion CNY [2]. Group 2: Market Demand - The demand for 1.6T optical modules has doubled, driven by the launch of NVIDIA's GB300 and large-scale procurement by major tech companies [3][5]. - Recent estimates suggest that the global demand for 1.6T optical modules could reach 20 million units by 2026, a 100% increase from previous forecasts, with NVIDIA's demand expected to be between 10 to 15 million units [5]. Group 3: Company Performance - The leading companies in the optical module CPO sector, referred to as "Yizhongtian" (Xinyi Sheng, Zhongji Xuchuang, Tianfu Communication), reported impressive net profit growth in the first half of 2025, with year-on-year increases of 355.68%, 69.40%, and 37.46% respectively [7]. - Xinyi Sheng's net profit reached 3.942 billion CNY, while Zhongji Xuchuang's was 3.995 billion CNY, indicating a narrowing gap between the two [7][8]. Group 4: Emerging Companies - Smaller CPO manufacturers also reported significant profit increases, with Shijia Photon and Changxin Bochuang seeing their net profits surge by 1712% and 1121% respectively in the first half of the year [9].

Market Overview - A-shares experienced significant gains, with the Shanghai Composite Index approaching 4000 points, closing up 1.18%, the Shenzhen Component up 1.51%, and the ChiNext Index up 1.98% [1] - Multiple favorable factors are driving the market, including progress in US-China trade talks, the People's Bank of China's liquidity support through a 900 billion yuan MLF operation, and rising expectations for a 25 basis point rate cut by the Federal Reserve [1] Hot Sectors - **Computing Hardware**: The computing hardware sector remains strong, with companies like Jingwang Electronics and Zhongji Xuchuang hitting historical highs. The demand for optical modules is expected to grow, as indicated by recent earnings reports from several companies in the sector [2] - **Non-ferrous Metals**: The non-ferrous metals sector saw significant gains, with companies like Xiamen Tungsten and Dongfang Tantalum hitting the daily limit. The industry is expected to benefit from a favorable market environment and improved financial performance [3] - **Brokerage Stocks**: Brokerage stocks experienced notable upward movement, with Dongxing Securities rising over 9%. The upcoming Financial Street Forum is expected to attract significant attention from industry leaders [4] Institutional Insights - **Huaxi Securities**: The firm believes that the A-share market is returning to a "slow bull" trend, supported by positive developments in US-China trade talks and other geopolitical factors. The focus remains on "big technology" as a long-term investment theme [5][6] - **CITIC Securities**: The firm suggests that the market is transitioning back to an earnings-driven structure, highlighting opportunities in manufacturing firms that can leverage their competitive advantages amid global disruptions [7] - **Zhongtai Securities**: The firm maintains a positive outlook for the index, particularly in technology and manufacturing sectors, while also suggesting a shift towards "big finance + new consumption" if trade negotiations do not yield favorable results [8]

Group 1 - The company, Yihau New Materials (301176.SZ), clarified on the investor interaction platform that it does not engage in the optical module sector [1]

Group 1 - The core focus of several fund managers in Q3 has been on PCB leading stocks, particularly East Mountain Precision, with notable increases in holdings by prominent funds [2][3] - The fund "Yongying Technology Smart Select" has shown significant performance, with a year-to-date return exceeding 200%, and has heavily invested in the PCB sector and optical module leaders [3][5] - Fund managers have expressed confidence in the A-share market, highlighting the potential for further asset allocation towards equity due to favorable domestic fiscal and monetary policies [10][11] Group 2 - Fund managers have adjusted their portfolios, with some reducing holdings in optical module leaders while increasing investments in the robotics industry [6][7] - The "Yongying Technology Smart Select" fund has seen its net asset value growth rate approach 100%, leading to a substantial increase in fund size from 11.66 billion to 115.21 billion [12] - There is a growing interest in Hong Kong stocks, with funds increasing their positions in companies like Alibaba and various biotech firms, reflecting a dual focus on technology and recovery sectors [9]

