Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5]. Core Insights - The company is expected to achieve a significant increase in net profit for 2025, with estimates ranging from RMB 9.8 billion to RMB 11.8 billion, representing a year-on-year growth of 90% to 128% [6]. - The demand for computing power is driving the company's performance, with a notable increase in the shipment of high-speed optical modules and the introduction of new products like the 1.6T optical module [6][8]. - The company maintains its position as a global leader in the optical module sector, with strong technological advancements in 1.6T and silicon photonics [6]. Summary by Sections Company Overview - The company operates in the communication industry, with a current A-share price of RMB 649.00 and a market capitalization of RMB 71.75 billion [2]. - Major shareholders include Shandong Zhongji Investment Holding Co., Ltd. with a 10.93% stake [2]. Financial Performance - The company forecasts a net profit of RMB 11.26 billion for 2025, with a year-on-year growth of 117.8% [8]. - Revenue is projected to grow significantly, reaching RMB 36.5 billion in 2025 and RMB 58.6 billion in 2026 [10]. - The gross profit margin is expected to improve, with Q4 2025 showing a 30% increase in revenue and a 35% increase in gross profit [6]. Product and Market Position - The company is recognized as the global leader in the optical module market, with its 1.6T optical module product entering the testing phase and expected to start mass shipments in the second half of 2026 [6]. - The company has a strong technological foundation in silicon photonics, which is anticipated to enhance its competitive edge in the AI-driven market [6]. Earnings Forecast - The earnings per share (EPS) for 2025 is estimated at RMB 10.14, with a projected P/E ratio of 64 [8]. - The company expects to maintain robust growth in net profit through 2027, with estimates of RMB 20.13 billion and RMB 28.02 billion for 2026 and 2027, respectively [8].

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 | | | -- ...

光通信概念盘中逆势活跃，光纤方向领涨，长飞光纤（601869）6天3板，续创历史新高，此前通鼎互联 （002491）2连板，通光线缆（300265）涨超10%，长江通信（600345）、亨通光电（600487）、烽火 通信（600498）、长盈通等跟涨。消息面上，Meta将在2030年前向康宁支付60亿美元，用于购置其AI 数据中心用的光纤光缆。此前据光电通信，2025年第四季，国内G.652.D光纤含税价平均约为25元/芯公 里，较2025年第二季度的20元/芯公里环比增长约25%。 2月2日，A股指数走弱，沪指下挫跌逾1%，深成指跌1.21%，创业板指跌1.02%。有色金属、油气、农 业、半导体芯片等方向跌幅居前，沪深京三市下跌个股近3200只。 电力板块盘中局部异动，晋控电力（000767）直线涨停，南网能源（003035）逼近涨停，九洲集团 （300040）、南网储能（600995）、吉电股份（000875）、国投电力（600886）等跟涨。消息面上，1 月30日，国家发展改革委发布《关于完善发电侧容量电价机制的通知》(发改价格〔2026〕114号)，明 确各地可根据煤电容量电价标准，结合放电时长和顶 ...

Group 1 - Tianfu Communication's stock price dropped by 5.04% to 235.90 CNY per share, with a trading volume of 10.002 billion CNY and a turnover rate of 5.18%, resulting in a total market capitalization of 183.392 billion CNY [1] - Suzhou Tianfu Optical Communication Co., Ltd. was established on July 20, 2005, and went public on February 17, 2015. The company specializes in the research, design, high-precision manufacturing, and sales of optical passive devices, with 98.91% of its main business revenue coming from optical communication components [1] Group 2 - Shanzheng Asset Management has one fund heavily invested in Tianfu Communication. The Shanzheng Asset Management Strategy Selected Mixed A Fund (003659) increased its holdings by 14,100 shares in the fourth quarter, totaling 35,100 shares, which represents 7.44% of the fund's net value, making it the third-largest holding [2] - The Shanzheng Asset Management Strategy Selected Mixed A Fund (003659) was established on December 29, 2016, with a latest scale of 56.0056 million CNY. Year-to-date returns are 2.45%, ranking 6353 out of 9000, while the one-year return is 69.77%, ranking 824 out of 8193, and since inception, the return is 92.11% [2] - The fund manager, Du Gu Nan Xun, has been in position for 9 years and 304 days, managing total assets of 120 million CNY, with the best fund return during the tenure being 72.78% and the worst being -7.03% [2]

2月2日，中际旭创跌5.04%，截至发稿，报616.30元/股，成交162.44亿元，换手率2.31%，总市值 6847.82亿元。 路博迈中证A500指数增强A（023325）成立日期2025年3月20日，最新规模4.65亿。今年以来收益 4.07%，同类排名3315/5579；成立以来收益28.1%。 路博迈中证A500指数增强A（023325）基金经理为魏晓雪、韩羽辰。 截至发稿，魏晓雪累计任职时间13年83天，现任基金资产总规模9.76亿元，任职期间最佳基金回报 263.65%， 任职期间最差基金回报-18.07%。 韩羽辰累计任职时间2年185天，现任基金资产总规模12.14亿元，任职期间最佳基金回报21.78%， 任职 期间最差基金回报-16.96%。 责任编辑：小浪快报 资料显示，中际旭创股份有限公司位于山东省龙口市诸由观镇驻地，成立日期2005年6月27日，上市日 期2012年4月10日，公司主营业务涉及电机定子绕组制造装备的研发、设计、制造、销售与服务;光模块 设备制造。主营业务收入构成为：光通信收发模块97.58%，汽车电子1.74%，光组件0.67%。 从基金十大重仓股角度 数据显示，中 ...

