来源：新浪证券-红岸工作室 12月24日，联特科技跌3.27%，成交额26.11亿元，换手率21.23%，总市值233.92亿元。 异动分析 共封装光学(CPO)+5G+芯片概念+数据中心+人民币贬值受益 1、2022年12月8日互动易回复：公司拥有了光芯片集成、高速光器件以及高速光模块设计、生产的核心 能力，在高速信号设计和仿真、光学仿真和光耦合工艺领域掌握了相关核心技术。公司目前研发的有基 于EML（电吸收调制激光器）、SIP（硅光）、TFLN（薄膜铌酸锂）调制技术的800G光模块，以及用 于下一代产品NPO（近封装光学）/CPO（共封装光学）所需的高速光连接技术、激光器技术和芯片级 光电混合封装技术等。 2、光模块目前主要应用市场包括数通市场、电信市场和新兴市场。其中数通市场是光模块增速最快的 市场，目前已超越电信市场成为第一大市场，是光模块产业未来的主流增长点；电信市场是光模块最先 发力的市场， 5G 建设将大幅拉动电信用光模块需求。公司产品是数据中心和 5G 通信应用领域的上游 关键部件。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-2 ...

Core Viewpoint - ZTE Corporation's stock price has shown fluctuations, with a recent increase of 2.10% to 37.97 CNY per share, while the company has experienced a year-to-date decline of 4.56% [1] Financial Performance - For the period from January to September 2025, ZTE achieved a revenue of 100.52 billion CNY, reflecting a year-on-year growth of 11.63%, while the net profit attributable to shareholders decreased by 32.69% to 5.32 billion CNY [2] - The company has distributed a total of 17.14 billion CNY in dividends since its A-share listing, with 8.11 billion CNY distributed over the last three years [3] Shareholder Information - As of December 19, 2025, ZTE had 623,100 shareholders, an increase of 9.68% from the previous period, with an average of 6,467 circulating shares per shareholder, down by 8.82% [2] - The top ten circulating shareholders include significant institutional investors, with notable reductions in holdings from several ETFs [3]

12月24日，铭普光磁盘中上涨2.07%，截至10:13，报23.17元/股，成交1.24亿元，换手率3.05%，总市值 54.45亿元。 铭普光磁所属申万行业为：通信-通信设备-通信网络设备及器件。所属概念板块包括：光电子、F5G、 光通信、高速连接器、5G等。 截至9月30日，铭普光磁股东户数4.80万，较上期减少26.59%；人均流通股3698股，较上期增加 36.23%。2025年1月-9月，铭普光磁实现营业收入12.13亿元，同比减少1.31%；归母净利润-1.50亿元， 同比减少7.27%。 分红方面，铭普光磁A股上市后累计派现4548.02万元。近三年，累计派现698.02万元。 机构持仓方面，截止2025年9月30日，铭普光磁十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股204.73万股，为新进股东。 责任编辑：小浪快报 资金流向方面，主力资金净流出1066.84万元，特大单买入494.01万元，占比3.99%，卖出1427.22万元， 占比11.52%；大单买入1615.07万元，占比13.04%，卖出1748.69万元，占比14.12%。 铭普光磁今年以来股价跌0.90%， ...

Core Viewpoint - Xinke Mobile's stock has shown significant growth this year, with a 58.89% increase, reflecting strong market interest and performance in the telecommunications sector [1][2]. Group 1: Stock Performance - On December 24, Xinke Mobile's stock rose by 2.05%, reaching 9.47 CNY per share, with a trading volume of 4.52 billion CNY and a turnover rate of 2.41%, resulting in a total market capitalization of 32.376 billion CNY [1]. - Year-to-date, Xinke Mobile's stock price has increased by 58.89%, with a 13.69% rise over the last five trading days, 37.65% over the last 20 days, and 49.13% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Xinke Mobile reported operating revenue of 3.763 billion CNY, a year-on-year decrease of 9.25%, while the net profit attributable to shareholders was -165 million CNY, reflecting a year-on-year increase of 2.84% [2]. - As of September 30, 2025, the number of shareholders for Xinke Mobile was 48,000, an increase of 1.42% from the previous period, with an average of 42,015 circulating shares per shareholder, up by 44.23% [2]. Group 3: Business Overview - Xinke Mobile, established on December 29, 1998, and listed on September 26, 2022, is a high-tech enterprise controlled by a central state-owned enterprise, focusing on mobile communication international standard formulation, core technology research and development, and industrialization [1]. - The company's main business revenue composition includes: integrated mobile communication services (35.01%), system equipment (21.44%), industry-specific network equipment and others (16.24%), antenna feeder equipment (14.09%), indoor distribution equipment (6.58%), mobile communication network operation and maintenance services (5.84%), and other supplementary services (0.80%) [1].

