Core Viewpoint - The company has a comprehensive technological capability in the optical module field, focusing on silicon photonics technology for its 800G and 1.6T optical module products [1] Group 1: Technology and Product Development - The company is developing various technology routes, including silicon photonics, EML, and DML [1] - Current business focus is on silicon photonics-based CPO optical engines and the development of external integrated light sources (ELSFP) [1] - Research and development for 1.6T and 3.2T CPO integrated silicon photonic optical engines and high-power laser-based ELSFP has commenced, with products in the customer customization prototype stage [1] Group 2: Market Engagement and Events - The company showcased some experimental prototypes at the recent CIOE (China International Optoelectronic Expo) in Shenzhen [1] Group 3: Long-term Strategy and Industry Context - The company emphasizes the long-term nature of investments in emerging technologies like CPO, which will not have a direct impact on short-term performance [1] - There is a consensus in the industry that the transition from R&D to commercial application of CPO technology will require a significant amount of time and involves uncertainties [1]

转自：中国质量报 针对这些问题，《行动方案》明确了8项重点举措：一是开展产业链深度调研，绘制质量问题图谱，形 成《湖北省新一代光通信器件产业链发展调研报告》及"问题、政策、措施"三清单；二是强化质量技术 攻关，突破产业发展瓶颈，依托国家级检测中心优势开展超高速空心光纤及新型多芯光纤的研发测试技 术攻关；三是组建光通信国际标准创新平台，力争提交1至2项国际标准立项，提升湖北企业国际话语 权；四是整合资源共建质量基础设施"一站式"服务站，提供标准研制、认证咨询等综合服务；五是联合 烽火通信组建质量创新联合体，通过"理念导入—体系诊断—精准提升"机制，为中小企业提供"一企一 策"质量指导；六是推进企业数智化转型，开展智能制造成熟度诊断，输出改造实施方案；七是培育"湖 北精品"，推动企业从贴牌代工向自主品牌转型，打造国际品牌矩阵；八是搭建绿色通信网络研究测试 平台，开发碳业务数据管理系统，助力产业绿色低碳发展。 会上，武汉市新一代光通信产业链质量创新联合体揭牌成立。武汉网锐检测科技有限公司相关负责人宣 读了关于组建武汉市新一代光通信产业链质量创新联合体倡议书，系统阐述了联合体组建的背景、意 义、功能定位与核心作用。 ...

Group 1: AI and Data Center Investment - The rapid development of AI technology is driving a significant increase in computing power demand, leading to accelerated capital investments by major global cloud providers in data centers, which are crucial infrastructure for AI computing [1] - OpenAI, Oracle, and SoftBank announced a joint investment of $400 billion to build five AI data centers in the U.S., with a future investment target exceeding $500 billion [1] - Alibaba is actively advancing a three-year plan to invest 380 billion yuan in AI infrastructure [1] - Omdia predicts that global capital expenditure on data centers will exceed $657 billion by 2025, nearly doubling from 2023 [1] Group 2: Optical Module Market Growth - The demand for 800G optical modules has surged since 2025, with Light Counting forecasting a demand of 18 million units for 800G modules and approximately 2.7 million units for 1.6T modules by 2025 [2] - McKinsey predicts that the global optical module market will reach $12.1 billion by 2025, with the Chinese market size nearing 70 billion yuan and a CAGR of 13.4% [2] - The 1.6T segment is expected to exceed $1 billion, becoming a highly lucrative growth area [2] Group 3: Company Transformation and Market Position - Honghui Optoelectronics, initially a leader in optical fiber filling materials, has successfully transitioned into the optical communication device sector, breaking foreign monopolies and achieving high market share [4] - The company is expanding its product range to include optical communication devices, which are expected to provide new growth momentum as data center construction demands rise [4] - The demand for optical modules in the data communication sector has seen rapid growth, with significant increases in orders for products like thin-film filters and AWG devices [4][5] Group 4: AWG Chip and Thin-Film Filter Development - AWG chips are widely used in WDM systems and are experiencing increased demand due to the AI wave and extensive data center construction [5] - The manufacturing process for AWG chips allows for large-scale production with high consistency and cost control, enhancing profitability for midstream optical device manufacturers [5] - Honghui Optoelectronics has seen a 60% increase in revenue from its optical device business in the first half of 2025, with significantly improved profit margins compared to traditional optical communication materials [5] Group 5: Innovation in Coating Technology - The acquisition of Molex's subsidiary in Shanghai has enabled Honghui Optoelectronics to enhance its optical coating technology capabilities, allowing entry into the thin-film filter market [7] - The company has developed a production line that integrates coating, optical cold processing, and testing, becoming one of the first in China to achieve mass production of a full range of WDM filters [7] - The Z-Block solution, based on thin-film filter technology, is expected to coexist with the AWG solution, offering superior optical performance and stability [7][8] Group 6: Expansion into Medical and Laser Fields - Honghui Optoelectronics is also providing thin-film filters and components for the biomedical and laser sectors, with products covering various high-end applications in in vitro diagnostics [10] - The company aims to replace imported high-end fluorescence filters in the domestic medical testing market, which is experiencing rapid growth [10] - In the laser field, the company offers filter solutions for high-power optical devices across multiple wavelength bands, targeting applications in industrial lasers and advanced distance measurement equipment [10] Group 7: Future R&D Directions - The company plans to focus on advancing core technologies for thin-film filters and expanding application scenarios over the next two to three years [11] - A new R&D center has been established in Wuhan to deepen and broaden the company's layout in the laser field, leveraging existing advantages in passive optical chips and devices [11]