Summary of Zhongji Xuchuang's Conference Call Company Overview - **Company**: Zhongji Xuchuang - **Industry**: Optical Communication and Silicon Photonics Key Financial Performance - **Q4 2025**: Revenue increased by approximately 30% quarter-on-quarter, reflecting stable shipment growth [2][3] - **Gross Margin**: Improved by nearly 2 percentage points due to increased shipments of high-end and silicon photonic products; gross profit absolute amount grew by about 30-35% [2][3] - **Expenses**: Absolute expenses increased by 55-60% due to one-time costs, R&D, and foreign exchange losses [2][3] - **Net Profit**: Consolidated net profit increased by approximately 20% quarter-on-quarter, with minority shareholders' share of net profit around 8% in Q4 [3][20] Product and Market Insights - **800G and 1.6T Products**: Continued growth in 800G shipments; 1.6T products began rapid ramp-up, with silicon photonic products accounting for over half of the total shipments [2][5][10] - **Customer Demand**: Strong demand from key customers, with some placing orders for the entire year of 2026; visibility extends to Q4 2026, with potential orders for 2027 being discussed [2][7][8] - **Silicon Photonics**: Expected to increase in proportion, significantly contributing to gross margin improvement [2][13][17] Supply Chain and Material Availability - **Material Supply**: Tight supply of optical chips, but the situation is expected to improve in H1 2026; the company has secured supply agreements with major manufacturers [11][14][16] - **Impact on Delivery**: Despite material shortages, the company anticipates maintaining strong delivery capabilities due to proactive inventory management [14] Technological Developments - **Optical Module Pricing**: Prices are expected to continue declining annually due to increasing demand from large customers [15] - **CPO (Co-Packaged Optics)**: While there is some technical reserve, the application of CPO is still maturing and has not yet reached rapid growth compared to pluggable solutions [22][34] - **Future Technologies**: Development of 3.2T products is ongoing, but significant market introduction is not expected until later [24] Strategic Outlook - **Market Position**: Zhongji Xuchuang aims to leverage its experience in traditional optical modules to maintain its market position while exploring new opportunities in emerging applications [30] - **Profitability Outlook**: The company believes it can sustain and enhance gross margins by focusing on high-technology content and effective management practices [31][32] Additional Insights - **Scale-Up Market**: The demand for scale-up products is expected to grow significantly, with NPU and pluggable modules remaining the mainstream solutions [34] - **Customer Base Expansion**: The company is actively engaging with major customers for joint development projects in the cabinet market, indicating potential for expanded customer coverage [21][22] This summary encapsulates the key points from Zhongji Xuchuang's conference call, highlighting financial performance, product developments, market insights, supply chain dynamics, and strategic outlook.

大成创业板人工智能ETF发起式联接A（025652）成立日期2025年10月21日，最新规模2384.17万。今年 以来收益15.57%，同类排名329/5579；成立以来收益36.39%。 大成创业板人工智能ETF发起式联接A（025652）基金经理为刘淼。 截至发稿，刘淼累计任职时间5年220天，现任基金资产总规模186.71亿元，任职期间最佳基金回报 94.13%， 任职期间最差基金回报-48.84%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月2日，长芯博创跌5.04%，截至发稿，报153.84元/股，成交20.56亿元，换手率4.80%，总市值448.54 亿元。 资料显示，长芯博创科技股份有限公司位于浙江省嘉兴市南湖区亚太路306号，成立日期2003年7月8 日，上市日期2016年10月12日，公司主营业务涉及光通信领域集成光电子器件的研发、生产和销售。主 营业务收入构成为：数据通信、消费及工业互联市场81.3 ...