Core Viewpoint - The stock of LianTe Technology has seen a significant increase of 7.68% on December 23, with a trading volume of 3.799 billion yuan and a market capitalization of 24.183 billion yuan [1] Group 1: Company Overview - LianTe Technology, established on October 28, 2011, is located in Wuhan and specializes in the research, development, production, and sales of optical communication transceiver modules [7] - The company's main revenue sources include 10G and above optical modules (92.72%), below 10G optical modules (5.57%), and material sales and leasing (1.71%) [7] - As of September 30, 2025, LianTe Technology reported a revenue of 847 million yuan, representing a year-on-year growth of 31.75%, and a net profit attributable to shareholders of 81.796 million yuan, also showing a growth of 31.39% [8] Group 2: 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, focusing on technologies such as EML, SIP, and TFLN modulation for 800G optical modules [2] - The primary application markets for optical modules include data communication, telecommunications, and emerging markets, with the data communication market being the fastest-growing segment [2] - LianTe Technology'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 3: Financial and Shareholder Information - As of September 30, 2025, the company had 24,900 shareholders, an increase of 7.14% from the previous period, with an average of 2,725 circulating shares per person, a decrease of 6.66% [8] - The company has distributed a total of 46.852 million yuan in dividends since its A-share listing [9] - Major shareholders include Hong Kong Central Clearing Limited, which holds 2.3947 million shares, an increase of 533,000 shares from the previous period [9]

Core Viewpoint - The stock of Shijia Photonics has shown significant growth this year, with a year-to-date increase of 508.41%, indicating strong market performance and investor interest [1][2]. Company Overview - Shijia Photonics, established on October 26, 2010, and listed on August 12, 2020, is located in Hebi City, Henan Province. The company specializes in optical chips and devices, indoor optical cables, and cable materials [2]. - The main products include PLC splitter chip series, AWG chip series, DFB laser chip series, optical fiber connectors, indoor optical cables, and cable materials. The revenue composition is as follows: optical chips and devices 70.52%, indoor optical cables 15.11%, polymer materials 12.66%, and others 1.72% [2]. - The company operates within the communication industry, specifically in communication equipment and network devices, and is associated with concepts such as CPO, optical communication, LiDAR, 5G, and F5G [2]. Financial Performance - For the period from January to September 2025, Shijia Photonics achieved a revenue of 1.56 billion yuan, representing a year-on-year growth of 113.96%. The net profit attributable to shareholders was 300 million yuan, showing a remarkable increase of 727.74% [2]. - The company has distributed a total of 77.34 million yuan in dividends since its A-share listing, with 49.81 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 44,300, a rise of 78.43%. The average circulating shares per person decreased by 43.96% to 10,351 shares [2]. - Notable new institutional shareholders include Yongying Technology Smart Selection Mixed Fund and AVIC Opportunity Leading Mixed Fund, which are now among the top ten circulating shareholders [3].

Core Viewpoint - The stock of Taicheng Light has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 62.80%, indicating strong performance in the communication equipment sector [1][2]. Group 1: Stock Performance - As of December 23, Taicheng Light's stock price is 117.05 CNY per share, with a market capitalization of 26.585 billion CNY [1]. - The stock has seen a net outflow of 32.0176 million CNY from main funds, with significant buying and selling activity from large orders [1]. - Year-to-date, the stock has increased by 62.80%, with a 5-day increase of 5.28%, a 20-day increase of 20.60%, and a 60-day increase of 0.51% [1]. Group 2: Financial Performance - For the period from January to September 2025, Taicheng Light achieved a revenue of 1.214 billion CNY, representing a year-on-year growth of 32.58%, and a net profit attributable to shareholders of 260 million CNY, up 78.55% year-on-year [2]. - The company has distributed a total of 828 million CNY in dividends since its A-share listing, with 408 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders has increased by 26.82% to 63,800, while the average circulating shares per person decreased by 21.15% to 3,014 shares [2]. - Notable changes in the top ten circulating shareholders include new entries such as Yongying Technology and China Europe Digital Economy, while some previous shareholders have exited [3].