Core Viewpoint - The A-share market continues to show a strong upward trend, with the Shanghai Composite Index rising over 1% and approaching the 4000-point mark, indicating a potential recovery in market sentiment [1] Market Performance - The A500 ETF (512050) has seen a 1.11% increase with a trading volume of over 45 billion yuan, leading comparable funds in terms of turnover [1] - Key stocks in the optical module sector, such as NewEase and Zhongji Xuchuang, have reached historical highs, while Tianfu Communication, Zhaoyi Innovation, and Shenghong Technology have all risen over 6% [1] Analyst Insights - CITIC Securities believes that the current market adjustment is nearing its end, with an upward trend expected to continue [1] - Despite a cooling market sentiment in October and a slowdown in incremental capital inflow, the overall market has not lost momentum, and recent days have shown signs of stabilization [1] Market Conditions - The growth sector has experienced a decline of over 10%, and nearly half of the market has seen reduced trading volumes, suggesting a more stable short-term market outlook with limited adjustment space [1] - Recent easing signals in China-U.S. relations have improved overseas market risk appetite [1] Policy Impact - The release of the "14th Five-Year Plan" is expected to enhance market risk appetite in the short term due to increased policy clarity [1] - In the long term, the modernization industrial system outlined in the "14th Five-Year Plan" is anticipated to provide a clear growth path for the A-share market, reinforcing the foundation for a bull market through technological breakthroughs and industrial upgrades [1]

Group 1: Market Performance - CPO shows strong performance with leading companies like Zhongji Xuchuang and Xinyi Sheng reaching historical highs [1] - Cloud computing ETF Huatai (159273) rises nearly 3%, with a trading volume exceeding 420 million yuan, and its latest scale surpassing 1.67 billion yuan [1] - The technology sector experienced a significant rebound last week due to favorable news and policies [1] Group 2: Industry Demand and Trends - Demand for 1.6T optical modules is continuously increasing, with total industry demand expected to rise from 10 million to 20 million units due to accelerated deployment of GB300 and Rubin platforms [3] - The global port sales for CPO are projected to reach 4.5 million units by 2027, with market revenue potentially reaching 2.6 billion USD by 2033, reflecting a CAGR of 46% from 2022 to 2033 [3] Group 3: Policy and Strategic Developments - The 14th Five-Year Plan emphasizes improving the level of technological self-reliance, which is expected to drive the domestic computing power sector [4] - Recent collaboration between Google and Anthropic to deploy 1 million TPU chips for AI model training indicates significant investment in computing power [4] - Nvidia has exited the Chinese market, reducing its market share from 95% to 0%, which may impact the competitive landscape [4] Group 4: AI and Cloud Computing Growth - AI is identified as a new growth driver for the cloud computing industry, with a shift in business opportunities towards application layers [7] - Major cloud providers are experiencing tight supply and demand, leading to accelerated revenue growth and increased capital expenditure for high-performance infrastructure [8] - The cloud computing market is expected to see significant growth due to the demand for computing power driven by AI applications [8]

Core Viewpoint - The article highlights the recent bullish trend in the stock market, particularly focusing on the performance of technology stocks and cyclical sectors, with the Shanghai Composite Index nearing the 4000-point mark [3][4][8]. Technology Sector - Technology stocks showed strong performance, with semiconductor and computing power sectors leading the charge. Notable stocks include Xinyisheng, which rose by 8.27% to reach a historical high, and Zhongji Xuchuang, which increased by 3.34% [4][20]. - The consumer electronics sector also performed well, with companies like Wentai Technology and Dongshan Precision seeing significant gains [20][22]. Cyclical Sectors - The cyclical sectors experienced a rally, with steel, non-ferrous metals, coal, and electricity stocks all showing strong upward movement. The classic combination of "coal, steel, and electricity" was evident in the market [7][10]. - Steel stocks, such as Changbao Co. and Xinxing Ductile Iron Pipes, saw substantial increases, with some stocks reaching their daily limit up [11][14]. Market Performance - As of the morning close, the Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 1.26%, and the ChiNext Index climbed by 1.54% [8]. - The total market capitalization of leading stocks in the computing power sector approached 1 trillion yuan, indicating strong investor interest [4]. Policy Impact - Recent policy changes regarding steel production capacity are expected to improve long-term supply-demand dynamics in the steel industry. The new regulations aim to restrict new steel production capacity in key regions, which may lead to better market conditions for leading steel companies [13][14]. Coal Sector - In the coal sector, companies like Zhengzhou Coal Electricity and Shanghai Energy saw significant price increases, reflecting strong demand as power plants prepare for winter coal storage [15][18]. Conclusion - The article emphasizes a bullish sentiment in the market, driven by strong performances in technology and cyclical sectors, alongside supportive policy changes that may enhance the investment landscape in the steel and coal industries [4][14][18].