Core Viewpoint - New Yisheng, as a leading company in the optical communication industry, is positioned at the center of transformation driven by global AI computing power demand, particularly with its core product, optical modules [1] Group 1: Market Position - New Yisheng's optical modules are experiencing significant demand due to the upgrade of data centers to 400G, 800G, and even 1.6T high-speed interconnections [1] - The company has successfully become one of the top holdings in public funds, ranking as the fourth largest by the end of Q3 2025, with a market value exceeding 100 billion yuan [1] Group 2: Competitive Advantages - The competitive barrier for New Yisheng lies in its ability to quickly respond to additional orders from overseas manufacturers [1] - The company is expected to further consolidate its leading market share as the optical communication industry enters the "guaranteed delivery" era in 2026, leveraging its supply chain control [1]

新易盛正处于产品迭代的关键交接期，目前正加速从800G向更高速率的1.6T产品渗透。公司明确表 示，预计1.6T产品在2025年第四季度至2026年将进入持续放量的阶段。此外，在备受行业关注的硅光技 术领域，新易盛也展现了较强的技术储备，称其在硅光芯片设计方面具备充足的研发实力，并预估2026 年硅光产品在公司业务中的占比将呈现明显的提升趋势。这些新产品的放量被视为公司未来保持高增长 质量和高利润水平的核心驱动力。 Q：新易盛目前在1.6T光模块产品的研发和量产进度上有什么最新规划？ ...

华工科技在互动平台表示，联接业务海外市场推进顺利，2025年以来出口业务增长明显，海外设备商与 渠道商已有批量的400G/800G光模块出货，800G LPO光模块已经在海外工厂开始交付，2026年将继续 上量，同时产品型号也在增加。公司具备1.6T光模块的批量生产能力，并已有小批量订单出货，正在为 后续的上量做准备。海外头部客户方面，包括800G和1.6T在内的LPO系列、DSP系列产品按既定规划进 行生产及准备。 （文章来源：第一财经） ...

Market Overview - The A-share market opened with mixed performance among the three major indices, followed by a downward trend with all indices falling over 1% [1] - As of the midday close, the Shanghai Composite Index decreased by 1.32%, the Shenzhen Component Index fell by 1.41%, and the ChiNext Index dropped by 1.18% [1][2] - The total trading volume for the half-day reached 1.66 trillion yuan, with nearly 3,500 stocks declining [1] Index Performance - Shanghai Composite Index: 4063.54, down 54.41 points (-1.32%) [2] - Shenzhen Component Index: 14006.25, down 199.65 points (-1.41%) [2] - ChiNext Index: 3306.94, down 39.41 points (-1.18%) [2] - CSI 300 Index: 4656.16, down 50.18 points (-1.07%) [2] - CSI 500 Index: 8179.80, down 190.72 points (-2.28%) [2] - CSI 1000 Index: 8105.79, down 149.07 points (-1.81%) [2] Sector Performance - The liquor sector showed strong performance with multiple stocks rising significantly [3] - The commercial aerospace sector was also active, with several stocks experiencing substantial gains [3] - Other sectors that performed well included optical communication, CPO concepts, and superhard materials [3] - Conversely, the three major telecom operators collectively weakened, and the chip industry chain continued to decline, particularly in the storage sector [3] - Other sectors with notable declines included non-ferrous metals, oil and gas, agriculture, and semiconductors [3]

Core Viewpoint - The company is experiencing significant growth in its overseas export business, particularly in the 400G/800G optical module market, with successful deliveries and increasing product models planned for the future [1] Group 1: Business Expansion - The overseas market for the company's connection business is progressing smoothly, with notable growth in export activities since 2025 [1] - There has been a bulk shipment of 400G/800G optical modules to overseas equipment manufacturers and distributors [1] - The 800G LPO optical modules have begun delivery at overseas factories, with plans for continued volume increase in 2026 [1] Group 2: Production Capabilities - The company has the capability for mass production of 1.6T optical modules and has already shipped small batch orders [1] - Preparations are underway for scaling up production in response to demand [1] - The production and preparation of LPO and DSP series products, including 800G and 1.6T, are proceeding according to established plans for key overseas clients [1]

Core Viewpoint - The company is experiencing significant growth in its overseas export business, particularly in the 400G/800G optical module market, with a strong production capacity for 1.6T optical modules and ongoing preparations for increased output [1] Group 1: Overseas Market Expansion - The company's overseas market initiatives are progressing smoothly, with notable growth expected in export business starting from 2025 [1] - There has been a bulk shipment of 400G/800G optical modules to overseas equipment manufacturers and distributors [1] - The 800G LPO optical modules have begun delivery at overseas factories, with plans for continued volume increase in 2026 [1] Group 2: Product Development and Production Capacity - The company has the capability for mass production of 1.6T optical modules and has already shipped small batch orders [1] - The product lineup is expanding, with ongoing production and preparation for LPO and DSP series products, including 800G and 1.6T models, in line with established plans [1]