兴证全球可持续投资三年定开混合（019384）成立日期2023年12月4日，最新规模4.05亿。今年以来收 益32.41%，同类排名2694/8244；近一年收益44.02%，同类排名2895/8080；成立以来收益41.76%。 兴证全球可持续投资三年定开混合（019384）基金经理为何以广。 截至发稿，何以广累计任职时间10年130天，现任基金资产总规模28.7亿元，任职期间最佳基金回报 111.91%， 任职期间最差基金回报-26.79%。 9月29日，新易盛涨5.35%，截至发稿，报394.01元/股，成交99.25亿元，换手率2.89%，总市值3916.35 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 从基金十大重仓股角度 数据显示，兴证全球基金旗下1只基金重仓新易盛。兴证全球可持续投资三年定开混合（019384）二季 度持有股数6.6万股，占基 ...

同泰数字经济股票A（012696）成立日期2021年7月26日，最新规模6375.19万。今年以来收益77.78%， 同类排名57/4220；近一年收益126.19%，同类排名68/3835；成立以来收益13.23%。 同泰数字经济股票A（012696）基金经理为陈宗超。 截至发稿，陈宗超累计任职时间4年66天，现任基金资产总规模3.15亿元，任职期间最佳基金回报 30.05%， 任职期间最差基金回报-26.45%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 9月29日，新易盛涨5.35%，截至发稿，报394.01元/股，成交99.25亿元，换手率2.89%，总市值3916.35 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他 ...

格隆汇9月29日丨中际旭创(300308.SZ)在投资者互动平台表示，智驰领驭发布的车载光模块有显著的带 宽优势和抗干扰能力，但规模应用尚需一定时间。 ...

Group 1 - The core viewpoint is that the AI market is driving explosive growth in the optical communication industry in Wuhan, with multiple companies reaching significant market capitalizations [2][4]. - Wuhan's four AI concept stocks, including Huagong Technology, Changfei Fiber, Guangxun Technology, and Gaode Infrared, are collectively striving to join the "billion-dollar club" [1][2]. - Huagong Technology's market value surged from 687 billion to over 1 trillion in just one month, indicating a rapid upward trend [2][4]. Group 2 - Changfei Fiber, as the first "A+H" listed company in China's fiber optic cable industry, has launched the "AI-2030" strategy to pave the way for the AI era [2]. - Guangxun Technology reached a peak market value of 609 billion, focusing on optical module production, while its parent company, China Information Communication Technology Group, has multiple subsidiaries contributing to the AI sector [2][3]. - The total market capitalization of 47 A-share listed companies in the Wuhan Optical Valley reached 703.23 billion, reflecting an 85.4% year-on-year growth [3][4]. Group 3 - The rise of AI enterprises in Wuhan signifies the region's industrial strength and suggests that more companies will soon achieve billion-dollar valuations [4][5]. - The current market capitalization of the technology sector in A-shares exceeds 25% of the total market, significantly higher than that of banking, non-bank financials, and real estate [4]. - The city of Wuhan is entering a new phase of competition among billion-dollar market cap companies, with plans to enhance its technology financial center by 2027 [5].