Core Insights - The AI sector has seen a significant rally despite skepticism surrounding an AI bubble, with major indices in the A-share market rising, particularly the ChiNext Index which surged by 2.23% [2][14] - Key segments within the AI technology chain, such as chips, semiconductors, and optical modules, have led the gains, with companies like NewEase achieving a tenfold increase in stock price since April [3][14] - In the US market, AI tech giants also experienced substantial gains, with Oracle and other companies seeing stock price increases of 6.63% to 222.64%, indicating strong investor confidence [5][6] Market Performance - The A-share market's AI stocks followed the upward trend seen in the US, with several companies in the semiconductor and AI infrastructure sectors experiencing significant price increases [10][11] - Notable performers include companies like Aisen Co., Shanghai Xinyang, and Lian Dong Technology, which saw stock price increases of over 10% [11][12] - The AI ETF (159819) rose by 2.30%, reflecting the overall positive sentiment in the AI sector [3] Strategic Developments - The U.S. Department of Energy launched the "Genesis Project" in collaboration with 24 tech giants, aiming to create a closed-loop AI experimental platform, signaling the strategic importance of AI to the U.S. economy [7][8] - This initiative highlights the integration of major players in the AI industry, including Nvidia, Microsoft, and Oracle, emphasizing the collective effort to advance AI technology [7][8] Investment Opportunities - The AI industry is in a growth phase, with significant potential for investment as evidenced by the increase in financing events and IPOs in the sector [17][18] - The market is witnessing a surge in AI-related IPOs, with 51 AI companies going public this year, a 143% increase from the previous year [18] - Companies in the AI supply chain, particularly those with high technical barriers, are expected to benefit from stable orders and strong customer loyalty, leading to faster revenue realization [24][25] Comparative Analysis - There is a notable disparity in market capitalization between U.S. and Chinese AI companies, with U.S. giants like Nvidia and TSMC having valuations significantly higher than their Chinese counterparts [15][16] - Despite the valuation gap, China's AI market holds substantial growth potential, and many Chinese companies are integrated into the supply chains of U.S. tech giants, allowing them to benefit from both domestic and international market opportunities [17][20] ETF Performance - The AI ETF (159819) has seen significant inflows, with over 5.7 billion yuan in capital this year, and has outperformed many peers with a 65.93% increase [31] - The semiconductor equipment ETF has also shown strong performance, indicating the critical role of semiconductor technology in the AI landscape [32] Future Outlook - The AI industry is expected to continue being a major investment opportunity, with a focus on companies that can leverage their technological advantages and secure stable supply chain relationships [24][25] - The ongoing developments in AI technology and infrastructure are likely to create a robust environment for growth and investment in the coming years [34][35]

Core Viewpoint - The stock of Dekoli has shown significant volatility, with a year-to-date increase of 121.09% but a recent decline of 6.07% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [2]. Financial Performance - For the period from January to September 2025, Dekoli achieved 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 22, Dekoli's stock price was 154.03 yuan per share, with a trading volume of 1.404 billion yuan and a turnover rate of 5.83%, leading to a total market capitalization of 24.381 billion yuan [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) seven times this year, with the most recent appearance on December 9, where it recorded a net purchase of 353 million yuan [2]. Shareholder Composition - As of September 30, 2025, Dekoli had 17,300 shareholders, an increase of 81.68% from the previous period, with an average of 9,163 shares held per shareholder, a decrease of 2.48% [3]. - Notable institutional shareholders include 中航机遇领航混合发起A and 德邦鑫星价值A, with significant increases in their holdings [4].

Core Viewpoint - Tongyu Communication's stock has shown significant growth this year, with a year-to-date increase of 121.27%, indicating strong market performance and investor interest [1]. Group 1: Stock Performance - As of December 22, Tongyu Communication's stock price reached 32.87 CNY per share, with a trading volume of 7.24 billion CNY and a turnover rate of 6.66%, resulting in a total market capitalization of 17.24 billion CNY [1]. - The stock has experienced a 2.69% increase over the last five trading days, an 80.90% increase over the last 20 days, and a 99.45% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading leaderboard) 12 times this year, with the most recent appearance on December 19, where it recorded a net buy of -158 million CNY [1]. Group 2: Company Overview - Tongyu Communication, established on December 16, 1996, and listed on March 28, 2016, is located in Zhongshan, Guangdong Province, and specializes in the research, production, and sales of base station antennas, microwave antennas, RF devices, optical modules, and energy exchange cabinets [2]. - The company's revenue composition includes base station antennas (57.09%), microwave antennas (22.39%), RF devices (12.77%), satellite communication (4.90%), and others (2.18%) [2]. - The company operates within the communication equipment sector and is involved in concepts such as satellite internet, 5.5G, satellite navigation, Beidou navigation, and commercial aerospace [2]. Group 3: Financial Performance - For the period from January to September 2025, Tongyu Communication reported a revenue of 815 million CNY, reflecting a year-on-year decrease of 3.34%, while the net profit attributable to shareholders was 25.27 million CNY, down 50.91% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 375 million CNY in dividends, with 133 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders stood at 53,800, with an average of 6,201 circulating shares per person, showing no change from the previous period [2].