Core Viewpoint - The company is experiencing significant growth in its overseas export business, particularly in the 400G/800G optical module market, with a strong production capacity for 1.6T optical modules and ongoing preparations for increased output [1] Group 1: Overseas Market Expansion - The company's overseas market efforts are progressing smoothly, with noticeable growth in export business expected from 2025 onwards [1] - There has been a bulk shipment of 400G/800G optical modules to overseas equipment and channel partners [1] - The 800G LPO optical modules have already begun delivery at overseas factories, with plans for continued volume increase in 2026 [1] Group 2: Product Development and Production Capacity - The company has the capability for mass production of 1.6T optical modules and has already shipped small batch orders [1] - The company is preparing for subsequent increases in production volume [1] - Production and preparation for LPO and DSP series products, including 800G and 1.6T models, are proceeding according to established plans with key overseas clients [1]

算力板块利通电子2连板。一图速览今日连板股>> 2月2日，Wind数据显示，A股市场共计44只个股涨停。其中白酒股皇台酒业3连板，算力板块利通电子2 连板。一图速览今日连板股>> | | 连板服务 2.2 3.2 3.2 3.2 3.2 | | | --- | --- | --- | | 股票名称 | 连板大数 | 所属概念 | | 青导演业 | 3 | 白酒 | | *ST华峰 | 3 | 风电 | | 横店影视 | 3 | 影视 | | 万丰股份 | 3 | 化工 | | 通鼎互联 | 2 | 数据中心 | | *ST东易 | 2 | 算力中心 | | 名雕股份 | 2 | 建筑 | | 杭电股份 | 2 | 光通信 | | 利通电子 | 2 | 算力租赁 | | 白云电器 | 2 | 算力中心 | | 西上海 | 2 | 汽车零部件 | | | 能口防经 | 院數点 | ...

Core Viewpoint - The performance of the optical module sector is catalyzed by the strong earnings forecasts from companies like "Zhongjixuchuang" and "Xinye". The newly listed ChiNext ETF, Huatai Fuhua (159247), experienced a decline of nearly 2% after an initial surge, with significant trading volume and net subscriptions indicating active market interest [1][2]. Group 1: Company Earnings Forecasts - Zhongjixuchuang expects a net profit increase of 89.50% to 128.17% for 2025, driven by strong demand for computing infrastructure and improved operational efficiency [2]. - Xinye anticipates a net profit of 99 billion yuan for 2025, representing a year-on-year increase of 248.86%, with a quarterly growth forecast of 29% to 50% [2]. - Tianfu Communication projects a net profit of 21.5 billion yuan, up 60% year-on-year, benefiting from the rapid development of the AI industry and global data center construction [2]. Group 2: Industry Trends - The optical module market is expected to grow significantly, with a CAGR of 24% from 2022 to 2028, and 80% from 2028 to 2033, driven by advancements in AI and the evolution of data center architectures [5]. - The ChiNext ETF's index is heavily weighted towards sectors such as power equipment (29%), communication (22%), and electronics (16%), reflecting the ongoing industry upgrades and the impact of emerging technologies [3][18]. - The "anti-involution" policies have positively influenced the photovoltaic sector, leading to price stabilization and a focus on eliminating outdated production capacity [10][11]. Group 3: Market Activity - The ChiNext ETF Huatai Fuhua (159247) saw a trading volume exceeding 1 billion yuan, with a net subscription of 16 million units, indicating strong investor interest [1]. - The top ten constituent stocks of the ChiNext index account for nearly 54% of the index's weight, highlighting a concentrated investment in leading companies within their respective sectors [19][20]. - The average daily trading volume for the ChiNext index constituents reached 1,532 billion yuan in 2025, representing about 33% of the total trading volume on the ChiNext board [25].

2026 年 2 月 2 日 何利超 H70529@capital.com.tw 目标价(元) 500 公司基本资讯 | 产业别 | | 通信 | | --- | --- | --- | | A 股价(2026/1/30) | | 419.49 | | 深证成指(2026/1/30) | | 14205.89 | | 股价 12 个月高/低 | | 468.81/46.7 | | 总发行股数(百万) | | 994.01 | | A 股数(百万) | | 885.42 | | A 市值(亿元) | | 3714.24 | | 主要股东 | | 黄晓雷 | | | | (07.12%) | | 每股净值(元) | | 14.61 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -2.6 | 24.8 452.9 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025.07.23 | 174.2 | 买进 | | 产品组合 | | | --- | --- | | 光通信 | 100% | | 机构投资者占流通 | A 股比例 | | | -- ...