阿里巴巴在云计算领域的发展前景如何？ 追光，阿里云栖&产业链更新 20250928 摘要 阿里云预计到 2032 年数据中心运营能耗将提升 10 倍，未来五年云计 算收入预计达 3,000 亿至 5,000 亿元人民币，年化增速约 20%至 30%，资本开支将大幅增加，推动国内 CSP 加速 AI 投入和战略布局。 受地缘政治影响，国内算力芯片市场迎来发展机遇，国产算力芯片成为 重要方向。光模块已基本实现国产化，交换机国产化率也在提升，如阿 里展示的 102.4T 全国产化交换机。 海外光通信市场头部公司股价波动较大，但二线公司表现强劲。预计头 部供应商和模组厂商业绩同比环比均表现优异，对 2026 年业绩确定性 持乐观态度，部分公司业绩将显著上升。 科技公司在 2027 年和 2028 年成长性仍然强劲，Oracle 和谷歌有望实 现显著增长。英伟达算力芯片出货量可能超预期，明年 1.6T 版本出货量 有望大幅增加，带动 2027 年需求。 阿里云在云栖大会上展示了磐石 128 节点架构和 HPM 7.0 网络架构， 并计划进一步扩展到 HPM 8.0，实现 10 万张卡级别的组网，表明国内 云厂商对自研机 ...

Investment Rating - The report maintains a "Buy" rating for companies in the computing power sector, particularly recommending leading firms in the optical module industry such as Zhongji Xuchuang and Xinyi Sheng [8][11]. Core Insights - The collaboration between Nvidia and OpenAI marks a significant milestone, indicating that the demand for computing power is a long-term trend rather than a short-term phenomenon [24][25]. - Alibaba's CEO outlined a three-phase roadmap towards Artificial Super Intelligence (ASI), emphasizing the critical role of computing power in this evolution [27][28]. - The report highlights the ongoing arms race in computing infrastructure among major AI players, with unprecedented capital investments aimed at securing resources for future AI developments [30]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication, with specific companies recommended for investment [16]. - Key companies include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [9][16]. Market Overview - The communication sector experienced a decline, with quantum communication performing relatively well [20][21]. - The report notes that the overall market sentiment is influenced by significant investments in AI infrastructure, particularly from Nvidia and OpenAI [19][24]. AI Development and Computing Power - The partnership between Nvidia and OpenAI involves deploying at least 10 GW of AI data centers, with Nvidia planning to invest up to $100 billion [25][26]. - OpenAI's active user base has surpassed 700 million, highlighting the increasing demand for computing resources [26]. Phases of ASI Evolution - The three phases towards ASI include: 1. Emergence of general AI (AGI) 2. Autonomous action phase 3. Self-iterative phase, which demands nearly limitless computing power [29][28]. Future Outlook - The report anticipates a significant increase in capital expenditures (CAPEX) in the domestic market, driven by recent actions from major players like Alibaba [30][7]. - The computing power supply chain is expected to benefit across various segments, including AI chips, servers, and cooling solutions [30].

Group 1: Shareholding and Dividends - The controlling shareholder, Shandong Zhongji Investment Holdings Co., Ltd., plans to reduce its stake by up to 5.55 million shares, accounting for 0.49% of the total share capital, due to the company's funding needs [1] - Zhongji Xuchuang will distribute a cash dividend of 4.00 RMB per 10 shares, totaling 444 million RMB, marking the company's first interim dividend since its listing, with the payment date set for October 13 [3] Group 2: Financial Performance - For the first half of 2025, Zhongji Xuchuang reported revenue of 14.789 billion RMB, a year-on-year increase of 36.95%, and a net profit attributable to shareholders of 3.995 billion RMB, up 69.40% [4] - The net cash flow from operating activities reached 3.218 billion RMB, reflecting a significant year-on-year growth of 232.45% [4] - The revenue from the optical communication transceiver module project was 14.432 billion RMB, with a gross margin increase of 6.13% to 39.96% [4] Group 3: Investment Activities - Zhongji Xuchuang plans to invest 354 million RMB in the Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund, becoming a limited partner and holding a 23.60% stake in the fund [3] - This investment aims to expand the company's presence in sectors such as optical communication, data centers, automotive electronics, and robotics, promoting resource sharing and integration [3]