Summary of Earnings Call Records Companies and Industries Involved - **Meta**: Technology and social media company - **Microsoft**: Technology company focusing on cloud services and AI - **Corning**: Technology company specializing in glass and ceramics, particularly in optical fibers - **Silicon Photonics**: Emerging technology in optical communication - **Liquid Cooling**: Technology related to cooling systems in data centers and electronics Key Points and Arguments Meta - **Q4 2025 Revenue**: Reported revenue of $59.893 billion, exceeding analyst expectations of $58.42 billion, representing a year-over-year growth of 24% [1] - **Q1 2026 Revenue Guidance**: Expected revenue between $53.5 billion and $56.5 billion, also above analyst expectations of $51.27 billion [1][1] Microsoft - **Q2 FY2026 Revenue**: Achieved revenue of $81.273 billion, a 17% year-over-year increase, driven by intelligent cloud services [2] - **Intelligent Cloud Revenue**: Revenue from the intelligent cloud segment grew by 26% to $51.5 billion, marking a significant milestone of surpassing $50 billion [2] - **Capital Expenditure**: Capital expenditure reached $37.5 billion, a 66% increase year-over-year, primarily invested in GPU and CPU technologies to meet AI and cloud demands [2][2] Corning - **Q4 2025 Core Sales**: Reported core sales of $4.41 billion, a 14% year-over-year increase, with core earnings per share of $0.72, up 26% [4] - **Q1 2026 Guidance**: Management anticipates a further acceleration in growth, with core sales expected to increase by approximately 15%, reaching between $4.2 billion and $4.3 billion [4] Investment Opportunities - **Silicon Photonics**: Recommended stocks include Zhongji Xuchuang, Xinyi Technology, and Yuanjie Technology [3] - **Liquid Cooling**: Recommended stock is Invec, recognized as a leader in the liquid cooling supply chain [2] - **Optical Fiber**: Recommended stocks include Hengtong Optic-Electric and Zhongtian Technology, with beneficiaries such as Changfei Optical Fiber and Yongding Co. [5] Additional Important Content - **Capital Expenditure Trends**: Meta's capital expenditure for Q4 2025 was $22.14 billion, with a total of $72.22 billion for the year, exceeding initial guidance of $60-65 billion [2] - **Market Outlook**: The overall sentiment in the technology sector remains optimistic, particularly in AI-driven applications and optical communication technologies, indicating potential growth and investment opportunities in these areas [1][2][4]

Summary of Earnings Forecasts and Industry Insights Company: 中际旭创 (Zhongji Xuchuang) - **Earnings Forecast**: The company announced its fiscal year 2025 earnings forecast, projecting a net profit attributable to shareholders between 9.8 billion and 11.8 billion yuan, representing a year-on-year growth of 89.5% to 128.17% with a midpoint of 10.8 billion yuan, which is 5% higher than previous estimates of 10.3 billion yuan [1] - **Optical Module Business**: Excluding share-based payment expenses, the net profit from the optical module business is expected to be between 10.8 billion and 13.1 billion yuan, indicating a year-on-year growth of 90.8% to 131.4% [1] Quarterly Performance - **Q4 2025 Net Profit**: The forecast for the fourth quarter of 2025 indicates a net profit between 2.67 billion and 4.67 billion yuan, showing a year-on-year increase of 88% to 229% and a quarter-on-quarter growth of 15% to 49%, with a midpoint of 3.67 billion yuan, which is 16% higher than previous expectations [2] - **Market Demand**: The robust quarter-on-quarter growth is attributed to the sustained demand for 800G and 1.6T optical modules, with the company's leading market position aiding in the acquisition of key components like optical chips despite a tight supply chain [2] - **Technological Advancements**: The accelerated adoption of 1.6T optical modules and the transition to silicon photonics technology are expected to drive continuous quarter-on-quarter growth and margin improvement [2] Industry Insights - **Supply Chain Challenges**: Insights from industry research indicate that suppliers such as COHRUS and Granbo Optoelectronics are facing supply constraints, which may lead to new bottlenecks in the industry, particularly for isolators and core components like Faraday rotators [2] - **Investment Rating**: The company maintains a "Buy" rating with a target price of 799 yuan, based on an expected earnings per share of 22.8 yuan for fiscal year 2026, corresponding to a price-to-earnings ratio of 35 times, aligning with the median expected P/E ratio for the optical communication sector in China [2] - **Current Valuation**: The stock's expected P/E ratio for fiscal year 2026 is currently 28.5 times [2] Company: 天孚通信 (Tianfu Communication) - **Earnings Forecast**: Tianfu Communication, another optical module supplier targeting the global AI data center market, also released its fiscal year 2025 earnings forecast, estimating a net profit between 9.4 billion and 9.9 billion yuan, reflecting a year-on-year growth of 231.2% to 248.9%, with a midpoint of 9.65 billion yuan, which is 7% higher than the consensus estimate of 8.99 billion yuan [3] - **Q4 2025 Performance**: The forecast for the fourth quarter of 2025 suggests a net profit between 3.07 billion and 3.57 billion yuan, indicating a quarter-on-quarter growth of 28.9% to 49.8% [3] - **Market Sentiment**: The acceleration in profit growth in the fourth quarter following moderate growth in the third quarter may alleviate market concerns regarding weak demand in the optical module market [3]

2月2日，新易盛涨8.99%，截至发稿，报457.22元/股，成交82.15亿元，换手率2.01%，总市值4544.81亿 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%。 截至发稿，周谧累计任职时间7年337天，现任基金资产总规模53.02亿元，任职期间最佳基金回报 112.22%， 任职期间最差基金回报15.34%。 吴秋松累计任职时间4年333天，现任基金资产总规模31.72亿元，任职期间最佳基金回报26.01%， 任职 期间最差基金回报-7.99%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，东方阿尔法基金旗下1只基金重仓新易盛。东方阿尔法优势 ...